Wireless Wednesday Live: Tax planning starts now

Millions of taxpayers will see changes when they file their 2025 taxes next year. The Child Tax Credit is increasing to $2,200 per child, and seniors may qualify for an additional deduction. Other updates include new deductions for tips, overtime, and car loans, as well as new reporting rules for income earned on third-party payment platforms like Venmo and PayPal.

The updates come as households begin year-end planning, a time when many review withholdings and make financial moves that can still affect their 2025 returns.

Here we have Mark Steber, Chief Tax Officer at Jackson Hewitt Tax Services, to outline the tax changes and explain how they could affect households in the months ahead.

Topics:

Why is October an important time for year-end planning and what steps should people take?

What should taxpayers do now to maximize their 2025 tax return?

How will the new deductions affect families, seniors and hourly workers?

These new tax laws are complex, how can taxpayers avoid errors?

Where can we go to learn more?

Mark Steber is Jackson Hewitt’s Chief Tax Officer, responsible for key initiatives that support overall tax service delivery and quality assurance. Mark also serves as a Jackson Hewitt liaison with the Internal Revenue Service, states and other government authorities. With nearly 40 years of tax experience and deep knowledge of the federal and state tax codes, Mark is widely referenced as a national, well-versed expert on consumer income tax issues, especially electronic-tax and tax data-protection issues.