Plus: A famous soccer coach is sentenced to prison for tax fraud, filing an amended tax return, smoking rates and sin taxes, filing deadlines, tax trivia, and more.

Both the tips and overtime deductions phase out at higher incomes. The range is wide for tips—$150,000 to $400,000 for single filers and $300,000 to $550,000 for joint filers. It differs slightly for overtime, from $150,000 to $275,000 for single filers and $300,000 to $550,000 for joint filers.

Here's a look at whether you should be delighted or worried about the bill. (Spoiler: You may want to put away the confetti and noisemakers.)