The IRS announced on April 9 in Notice 2020-23 that the following deadlines were extended to July 15:
For more information see IRS News Release IR-2020-66
A new federal deduction allows workers to exclude up to $12,500 ($25,000 for MFJ) of qualified overtime pay from taxable income for tax years 2025–2028. Learn how eligibility, phase-outs, and IRS reporting rules apply.
A new federal tax deduction lets eligible workers deduct up to $25,000 of tip income from 2025–2028. With fresh IRS guidance now available, taxpayers can see how to calculate qualified tips, determine eligibility, and understand phase-out rules for higher-income filers.
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