New Overtime Deduction Rules (Includes QuickBooks Tracking)
The OBBA has introduced a qualified overtime deduction available for tax years 2025 through 2028. This deduction applies to qualified overtime pay received during the year and is limited to: The deduction begins to phase out when Modified Adjusted Gross Income (MAGI) exceeds $150,000 for single filers and $300,000 for married filing jointly. 2025 Reporting Although the overtime deduction was […]