LPM TAX Services

We are here to keep you informed!! PLEASE READ BELOW......

The IRS is cracking down on "Side Hustle Income" this tax season!

What is side hustle income? Side hustle income is any money earned outside of a normal W2 paycheck. This includes earnings from:

* Gig economy platforms: Uber, Lyft, DoorDash, Instacart
* Selling platforms: eBay, Etsy, Facebook Marketplace, Amazon
* Freelancing work: Design, editing, coding, marketing, consulting
* Social media income: YouTube, TikTok, affiliate income, sponsorship income
* Cash jobs and cash payment platforms: Venmo, PayPal, Zelle. The IRS expects all income received in exchange for a product or service to be reported, regardless of whether it was part-time, occasional, seasonal, or a hobby

It doesn't matter if the income was part-time, occasional, seasonal, or from a hobby; if income was received in exchange for a product or service, the IRS expects it to be reported. Platforms, marketplaces, payment processors, and banks all create records of transactions. The IRS uses a matching strategy where they compare what you report on your tax return with what third parties report about you. Mismatches trigger an automated flag.

Make sure to report any deposits you receive for a product or service so the IRS do not get a flag and you don't get an IRS letter.

Let's work together to make this tax season as smooth as possible!

With tax season approaching, here are some new changes to be aware of:

“One Big Beautiful Bill” - Bigger Refunds Expected and New Deductions
The "One Big Beautiful Bill" is fully in effect for the 2025 tax year (filed in 2026), and initial numbers project large refunds for many taxpayers.

Major highlights:

* Higher standard deductions: All filing statuses now qualify for increased standard deductions—helping boost refunds across the board.
* Expanded Earned Income Tax Credit (EITC): Updated income thresholds and rules may make more families eligible and increase refund amounts.
* Additional deduction for seniors: Taxpayers age 65+ can claim up to $6,000 in extra deductions to lower taxable income.
* New tips and overtime deductions: Workers in service and hospitality industries may qualify for new above-the-line deductions on eligible tips and overtime pay.

We are a virtual tax office, eager to help you maximize your 2025 tax refund (filed in 2026). For more information, visit

One, Big, Beautiful Bill provisions | Internal Revenue Service The One, Big, Beautiful Bill Act has a significant effect on your taxes, credits and deductions.