Deduction Update 2026
Answer the questions based off of what you learned via the training video
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What does “no tax on overtime” mean under the bill?
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All wages are tax-free if overtime is worked
Overtime pay is excluded from federal income only
Overtime pay is excluded from all taxes including Social Security
Employers do not report overtime wages
Which type of tax may still apply to overtime pay even if income tax is excluded?
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None
State income tax only
Social Security and Medicare (FICA)
Capital gains tax
True or False: Under the bill, tipped income no longer needs to be reported on a tax return.
True
False
Who would most benefit from the “no tax on tips” provision?
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Salaried employees
Business owners only
Workers who receive cash or reported tips
Retirees receiving Social Security
Which workers are most commonly impacted by tip-based tax changes?
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Teachers and nurses
Servers, bartenders, and delivery drivers
Corporate executives
Investors
What is the purpose of the senior deduction included in the bill?
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To eliminate property taxes
To increase Social Security benefits
To reduce taxable income for qualifying seniors
To remove filing requirements for seniors
At what point does a taxpayer generally qualify for senior-related tax deductions?
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Age 55
Age 60
Age 62
Age 65 or older
Why is it important for tax preparers to understand these provisions?
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To promise larger refunds
To apply exclusions and deductions correctly and remain compliant
To stop reporting certain income
To avoid filing federal returns
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