C & R Accounting Assets

Are you on the list to get money back? Here's the unclaimed property link for Colorado. Check the states you have lived in! https://colorado.findyourunclaimedproperty.com/

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

OBBB: 65 and older can claim an additional deduction of $6,000 for tax years 2025 to 2028. This phases out with income over $75,000 ($150,000 for joint filers). This could be a tax savings of $900 to $1,500.

2025 TAX UPDATE: OVERTIME PAY
A provision within the recently enacted One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, has introduced a tax deduction related to overtime pay. This aims to offer tax relief to eligible workers, though it's important to understand the specifics:
Key Points about the Overtime Tax Deduction:
* It's a Deduction, Not an Exemption: Overtime pay is not made fully tax-exempt under this law.
* Deductible Portion: Eligible workers can deduct the federal income taxes paid on the deductible portion of their overtime pay when filing their tax returns, even if they don't itemize deductions.
* Limited Amount: The deduction is capped at $12,500 ($25,000 for married couples filing jointly) in any given year.
* Overtime Premium Only: The deduction applies to the premium portion of overtime pay – the amount exceeding an employee's regular hourly rate – that is mandated by the Fair Labor Standards Act (FLSA).
* Eligibility and Income Limits: The deduction primarily benefits middle-income workers, as it doesn't offer much advantage to low-income earners who may already have little to no federal tax liability after taking the standard deduction. The deduction also phases out for higher earners.
* Payroll Taxes Still Apply: Overtime wages remain subject to Social Security and Medicare taxes, as well as any applicable state and local income taxes.
* Temporary Provision: The overtime tax deduction is effective for tax years 2025 through 2028.

www.whitehouse.gov

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

What's missing for your taxes? If you have an HSA (Health Savings Account) at work, and used it to pay for medical bills, then you need a 1099-SA to file your taxes. Make sure you have your login to your HSA to get your form, or check with HR or payroll.

About Form 1099-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA | Internal Revenue Service Information about Form 1099-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA, including recent updates, related forms and instructions on how to file. File Form 1099-SA to report distributions made from an HSA, an Archer MSA, or an MA MSA.

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.