The White House has reported that, on average, Americans will receive about $1,300 more in their pocket through the deduction ...

As part of the One, Big, Beautiful Bill Act, taxpayers are entitled to a tax deduction on “qualified overtime” and “qualified tips” received during tax years 2025 through 2028. The following is a ...

Why Your Tax Refund Could Be Bigger In 2026—And What Else You Need To Know When To Expect Your Forms W-2 & 1099 In 2026—And What To Do If They’re Missing The IRS has released new guidance to help ...

President Donald Trump delivered on his promise to exempt tips from taxes but critics say the “Big Beautiful” policy may deliver a smaller advantage than expected — and could hurt the very workers ...

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 ...

During the holiday season, Michael DiStefano can be found behind the bar at the historic Milleridge Inn in Jericho. There, DiStefano shakes and pours drinks for hundreds of customers, including a ...

Under Notice 2025-62, the Internal Revenue Service provided guidance to employers whose employees receive tips or overtime as to the procedures to follow for documenting qualified tips and qualified ...

The new “no tax on tips” and “no tax on overtime” deductions require additional reporting by employers and other payers. However, rather than require more reporting this late in 2025, the IRS is ...

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 ...

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. Investopedia / Photo Composite by ...

As a result of "no tax on tips" becoming law, many restaurants may need to rethink service fees on large groups. Mandatory gratuities, typically 15% to 20% that restaurants often impose on parties of ...