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New IRS Form to Claim Deductions for Tips, Overtime, Car Loans, and Seniors
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Subscribe17 SEP 2025 / IRS UPDATES
The Internal Revenue Service (IRS) has unveiled a draft of Schedule 1-A (Form 1040), a tax form consolidating four new deductions relating to tips, overtime, car loan interest, and a senior bonus deduction. The new consolidated form, conceived as a result of the One Big Beautiful Bill Act, aims to simplify tax filing for the American public, but tax professionals warn of complexity and recommends careful review of tax regulations and correct documentation.
Filing season just got a new twist. The IRS has released a draft of Schedule 1-A (Form 1040), a consolidated sheet that rolls four fresh deductions into one place: tips, overtime, car loan interest, and a senior bonus deduction. It’s being sold as tax rel...
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