Quick Take: What Is a Tax Transcript and Why Do You Need One? In short, a tax transcript shows basic data and line items such as adjusted gross income, AGI, or other taxable income, as well as FICA ...

Preparing a 2025 tax return is likely to take more time, as workers who received tips or overtime pay in 2025 figure out what qualifies for new tax breaks. IRS gives some very specific examples in ...

Brand new rules for tax breaks on overtime and tip income are bound to drive taxpayers bonkers when trying to file their 2025 federal income tax returns next year. Expect to face far more work and ...