The Internal Revenue Service has published a new Schedule 1-A and updated instructions for claiming the new tax breaks in the One Big Beautiful Bill Act for tips, overtime, car loans, and senior ...

Do you drive for business, charity or medical appointments? Here are the details regarding claiming mileage on taxes.

Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...

Since the enactment of H.R. 1, the One Big Beautiful Bill Act, the Internal Revenue Service has announced that it will not be updating 2025 tax forms such as the W-2 and 1099s to reflect OBBBA changes ...

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 ...

The One Big Beautiful Bill Act, signed into law on July 4, 2025 as Public Law 119-21, created a new tax deduction that many ...

Still confused about the One Big Beautiful Bill Act (OBBBA)? The IRS has issued some initial guidance with respect to new provisions that take effect for 2025. Still confused about the One Big ...

The IRS has released its guidance for the "no tax on tips" and "no tax on overtime" provisions of the One Big Beautiful Bill Act (OBBBA), for workers who can claim the deductions for the 2025 tax year ...

Closeup of Form 1099-NEC and 1099-MISC. The IRS has reintroduced Form 1099-NEC as the new way to report self-employment income instead of Form 1099-MISC as traditionally had been used. If you received ...

The new year will bring a host of tax benefits that Americans can take advantage of when filing their taxes in a few weeks. The IRS released its guidance for the "no tax on tips" and "no tax on ...