The Senate on Tuesday passed a bill that would eliminate federal taxes on tips, advancing a key campaign promise of President Trump’s, with the help of Senate Democrats. Sen. Jacky Rosen (D-Nev.) ...

Not all the Trump promises to cut tax on tips, overtime and Social Security made it into the proposed tax bill—and those provisions that did make it in are temporary and have restrictions. Days after ...

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.

A U.S. Treasury Department document includes podcasters, social media influencers and streamers among occupations eligible for tax-free tips. By Alex Weprin Senior Editor President Trump’s One Big ...

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 ...

The idea is politically popular, but the tax benefits may not go as far for low-income workers as many may think. By Talmon Joseph Smith Economics reporter Several of the proposals that House ...

In hospitality-rich South Florida, the new federal law making tips and overtime tax-free won’t touch the wallets of tipped restaurant workers until next tax season, but it’s already having a snowball ...

Hearings before the Commerce Committee of the Arizona House of Representatives normally draw a modest crowd of lobbyists in suits. On March 19, 2024, a throng of people in more casual attire appeared.

The broad tax package passed by House Republicans last week includes a bill that would eliminate federal income taxes on tips, advancing a key campaign promise from President Trump with unexpected ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Photo by Drew Angerer / AFP via ...