Schedule 1-A Draft is Released
The IRS released the draft of Schedule 1-A to report certain deductions
As expected, the IRS has released the draft of Schedule 1-A to report certain new tax deductions under OBBBA. The Schedule is used to report the following deductions:
No tax on certain tips,
No tax on certain overtime compensation,
No tax on car loan interest (this is what the IRS calls it which does not make sense), and
Enhanced deduction for seniors
