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The One Big Beautiful Bill (H.R. 1) enacted temporary tax provisions for qualified tips and overtime pay for tax years 2025-2028, allowing eligible taxpayers to deduct up to $25,000 of qualified tip income for 2025.
No — the "no tax on overtime" provision is not universal; it applies only to qualifying overtime compensation for workers who meet FLSA non‑exempt status and income limits, is capped and temporary, an...
The adds a specific Box 12 code “TT” to report the total amount of qualified overtime compensation, turning what was voluntary transition reporting in 2025 into a formal, standardized field employers ...