Bright Expectations

Schedule 1-A is updated for 2025 with new additional deductions, including “No Tax on Tips,” “No Tax on Overtime,” car loan interest (QPVLI), and an enhanced senior deduction. Some deductions require joint filing and have income limits.

Read more at https://nstp.org/article/schedule-1-instructions-available

The is delaying the requirement to report 2022 transactions on a Form 1099-K for the lower $600 threshold. More details at: http://ow.ly/GS3R50MbFLw

Per the IRS
Filing season starts Jan. 23
The IRS set Monday, Jan. 23, as the beginning of the nation’s 2023 tax season, when the agency will begin accepting and processing 2022 tax year returns. With the three previous tax seasons dramatically impacted by the pandemic, the IRS has taken additional steps for 2023 to improve service for taxpayers. As part of the August passage of the Inflation Reduction Act, the IRS has hired more than 5,000 new telephone assistors and added more in-person staff to help support taxpayers.