C & R Accounting Assets

So what is an accountant / MBA / business owner doing with 1 day left in 2025?
* Tax projections based on final W-2s
* Investment review and loss harvesting
* Paying for tax deductible items such as local taxes, donations, business expenses
* Collecting balances owed from clients
* Sending reminders/tips to cash basis clients on how to finalize the year

TAX CHANGE 2025.
What is all this talk about SALT? It is State and Local tax, such as property taxes and state income tax. Back in 2017 the SALT deduction was capped at $10,000. Many taxpayers could no longer itemize deductions on their income taxes due to this limit. Today's signing of the One Big Beautiful Bill, increases the deduction limit to $40,000. For high tax states, such as California, this will allow higher itemized deductions and reduce taxes.
Read more on the specifics here:
https://www.cnbc.com/2025/07/03/trumps-big-beautiful-bill-salt-deduction.html

Businesses: tomorrow is the filing deadline to get 1099s to your contractors, landlords, and don't forget attorneys! Who do you file with?

Instructions for Forms 1099-MISC and 1099-NEC (01/2024) | Internal Revenue Service Instructions for Forms 1099-MISC and 1099-NEC - Introductory Material Future Developments What’s New Reminders General instructions. Continuous-use form and instructions. Form 1099-NEC, box 1. Form 1099-NEC, box 2. Online fillable copies. Filing dates. Instructions for Forms 1099-MISC and 1099-NEC...

IRS Free filing with Direct File. See if you are eligible!

Direct File | Internal Revenue Service Check if you're eligible to use Direct File, the new free tax tool to file your federal taxes directly with the IRS.

The 2025 standard mileage rate is 70 cents per mile

Standard mileage rates | Internal Revenue Service Find standard mileage rates to calculate the deduction for using your car for business, charitable, medical or moving purposes.