The IRS Has Released a New Schedule 1-A, “Additional Deductions,” to Help Taxpayers Take Advantage of Several Tax Breaks Created by the One Big Beautiful Bill Act.
The IRS has introduced a new Schedule 1-A to help taxpayers claim several deductions created by the One Big Beautiful Bill Act. If you haven’t filed your 2025 return yet, you may be able to deduct tips, overtime, car loan interest and claim an enhanced deduction for seniors.