New tax deductions for overtime pay, tips, seniors, and car loan interest don’t disappear immediately when income crosses a line. Some deductions, such as one for those 65 and older, end up being ...

President Trump signed H.R. 1 (commonly known as, the One Big Beautiful Bill) into law on July 4, 2025, which includes a no tax on overtime provision effective January 1, 2025 through December 31, ...

"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 overtime deduction is an option whether a taxpayer claims the standard deduction or itemizes deductions, such a deducting mortgage interest. It's a mixed bag when it comes to what employers are ...

Donald Trump speaks during a rally at the Grand Sierra Resort in Reno on Oct. 11, 2024, where he promised his supporters, “No Tax on Tips” to raucous applause. JASON BEAN/RGJ USA TODAY NETWORK Law ...

With two weeks left before the April 15 deadline, local tax professionals say this filing season carries more moving parts than most. And for workers who earned overtime or tips in 2025, they could be ...