The IRS has unveiled a draft of the new Schedule 1-A form, set to simplify claiming deductions for tips, overtime, auto loan interest, and senior benefits. As part of the OBBBA, this form aims to ease ...

The IRS introduces Schedule 1-A for 2025, letting you deduct qualified tips, overtime pay, vehicle loan interest, and enhanced senior deductions, following the OBBBA legislation.

As usual, tax bracket thresholds were raised. Many taxpayers are getting some additional relief beginning this year, though.

Taxpayers face a learning curve for figuring out how key tax deductions in the mega tax bill will work when they file 2025 ...

The Internal Revenue Service is taking steps to make sure taxpayers and tax preparers can reflect OBBBA changes in 2025 tax returns.

Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...

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 ...

Plus: Proposed regulations for “no tax on tips,” new tax forms, Roth catch-up contributions, charitable donation deductions, ...

Millions of Americans who were granted tax filing extensions have until 11:59 p.m. on Wednesday to file their returns.