2025–2028 Federal Tax Update Summary Key Changes Every Taxpayer Should Know 1. Tip Income Deduction (Up to $25,000) Up to $25,000  of reported  tip income may be deducted from taxable income Applies to qualifying service industries and some self-employed taxpayers Deduction phases out at $150,000 / $300,000  MAGI Tip income remains subject to FICA 2. Overtime Premium Deduction (Up to $12,500 / $25,000) Deduction applies to the premium portion  of overtime pay Limits: $12,500

The IRS has released the annual inflation adjustments for more than 60 tax provisions, including updated tax brackets and other key thresholds for the 2026 tax year. Many of these changes reflect updates from the One Big Beautiful Bill Act , and may affect both individual and business tax planning. To review the full IRS announcement, click HERE . IRS Publication: 2026 Inflation Adjustment Details If you have questions about how these changes may impact your tax liability, de

U.S. citizens and businesses will not be subject to fines or penalties for failing to file beneficial ownership information (BOI) reports...