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No Tax on Tips: When Will It Go Into Effect?

HR Digest

Those who benefit from the No Tax on Tips bill could see tax deductions of up to $25,000, which is no small number. If Senate Bill 129 is approved in 2025, the tax deduction will apply to taxable years beginning after December 31, 2024. When the No Tax on Tips bill goes into effect will also depend on a few different factors.

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Financial Improvement Strategies for a New Year

Money Talk

The easiest way to “pay yourself first” is to have savings deducted automatically from your paycheck through a 401(k) or other workplace savings plan. a new car in 2028 with a $10,000 cash down payment). Pay Yourself First (PYF)- PYF treats savings with the same high priority as a mortgage, rent, or car loan payment.

401(k) 187
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No Tax on Overtime: Start Date, States and Bill Status

HR Digest

Don Bacon, proposes a partial deduction for overtime pay. The bill comes with a sunset clause in 2028. Unlike tax credits or deductions, this proposal aims to change the withholding structure. What is the current status of the No Tax on Overtime bill? A specific bill, the Overtime Pay Tax Relief Act (H.R.

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Exclusive: Welsh government rolls out new employee benefits framework

Employee Benefits

Launched this week and set to run until 2028, with break clauses at the end of years two and three, the managed service provision framework includes a fully managed service and individual services for employee benefit schemes, covering a range of salary sacrifice and voluntary deduction arrangements.

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Buyer’s guide to car salary sacrifice schemes

Employee Benefits

Employers can also benefit from the NI savings made by deducting employees’ car payments from their salary. This figure will increase by one percentage point per year from 2025 to 2028. A salary sacrifice arrangement is also seen as key in aiding retention of talent and attraction of new staff. Are there any tax or legal implications?

Salary 98
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How the 2025 House GOP Tax Bill will reshape compensation and benefits

HR Digest

This is necessary due to the temporary nature of certain deductions (the ones expiring in 2028). This change is effective from 2025 to 2028. In addition, the bill increases standard deductions by $1,000 for single filers, $1,500 for heads of household, and $2,000 for married couples.

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No Tax on Tips: Pros and Cons to Consider Before Implementation

HR Digest

Much has been said about the advantages of the tax deductions on offer for hard working citizens, with the naysayers mostly being ignored in favor of the bill. Pros of the No Tax on Tips Bill It’s easy to see how the No Tax on Tips bill could benefit workers who are eligible for the deduction. However, some experts remain wary.

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