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

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. • IRS and Treasury give new guidance on what nearly 70 occupations that qualify for 'no tax on tips.' • If a tip is added automatically with no option for the customer to disregard or modify it, the amount distributed to workers from it doesn't qualify for a tax break, according to new guidance. Taxpayers who want to claim some...