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 nearly 70 occupations that qualify for 'no tax on tips.'

If a tip is added automatically with no option for the customer to disregard or modify it, the amount distributed to workers from it doesn't qualify for a tax break, according to new guidance.

Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to claim tax breaks on tips, overtime pay, car loan interest and more.

An early draft copy of a new, two-page, federal income tax form called Schedu

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