As the 2025 tax season approaches, the Internal Revenue Service (IRS) and the US Treasury Department have released guidance ...

Every year, as you file your federal income tax return, you have an important decision to make: itemize, or take the standard ...

For tax years 2025 -2028, the One Big Beautiful Bill Act (OBBBA) allows employees to take an above-the-line tax deduction on qualified overtime ...

The new guidance grants employees and employers “transition relief” until Jan. 1 of the first calendar year after final rules ...

W-2s and 1099s will not have new fields this year, but the IRS has now provided guidance on how employees can still claim tax deductions for tips ...

The Trump administration threw a bit of a wrinkle into the implementation of the “no tax on tips” provision on Friday.

The new tax break on tips and overtime has been sold as a windfall for workers who stay late, pick up extra shifts, or live ...

GOP budget reconciliation bill, which became law in July, created temporary tax deductions for tips and overtime compensation.

Employees have been wondering how they will determine the amount of their qualified tips and qualified overtime eligible for deduction under the ...

Plus: The IRS has reopened, some tariffs have been reversed, tax filing status and marriage, professional sports stadiums on the public dime, tax trivia and more.

The "no tax on tips" law was a provision included in President Donald Trump's signature "One Big Beautiful Bill Act," and was ...

US Department of the Treasury and the Internal Revenue Service (IRS) released guidance to claim new tax deductions on tips ...