Tax season is upon us this May! What are the latest updates on tax reporting for 2025? In this episode of Yahoo TV's "Wallet Attack," CEO Li Yushan of an asset management firm shares new tax information and tips for reducing taxes to help you understand key reporting points! How can you save money on your taxes? How does the National Taxation Bureau determine claims for parents? Are stock, gold, and cryptocurrency sales taxable? Li Yushan also shares the tax benefits adjusted for inflation, with significant changes in deductions: basic living expenses have risen to 210,000, personal exemptions from last year's 80,000+ increased to 97,000, while exemptions for individuals over 70 years old are 145,500. The standard deduction now stands at 131,000 for singles and 262,000 for couples, with special deductions for salary and disability raised to 218,000 and early childhood care deductions adjusted for children under 6 years old at 150,000 for the first child and 225,000 for additional children.

New items this year include the special deduction for housing costs and tax relief on rent increased from 120,000 to 180,000. Tax brackets for consolidated income have been elevated, with the applicable tax rate of 12% only applied to income exceeding 590,000 and the highest rate being 40% for income exceeding 4.98 million. Due to the impact of the Trump tariffs, the deadline for reporting combined income tax has been extended to June 30 this year, accompanied by relief measures for taxpayers facing challenges in payment.

Li Yushan points out that when claims are made for parents, high-income families find it more beneficial to support elder relatives, but parents cannot be reported by multiple children. If a parent is reported as a dependent by different children, the National Taxation Bureau will check residency status to determine if the parent is living with which child and may seek negotiation between siblings on the matter. It is essential to note that if a parent passes away in the year before the declared tax year, they can still be claimed for the tax year, whereas deceased parents from a previous year cannot be claimed.

In addition to parents and grandparents, qualifying siblings can also be claimed as dependents, and those under 18 may be reported directly or require proof of their lack of earning ability. When it comes to gold sales, how to report the capital gains tax varies depending on the transaction type and amount. The National Taxation Bureau now requires jewelers to report relevant transaction data, meaning selling gold may not guarantee escaping taxation.