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.
The tax rules for legal awards and settlements: What recipients should know
If you’ve received a legal settlement or award, it’s important to grasp the tax implications. While compensation for physical injuries is typically tax-free, awards for lost wages, emotional distress and punitive damages are usually taxable. Even if your attorney is paid directly from the settlement, you may be taxed on the full amount. The way a settlement is structured can significantly affect your tax liability, making professional guidance essential. We can help you understand the rules, ensure proper reporting and potentially reduce your tax burden. Contact us to discuss how a court award or out-of-court settlement may affect your taxes. ... See MoreSee Less
Can you turn business losses into tax relief?
Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses, within limits, may be used to reduce taxable income in later years. The net operating loss (NOL) deduction addresses the tax inequities between businesses with stable income and those with fluctuating income. It lets the latter average their income and losses over the years and pay tax accordingly. The tax rules regarding business losses are complex, especially when accounting for how NOLs can interact with other potential tax breaks. Please consult with us about how to proceed in your situation. ... See MoreSee Less
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