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Tax season 2025: The changes that tax filers should know

As we approach tax season, many taxpayers are just starting to prepare their returns. Nearly half of them wait until March to file, and if you're one of them, don't worry — there's expert advice available. H&R Block Tax Institute vice president Andy Phillips joins Wealth host Brad Smith to highlight key tax changes for 2024. Phillips explains that one of the biggest changes involves the 1099-K form: "The threshold to receive a form 1099-K went down drastically from 2023 to 2024. From you had to have over $20,000 in transactions, or at least $20,000 in transactions, and over 200 transactions during the year for 2024, went all the way down to $5,000 and you just have to have one transaction." He also discusses future shifts in virtual currency reporting this year. "Starting in 2025, platforms will be required to issue you a new form called 1099-DA for crypto transactions," Phillips explains. Additionally, Phillips sheds light on the Child Tax Credit, noting how the refundable portion of the child tax credit is $1,700. To watch more expert insights and analysis on the latest market action, check out more Wealth here. This post was written by Josh Lynch