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 ...

The Senate on Tuesday passed a bill that would eliminate federal taxes on tips, advancing a key campaign promise of President Trump’s, with the help of Senate Democrats. Sen. Jacky Rosen (D-Nev.) ...

Not all the Trump promises to cut tax on tips, overtime and Social Security made it into the proposed tax bill—and those provisions that did make it in are temporary and have restrictions. Days after ...

The Senate on Tuesday unanimously passed the No Tax on Tips Act in a surprise vote. This could boost momentum for the idea floated by President Donald Trump during his 2024 campaign. If enacted, the ...

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 ...

Corrections & Clarifications: An earlier version of this article gave incorrect information about gifts being subject to income taxes. Since President Donald Trump first proposed exempting tips from ...

The idea is politically popular, but the tax benefits may not go as far for low-income workers as many may think. By Talmon Joseph Smith Economics reporter Several of the proposals that House ...

Hearings before the Commerce Committee of the Arizona House of Representatives normally draw a modest crowd of lobbyists in suits. On March 19, 2024, a throng of people in more casual attire appeared.

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 ...

In hospitality-rich South Florida, the new federal law making tips and overtime tax-free won’t touch the wallets of tipped restaurant workers until next tax season, but it’s already having a snowball ...

NEW YORK (AP) — President Donald Trump's "no tax on tips" pledge became a catchphrase for his 2024 campaign. Now it's inching closer to reality. The idea is firmly planted in the sprawling tax cuts ...

Preparing a 2025 tax return is likely to take more time, as workers who received tips or overtime pay in 2025 figure out what qualifies for new tax breaks. IRS gives some very specific examples in ...