The IRS has released a set of FAQs to answer questions about eligibility, reporting, and limits for the new, temporary ...
Donald Trump’s proposal to eliminate overtime tax has ignited chatter.
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New tax bill offers overtime pay deduction this year
The new 2025 tax bill signed by President Trump includes a federal deduction for overtime pay. Learn who qualifies, how much you can deduct, and how to claim it.
"Individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay – such as the 'half' portion of 'time-and-a-half' compensation," the IRS said. The ...
The IRS adjusts tax brackets and standard deductions each year for inflation. This could account for some workers seeing slightly higher paychecks at the beginning of the year. Temporary deductions ...
The IRS won’t require employers to separately report tips and overtime in 2025, which may be confusing for employees. IRS guidance can help figure the deductions.
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