Get your documents ready. Tax season is here. One key update this year involves third party payment platforms like Venmo and Cash App. These platforms will send you *** 1099K form if you made more than $5000 in income using them, changes only for business transactions, not personal ones. But tax experts are getting *** lot of questions. It really is not so much *** change in the rules. If you had self-employment income or side gig or side hustle income, that's always been taxable, is taxable and will be. Mark Steber is the chief information officer for Jackson Hewitt. He says life changes will have *** bigger impact on your taxes, like getting married, having *** child, or taking care of dependent parents. You might be sitting on *** new benefit, *** credit, an election, or *** deduction that can add money to your tax refund. The child tax credit, for example, is worth up to $2000 per child under 17. There's also the Earned Income Tax Credit. It's worth anywhere from $632 to 7,8. $30 depending on the number of children you have, your marital status, and how much you make. You can find information about credits and deductions by going to IRS.gov. Make sure you know all the deductions and all the credits and all the elections, or you have someone who will help you do that. The deadline to file is April 15th. Tax experts recommend filing early because fraud and identity theft become more common the longer you wait, not to mention you'll get your refund faster. Reporting from Washington, I'm Amy Lowe.
Tax tips and updates for 2025 filing season
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Updated: 4:02 PM CST Jan 30, 2025
Tax season is underway, and the IRS expects more than 140 million individual returns for Tax Year 2024.A significant update this year involves third-party payment platforms such as Venmo and Cash App, which will send you a 1099-K form if you earned more than $5,000 in income through business transactions.Tax experts like Mark Steber, Chief Tax Information Officer for Jackson Hewitt, emphasize that the change highlights the importance of reporting self-employment or side gig income, which remains taxable.“If you had self-employment income or side gig or side hustle income, that's always been taxable, is taxable, and will be taxable,” says Steber. He also notes that life changes like marriage, having a child, or caring for dependent parents may have a more substantial impact on your taxes than legislative changes.“You might be sitting on a new benefit, a credit, an election or a deduction that can add money to your tax refund,” says Steber.Some of these credits include the Child Tax Credit, which is worth up to $2000 per child under 17.There is also the Earned Income Tax Credit, which is worth anywhere from $632 to $7830 depending on the number of children you have, your marital status, and how much money you make.You can find information about credits and deductions by going to IRS.gov. Steber warns that the IRS is not responsible for ensuring you claim all eligible credits, so it's crucial to be thorough or seek professional assistance.“Make sure you know all the deductions and all the credits and all the elections, or you have someone who will help you do that,” he says.The federal tax filing deadline is Tuesday, April 15.
Tax season is underway, and the IRS expects more than 140 million individual returns for Tax Year 2024.
A significant update this year involves third-party payment platforms such as Venmo and Cash App, which will send you a 1099-K form if you earned more than $5,000 in income through business transactions.
Tax experts like Mark Steber, Chief Tax Information Officer for Jackson Hewitt, emphasize that the change highlights the importance of reporting self-employment or side gig income, which remains taxable.“If you had self-employment income or side gig or side hustle income, that's always been taxable, is taxable, and will be taxable,” says Steber.
He also notes that life changes like marriage, having a child, or caring for dependent parents may have a more substantial impact on your taxes than legislative changes.
“You might be sitting on a new benefit, a credit, an election or a deduction that can add money to your tax refund,” says Steber.
Some of these credits include the , which is worth up to $2000 per child under 17.
There is also the , which is worth anywhere from $632 to $7830 depending on the number of children you have, your marital status, and how much money you make.
You can find information about credits and deductions by going to . Steber warns that the IRS is not responsible for ensuring you claim all eligible credits, so it's crucial to be thorough or seek professional assistance.
“Make sure you know all the deductions and all the credits and all the elections, or you have someone who will help you do that,” he says.
The federal tax filing deadline is Tuesday, April 15.
