The Qualified Overtime Compensation (QOC) deduction rules—codified in new Internal Revenue Code (IRC) Section 225—provide a potential federal income tax deduction of $12,500 per year for qualifying taxpayers who file a Form 1040 individual income tax return under the “single” filing status, while qualifying taxpayers who file a Form 1040 individual income tax return under the “married-filing-jointly” status may be able to claim a maximum QOC deduction of $25,000 per year. READ MORE
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