The IRS has released new guidance on the ‘no tax on tips’ and ‘no tax on overtime’ provisions of the One Big Beautiful Bill Act (OBBBA) signed into law by President Trump. This video breaks down everything you need to know about these tax deductions for the 2025 tax year.
We’ll cover:
Who qualifies for the deductions? Learn who can claim the tipped income and overtime deductions and the income limits.
How much can you deduct? Understand the maximum deduction amounts for tips ($25,000) and overtime ($12,500/$25,000 for joint filers).
How to claim the deductions: Get insights into how to calculate and claim these deductions, even though tax forms haven’t been fully updated yet.
Important deadlines: Stay informed about the upcoming tax filing season start date.
This video is essential for anyone who receives tips or overtime pay and wants to maximize their tax savings. Don’t miss out on these valuable deductions!
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