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Preparing for Future Tip and Overtime Income

The IRS has announced that no changes will be made to Form W-2 or other information returns regarding overtime and tip wages for Tax Year 2025, as part of the phased implementation of the One Big Beautiful Bill Act (OBBBA). This decision ensures stability for the upcoming tax season, allowing employers and payroll providers to […]

Potential Tax Benefits for Homeowners

Issue Number: Tax Tip 2025-40 Owning a home costs money, but there are tax benefits available to help homeowners save on some of common costs of homeownership. Homeowners should review the tax deductions, programs and housing allowances to see if they are eligible.

Have you been wondering how to handle IHSS income on a tax return?

How to Handle IHSS Income on a Tax Return In-Home Supportive Services (IHSS) payments can be tax-exempt in certain cases, depending on whether the provider lives with the recipient. Below are different scenarios and how to handle them when filing a tax return. Here is also some more information about this topic and the instructions […]