The IRS released new guidance for no tax on tips and overtime deductions under the One Big Beautiful Bill Act. Eligible ...

Man selecting 20% tip while using a handheld credit card scanner at a restaurant in Queens, New York. Man selecting 20% tip while using a handheld credit card scanner at a restaurant in Queens, New ...

This week’s Tax Breaks newsletter also looks at fantasy football winnings, car-related tax deductions, stock options, IRS Chief Counsel nod, Taylor Swift tax, tax filing deadlines, and tax trivia.

Philadelphia hospitality industry workers who rely on tips, whether cash or charged, can take advantage of a new federal tax deduction on top of the standard deduction for tips under a new law signed ...

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.

Millions of U.S. workers who earn tips and overtime pay may be eligible for a federal tax break when they file their 2025 income taxes next year. But which workers will qualify for the new deductions ...

President Donald Trump's promise of "no tax on tips" landed like a windfall for millions of servers, bartenders, and drivers who live on gratuities. The new rules do cut federal income tax on many ...

The Trump administration’s “No Tax on Tips” proposal would do more than make all tips income tax-exempt for servers. While this tax proposal promises to benefit servers, it’s more complex than that.

The “No Tax on Tips” provision, passed and signed into law on July 4 as part of President Donald Trump’s One Big Beautiful Bill Act, allows eligible tipped workers to deduct a portion of their income ...

A tax and spending package introduced new tax breaks on overtime pay and tips for eligible workers. The new rules, which apply to tax years 2025 through 2028, have income and employment-type ...