After both parties in Washington embraced ending federal income tax on tips during the last election cycle, a bill that would do just that made it through the Senate Tuesday. The big story in Congress ...

When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works.

If you earn tips at work, you may be able to deduct up to $25,000 of qualified tips on your federal income tax return. The tip deduction is gradually phased out – potentially to $0 – if your modified ...

Corrections & Clarifications: An earlier version of this article gave incorrect information about gifts being subject to income taxes. Since President Donald Trump first proposed exempting tips from ...

The Senate on Tuesday passed a bill that would eliminate federal taxes on tips, advancing a key campaign promise of President Trump’s, with the help of Senate Democrats. Sen. Jacky Rosen (D-Nev.) ...

The Senate on Tuesday unanimously passed the No Tax on Tips Act in a surprise vote. This could boost momentum for the idea floated by President Donald Trump during his 2024 campaign. If enacted, the ...

As a result of "no tax on tips" becoming law, many restaurants may need to rethink service fees on large groups. Mandatory gratuities, typically 15% to 20% that restaurants often impose on parties of ...

In hospitality-rich South Florida, the new federal law making tips and overtime tax-free won’t touch the wallets of tipped restaurant workers until next tax season, but it’s already having a snowball ...