No Tax on Tips and Overtime Updates from the Big Beautiful Bill скачать в хорошем качестве

No Tax on Tips and Overtime Updates from the Big Beautiful Bill

Breaking Down the Big, Beautiful Bill: Tax Changes for Tips and Overtime Explained You may have heard that there are now no tax on tips and no tax on overtime. But what's the deal? In this episode, we discuss the recent changes affecting federal taxes on tips and overtime, taking effect in 2025. We cover the specifics of the new tax rules, including the exemptions and limitations, such as the $25,000 cap on tax-free tips and the exclusion of mandatory gratuities. We also look at the challenges these changes will pose for bookkeepers, payroll providers, software companies and employers, from updating W2 forms to software adjustments. Join us for a comprehensive breakdown of what to expect and how to prepare as these new regulations come into play. 00:00 Introduction: No Tax on Tips? 00:07 Clarifying the Tax Exemption 00:52 Loopholes and Industry Restrictions 01:51 IRS Guidelines and Deadlines 02:22 Impact on W2 Forms and Software 05:14 Overtime Tax Exemption 06:13 Challenges for Bookkeepers 12:56 Voluntary vs. Mandatory Tips 17:13 Transition Relief and Deadlines 21:40 Final Thoughts and Advice