New tax breaks for tips, overtime pay and car loans come with strict limits that could leave many Americans out this tax season.

The new federal tax deduction could dramatically reduce your tax bill this year. But it's not exactly tax-free. We break down the critical rules and qualifications.

With the tax filing season already underway, revised 1040 instructions make the tips deduction more complicated and limited for the self-employed.

Millions of taxpayers are using a new IRS form to claim deductions for tips, overtime, car loan interest and seniors. What is ...

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

As tax season gets underway, there are several new tax provisions approved by Congress in 2025 that will impact millions of returns this year. No Tax on Tips, a pledge from President Donald Trump, is ...

Budtenders and other cannabis shop workers don't qualify for "No Tax on Tips." Declared tips must be voluntary so mandatory gratuities common for large parties are excluded. IRS guidance remains ...

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 ...

Before you file this year's taxes, experts want you to know and consider these factors. From retirement contributions to tax ...

Must-Know Tax Season Tips for Small Businesses and Solopreneurs ...