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Top irs.gov News

IRS Explains How You Can Claim Your 2025 Tips And Overtime Deductions

Taxes · United States

IRS Explains How You Can Claim Your 2025 Tips And Overtime Deductions

Coverage: 7 sources

The IRS won’t require employers to separately report tips and overtime in 2025, which may be confusing for employees. IRS guidance can help figure the deductions.See the Story

IRS Increases Annual TSP Maximum Contribution

IRS · United States

IRS Increases Annual TSP Maximum Contribution

75% Center coverage: 4 sources

Federal employees will be able to contribute more to their Thrift Savings Plan accounts next year. The IRS increased the maximum annual contribution limit to $24,500, which is a $1,000 increase over 2025. Additionally, employees aged 50 or older can save more money through their catch-up contributions. And if employees are aged 60 to 63, they can save even more with a higher catch up contribution of $11,250.(IRS increases annual TSP savings limi…See the Story

IRS Considers Plans for Major New Tax Credit for Millions

IRS · United States

IRS Considers Plans for Major New Tax Credit for Millions

100% Center coverage: 1 sources

The credit will apply to donations made to scholarship-granting organizations that support elementary and secondary students.See the Story

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