New IRS form Schedule 1‑A unlocks 4 major tax deductions for 2025

Millions of taxpayers are using a new IRS form to claim deductions for tips, overtime, car loan interest, and seniors. What ...

Six Ways Your Tax Preparer Knows You're Lying

These red flags may include commingling business and personal income and expenses, claiming unqualified dependents, or trying ...
Eagles Wire

$6,000 senior tax deduction for federal returns has plenty of rules

At a 12% marginal tax rate, for example, the $6,000 enhanced senior deduction for a single taxpayer who is 65 or older would result in $720 in tax savings. The new enhanced deduction for seniors on ...
KTVU

No tax on tips and overtime - IRS publishes instructions for claiming deductions

The IRS has published filing instructions for taxpayers to claim no tax on tips, overtime, and other deductions. The One, Big, Beautiful Bill Act (OBBBA), includes provisions for no tax on tips and ...
Financial Planning

IRS posts form for claiming new tax deductions

The Internal Revenue Service has published a new Schedule 1-A and updated instructions for claiming the new tax breaks in the One Big Beautiful Bill Act for tips, overtime, car loans, and senior ...
Nasdaq

You Must Check These 4 Boxes to Qualify for the New $6,000 Senior Tax Deduction

This deduction is only available to those 65 and older with valid Social Security numbers. Married couples must file a joint return to claim the deduction. High earners may be eligible for a reduced ...