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 ...
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 ...
Wondering what tax reporting might look like under the One Big Beautiful Bill Act (OBBBA)? The IRS has released drafts of some 2025 tax forms (that you’ll file in 2026), including a draft of the new ...
In a surprise move, the Senate unanimously passed the No Tax on Tips Act which would allow up to a $25,000 deduction for workers who typically receive tips as part of their compensation. In a surprise ...
President Donald Trump in late January reiterated his pledge to end taxes on tips during a Nevada rally, echoing a campaign promise he debuted while campaigning there. Speaking at the Circa resort and ...
Corrections & Clarifications: An earlier version of this article gave incorrect information about gifts being subject to income taxes. Since President Donald Trump first proposed exempting tips from ...
A tax and spending package introduced new tax breaks on overtime pay and tips for eligible workers. The new rules, which apply to tax years 2025 through 2028, have income and employment-type ...
IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...
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