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 ...

President Donald Trump's "big beautiful bill" has a section called "no tax on tips." But the provision doesn't eliminate tax on tips, which are still subject to payroll levies. Instead, it's a ...

The Senate on Tuesday unanimously passed the No Tax on Tips Act in a surprise vote. This could boost momentum for the idea floated by President Donald Trump during his 2024 campaign. If enacted, the ...

WASHINGTON — In a surprise move, the Republican-led Senate quickly passed the No Tax on Tips Act on Tuesday, giving its official stamp of approval to an idea that has gained traction since President ...

Corrections & Clarifications: An earlier version of this article gave incorrect information about gifts being subject to income taxes. Since President Donald Trump first proposed exempting tips from ...

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 ...

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 ...