IRS crackdown on PayPal and Venmo transactions

IRS REPORTING RULES FOR ONLINE SALES 2024

IRS Crackdown on Online Sales & Payment Apps: What You Need to Know

If you’ve ever sold items on eBay, Etsy, or resold event tickets, the IRS has new reporting rules that could affect you. Starting in 2025, third-party payment platforms like Venmo, PayPal, eBay, and Etsy must report transactions totaling more than $5,000 in a year. By 2026, that threshold will drop to $600—meaning more sellers will need to report income from online sale

social media tax advice

MISLEADING TAX DEDUCTIONS

Beware of Tax Advice on Social Media – IRS Cracking Down!

As tax season begins, the IRS is increasing audits due to misleading tax advice circulating on social media. Many influencers promote so-called "tax secrets," claiming you can write off pets, deduct personal expenses, or claim extra credits to maximize refunds. While some deductions and credits exist, misinterpreting tax laws can lead to frozen refunds, penalties, or audits.

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TAX TIP

Filing Your 2024 Return with Ease

Tax season is here, and staying prepared is key to avoiding stress and maximizing your refund. Whether you're filing as an individual or a business, these expert tips can help you navigate your 2024 tax return with confidence.

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TAX TIP

File Early to Protect Yourself from Tax Fraud

Filing your tax return early isn't just a good way to beat the rush—it’s also a smart strategy to protect yourself from identity theft and tax fraud.

Understanding the Higher Standard Deduction

65 + OLDER TAX DEDUCTION NEWS

Understanding the Higher Standard Deduction for Taxpayers 65 and Older

If you're 65 or older, tax season just got a little brighter. The standard deduction — which reduces your taxable income — offers a significant boost for seniors, helping you keep more of your hard-earned money.

Tax News from DeLaney CPA & Co.
Deductions: Taxpayers 65 and Older

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IRS NEWS

Mark Your Calendar: Taxes Are Due April 15, 2025

For most taxpayers, April 15, 2025, is the deadline to file your federal income tax return for the 2024 tax year. However, there are a few exceptions that may allow for extended deadlines depending on your circumstances.

Tax News from DeLaney CPA & Co.
Reminder: Taxes Are Due April 15, 2025

Direct Deposit Hacking

PROTECTING YOUR FINANCES:

The Risks of Unprotected Email Accounts and Direct Deposit Hacking

In today's digital age, the convenience of online banking and direct deposit has revolutionized the way we manage our finances. However, with this convenience comes a significant risk: the vulnerability of unprotected email accounts to hacking and the potential for direct deposit fraud. Recent incidents have highlighted the growing threat posed by hackers targeting email providers like Yahoo.com, SBCGlobal.net, and others, gaining access to individuals' financial information and exploiting it for illicit gains.