Core Insights - The 'One Big Beautiful Bill' introduces significant tax changes affecting 2025 returns, with the IRS starting to accept these returns on Monday [1] - Key changes for self-employed workers include an increased threshold for 1099-K forms and a new "no tax on tips" deduction [1][10] Tax Changes for Self-Employed Workers - The threshold for issuing 1099-K forms has been reverted to the previous limit, requiring a 1099-K only if a worker has more than 200 transactions and earns over $20,000 [6] - The 1099-K form is essential for self-employed individuals receiving payments through third-party platforms like PayPal and Square, with no threshold for payment card transactions [7][8] - Some states may have stricter reporting requirements, potentially requiring 1099-K reporting for transactions as low as $600 [9] New Deductions - The "no tax on tips" deduction applies to self-employed workers in fields where tipping is customary, allowing deductions of up to $25,000 for married couples and $12,000 for singles [12][13] - This deduction only affects federal income tax and does not reduce Medicare or Social Security taxes owed on tips [13] Recommendations for Self-Employed Workers - It is advisable for self-employed individuals to maintain regular bookkeeping to accurately track income and expenses, facilitating more precise quarterly tax payments [14][15] - Utilizing online tax calculators can help self-employed workers estimate their tax liabilities [15]