*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.
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Kathy Mayerhofer, Chief Sales Officer at Xometry, joins ChedHER to discuss why women should consider careers in manufacturing, and what opportunities are available for them in this industry.
Alyssa Merwin, Global VP of LinkedIn Sales Solutions, joins ChedHER to discuss how she leads a 1,000+ person team for LinkedIn's $1 billion business, and gives advice for determining your own unique leadership style.
Diana Rodriguez, Founder of Pride Live & Stonewall Day, joins ChedHER to discuss the mission and story behind Pride Live, and what to expect from this year's Stonewall Day.
Amanda Jones is the TikToker behind the “healthy Coke” recipe. In her viral post, she shared a concoction of balsamic vinegar and La Croix, allegedly something she learned from her pilates instructor and claimed it tastes just like Coca-Cola — only healthier. Jones joined Cheddar News and walked Hena Doba and Ken Buffa through the unusual recipe to have a taste for themselves.
Lower Manhattan's iconic Stone Street is getting a bubbly makeover. Champagne Nicolas Feuillatte will be 'unleashing the bubbles' throughout the month of June in New York City, with themed events, bubble ball pits, and special menu and drink experiences. Anne-Laure Domenichini, director of communications for Champagne Nicholas Feuillatte, joins Cheddar News' Closing Bell to discuss.
