The new year will bring a host of tax benefits that Americans can take advantage of when filing their taxes in a few weeks. The IRS 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.President Donald Trump signed the OBBBA into law in July after Republican majorities in Congress passed the tax reform and spending bill on a party-line vote this summer.The law included "no tax on tips" and "no tax on overtime," and the Treasury Department and IRS are now providing guidance as the law directed to help workers determine their deductions.The IRS notice said that taxpayers who are eligible to claim the tipped and overtime income deductions may have to determine those amounts separately this year as Form W-2 and Form 1099 won't be updated… ...[TheTopNews] Read More.
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