Reported about 7 hours ago
The U.S. Treasury Department is implementing new guidelines for the 'no tax on tips' provision, which allows certain tipped workers to benefit from federal tax exemptions on their tips starting from 2025. However, eligibility is limited to specific occupations listed by the Treasury, such as waitstaff and delivery drivers, and tips must be voluntarily given and reported. Mandatory tips, illegal activities, and certain filing statuses do not qualify. This provision is estimated to increase the deficit by $40 billion by 2028.
Source: YAHOO