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

Some of the biggest tax changes in years could hit your federal return right now. From untaxed tips and overtime to a new incentive for new-car buyers, to a bigger child tax credit, Consumer Reports ...

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

Preparing a 2025 tax return is likely to take more time, as workers who received tips or overtime pay in 2025 figure out what qualifies for new tax breaks. IRS gives some very specific examples in ...

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 ...

Why Your Tax Refund Could Be Bigger In 2026—And What Else You Need To Know When To Expect Your Forms W-2 & 1099 In 2026—And What To Do If They’re Missing The IRS has released new guidance to help ...

The no tax on tips and overtime are new tax deductions, and here's how you can claim them.

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 ...

Despite the simple and catchy sound-bites, the “no tax on tips” and “no tax on overtime” opportunities under the One Big Beautiful Bill Act (the “OBBBA”) have limits and require administration by both ...

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