What’s New for 2025 Taxes? Key Deductions and Credits to Know
New deductions starting in 2025 through 2028 No tax on tips” deduction (up to $25,000) If you earn tipped income, a new deduction may allow up to $25,000 of qualified tips to be deducted, with a phaseout beginning at $150,000 MAGI (single) / $300,000 MAGI (married filing jointly). Who this may help: hospitality workers, service […]
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