Generally, losses from your business will be deductible against your gross income. However, the Internal Revenue Service may ...

Under the new One Big Beautiful Bill Act (OBBB), which was signed into law in July 2025, employers are expected to report new details about cash tips and qualified overtime compensation on their tax ...

Read about IRS Publication 334, a vital tax guide for sole proprietors and statutory employees, offering essential tips on deductions, credits, and filing Schedule C.

INDEPENDENCE, Iowa (KCRG) - Some business owners in eastern Iowa say new ‘no tax on tips’ provisions will help grow local businesses. ‘No tax on tips’ is part of the ‘big, beautiful bill’ President ...

Tipped workers will be able to deduct up to $25,000 in tips from their taxable income beginning in 2025. To help sort out the details, the Treasury and the IRS are rolling out additional guidance.

The IRS is rolling out new deductions for tip and overtime income. Here's how they work and who qualifies.

On July 4, 2025, as part of the One Big Beautiful Bill Act (Act), provisions titled “No Tax on Tips” and “No Tax on Overtime” were signed into law. These provisions created new individual income tax ...

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.

On July 4, 2024, President Trump signed the “Big Beautiful Bill,” which contains two provisions that provide federal income tax deductions on both tips and overtime compensation beginning January 1, ...

The 2025 tax season is bringing multiple notable changes that have left many taxpayers wondering what they need to know.