Learn how the new "no tax on tips" deduction can reduce your federal taxable income by up to $25,000 if you earn tips at work ...

Federal agencies are working to make President Donald Trump’s “no tax on tips” campaign promise a reality for eligible filers starting with their 2025 income, issuing new guidance Sept. 19 spelling ...

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 ...

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 ...

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 ...

Under Notice 2025-62, the Internal Revenue Service provided guidance to employers whose employees receive tips or overtime as to the procedures to follow for documenting qualified tips and qualified ...