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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 ...

Millions of Americans who receive tips or overtime pay have been issued new guidance from the Internal Revenue Service (IRS) clarifying what tax deductions are available to them. On Friday, the IRS ...

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What began as a campaign promise in Nevada became law this summer with the passage of the One Big Beautiful Bill Act: "No taxes on tips" is now nationwide. But even as pundits debate its merits, ...

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. EMS-FORSTER-PRODUCTIONS/Getty ...

Tipped workers will be able to deduct up to $25,000 in tips from their taxable income beginning in 2025. To help sort out the details, the Treasury and the IRS are rolling out additional guidance.