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Do You Earn Tips? You Might Be Eligible To Deduct Up To $25,000 For 2025 New Schedule 1-A for tips, OT, car loans, and senior deductions published Tipped workers will be able to deduct up to $25,000 in tips from their taxable income beginning in 2025. To help sort out the details, the Treasury and the IRS are rolling out additional guidance. JournalofAccountancy: New Schedule 1-A for tips, OT, car loans, and senior deductions published Forbes: Treasury Issues Official Guidance On “No Tax On Tips”—Who’s In And Who’s Out?
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