If you sold a used couch for $500 or had a few side gigs that netted under $20k, you likely won’t receive a 1099-K form. However, the instructions remind you that all income is taxable, regardless of whether a form was issued.
The tax brackets have shifted upward by roughly 5.4%. This is not a tax cut, but an inflation adjustment to prevent "bracket creep"—where you move into a higher tax bracket simply because of cost-of-living raises, rather than actual increased purchasing power. form 1040 instructions 2024