Filling out your state tax return? What to know about Trump's tax breaks for tips and overtime
Summary
Many Americans are preparing to claim new tax breaks on tips and overtime wages on their federal income taxes due to a recent tax law change under President Donald Trump. However, not all states are offering these same deductions on their state income tax forms because states can choose whether or not to adopt the federal tax changes.Key Facts
- A new tax law under President Trump provides federal tax breaks for tips and overtime wages.
- The tax-filing deadline is approaching for Americans to claim these new federal tax breaks.
- States individually decide if they will follow federal tax changes, resulting in varying state tax rules.
- Many states have chosen not to adopt these federal tax deductions.
- As a result, some taxpayers might not benefit from the same deductions on their state taxes.
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