Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Investopedia / Photo Composite by ...

"Individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay – such as the 'half' portion of 'time-and-a-half' compensation," the IRS said. The ...

The IRS won’t require employers to separately report tips and overtime in 2025, which may be confusing for employees. New IRS guidance can help taxpayers figure the deductions. The IRS has released ...

Millions of Americans could soon see bigger paychecks thanks to the new “no tax on overtime” policy. This unusual tax break focuses on extra hours worked, making waves for its potential to boost ...