Bills: S.4621 - No Tax on Tips Act: Eliminating Income Tax on Cash Tips
19 mar 2025 ·
17 min. 17 sec.
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Descrizione
The provided texts explain the proposed No Tax on Tips Act, which aims to eliminate federal income tax on cash tips for all individual taxpayers. This would be achieved by...
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The provided texts explain the proposed No Tax on Tips Act, which aims to eliminate federal income tax on cash tips for all individual taxpayers. This would be achieved by introducing a new Section 224 to the Internal Revenue Code, allowing a deduction equal to the reported cash tips received during the tax year. To ensure this benefit reaches everyone, including non-itemizers, the act amends Section 63(b), making the tip deduction available when calculating adjusted gross income. Furthermore, the bill clarifies that this deduction is not subject to certain limitations on itemized deductions and mandates adjustments to withholding procedures, with these changes intended to take effect for tax years after 2024.
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Informazioni
| Autore | C. Lege |
| Organizzazione | Chad Lege |
| Sito | - |
| Tag |
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