The proposed regulations clarify points including the interaction of qualifying occupations for which tips are customarily received with ineligible specified service trades or businesses.

Read about IRS Publication 334, a vital tax guide for sole proprietors and statutory employees, offering essential tips on deductions, credits, and filing Schedule C.

For the 2025 tax year, the 'One Big Beautiful Bill' made several changes to deductions and tax laws. Some of these will ...

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 ...

Deduction for overtime pay and tipped income: For tax years 2025 -2028, the OBBBA allows employees to take an above-the-line tax deduction on qualified overtime pay and qualified tips. Employer ...