Takeaways For tax years 2025 -2028, the One Big Beautiful Bill Act (OBBBA) allows employees to take an above-the-line tax deduction on qualified overtime pay and qualified tips.

The IRS issued guidance on new deductions in the One Big Beautiful Bill Act for tipped and overtime pay for the 2025 tax year ...

The provisions on tip and overtime compensation were enacted as part of H.R. 1, P.L. 119-21, commonly known as the One Big ...

The Madras High Court has held that payment for IPLC (International Private Leased Circuits) Services does not constitute ...

Student loan interest can be deducted from your income if you meet a few fairly generous criteria. Doing so will reduce your tax burden rather than act as a direct credit against your tax debt. If you ...

There are a number of deductions that will occur from most employee’s compensation. Among these are applicable federal and state income taxes. Social Security deductions are also taken from each ...

Year-end planning can significantly boost the benefits of new tax changes, helping taxpayers reduce liabilities and maximize deductions.

The business use of a vehicle gives you deductible expenses, but it is not as simple as just using the monthly payment as a write-off. The tax rules offer a choice of vehicle expense deduction methods ...

Starting in 2026, the new deduction will enable the estimated 90% of household using standard deductions to get a deduction for donations to charity.

Sheffield Wednesday have been handed a further six-point deduction for financial breaches by the English Football League.

Paying off your loans early might save you money.