The Internal Revenue Service (IRS) is introducing a new form, Schedule 1-A, to streamline the process of claiming deductions for tips, overtime, auto loan interest, and senior benefits. This ...

In this week's Ask the Editor Q&A, Joy Taylor answers questions on the new tax deduction for paying interest on vehicle loans ...

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 ...

Since the enactment of H.R. 1, the One Big Beautiful Bill Act, the Internal Revenue Service has announced that it will not be updating 2025 tax forms such as the W-2 and 1099s to reflect OBBBA changes ...

The IRS has rolled out an early draft of Schedule 1-A, a new form that will need to be filed with 2025 federal income tax returns. The form is tied to the recently passed One Big Beautiful Bill Act ...

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 ...