4 ms·
The tip tax credit is only for businesses though right? That's all I'm finding when I search for tip tax credit, so that's not a factor for individual filers. S
by rtkwe 1y ago
The tip tax credit is only for businesses though right? That's all I'm finding when I search for tip tax credit, so that's not a factor for individual filers. Senior credit is a bit more but it's still relatively simple to claim. That would also be pretty trivial under the government prepared initial return scenario too.
- sgerenser 1y agoNo it’s a deduction on personal income taxes for up to $25,000 in tip income, newly added by Trump’s “Big Beautiful Bill.” https://www.thetaxadviser.com/news/2025/sep/details-on-irs-prop-regs-on-tip-income-deduction/ https://www.thetaxadviser.com/news/2025/sep/details-on-irs-p...
- rtkwe 1y agoOk I just got confused because there is such a think as the "tip tax credit" as well which is an employeer side tax credit for tips above the catchup required to hit the true minimum wage. https://www.irs.gov/businesses/small-businesses-self-employed/fica-tip-credit-for-employers https://www.irs.gov/businesses/small-businesses-self-employe...