"The 2026 tax season comes with a number of additional deductions thanks to President Donald Trump's so-called 'big, beautiful bill.' Those include no tax on tips, no tax on overtime, no tax on car loan interest, and enhanced deduction for seniors."
"Eligible tipped workers can deduct a portion of their income from tips on their federal income taxes. The provision was passed and signed into law on July 4 as part of President Donald Trump's One Big Beautiful Bill Act (OBBBA)."
Taxpayers have until April 15, 2026, to file their 2025 tax returns. The IRS anticipates receiving around 164 million individual income tax returns, primarily filed electronically. The 2026 tax season introduces temporary deductions, including no tax on tips, overtime, and car loan interest, along with enhanced deductions for seniors. Taxpayers must use the new schedule 1-A form to claim these deductions, which will expire in 2028. The average tax refund has increased by nearly 11% this year, as reported by the IRS.
Read at Fast Company
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