New No Tax on Tips Provision скачать в хорошем качестве

New No Tax on Tips Provision

In this video, I explain how you can save on federal income tax thanks to the new "no tax on tips" provision from the One Big Beautiful Bill signed by President Trump in July 2025. You can exclude up to $25,000 of qualified tip income from your taxable income, but remember this limit is per tax return, not per individual. Tips must come from qualified occupations and be voluntary, not subject to negotiation, and married couples must file jointly to claim this exemption. Be aware of phase-out rules for higher income earners, starting at $150,000 for singles and $300,000 for joint filers. I encourage you to review your tip income and ensure you report it correctly to maximize your tax savings.