The tip deduction doesn’t completely eliminate taxes on tips. The deductible amount is limited, it isn’t available to every worker who receives tips, some tips aren’t deductible, and tips are still ...

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

The IRS is rolling out new deductions for tip and overtime income. Here's how they work and who qualifies.

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 ...

Under the new One Big Beautiful Bill Act (OBBB), which was signed into law in July 2025, employers are expected to report new details about cash tips and qualified overtime compensation on their tax ...

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 ...

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.

On July 4, 2024, President Trump signed the “Big Beautiful Bill,” which contains two provisions that provide federal income tax deductions on both tips and overtime compensation beginning January 1, ...

WASHINGTON (AP) — Golf caddies, blackjack dealers and house painters are among the jobs covered under the Trump administration’s preliminary list of occupations no required to pay income tax on their ...

This article highlights five practical considerations designed to support your efforts to interpret the OB3’s impact and help ...

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 ...