Anyone who works offshore 14/14 have a good tax advisor ?

There's a few caveats...

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Key Details on the Overtime Tax Deduction
What is Deductible: You can deduct the "half" portion of "time-and-a-half" pay (the premium pay exceeding your regular rate).
Income Caps: The maximum annual deduction is $12,500 for individuals and $25,000 for married couples filing jointly.
Phase-Out Limits: The deduction begins to phase out if your Modified Adjusted Gross Income (MAGI) exceeds $150,000 (single) or $300,000 (joint).
Effective Period: This policy applies to tax years 2025 through 2028.
Important Distinction: This is a tax deduction, meaning it reduces your taxable income when filing, rather than an exemption that immediately increases your paycheck amount.
Applicability: The deduction applies to federal income tax; however, payroll taxes (Social Security and Medicare) still apply to all overtime earnings.
IRS (.gov)
IRS (.gov)
+6

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Call me "lazy" or "wasting money" or whatever, but I always would rather just see an H&R Block advisor (or whatever company you want to use), have an expert do it, and make sure I'm doing it right.

For people's whose taxes don't solely consist of a simple W2, I think that this is the best way to do things. Yes, you have to pay more, but you're paying to avoid the stress of doing taxes, of not accidentally screwing yourself out of a bigger refund than you deserve, and of not having to worry about accidentally doing something wrong and dealing with the IRS because of it.

Just my opinion!

Based on earnings get yourself a CPA. Mine saves me 5x or more in tax reductions than we pay them. They'll also advise on how to offset taxes with additional investments in IRAs, etc. Reducing taxes and growing investments is a great thing.

FWIW - The IRS rarely audits a tax return prepared by a CPA.

Box 14 on your W2 lists the overtime amount you can deduct. You simply put it in when prompted if you’re doing it yourself using TurboTax or whatever you use.

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Over half my pay is overtime

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Makes sense if he works 14/14 offshore. Mathematically, that would mean he works 9.5 hours per day while offshore.

Not sure how time and a half comes into play for those schedules though. I just assumed it’s time and a half once he reaches 40 hours for 7 days.

A normal day is 12 hrs

So I work 84 hrs a week 40 is regular and 44 is ot

Not counting when I really work more then normal hrs

6a to 6p is normal work day that has 44 ot hrs in the week

But if I work past 6p it’s even more ot


So not sure if I can count the 44 hrs a week of ot that is part of my normal work week or just the ones I work after 6pm

None of this is on my w2

Working 84 hrs a week and 44 of that being overtime is confusing to you?

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Working 84 hrs a week and 44 of that being overtime is confusing to you?

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No confusion here, I just cannot fathom working an 84hr work week every week.

Your employer should be able to break down your total wages by regular pay, and OT pay. They should also be able to breakout the portion of your OT that is the eligible premium portion; only the extra money over your hourly wages would be eligible. (If you are paid $20/hr, and your OT rate is $30/hr; the extra $10/hr is eligible)

Also, only the first $12,500 in premium wages is tax free.