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.
Understanding the “step-up in basis” when inheriting assets
If you inherit assets, they often come with a valuable tax benefit called the step-up in basis. Basis is what the owner paid for an asset, with some possible adjustments. Capital gains tax is due on the sale price minus the basis. At death, many capital assets (such as stocks, real estate and business interests) are generally stepped up to their fair market value (FMV) as of the date of death. The heir’s basis is the FMV, erasing the tax on any gain accumulated during the deceased person’s life. Let’s say your father bought stock many years ago for $50,000. At his death, it’s worth $220,000. Your inherited basis is $220,000. There’s no capital gains tax if you sell immediately for $220,000. ... See MoreSee Less
Explore SEP and SIMPLE retirement plans for your small business
Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re worried about the financial commitment and the administrative burden. There are a couple of options available. Consider a SEP or a SIMPLE plan. When you set up a SEP for yourself and your employees, you’ll make deductible contributions to each employee’s SEP-IRA. The maximum amount of deductible contributions you can make to an employee’s SEP-IRA in 2025, and that he or she can exclude from income, is the lesser of 25% of compensation or $70,000. SIMPLE deferrals are allowed for up to $16,500 this year, plus an additional $3,500 in catch-up contributions for employees age 50 or older. ... See MoreSee Less
What tax documents can you safely shred? And which ones should you keep?
Once you file your 2024 tax return, you may want to shred or delete tax records. But if the IRS audits your return, you could have to produce documentation. It’s a good idea to keep the actual returns indefinitely. But what about supporting records such as receipts, canceled checks and 1099 forms? In general, the IRS can only assess tax within three years after the return for the year was filed (or three years after the return was due). For example, if you filed your 2022 return by the April deadline in 2023, the IRS has until April 2026 to assess a tax deficiency against you. If you file late, the IRS generally has three years from the date you filed. ... See MoreSee Less