Navigating the New Tip Tax Deduction: Eligibility, Limits, and Reporting Requirements
Congress recently passed the One Big Beautiful Bill Act, or OBBBA, which introduces a new tax deduction for tips beginning in 2025. This provision, called “No Tax on Tips,” sounds broader than it really is. The deduction is both temporary and limited in scope, and many tips will still be subject to taxation. Who Qualifies […]