Tag Archive for: overtime pay

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.

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.

What To Know About Trump’s ‘No Tax On Tips’ Pledge In The GOP Budget Bill

The proposal has gained bipartisan support from lawmakers, the public, and business groups, especially those in the service industry. However, critics argue it could cost the government billions while offering limited benefits to low-income workers.

Eight Groups Who Can Expect New Tax Breaks Under Trump

Donald Trump’s biggest campaign promises included extending the tax law he signed in 2017, which lowered many Americans’ income taxes. But he also promised to “pursue additional tax cuts” if elected. Now that he’s headed back to the White House, you might be wondering — even if you didn’t vote for him — whether you stand to benefit from those new tax breaks.