The IRS has unveiled a draft of the new Schedule 1-A form, set to simplify claiming deductions for tips, overtime, auto loan interest, and senior benefits. As part of the OBBBA, this form aims to ease ...

Taxpayers face a learning curve for figuring out how key tax deductions in the mega tax bill will work when they file 2025 tax returns next year.

IRS: Learn how to claim new tax deductions available in the IRS Schedule 1-A, covering tips, overtime pay, car loans, and ...

The IRS introduces Schedule 1-A for 2025, letting you deduct qualified tips, overtime pay, vehicle loan interest, and ...

The IRS is getting on with it quietly and rewriting a section of the tax playbook. This month, the agency published a draft ...

IRS rolls out Schedule 1-A for 2025, adding new deductions for tips, overtime, car loans on U.S.-made vehicles, and enhanced breaks for seniors.