The IRS has released new guidance to help taxpayers who are eligible to claim the deduction for tips and for overtime compensation for tax year 2025. (The guidance to help employers and other payers ...

Still confused about the One Big Beautiful Bill Act (OBBBA)? The IRS has issued some initial guidance with respect to new provisions that take effect for 2025. Still confused about the One Big ...

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In a remarkable display of political unity, the Senate has unanimously approved the No Tax on Tips Act, a transformative piece of legislation designed to exempt gratuities from federal taxation. The ...

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 ...

The Senate unexpectedly passed the No Tax on Tips Act in a unanimous vote Tuesday, giving weight to the prospect of eliminating federal income tax for cash tips, which picked up political traction ...

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 ...

The U.S. Senate passed the "No Tax on Tips Act" on May 20, a bill introduced by Sen. Ted Cruz of Texas that would create a tax deduction on tips worth up to $25,000. President Donald Trump promised to ...

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 ...

WASHINGTON -- President Donald Trump’s campaign promise to end taxes on tips is coming closer to becoming law. On Tuesday, the Senate voted unanimously to pass the No Tax on Tips Act, which was ...

The Republican-led Senate passed the No Tax on Tips Act in an unexpected unanimous decision Tuesday afternoon. The bill, which eliminates federal tax on tips for hospitality workers and servers, ...