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 ...

Not all the Trump promises to cut tax on tips, overtime and Social Security made it into the proposed tax bill—and those provisions that did make it in are temporary and have restrictions. Days after ...

President Donald Trump is promoting what he calls a “big beautiful bill,” featuring a headline promise: “no tax on tips.” The push has stirred swift interest among millions of service workers and ...

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 ...

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 broad tax package passed by House Republicans last week includes a bill that would eliminate federal income taxes on tips, advancing a key campaign promise from President Trump with unexpected ...