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How does no tax on tips, overtime work? What to know about today your tax refund
Now that President Donald Trumps signed the bill, workers will be able to deduct up to $25,000 in reported tips and $12,500 in overtime pay from their taxable income on their federal tax returns. This means you won’t see an immediate boost in your take-home pay — taxes will still come out of your paycheck — but when you file for 2025 early next year,
Key Takeaways The Social Security Administration said the One Big Beautiful Bill "eliminates federal income taxes on Social Security benefits for most beneficiaries."The bill does not eliminate income ...
The proposal to eliminate federal income tax on overtime pay, which was also a Trump campaign pledge, was a separate measure. And yes, the OBBB also introduces a temporary deduction for overtime ...
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