Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Photo by Drew Angerer / AFP via ...
Learn how the new ‘no tax on tips’ deduction can reduce your federal taxable income by up to $25,000 if you earn tips at work. “No tax on tips” is the name given to a new tax deduction for tip income ...
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Consider filing a 'nil' Income Tax Return - Sometimes it's mandatory, and other times it can benefit you
Many taxpayers believe that if their income is below the taxable limit or if their employer has already deducted the applicable TDS from their salary, they do not need to file an Income Tax Return ...
Preparing a 2025 tax return is likely to take more time, as workers who received tips or overtime pay in 2025 figure out what qualifies for new tax breaks. IRS gives some very specific examples in ...
The massive federal spending and tax bill, dubbed the Big, Beautiful Bill, was signed into law by President Donald Trump on July 4th. The bill includes tax breaks for tipped workers, such as those in ...
Preparing a 2025 tax return is likely to take more time, as workers who received tips or overtime pay in 2025 figure out what qualifies for new tax breaks. IRS gives some very specific examples in ...
The new “no tax on tips” and “no tax on overtime” deductions require additional reporting by employers and other payers. However, rather than require more reporting this late in 2025, the IRS is ...
Brand new rules for tax breaks on overtime and tip income are bound to drive taxpayers bonkers when trying to file their 2025 federal income tax returns next year. Expect to face far more work and ...
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