The Senate passed the "Big, Beautiful Bill" with a 50-50 vote, advancing various tax write-offs following Trump's campaign promises. Among the 940 pages, the bill includes a No Tax on Tips Act, permitting taxpayers to write off income from tips and overtime pay. This provision is available to employees earning up to $160,000 in 2025, allowing deductions up to $25,000 on tips while expanding business tax credits. Additionally, employers will need to specify overtime on W-2 forms starting in 2025, with the overtime deduction applicable to all eligible taxpayers.
The Senate narrowly passed President Trump's "Big, Beautiful Bill" with a 50-50 vote, allowing for new tax write-offs, including income from tips and overtime pay.
The legislation grants eligible employees making up to $160,000 in 2025 a tax break, including new deductions on cash tips and a payroll tax credit related to beauty services.
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