Workers who claim the new deduction will see an average tax cut of around $1,400, although some could realize larger savings.

The tip deduction doesn’t completely eliminate taxes on tips. The deductible amount is limited, it isn’t available to every worker who receives tips, some tips aren’t deductible, and tips are still ...

This week’s Tax Breaks newsletter also looks at fantasy football winnings, car-related tax deductions, stock options, IRS Chief Counsel nod, Taylor Swift tax, tax filing deadlines, and tax trivia.

View post: How 'dad shoes' turned New Balance into a $9.5 billion brand ...

The new “no tax on tips” and “no tax on overtime” deductions require additional reporting by employers and other payers. However, rather than require more reporting this late in 2025, the IRS is ...

QUINCY (WGEM) - As tax season gets into full swing, the Tri-States region is buzzing with questions about one of the most significant tax provisions making headlines this year: the “no tax on tips” ...