Workers who claim the new deduction will see an average tax cut of around $1,400, although some could realize larger savings.

To claim the deduction, you will need to fill out a new form — Schedule 1-A — according to draft instructions from the IRS. 5. Tax deduction for tips While the Trump administration has billed this new ...

Gov. Kathy Hochul on Thursday proposed eliminating state taxes on tips of up to $25,000 a year, as a law that provides a similar federal tax deduction takes effect for 2025 tax-year filings. "I’m ...

To claim the new tax break, you will need to fill out a new tax form called Schedule 1-A. Schedule 1-A is an IRS form used to ...

Many of the key changes of President Trump's flagship first-year legislation go into effect in 2026, along with state-level policy expanding tech and labor protections. Why it matters: New and amended ...

WASHINGTON — Just eight states are on track to allow their residents to cash in fully on popular tax cuts from President Trump’s marquee legislation in 2026, experts told The Post, with several blue ...

ALBANY — New Yorkers may finally see relief from taxes on tips, with Gov. Kathy Hochul saying she’ll propose enacting the policy this year after garnering backlash — and a Post front-page story. In a ...

The new year will bring changes for taxpayers as a slate of new state laws takes effect across the country, impacting Americans’ wallets through higher minimum wages, a new tourism tax in Hawaii and ...

New York Post readers take Gov. Kathy Hochul to task for refusing to extend President Trump's "no tax on tips" policy in the Empire State. Matt Roberts/Shutterstock The Issue: Gov. Hochul refusing to ...