If you earn tips at work, you may be able to deduct up to $25,000 of qualified tips on your federal income tax return. The tip deduction is gradually phased out – potentially to $0 – if your modified ...

So, tips haven't historically been treated any differently than your regular paycheck when it comes to taxes. But under the 2025 new tax law, starting with the 2025 tax year (returns you'll file now, ...

The Senate on Tuesday unanimously passed the No Tax on Tips Act in a surprise vote. This could boost momentum for the idea floated by President Donald Trump during his 2024 campaign. If enacted, the ...

As a result of "no tax on tips" becoming law, many restaurants may need to rethink service fees on large groups. Mandatory gratuities, typically 15% to 20% that restaurants often impose on parties of ...