New Tax Deductions for Tips, Overtime, Car Loans, and Seniors: The Records Each One Requires
Steve PerryPublished on: 10/11/2026
The new deductions for tips, overtime, car loan interest, and seniors depend on records the IRS can now match. Steve Perry, EA explains what each one requires before filing season.
no tax on tipsno tax on overtimecar loan interest deductionsenior deductionenhanced deduction for seniorsSchedule 1-AForm 1098-VLIW-2 code TPW-2 code TTqualified tipsqualified overtime compensationTreasury Tipped Occupation CodeIRS information matchingIRS noticetax recordsOne Big Beautiful Bill tax deductionstax planning for business ownersSteve Perry EABooks Taxes & MoreAtlanta tax resolution