New tax breaks for tips, overtime pay and car loans come with strict limits that could leave many Americans out this tax season.

With the tax filing season already underway, revised 1040 instructions make the tips deduction more complicated and limited for the self-employed.

A for tax year 2025 tied to the “One, Big, Beautiful Bill,” offering deductions for tips, overtime pay, car loan inte ...

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

The April 15 deadline to file taxes is quickly approaching. But for millions of taxpayers, some of the old filing rules no longer apply.

Budtenders and other cannabis shop workers don't qualify for "No Tax on Tips." Declared tips must be voluntary so mandatory gratuities common for large parties are excluded. IRS guidance remains ...

The IRS has released its guidance for the "no tax on tips" and "no tax on overtime" provisions of the One Big Beautiful Bill Act (OBBBA), for workers who can claim the deductions for the 2025 tax year ...

Maximum deduction: $25,000 per year, phased out for taxpayers with income above $150,000 (single) or $300,000 (joint). The deduction is above-the-line, available even to those who do not itemize. Must ...

South Carolina lawmakers are considering a bill to align state tax law with federal changes, which could affect deductions and refunds for some taxpayers this year.

Must-Know Tax Season Tips for Small Businesses and Solopreneurs ...