Taxpayers will receive a 1099-K from payment card companies, payment apps and online marketplaces when transactions during 2024 was more than $5,000.

The 2025 tax season opened for individual filers on Jan. 27. Here are some key things to know before filing your return.

Trump once again hinted at the idea of eliminating the federal income tax and making up for lost revenues with tariffs.

One thing is certain a little over a week into Donald Trump's second term: He plans to go big. On Monday, the president appeared to call for an end to income taxes altogether in favor of tariffs, which is how the federal government was primarily funded throughout much of its history until the early 20th century.