Starting in 2025, eligible employees can deduct up to $25,000 in reported cash tips on their tax return, while employers face new IRS tip tracking rules. Learn who qualifies for the tip deduction, how to report tips correctly, and what businesses must do to stay compliant in 2025 and beyond.

The One Big Beautiful Bill (H.R. 1), passed in July 2025, introduces major tax changes—from a higher SALT cap to new small business deductions. Peters Tax Preparation & Consulting breaks down what it means for individual filers and business owners, and how to adjust your tax strategy for maximum savings and compliance.