*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.
From Jake Paul's next big swing to the possible return of Meredith Grey, here's what's happening in entertainment.
It was a rare sight — a senior British royal testifying in a court of law. What Prince Harry said, both during cross-examination in the witness box Tuesday and in his written witness statement, was just as unusual.
If your summer could use a pop of color, look no further than fashion brand Never Fully Dressed, which is opening its first permanent U.S. store right here in New York City. Cheddar News correspondent Chloe Aiello is on the scene with founder Lucy Aylen.
Creating the 'Barbie' set took a lot of pink paint, so much pink paint that it wiped out one company's entire global supply of it.
The bodies of three men have been removed from the site of a collapsed six-story apartment building in Davenport, Iowa, about a week after part of the century-old structure tumbled to the ground, the city's police chief announced Monday.
From Superman NFTs to a 'Hocus Pocus' trilogy, here are your top entertainment headlines.
In celebration of Pride Month, Cheddar News anchor Baker Machado visited the Stonewall Inn in New York City and sat down with owner Stacy Lentz to talk about the historic events that took place at the bar more than 50 years ago.
The Writers Guild of America has confirmed plans for a strike action at the Apple HQ in Cupertino, CA on Monday, as the tech giant kicks off its Worldwide Developers Conference.
Ticket sales surpassed already lofty expectations for the sequel to the Oscar-winning Inside the Spider-Verse.
Nurse practitioners, who provided care for many trans adults, are now barred from providing transition-related care in the state.
