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By Thomson Reuters Tax & Accounting  What’s changing? Rise in standard deductions For married couples filing jointly, the standard deduction increases to $30,000, up $800 from tax year 2024. For heads of households, it is $22,500 for tax year 2025, up $600 from tax year 2024. For single taxpayers and married individuals filing separately for…

By Michael Cohn The Internal Revenue Service extended its transition relief for the new Form 1099-K information reporting threshold, setting it at $5,000 for 2024 and $2,500 in 2025 before reaching the statutory level of $600 in 2026 and thereafter. The threshold applies to payment apps and online marketplaces such as Venmo, PayPal, eBay, Etsy,…