Man selecting 20% tip while using a handheld credit card scanner at a restaurant in Queens, New York. Man selecting 20% tip while using a handheld credit card scanner at a restaurant in Queens, New ...

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 ...

Tipped workers in the U.S. could see significant changes to their taxes after Congress approved President Trump's legislative agenda on Thursday. This week, the GOP-controlled Senate and House ...

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 ...

The new, special tax deduction on tips is retroactive and applies to eligible tip income earned in all of 2025. The tax break on tip income runs from 2025 through 2028. Tax professionals raise red ...

Millions of Americans who receive tips or overtime pay have been issued new guidance from the Internal Revenue Service (IRS) clarifying what tax deductions are available to them. On Friday, the IRS ...