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How tax breaks on overtime, tips work after Donald Trump's 'Big beautiful bill'
Now that President Donald Trump signed the bill, workers will be able to deduct up to $25,000 in reported tips and $12,500 in overtime pay from their taxable income on their federal tax returns. This means you won’t see an immediate boost in your take-home pay — taxes will still come out of your paycheck — but when you file for 2025 early next year,
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IRS cut 25,000 jobs in just one year amid sweeping staffing reductionsThe IRS cut over 25,000 jobs in a year, sparking concerns about its ability to handle tax seasons and provide adequate taxpayer support.
National Taxpayer Advocate rings warning bell about how much the IRS will be prepared for 2026 tax season, given job cuts and ...
The IRS lost 26% of its 102,000-person workforce to layoffs and buyouts this year through early June, amid a larger effort by ...
The One Big Beautiful Bill Act passed the House on July 3, and is expected to be signed into law by President Donald Trump.
WASHINGTON (AP) — The Supreme Court on Tuesday cleared the way for President Donald Trump’s plans to downsize the federal ...
The One Big Beautiful Bill (OBBB) cements many individual tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA) including ...
President Donald Trump's "big, beautiful bill" has passed the House of Representatives in a major win for the White House.
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