Learn how the Trump administration’s No Tax on Tips Act could help you keep more of your income by exempting up to $25,000 in tips from federal income taxes. Discover who qualifies, how it works, and why it matters for service workers.
In today’s news update, learn about the new No Tax on Tips Act and how it could allow you to keep more of your tip income tax-free. This update affects servers, bartenders, delivery drivers, and other tipped workers, offering a deduction of up to $25,000 from federal income taxes. The law includes qualifications based on income limits and job types, and it highlights important rules about reporting tips to the IRS. You’ll understand who qualifies, how it impacts your paycheck, and what new changes might be coming next. This new tax rule is one of the biggest updates for tipped workers in years, and it could mean real money back in your pocket.
Senate Passes New Tax Bill: You Might Not Pay Taxes on Tips
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