Changes to 2026 W-2 and W-4: No tax on tips, additional deductions for those 65 and older, and more
Impact of New Tax Laws on W-2 Forms Are you curious about how the latest tax laws might change your salary and taxes? Some insights can be found within the updated W-2 form for employees. The IRS has recently released a draft of the new W-2 form. This will be used for calculating tax withholdings […]
Upcoming Social Security Deductions Are Expected to Begin Soon: Important Information to Consider
The new Social Security withholding policy is going to take effect soon, likely impacting around 15% of payments for retirees and Americans with disabilities. This affects about 452,000 beneficiaries who are in default on their student loans. Why is this significant? Currently, Americans are facing approximately $1.75 trillion in student loan debt. This includes seniors […]
Tax relief for social security, mortgage deductions, and more: How ‘One Big Beautiful Bill’ affects you
Ernie Burns, a real estate planning and wealth advisor, believes the new budget bill presents a chance for everyone, regardless of age, to retain more funds in their pockets. NEW ORLEANS – The recent budget bill that Congress passed and President Trump signed has sparked a considerable amount of debate, often described as a grand […]
IRS: A Major New Bill Offers Tax Deductions for Employed Americans and Seniors
Internal Revenue Agency WASHINGTON, D.C. – A new provision has been introduced as part of a significant bill that’s set to take effect on July 4, 2025, under Public Law 119-21. “There is no tax on tips.” New Deduction: From 2025 to 2028, employees and self-employed individuals can deduct eligible tips received in their jobs […]
An analysis of Trump’s stance on taxing tips and overtime deductions
Tax Changes from Trump’s New Spending Bill President Trump has introduced a significant spending bill that includes various tax modifications, and it’s drawing attention to how these changes might benefit workers. For those filing income taxes in 2025, millions of U.S. workers, particularly those who earn tips or receive overtime pay, could be in line […]
IRS Provides Information on New Deductions for Seniors, Tips, Overtime, and Car Interest
Recently, the IRS released guidance regarding the new provisions included in the One Big Beautiful Bill Act (OBBBA). If you’re feeling a bit lost about this legislation, you’re not alone. Before President Donald Trump enacted the bill on July 4, 2025, there was already a mix of misinformation and confusion surrounding it. The Forbes team […]
Essential information and uncertainties regarding US tax deductions for tips and overtime pay
Millions of US workers might see changes to their overtime salaries due to potential federal tax deductions in the upcoming tax year of 2025. However, which workers will actually benefit from this new deduction is still a point the government needs to clarify after President Trump’s recent spending and policy package gains approval from Congress. […]
Understanding US tax deductions for tips and overtime pay: what is known and what remains unclear
Changes to Tax Regulations for Workers Millions of workers in the US might soon see changes regarding federal tax deductions on tips and overtime pay when filing for the 2025 tax year. However, a clear outline of which workers will be eligible for these deductions needs to be finalized by the government following President Trump’s […]
Trump’s tax deductions for tips, car loans, and others might not significantly help low-income earners.
Senate Advances Tax Cut Bill Amid Concerns Over Beneficiary Impact After the Senate approved a major tax cut bill on July 1, 2025, Senators John Basso (R-Wyoming), Mike Crapo (R-Idaho), and Lindsey Graham (R-SC) spoke to the media. This legislation, supported by President Trump, focuses heavily on tax reductions. Included in the package are various […]
‘The Nonsense Needs to End’: John Kennedy Urges Mike Lawler to Stop Complaining About Reduced Deductions for Blue States
Sen. Kennedy Critiques Rep. Lawler Over Tax Cuts On Friday, Louisiana Senator John Kennedy criticized New York Republican Representative Mike Lawler, suggesting he should submit a “hurtful sentiment report” concerning the Senate’s choice to reduce state and local tax deductions (often referred to as SALT). This statement follows the House of Representatives’ recent passage of […]