Workers who claim the new deduction will see an average tax cut of around $1,400, although some could realize larger savings.

The IRS won’t require employers to separately report tips and overtime in 2025, which may be confusing for employees. IRS guidance can help figure the deductions.

Did you earn tips in the service industry or work a lot of overtime? With the 2026 tax season approaching, you might be wondering how to properly prepare your tax filings. Last summer, President ...

The promise of "no tax on tips" sounds like a straightforward win for workers who rely on gratuities to make rent and cover groceries. In practice, the new deduction is tightly structured, and that ...

(InvestigateTV) — Tax filers who earn tips or overtime pay can claim new deductions on their 2025 federal income tax returns under temporary provisions that run through the 2028 tax year. Workers who ...