For individuals who are self-employed, freelancing, managing side jobs, or operating their own businesses, 2025 introduces new tax opportunities.
👉 The 20% QBI Deduction is Now Permanent
Also known as the “Section 199A deduction,” this write-off lets you deduct up to 20% of your net business income. Before, it was set to expire. Now it’s locked in permanently. That’s a big deal.
👉 1099-K Rules Reversed (Whew!)
You may have heard the IRS was going to require platforms like Venmo and PayPal to send 1099-K forms for an income of over $600. That change has now been reversed. For 2025, you won’t get a 1099-K unless you have BOTH over $20,000 in payments AND 200+ transactions. (Again though, please remember that just because you don’t get a 1099, that doesn’t mean you’re not supposed to report the income.)
👉 More Research & Development Deductions Available
If you’re in a business that does product development, tech, or any kind of research-type work, you may now be able to deduct those expenses all in the same year—no more multi-year amortizing. Retroactive to 2022, too!
These changes can be powerful tools when used properly—and costly mistakes when ignored. We want to help you make sure you are ALWAYS on the right side of that equation! Interested in reducing your tax burden in 2025 and beyond? Our tax reduction consulting service is designed to help you take full advantage of recent changes in tax law. To schedule a meeting with an Easy Tax Service Professional, please call 928-775-7000 Ext 0 and speak with our receptionist.