IRS offers new schedule for deductions
WASHINGTON — The Internal Revenue Service published, for tax year 2025, a new schedule that taxpayers will use to realize important tax benefits of the One, Big, Beautiful Bill, including no tax on tips, no tax on overtime, no tax on car loans, and no tax on seniors. Schedule 1-A and its related instructions (included in the Form 1040 Instructions) allow taxpayers to deduct amounts for tips, overtime, car loans, and the enhanced deduction for seniors. Part II of the new instructions explains how to determine the amount of qualified tips, how to claim the deduction, up to $25,000, ...