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 ...

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 ...

In a surprise move, the Senate unanimously passed the No Tax on Tips Act which would allow up to a $25,000 deduction for workers who typically receive tips as part of their compensation. In a surprise ...

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 ...

You may have heard about eliminating federal taxes on tips. Often earned by service workers, tips are taxable and reported as ...