01/31/2025
🚨 Tax Season 2025: Key Updates and Tips for Maximizing Your Refund 🚨
As tax season approaches, it's crucial to stay informed about the latest changes and opportunities to ensure you get the best outcome on your tax return. A recent blog post on HRBlock.com highlights several important updates and tips that every taxpayer should know:
1099-K Updates: The reporting threshold for online sales and third-party payment apps has lowered from $20,000 to $5,000, impacting many casual sellers and those with side hustles.
1099-DA for Digital Assets: Filers who sell or exchange digital assets should keep detailed records of their transactions. Trading platforms will report that activity on the new Form 1099-DA in 2026.
Child Tax Credit: The maximum additional Child Tax Credit has increased to $1,700 per qualifying child.
Clean Vehicle Tax Credit: New guidance requires filing Form 8936 if individuals bought a new or used electric vehicle and transferred the credit to the dealer.
Natural Disaster Relief: Individuals and business owners may be eligible for certain relief provisions, including those who had disaster-related losses not reimbursed by insurance.
At H&R Block, we combine 70 years of trusted expertise with cutting-edge technology to help you navigate these changes and maximize your refund. Our team of tax professionals is here to support you every step of the way, ensuring you get every dollar you deserve.
Don't leave money on the table this tax season. Reach out to us today to get started!
Click here to learn more: https://hrblock.io/TaxSeason2025
