The IRS has released a set of FAQs to answer questions about eligibility, reporting, and limits for the new, temporary ...
"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 ...
A new deduction allows workers to subtract part of their overtime wages from their 2025 taxable income, lowering some taxpayers' bills in April. However, workers will need to calculate their deduction ...
The IRS issued guidance for workers eligible to claim the temporary deductions for tip and overtime compensation for tax year 2025 and is updating some income tax forms and instructions to help ...
You might have heard about the elimination of the tax on overtime at the federal level. Overtime workers are entitled to 1.5 times their regular rate for working more than 40 hours per week. However, ...
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