The IRS released new guidance for no tax on tips and overtime deductions under the One Big Beautiful Bill Act. Eligible ...

Millions of Americans may pay less tax in 2025 as the IRS explains how workers can claim new deductions on tips and overtime ...

Payroll deductions are the specific amounts that you withhold from an employee’s paycheck each pay period. There are two types of deductions: voluntary deductions, such as health insurance and 401 (k) ...

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 ...

Wondering what tax reporting might look like under the One Big Beautiful Bill Act (OBBBA)? The IRS has released drafts of some 2025 tax forms (that you’ll file in 2026), including a draft of the new ...

Even if you hire an employee for just one day, you must pay him through your payroll system. To compensate the employee, start with her gross pay, which includes wages, bonuses and other compensation, ...

The IRS has issued proposed regulations for the temporary car loan interest deduction enacted under the new tax law.

Tax deductions on severance pay are calculated the same way as tax deductions on regular payroll. Therefore, to calculate deductions on severance pay, treat these sums as payroll amounts, and ...

Learn how tax deductibles work to lower your taxes. Discover common deductions like student loan interest, charitable donations, and mortgage interest.