HIVE TAX AI
Lotus Li
Lotus Li is a CPA who has transformed 20 years of professional experience into building products with a mission to simplifying everyone’s tax journey. She is passionate about bringing cutting-edge AI into the world of tax and finance and is deeply immersed in designing, building, and launching innovative AI-powered tax solutions.
How do I determine whether to itemize deductions or take the standard deduction?
Calculate your allowable itemized deductions on Schedule A (medical, SALT taxes, mortgage interest, charitable gifts, casualty losses in federally declared disasters, etc.)
IRS Clarifies How Employees Can Claim 2025 Tip and Overtime Deductions
The Internal Revenue Service (IRS) recently released guidance explaining how employees can claim 2025 tax-year deductions for qualified tips and qualified overtime compensation
IRS Releases New Guidance on Tip & Overtime Tax Deductions for 2025: What Employees Need to Know
The IRS has released updated 2025 guidance on how employees can claim tip deductions, overtime deductions, and related payroll adjustments
IRS Targets Crypto âTax Cheatâ Loopholes: New Crackdown Begins With 2025 Filing Year
The IRS is launching a major enforcement campaign against a widely used crypto âtax cheatâ starting with the 2025 filing year, increasing scrutiny on digital asset transactions
How do foreign bank account reporting (FBAR) rules change?
The filing threshold remains $10,000 in aggregate across all foreign financial accounts at any time during the calendar year. FBAR is required
How do tax professionals protect clients against scams in 2025?
New client spearâphishing remains a top vector: scammers pose as a prospective client, then send a link or attachment that installs malware or harvests credentials, enabling data theft and fraudulent filings.
What are the new deadlines for estimated tax payments?
If your first required payment isnât due until June 16, 2025, you can either pay the full yearâs estimate on that date or pay 1/2 on June 16, 1/4 on September 15, and 1/4 on January 15, 2026
How is cryptocurrency staking taxed in 2025?
Staking rewards are taxable as ordinary income when you gain dominion and control over the new units. Include the fair market value (FMV) of the rewards at that date/time in your gross income.
Are there new deductions for childcare expenses?
For 2024â2025, you can generally claim 20%â35% of up to $3,000 of qualifying expenses for one qualifying person, or up to $6,000 for two or more, depending on your AGI.
Which tax breaks are available for electric vehicle purchases?
Up to $7,500 for qualifying new electric, plug-in hybrid, or fuel cell vehicles