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 ...

For the 2026 tax year, OBBBA created brand-new deductions targeting key forms of compensation often earned by those on the front lines of the service and labor industries: tips and overtime pay. These ...

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

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 ...

US Department of the Treasury and the Internal Revenue Service (IRS) released guidance to claim new tax deductions on tips ...

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 ...

Transitional guidance released by the IRS on Oct. 21 gives auto lenders room for avoiding penalties when it comes to ...

In light of the recent GOP tax bill being signed into law by President Trump, many may wonder: What is the new standard deduction? The reconciliation bill, dubbed the "One Big Beautiful Bill" (OBBB), ...