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.
Don’t let the IRS treat your sideline as a hobby
Do you operate a side gig in addition to your regular job? The way the IRS classifies that activity can have a significant impact on your taxes.
If the IRS treats the activity as a hobby, you’re required to report the income but can’t deduct most related expenses. If it’s treated as a business, you can generally deduct ordinary and necessary expenses — even if that results in a net tax loss. The IRS considers several factors when evaluating profit motive, including how you operate the activity, the time you invest, and your history of profits and losses.
If your side business isn’t yet profitable, contact us to discuss your situation. We can suggest strategies to help strengthen your position. ... See MoreSee Less
Don’t overlook these tax issues after a job loss
If you’ve recently lost your job, you’re likely focused on replacing income and evaluating your next steps. But some tax implications related to a job loss may also require attention. For example, unemployment compensation and severance pay are generally taxable, at least at the federal level. And health insurance premiums you’d been paying pre-tax from your paycheck may now have to be paid after-tax — though you might be able to deduct them. There are also tax consequences to consider in relation to your retirement plan with your former employer or withdrawing funds from an IRA to replace some of your lost income. If you’d like guidance, contact us. ... See MoreSee Less
Demystifying like-kind exchanges
Are you thinking about selling your commercial or investment real estate? If the property has appreciated significantly, a Sec. 1031 like-kind exchange may allow you to defer tax on some or all of the gain. With this transaction, you exchange the property for another qualifying property, generally deferring tax until the replacement property is sold.
But common misconceptions about Sec. 1031 exchanges can lead to missed opportunities or costly mistakes. For example, the property types don’t have to be identical, and receiving cash or debt relief (“boot”) may trigger taxable gain.
We can help demystify this tax strategy and determine whether it’s right for your situation. Contact us to learn more. ... See MoreSee Less