*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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Meta announced its plans to join the Cannes Lions International Festival of Creativity. This is leaving businesses and customers wondering what the tech giant has in store for the event. Nicola Mendelsohn, the vice president of the global business group at Meta, joined Cheddar News to preview what the tech giant will discuss at this year's festival. "We're going to be showcasing more about reels. We're going to be talking about our commerce solutions, are messaging solutions, and of course, the method of us speaking of new ways to kind of connect with customers," she said.
On today's episode of On The Job: Cheddar gets a look at how the salon and beauty industry has pivoted throughout the pandemic; Mark Brim, President of Aquent's Recruiting Division Vitamin T, breaks down how remote work has transformed hiring and recruiting process across the board;
Julie Bauke, President & Chief Career Strategist at The Bauke Group, breaks down why companies are being 'ghosted' by new hires, and what repercussions can come from this.
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Miami's real estate market has boomed since early 2020, thanks to an overall strong housing market, remote work, and no income tax as incentives. The city is preparing to welcome even more residents as people relocate to warmer climates to work from home. Garrett Derderian, director of market intelligence at SERHANT, joined Cheddar to discuss the Magic City's red hot market.
