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 IRS will begin accepting 2025 tax returns on Monday, Jan. 26, 2026, the agency announced. Taxpayers have until Wednesday, ...

“No Tax on Overtime” is a provision included in the tax reform bill known as the One Big Beautiful Bill Act, which passed in ...

Taxpayers and businesses are encouraged to review IRS instructions and updates closely as new rules take effect.

The tip deduction doesn’t completely eliminate taxes on tips. The deductible amount is limited, it isn’t available to every ...

As Treasury Secretary Scott Bessent announced last year, taxpayers will receive “very large refunds,” in his own words, ...

The IRS released new guidance for no tax on tips and overtime deductions under the One Big Beautiful Bill Act. Eligible workers can claim up to $25,000 for tips and $12,500 for overtime.

The latest changes come after the passage of the One, Big, Beautiful Bill Act (OBBB), which was signed into law on July 4, ...

No tax on tips: Workers who receive tips can deduct up to $25,000 of qualified tip income on their federal return. No tax on ...

Byron Jacobs, a certified public accountant, said taxpayers should gather essential documents before meeting with preparers.

The IRS has released its guidance for the "no tax on tips" and "no tax on overtime" provisions of the One Big Beautiful Bill Act (OBBBA), for workers who can claim the deductions for the 2025 tax year ...