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Home Market Research Markets

Here’s How the New Tax Breaks for Tips and Overtime Work (While They Last)

by TheAdviserMagazine
5 months ago
in Markets
Reading Time: 1 min read
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Here’s How the New Tax Breaks for Tips and Overtime Work (While They Last)
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Anna Kraynova / Shutterstock.com

In July, President Donald Trump completed the final step of bringing two campaign promises to fruition: no federal income taxes on tips or overtime. Tax deductions for both types of income were included in the One Big Beautiful Bill Act — which only narrowly made it to the Oval Office. The House approved the legislation in a 218-214 vote. The Senate vote was split, with Vice President J.D.



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