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,…
Your tax situation changes when you get married, and your options for filing taxes for the entire year are based on your marital status as of December 31. How Does Marriage Affect Taxes? Taxes can have a wide range of effects on marriage. Although everyone’s circumstances are unique, there are some tax advantages to marriage…
When people get married their tax situation often changes. A taxpayer’s marital status as of December 31 determines their tax filing options for the entire year, but that’s not all newlyweds need to know. Here’s a tax checklist for newly married couples: Name and address changes Name – When a name changes through marriage, it’s…
