ROCHESTER, N.Y. — Tax season is right around the corner and there are changes coming to the federal tax laws for people who rely on tips or overtime as part of their income. The president is promising ...

President Donald Trump delivered on his promise to exempt tips from taxes but critics say the “Big Beautiful” policy may deliver a smaller advantage than expected — and could hurt the very workers ...

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 ...

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 ...

An IRS notice said employers and other payers will not face penalties for tax year 2025 if they do not provide a separate accounting of amounts reasonably designated as cash tips or the total amount ...

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 ...

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WASHINGTON (AP) — The Treasury Department is moving closer to making President Donald Trump’s “ no tax on tips ” promise a reality. But new guidance released Friday tends to limit the number of tipped ...