Episode 124: There ARE taxes on tips

In this episode: Clarification of the Tip Deduction: What it actually is, how it's not "No Tax on Tips," and which industries (yes, even rickshaw drivers and tattoo artists) are poised to benefit. Leaked Treasury Industry List: Hear the early scoop on 68 job types rumored to qualify for the tip deduction—and why it's causing a stir. W-2 Changes Are Coming: Insight into new boxes (like 14B and 12A), new codes (TP, TT), and what employers will have to start tracking—possibly before the IRS even has their act together. Overtime Deduction Explained: A down-to-earth breakdown of who qualifies, how it's calculated (hint: it's just the "half" in time-and-a-half), and what the income limits are. Why Notices from the IRS or State Might Be Wrong: A frank discussion on the rise of erroneous tax notices, automation glitches, and how tax pros are battling red tape and broken phone trees on your behalf.