No Tax on Tips Explained: What Workers Need to Know (2025 Trump Tax Bill) скачать в хорошем качестве

No Tax on Tips Explained: What Workers Need to Know (2025 Trump Tax Bill)

The “No Tax on Tips” provision in the new federal spending bill creates a special deduction for tipped workers, lowering what they owe in federal income tax starting in 2025. But tips are still subject to state and local income taxes as well as payroll taxes (Social Security and Medicare). In this video, I explain who qualifies, what counts as qualified tips, the $25,000 deduction limit, and the income phase-outs, based on the latest IRS update. 0:00 One Big Beautiful Bill 0:56 What is a “No Tax on Tips” deduction 01:24 When does the deduction take effect? 01:37 Is the “No Tax on Tips” deduction permanent or temporary? 01:53 Who is eligible for the “No Tax on Tips” deduction? 03:21 What are "qualified tips"? 03:58 Is there a limit to the deduction amount? 04:18 Are there income limitations for claiming the deduction? 05:28 Does this deduction eliminate all taxes on tips? 06:02 What about state and local taxes on tips? 06:16 Do I need to itemize deductions to claim this? 06:27 How will employers report these tips? 06:59 Non-cash tips IRS Fact Sheet: https://www.irs.gov/newsroom/one-big-... #notaxontips #trumptaxbill Subscribe to ACap YouTube Channel:    / acapam   ✅ Schedule a Free Consultation: https://www.acapam.com/contact/ Financial Advisor in Los Angeles, CA CPA in Los Angeles, CA Connect with ACap on social media: X: https://x.com/acapam/ Instagram:   / acapadvisorsaccountants   Facebook:   / acapadvisorsaccountants   LinkedIn:   / acapadvisorsaccountants   DISCLAIMER: This video is for informational purposes only and should not be construed as tax, financial, or legal advice. Every person’s situation is different, and you should consult with your own financial and tax advisor for advice specific to your situation. Comments are not reviewed.