Will you stop paying taxes on your tip income? New tax rules may allow some workers to reduce their tax liability on ...

There will be no tax on tips and no tax on overtime this tax season. Here's what to know about deductions and who qualifies ...

The 2025 tax season is bringing multiple notable changes that have left many taxpayers wondering what they need to know.

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 ...

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. “No tax on tips” is the name given to a new tax deduction for tip income ...

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.

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 ...

Maximum deduction: $25,000 per year, phased out for taxpayers with income above $150,000 (single) or $300,000 (joint). The deduction is above-the-line, available even to those who do not itemize. Must ...

Clowns entertain crowds at local fairs by twisting skinny balloons into poodles and swords. And now, the dollar bills thrown into that top hat on the ground could fall into the new "no tax on tips" ...