Tax Preparation and Filing

This living topic covers a variety of current issues and practical tips related to tax preparation and filing. It includes the latest updates from the IRS, such as new tools and resources to streamline the filing process, important dates for the 2024 tax season, and changes in tax laws. The content also addresses legal actions against tax preparation companies for misleading practices, strategies for avoiding common filing mistakes, and tips for safeguarding personal information against identity theft. Additionally, it discusses specific guidance for various taxpayer groups, including gig economy workers, military personnel, and those impacted by natural disasters. The focus is on helping taxpayers navigate the complexities of tax season efficiently and securely.

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IRS clarifies ‘no tax on overtime’ rule — and not all overtime pay qualifies

The deduction is capped at $12,500 for individuals

Aug. 19, 2026 By Mark Huffman

The IRS has clarified that “no tax on overtime” is a deduction, not a blanket exemption from federal taxes on overtime wages.

Generally, only the premium portion of overtime required under the Fair Labor Standards Act qualifies — such as the extra “half” in time-and-a-half pay.

The deduction is capped at $12,500 for individuals and $25,000 for married couples filing jointly, with benefits phasing out at higher incomes.

The Internal Revenue Service has issued new guidance c...

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2026