The Big, Beautiful Series: Tips & Overtime Not Taxable?? | Diy Money Video
In this episode of DIY Money, we break down one of the most misunderstood parts of the new One Big Beautiful Bill: the tax changes related to tips and overtime pay.
💬 With rumors flying around about “no taxes on tips,” we’re setting the record straight and helping you understand the real impact of these new deductions (not credits) and how they could affect your 2025 return.
What we cover 👇
🧾 Tax Deductions vs. Tax Credits: Know the difference and why it matters
💡 How new deductions apply to tip-based and overtime income
🚫 Who won’t benefit: Income thresholds and phase-outs explained
🧠 Why rumors on social media don’t tell the full story
⏳ When you’ll actually see the benefit (spoiler: it’s not right away)
This episode is a must-watch for workers in tipped or hourly roles — and for anyone trying to plan smart for tax season in light of new legislation. Stay informed, stay patient, and make confident money decisions.
And remember, the secret to wealth is pretty simple: live on less than you make, invest the rest, and do so for a very long time. Make it a great one!
📬 Have a question? Send it in to [email protected] for a chance at a $25 Amazon gift card!
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DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
Quint Tatro, Daniel Czulno, CFP®, Logan Gilland, CFP®, and Allie Howard take a passionate look at everything money, including budgeting, savings, investing, stocks, bonds, debt, and more. For those that enjoy Dave Ramsey, Jill On Money, Smart Money, and BiggerPockets, it’s worth a listen!
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📌 Related Terms:
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⏱️ Timestamps:
00:00 Introduction
02:51 Understanding Tax Deductions and Credits
05:39 New Tax Rules for Overtime and Tips
08:18 High Earners and Phase-Outs
11:55 Practical Implications and Future Updates
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📝 Disclosures:
*This show is for entertainment and educational purposes only, and is not intended as personal financial advice. Before making any financial decisions, please do your homework and consult a financial advisor as needed.
