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

A new tax deduction for tip income is available for 2025 federal income tax returns. Learn the new form to file, who qualifies, and income limits.

As part of the One, Big, Beautiful Bill Act, taxpayers are entitled to a tax deduction on “qualified overtime” and “qualified tips” received during tax years 2025 through 2028. The following is a ...

Starting in the 2025 tax season, workers in the U.S. who earn tips can potentially deduct up to $25,000 from their taxable ...

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 workers who will be ...