>>VirginiaTax Experts Preparing Residents Filing Their Taxs
(Greenville, SC) -- Virginia tax experts breaking down the biggest changes this year. Katie Gray reports.Preview: SCRIPT:
The IRS is implementing changes for the 2025 tax season, requiring tax filers to report $5,000 or more in earnings from third-party networks like eBay and PayPal. The threshold for reporting payments received through these platforms will continue to decrease in the coming years. Tax advisors tell WSPA that its important this year to be proactive to avoid penalties and suggests exploring options like health savings accounts and tax credits to maximize refunds. They also recommend seeking guidance from a tax professional due to the complexity of the tax code.