Many taxpayers do not see the full benefit of new tax deductions for seniors, tips, overtime, and car loan interest due to ...

"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 ...

If you like how working overtime boosts your paycheck, you'll love how it can supersize your tax refund or cut your tax bill. That's because there's a brand new tax deduction for overtime pay. It's ...

The overtime deduction is an option whether a taxpayer claims the standard deduction or itemizes deductions, such a deducting mortgage interest. It's a mixed bag when it comes to what employers are ...