The IRS won’t require employers to separately report tips and overtime in 2025, which may be confusing for employees. New IRS guidance can help taxpayers figure the deductions. The IRS has released ...

Under Notice 2025-62, the Internal Revenue Service provided guidance to employers whose employees receive tips or overtime as to the procedures to follow for documenting qualified tips and qualified ...

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

Andrea Carrillo is a writer and editor with over six years of experience covering beauty, travel, wellness, and shopping for national lifestyle publications, including GQ and Reader's Digest. Kelly ...