In Trump’s plan, income earners would also gain the tax-free benefit, a change that could destabilize the Social Security trust funds that pay out the benefits. Therefore, Razi believes a more prudent approach would be to impose a means test to qualify for the Social Security tax exemption instead of eliminating it entirely.

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

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

Taxpayers will have until April 15 in most states to file and pay their federal tax returns as the IRS is accepting returns from now.