Tag: Worker Earnings

By Shaul Turner | KDVR FOX31 DENVER (KDVR) – As the end of the year approaches, many workers who rely on tips and overtime pay may face some confusion as they prepare for tax return season. President Trump’s bill passed by the legislature provides a temporary tax break for tips but that doesn’t apply on the state level. The new federal tax break for tips allows employees to deduct up to $25,000 of tip income and is effective through the 2028 tax year, but Colorado will not follow suit. “It’ll be Christmas on the federal and no holiday season on the state,” said tax attorney Chadwick Elliot of the Denver Tax Group. READ THE FULL ARTICLE AT KDVR FOX31