Key Takeaways The "One Big, Beautiful Bill" created new tax deductions for income earned as tips.Fewer than 3% of all tax filings will be able to utilize the new deduction and tips will still be ...

Find out how these new deductions could reduce your tax bill and what you need to know to qualify before they expire.

The amounts differ under a “no tax on tips” policy because the deductions would interact. Potential additional effects of tax credits or other less common deductions are not included.