Man selecting 20% tip while using a handheld credit card scanner at a restaurant in Queens, New York. Man selecting 20% tip while using a handheld credit card scanner at a restaurant in Queens, New ...

The new “no tax on tips” and “no tax on overtime” deductions require additional reporting by employers and other payers. However, rather than require more reporting this late in 2025, the IRS is ...

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 ...

Millions of Americans who receive tips or overtime pay have been issued new guidance from the Internal Revenue Service (IRS) clarifying what tax deductions are available to them. On Friday, the IRS ...

The new, special tax deduction on tips is retroactive and applies to eligible tip income earned in all of 2025. The tax break on tip income runs from 2025 through 2028. Tax professionals raise red ...

The Senate unexpectedly passed the No Tax on Tips Act in a unanimous vote Tuesday, giving weight to the prospect of eliminating federal income tax on cash tips, which picked up political traction ...

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 ...