The IRS has announced a new standard deduction of $32,200 for married couples filing jointly for the 2026 tax year. This deduction is a fixed amount that reduces your taxable income, simplifying the ...

Some changes are coming ahead of tax season. OBBB law introduces significant federal tax deduction changes, effective for the 2025 tax year. Major updates include higher standard deductions, new tip ...

The IRS issued guidance for workers eligible to claim the temporary deductions for tip and overtime compensation for tax year 2025 and is updating some income tax forms and instructions to help ...

A step-by-step guide to help you fill out a W-4 Beverly is a writer, editor, and paralegal specializing in personal finance and tax law. She covers personal financial and legal topics, as well as tax ...

The IRS has released new guidance to help taxpayers who are eligible to claim the deduction for tips and for overtime compensation for tax year 2025. (The guidance to help employers and other payers ...

The IRS has released guidance for the federal tips and overtime deductions enacted via President Donald Trump's "big beautiful bill." However, reporting requirements for 2025 could cause confusion for ...

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 ...

Two of the most common tax forms for individuals will see changes in 2026 to accommodate new provisions like no tax on tips ...

Wondering how the new mega tax law will affect your paycheck and taxes? Some of the answers lie in the new W-2 form employees will start getting for tax year 2026. The IRS recently released drafts of ...

The tax break on tip income is not automatic. You need to file a new form. The U.S. Treasury Department has a list of dozens of occupations that 'customarily and regularly received tips' that qualify ...

The AICPA asked the IRS and Treasury to provide guidance on the reporting and substantiation requirements for deductions of qualified tips and overtime pay allowed under the sweeping new tax law, ...