*By Carlo Versano*
For many of us, the impact of the tax overhaul that went into effect a year ago won't be felt until we file our 2018 returns. Here are some things to remember as tax season approaches (W-2s should start appearing in mailboxes in a month), courtesy of Katelynn Minott, a CPA at Bright!Tax:
2018 returns have big increases in the standard deduction, which is now:
* $12,000 for single filers
* $18,000 for heads of households
* $24,000 for married couples filing jointly
While standard deductions have roughly doubled, the personal exemption has been eliminated. That means you can no longer reduce your taxable income by the $4,050 per household member. The standard deduction increase is generally positive for single and married people, but negative for anyone with dependents.
Filers will also no longer be able to deduct costs associated with job searches and working from home, which will negatively impact freelancers and anyone who spent more than 2 percent of their adjusted gross income on job-related expenses.
The new law also makes it harder to deduct mortgage interest and property taxes.
Filers should be prepared to get acquainted with a vastly different 1040 form, Minott said. And if you had a major life event in the last 12 months ー marriage, job change, child ー don't forget to update your W-4 to reflect that change.
And if you're expecting a refund and need the cash, don't forget the IRS works on a first-come, first-serve basis after you file.
"The earlier you file, the earlier your return will come back to you," Minott said.
Sarah Burke, editor-in-chief of Them, spoke with Cheddar News about how its digital magazine offers a different setting for the LGBTQ+ community from other magazines. "From the very beginning, the intention was to create a platform that had a foundation of inclusivity and intersectionality across the entire LGBTQ+ spectrum," Burke said.
Imagine having a viral video with 5 million views but not even using a cell phone. That is the paradox of a Greek great-grandma touching hearts around the world just by doing her thing. Take a look at this.
Glenda Jackson, a two-time Academy Award-winning performer who had a second career in politics as a British lawmaker before an acclaimed late-life return to stage and screen, has died at age 87.
Cold plunges are super hot on social media right now. Experts say they boost mental health, soothe sore muscles, and even promote weight loss. Cheddar's Ashley Mastronardi visited Kardashian favorite, Remedy Place, to get the skinny on ice baths.
New details are emerging about Carrie Fisher's last film. Here's a look at Fisher in the upcoming fantasy movie Wonder Well, which co-stars Rita Ora. Deadline is reporting that the film has a theatrical release date of June 23.
An auction of artwork and furniture from philanthropists Ann and Gordon Getty is taking place at Christie's Wednesday with online sales set for Thursday. Cheddar News takes a peek at some of the arts and objects from the family's Temple of Wings home in Berkeley, Calif.
A former manager at the Harvard Medical School morgue, his wife and three other people have been indicted in connection with the theft and sale of human body parts, federal prosecutors in Pennsylvania announced Wednesday.
