*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.
To celebrate the start of spring, Matt Crafton, lead winemaker at Chateau Montelena in northern California, joins Cheddar News to showcase some warm-weather wines and the best meals to pair them with.
Entertainment and lifestyle expert Josh McBride joins Cheddar News' hosts Hena Doba and Baker Machado to talk about some highlights from last night's annual Meta Gala dinner.
Jared Leto showed up at the Met Gala as Choupette, Karl Lagerfeld's cat. And Kim Kardashian dressed in strands of pearls. Fashion's biggest night of the year included lots of vintage from Chanel and a reveal by Janelle Monae.
Oklahoma on Monday became the latest state to ban gender-affirming medical care for minors as Republican Gov. Kevin Stitt signed a bill that makes it a felony for health care workers to provide children with treatments that can include puberty-blocking drugs and hormones.
Television and movie writers declared that they will launch a strike for the first time in 15 years, as Hollywood girded for a walkout with potentially widespread ramifications in a fight over fair pay in the streaming era.
The top entertainment headlines for May 1, 2023.
Fashion designer Nicole Miller joins Cheddar News correspondent Hena Doba for a Walk & Talk that touches on the importance of not living in a bubble, how to compete with new designers on social media, and why she regrets sometimes neglecting the life side of a healthy work-life balance.
It's the first Monday in May: Welcome to Met Gala mania. With a livestream available when the evening gets underway, the world's most fashionable fundraiser takes on one of the world's most prolific — and controversial — designers, the late Karl Lagerfeld, as the starry party's theme.
While doctors fear the dangers of untrained people managing their own hormone replacement therapy, a growing number of transgender people say they see no other option for life-saving care.
The Mario Party continued as it faced little new competition at the box office.
