Overtime Tax Deduction: A Surprise for Workers
Bismarck News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Overtime Tax Deduction: A Surprise for Workers - The new overtime tax deduction isnt as beneficial as expected, with caps and phase-outs leaving many high earners with smaller refunds. The deduction maxes at $5,000 for singles and $10,000 for married couples, fading away once income hits certain levels. Tax preparers report clients shocked by overtime not qualifying fully, adding to filing season headaches. Recent filings show more complications, with workers amending returns or holding off for clearer guidance. Experts urge double-checking eligibility before filing to avoid surprises.
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