The IRS will provide transitional relief for taxpayers who want to benefit from the “no tax on tips” and “no tax on overtime” breaks in President Donald Trump’s new tax law, the agency said in a release Monday.
Some workers who typically earned tipped wages or make overtime pay got some benefits from Trump’s multi-trillion-dollar tax law signed earlier this month. Those earning tipped income can deduct up to $25,000 per year and employees earning overtime pay can deduct up to $12,500.
The IRS faces a daunting task of implementing Trump’s 2025 tax law as it manages a quarter of ...
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.