Will You Benefit From No Taxes on Tips?

Roughly 4 million workers receive tips in their occupations. OlegD/ShutterstockThe Internal Revenue Service just published the official list of what occupations can deduct tips. More than 68 occupations and eight industries qualify. But if your job isn’t on the list, you’re out of luck.It’s a preliminary list, because workers had until Oct. 22, according to the Federal Register, to comment and plead their case. But who’s on the list? And exactly what does it mean when it says no taxes on tips?Occupations That Can Deduct $25,000 in TipsAccording to The Budget Lab, roughly 4 million workers are in tipped occupations. That includes 2.5 percent of all employment. These occupations include numerous industries.