IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

The IRS won’t require employers to separately report tips and overtime in 2025, which may be confusing for employees. IRS ...

Seniors 65+ get a huge OBBBA tax shield for 2026! Couples can combine deductions for up to $47,500 in tax-free income ...

Under the new rules, taxpayers who receive qualified tips—defined as voluntary cash or charged tips—in customarily tipped ...

The IRS on Friday released a draft of Schedule 1-A (Form 1040), Additional Deductions, which includes sections for calculating four deductions allowed under H.R. 1, P.L. 119-21, commonly known as the ...

The new tax deduction, a key feature of Trump’s bill, aims to provide financial relief to workers in specific industries. The list, revealed by the Treasury Department reported Axios, includes a wide ...

IRS says lenders can offer an online portal to buyers for spotting total amount of interest paid on new car loans in 2025. Borrowers who took out a car loan in 2025 will need to file a new Schedule ...