The Internal Revenue Service and the Treasury have issued guidance for taxpayers to claim the deductions for tips and overtime pay from the One Big Beautiful Bill Act. Processing Content The two ...

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 ...

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.

Add Yahoo as a preferred source to see more of our stories on Google. The massive Republican-backed budget bill — called "one big, beautiful bill" by President Trump — includes several new tax rules ...

The massive Republican-backed budget bill — called "one big, beautiful bill" by President Trump — includes several new tax rules that could have a big financial impact on millions of workers who earn ...

In a sweeping move set to reshape employee paychecks, the newly enacted One Big Beautiful Bill Act (OBBBA) introduces two significant federal tax deductions for hourly workers: one for overtime pay ...