NO TAX ON TIPS OR OVERTIME? HERE'S WHO QUALIFIES & HOW TO CLAIM IT!!! скачать в хорошем качестве

NO TAX ON TIPS OR OVERTIME? HERE'S WHO QUALIFIES & HOW TO CLAIM IT!!!

#taxes2025 #taxchanges #notaxontips In 2025, the “One Big Beautiful Bill” created two brand-new tax breaks: No Tax on Tips and No Tax on Overtime. They’re being marketed like your tips and overtime are “tax-free,” but that’s not exactly true. These are federal income tax deductions, not total tax exemptions. You still pay Social Security and Medicare tax, and probably state tax — but you can deduct up to $25,000 in qualified tips and up to $12,500 in qualified overtime pay ($25,000 for married filing jointly) from your federal taxable income if you qualify. In this video I’ll explain, in plain English: • Who qualifies for No Tax on Tips • Who qualifies for No Tax on Overtime • What counts as “qualified tips” and “qualified overtime” — and what does NOT count • How the income phase-outs work (where they start and where they completely end) • How to claim these on your 2025 tax return using the new Schedule 1-A and where it shows up on Form 1040 • Why 2025 is a transition year and why you MUST keep your own records of tips and overtime These rules apply for tax years 2025 through 2028, unless Congress changes them. I As always, my goal is keeping more money in your pocket where it belongs — especially if you’re working extra hours or living off tips to make ends meet. LINK TO QUALIFIED JOBS LIST: https://home.treasury.gov/system/file... Disclaimer: I am not an attorney or investment advisor. I am a CPA, but I am not your CPA. All information presented in this video is my opinion. Do your own research and consult with your own tax advisor before making your own conclusion. #notaxonovertime #trumptaxcuts #taxreduction #taxrefund #overtimepay #taxcredits #taxplanning #cpatips #personalfinance #taxtips