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Trump accounts, deductions for tips: What’s new for tax filing this year
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WBAL Baltimore News
(Photo by John Moore/Getty Images)(NEW YORK) — Tax season kicked off this week as the U.S. Internal Revenue Service began allowing filers to submit completed tax forms.
Some tax filers can avail themselves of new options associated with the “One Big Beautiful Bill” enacted last year.
Seniors, meanwhile, may opt for a new $6,000 tax deduction — or $12,000 for a married couple — as part of an effort to ease the tax burden for older Americans, the IRS said.
Tipped workers can deduct up to $25,000 in “qualified tips” as part of the “No Tax on Tips” initiative.
The IRS defines eligible tips as those that involve “voluntary cash or charged tips received from customers, including shared tips,” according to the agency’s website.