In a sweeping move set to reshape employee paychecks, the newly enacted One Big Beautiful Bill Act (OBBBA) introduces two significant federal tax deductions for hourly workers: one for overtime pay ...

Tipped workers will be able to deduct up to $25,000 in tips from their taxable income beginning in 2025. To help sort out the details, the Treasury and the IRS are rolling out additional guidance.

New federal tax law allows deductions on tips and overtime starting with 2025 taxes Workers earning under $150K can deduct up to $25K in tips, $12.5K in overtime Qualifying jobs may include servers, ...

Brand new rules for tax breaks on overtime and tip income are bound to drive taxpayers bonkers when trying to file their 2025 federal income tax returns next year. Expect to face far more work and ...

Recent survey data from the Philadelphia Fed and the University of Michigan indicate a significant rise in inflation expectations since early February. The Trump administration's tariff and ...