Welcome to Seber Tans, PLC
Choosing the right accounting firm is one of the most important business decisions you will make. Any firm can add up the numbers and tell you where you’ve been, but Seber Tans will help you focus on where you want to go. In Southwest Michigan, the firm that unites professional expertise with creativity and vision is Seber Tans. With a team of experienced professionals on our staff, we can provide the capabilities of a large national organization, plus the personal attention of an independent firm. Clients choose us because we offer much more than off-the-shelf solutions. We will listen, ask questions, and learn all we can about your current situation. From that input, we’ll find creative solutions to help you focus on your opportunities rather than your obstacles. Join us and see why our clients trust us for their accounting, tax, and business advising needs.
Still have tax questions? You’re not alone
If you filed your 2024 tax return, you may still have a few questions: 1) When will you get your refund? Go to the IRS website and click “Get your refund status.” You’ll need your Social Security number, filing status and the exact refund amount. 2) How long should you keep tax records? In general, hold on to tax documents for 3 years after filing. However, keep the actual tax returns indefinitely. Certain situations may require keeping records longer. 3) Can you still claim a missed deduction or credit? Yes! You can file an amended return to claim a refund within 3 years of the date you filed your original return or 2 years from the date you paid the tax, whichever is later. ... See MoreSee Less
Corporate business owners: Is your salary reasonable in the eyes of the IRS?
Are you a corporate business owner? Make sure your compensation passes IRS scrutiny! Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions or reclassify payments, potentially leading to penalties, back taxes and interest. The IRS wants to see that what you pay yourself is in line with what you’d pay someone else doing the same job. Some factors the IRS examines include duties, experience and comparable salaries for similar positions in the same industry. Contact us for guidance on setting or reviewing your compensation. ... See MoreSee Less
The “wash sale” rule: Don’t let losses circle the drain
If you make an ill-fated investment in a taxable account, you may be able to harvest a tax-saving capital loss by selling the losing stock. However, for federal income tax purposes, the “wash sale” rule could disallow your tax loss. A loss from selling stock is disallowed if, within the 61-day period beginning 30 days before the loss sale date and ending 30 days after that date, you buy substantially identical securities. If you have a disallowed wash sale loss, it doesn’t vaporize. Instead, it’s added to the tax basis of the substantially identical securities that triggered the wash sale rule. When you eventually sell, the extra basis reduces your tax gain or increases your tax loss. ... See MoreSee Less