US taxpayers are more and more involved this yr about reporting crypto and NFT good points, together with distant work implications and inexperienced power credit
SAN FRANCISCO, March 19, 2025 /PRNewswire/ — Cryptocurrency good points, distant work tax implications and NFTs reporting guidelines: these are the most recent and quickest trending matters amongst hundreds of tax questions the accountants on JustAnswer are getting from US taxpayers this yr in response to just-released information from the favored knowledgeable platform immediately.
A preferred useful resource for individuals in search of assist with revenue tax submitting questions and dilemmas, JustAnswer’s tax professionals processed greater than 98,000 tax questions in 2024, and its specialists have already acquired almost 25,000 tax queries simply since January 1st this yr. The corporate usually sees its highest spike in tax questions beginning this month because the IRS April fifteenth deadline approaches. Just lately, JustAnswer analyzed the content material of those queries compared to current years to study what are the most recent, trending points holding taxpayers awake (and accountants busy) this yr. The end result? Questions on easy methods to report good points and losses on cryptocurrency and NFT transactions, and the foundations round deductions for residence workplace setups and bills, together with considerations over inflation and confusion over inexperienced power tax credit and distant work implications dominated the conversations this yr.
2025’s High Trending Tax Questions on JustAnswer
- Cryptocurrency Taxation: Continued curiosity in easy methods to report good points and losses from crypto transactions.
- Distant Work Tax Implications: Many are inquisitive about tax guidelines surrounding distant work setups and deductions.
- Inexperienced Power Tax Credit: Growing consciousness and queries about tax advantages associated to renewable power investments.
- Inflation Affect on Taxes: Considerations about how inflation impacts tax brackets, deductions, and credit.
- NFTs and Taxation: Rising questions on tax obligations associated to purchasing, promoting, and holding Non-Fungible Tokens (NFTs).
Compared, final yr’s most distinguished tax matters appeared a lot completely different, specializing in new guidelines about “pass-through entity elections,” inflation changes to tax brackets and commonplace deduction quantities and electrical car credit.
2024 High Trending Tax Questions on JustAnswer
- State Move-By Entity (PTE) Tax Elections: Over 35 states, together with Ohio, enacted PTE-level taxes, permitting entities to deduct state taxes on the entity degree, probably lowering federal taxable revenue for house owners.
- Analysis and Growth (R&D) Expense Amortization: Companies confronted the requirement to capitalize and amortize R&D bills over 5 years, a shift from earlier speedy expensing practices.
- Inflation Changes: Tax brackets and commonplace deductions had been adjusted for inflation, affecting taxpayers’ liabilities.
- Property Tax Planning: Discussions emerged about potential adjustments to property tax exclusions, prompting people to reassess their property planning methods.
- Electrical Automobile (EV) Tax Credit: Enhanced tax credit for EV purchases inspired taxpayers to contemplate electrical autos, with particular eligibility standards and advantages outlined.
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