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Microsoft News
Shreya Biswas
IRS Schedule 1-A explained: How to claim tax breaks for tips, overtime, car loans, and seniors
IRS: The IRS is introducing Schedule 1-A for 2025 tax returns, offering new deductions for qualified tips, overtime pay, car loan interest on new, U.S.-assembled vehicles, and an enhanced deduction for seniors. These breaks are available to both itemizers and those claiming the standard deduction, but income limits and restrictions apply.
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