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 ...

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.

The broad tax package passed by House Republicans last week includes a bill that would eliminate federal income taxes on tips, advancing a key campaign promise from President Trump with unexpected ...

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 ...

On July 4, 2025, as part of the One Big Beautiful Bill Act (Act), provisions titled “No Tax on Tips” and “No Tax on Overtime” were signed into law. These provisions created new individual income tax ...

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 ...

Federal agencies are working to make President Donald Trump’s “no tax on tips” campaign promise a reality for eligible filers starting with their 2025 income, issuing new guidance Sept. 19 spelling ...