Search Results: keywords:"bonus deduction"

  • H. R. 557 — To amend the Internal Revenue Code of 1986 to establish a deduction for certain amounts received as a bonus.
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    Status:Introduced in House
    Words:757

    The bill H.R. 557, titled the "Working Class Bonus Tax Relief Act of 2025," aims to amend the Internal Revenue Code of 1986 by allowing individuals to deduct a portion of their bonuses from their taxable income. Specifically, it permits a deduction for bonuses up to 15% of the individual's...

    Simple Explanation

    H.R. 557, known as the "Working Class Bonus Tax Relief Act of 2025," wants to help people pay less tax on the bonuses they get from work by letting them take a special chunk of those bonuses off their taxes. But this rule will only apply until the end of 2029, and it is made to especially help those who earn less money, like people with smaller paychecks.

  • H. R. 1833 — To amend the Internal Revenue Code of 1986 to rename the standard deduction the guaranteed deduction, and to add a bonus amount to the guaranteed deduction for taxable years 2026 and 2027.
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    Status:Introduced in House
    Words:1,236

    H.R. 1833, also known as the “Working Families Tax Cut Act,” proposes changes to the U.S. tax code. It aims to rename the "standard deduction" to the "guaranteed deduction" starting in tax year 2026. Additionally, for the tax years 2026 and 2027, it introduces a bonus amount...

    Simple Explanation

    H.R. 1833 wants to rename a part of the tax rules, called the "standard deduction," to the "guaranteed deduction" and give people extra money to lower their taxes for two years, but how much extra money depends on how they file their taxes.

  • H. R. 9800 — To amend the Internal Revenue Code of 1986 to establish a deduction for certain amounts received as a bonus.
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    Status:Introduced in House
    Words:757

    H.R. 9800, titled the “Working Class Bonus Tax Relief Act of 2024,” proposes amendments to the Internal Revenue Code of 1986 to allow individuals to deduct certain bonuses from their taxable income. Specifically, the bill permits a deduction for bonuses that do not exceed 15% of the...

    Simple Explanation

    The "Working Class Bonus Tax Relief Act of 2024" lets people pay less in taxes on certain extra money they get from work, but it's only for people who make less than a certain amount each year and will last until the end of 2029.