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How are tip and overtime income excluded?
Tax Calculations
Under the Big Beautiful Bill, tip income and overtime income are completely excluded from your taxable income. This means you don't pay federal income tax on these amounts, providing immediate tax relief for service workers and those who work overtime.
Read MoreWhat is the Big Beautiful Bill?
Getting Started
The One Big Beautiful Bill Act (H.R.1) is enacted federal tax legislation that simplifies the tax code while providing significant tax relief. Key provisions include excluding tip and overtime income from taxation, enhancing standard deductions, and improving child tax credits. This calculator provides non-partisan, factual analysis of the law.
Read MoreWhat changes to business deductions are included?
Business
The Big Beautiful Bill enhances the Qualified Business Income (QBI) deduction, providing a 25% enhancement over current law. Small businesses also receive additional deductions for research expenses and equipment purchases.
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