The IRS issued guidance on Friday that indicated the new "no tax on tips" law enacted by Republicans does not include tips received for prostitution or the creation of pornography. The IRS published ...

Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...

This voice experience is generated by AI. Learn more. This voice experience is generated by AI. Learn more. Santa Claus impersonators are specifically included in the "no tax on tips" deduction.

Forbes contributors publish independent expert analyses and insights. A recent Wall Street Journal poll reported widespread support for three of President Trump’s campaign ideas that Congress added to ...

Some 'no tax on tips' occupations might surprise you: Podcasters, social media influencers, plumbers and house painters. The new, special tax break on tips is retroactive and applies to eligible tip ...

This year's tax season — which officially kicks off Monday — will be a doozy. The Internal Revenue Service anticipates receiving some 164 million individual income tax returns, with the bulk filed ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Photo by Drew Angerer / AFP via ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Investopedia / Photo Composite by ...

The massive federal spending and tax bill, dubbed the Big, Beautiful Bill, was signed into law by President Donald Trump on July 4th. The bill includes tax breaks for tipped workers, such as those in ...

As the tax-filing deadline nears, millions of Americans are expected to claim new federal income tax breaks for tips and overtime wages available for the first time under a wide-ranging tax law ...

Before filing your 2025 income tax returns, you need to know about several new tax deductions which are important to bartenders, tattooists and other tipped-wage workers. Here's what you need to know ...