New IRS form lets taxpayers claim 2025 deductions on tips, overtime pay, car loan interest

Taxpayers face a learning curve for figuring out how key tax deductions in the mega tax bill will work when they file 2025 ...
MiBolsilloColombia on MSN

IRS launches new form for 2025 deductions, including tips and overtime pay

The IRS introduces Schedule 1-A for 2025, letting you deduct qualified tips, overtime pay, vehicle loan interest, and enhanced senior deductions, following the OBBBA legislation.

A First Look At The New Tax Form For Claiming Deductions For Tips, Overtime, Car Interest And Seniors

A, Additional Deductions. You’ll use it to calculate new deductions for tips, overtime, car interest, and seniors.

Schedule 1-A Form: IRS offers details that will allow taxpayers to deduct tips, overtime, car loan, and senior deductions

The IRS is getting on with it quietly and rewriting a section of the tax playbook. This month, the agency published a draft ...
Hosted on MSN

IRS Schedule 1-A explained: How to claim tax breaks for tips, overtime, car loans, and seniors

IRS: Taxpayers looking to claim some of the new deductions tucked into the recently passed One Big Beautiful Bill Act will need to prepare for extra paperwork. The Internal Revenue Service has ...