The IRS won’t require employers to separately report tips and overtime in 2025, which may be confusing for employees. New IRS guidance can help taxpayers figure the deductions. The IRS has released ...
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 ...
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No tax on tips and overtime: IRS breaks down Trump’s 'one big beautiful' plan for 2026 – what to know
Millions of Americans may pay less tax in 2025 as the IRS explains how workers can claim new deductions on tips and overtime ...
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 ...
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 ...
A draft version of Form W-2, Wage and Tax Statement, for 2026 includes boxes and codes for reporting qualified tips and qualified overtime compensation that can be deducted temporarily under the ...
The IRS on Friday released a draft of Schedule 1-A (Form 1040), Additional Deductions, which includes sections for calculating four deductions allowed under H.R. 1, P.L. 119-21, commonly known as the ...
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