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Do you earn tip income? The "no tax on tips" only applies to professions that regularly received tip income in 2024 and prior years The Treasury Department has released a draft of a list of “qualified” professions. This list will likely change as the tax season approaches.
Here's where you can view the list of occupations:
www.irs.gov
IR-2025-92, Sept. 19, 2025 — The Department of the Treasury and the Internal Revenue Service today provided guidance on “no tax on tips” provision. The One, Big, Beautiful Bill proposed regulati...0 CommentsComment on Facebook
Bigger tax refunds for the 2025 tax season for most middle-income tax payers:
IRS has decided not to adjust withholding tables to account for O.B.B.B. tax cuts for the upcoming tax season. This will result in many tax payers having an overwithholding and, therefore, bigger tax refunds.
This pertains to the 2025 tax season only.
See IRS notice: www.irs.gov/newsroom/irs-announces-no-changes-to-individual-information-returns-or-withholding-ta...
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Auto Loan Interest Deduction
Most tax payers will be able to deduct up to $10,000 worth of auto loan interest for cars with “final assembly” done in the U.S.A. This only applies for NEW car purchases after Dec. 31, 2024.
Learn more and see which cars qualify. www.irs.gov/newsroom/one-big-beautiful-bill-act-tax-deductions-for-working-americans-and-seniors
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www.irs.gov
FS-2025-03, July 14, 2025 — Provisions from the One, Big, Beautiful Bill Act, which was signed into law on July 4, 2025.0 CommentsComment on Facebook
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