The “No Tax on Tips” Act, part of the One Big Beautiful Bill Act (OBBBA), allows for a new federal income tax deduction of up to $25,000 for “qualified tips” received in tax years 2025 through 2028. This applies to both W-2 employees and independent contractors who receive Form 1099-NEC. Eligibility Requirements Deduction Reporting Tips and Claiming the […]
Category: General
Something You Need to Know about Gift Tax
What Is the Gift Tax? The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. This tax applies whether or not you intend to make the transfer as a gift. What Counts as a Gift for Tax Purposes? You have […]