Tag Archive for: irs rules

New Tax Rules: Income The IRS Won’t Touch In 2025

While the OBBB tax and spending law will offer potential breaks for many, it also introduces confusion about what’s truly non-taxable. Here's a breakdown of income the IRS won’t tax and how the new law might impact your next return.

Workers In 68 Jobs May Soon Be Exempt from Paying Taxes On Tips — Including Some Unexpected Ones

According to the White House, the new 'No Tax On Tips' provision could save eligible workers around $1,300 per year. However, the value of the tax break may be limited depending on income, tip levels, and the nature of the job — particularly for those in roles not commonly associated with receiving tips.

Trump’s ‘Big Beautiful Bill’ Promises ‘No Tax On Tips And Overtime’, But There’s A Limit—Here’s Who Qualifies

The new law introduces two above-the-line deductions — one for tips and one for overtime pay. This allows eligible workers to deduct certain income from their federal taxable income, reducing how much they owe in federal income taxes. However, this does not eliminate all taxes on that income.

IRS Announces 2026 Health Savings Accounts Contribution Limits — What Investors Should Know

The IRS just unveiled 2026 contribution limits for HSAs, which offer triple-tax benefits for medical expenses.

How You Could Benefit from Tax-Loss Selling This Year

It’s important to note that tax-loss selling is only a worthwhile strategy if you have taxable accounts. As 2024 winds down, here are some of the most fruitful spots to look for tax-loss candidates.

New Retirement Account Rules Make It Easier To Tap Savings Early For Emergencies

President Joe Biden is poised to sign a $1.7 trillion bill that amends rules related to so-called hardship distributions from 401(k) plans. The measures are tucked into “Secure 2.0,” a collection of retirement reforms attached to the overall legislative package, which will fund the federal government for the rest of the fiscal year through next September. CLICK ON THE HEADLINE FOR MORE