The Internal Revenue Service provides a deduction that workers may claim for cash tips and qualified overtime income for tax year 2025.
January 01, 2025
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Availability of a tax deduction for tips and qualified overtime for the 2025 tax year.
IRS Notice 2025-69 clarifies methods for determining the amount of the deduction for cash tips or qualified overtime on tax returns when a worker did not receive a separate accounting from their employer for tax year 2025.
January 01, 2025
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Procedural clarification for calculating the tips and overtime deduction in the absence of employer-provided separate accounting.
The Internal Revenue Service is updating income tax forms and instructions for tax year 2025 to assist taxpayers in claiming deductions for tips and qualified overtime.
January 01, 2025
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Planned revisions to tax forms and instructions to incorporate guidance on claiming tips and overtime deductions for 2025.