Our tax expert breaks down what no tax on tips actually means for workers and their finances.⁠ ⁠ If you earn tips as a waitress, barista, or in another tipped occupation and your income is below $150,000, you may be eligible to claim this deduction. ⁠ This tax benefit begins to phase out for incomes above $150,000. This deduction doesn’t directly reduce your taxes dollar-for-dollar, and your actual tax savings will depend on your tax rate. ⁠ ⁠ For example, if you earned $5,000 in tips and are in the 12% tax bracket, your tax savings would be $600 ($5,000 x 12%).⁠ ⁠ 🔗 More deets at the link in bio. #NoTaxOnTips #BigBeautifulBillExplained #Tipping #TaxTips