*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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On this episode of ChedHER: Author of 'The Glass Ledge: How to Break Through Self-Sabotage, Embrace Your Power, and Create Your Success' discusses what exactly the 'glass ledge' is and how to overcome negative self-perception; Co-Owner of Wanderlust Creamery explains the story behind launching her very own ice cream business, and how she's overcome hurdles as a business owner; Chief Marketing Officer at Great Learning and Capacity Planning Analyst at Salesforce discuss how upskilling can help you advance in your career.
Adrienne Borlongan, Co-Owner of Wanderlust Creamery, joins ChedHER to discuss the story behind launching her very own ice cream business, and how she's overcome hurdles as a business owner.
Iman Oubou, Author of 'The Glass Ledge: How to Break Through Self-Sabotage, Embrace Your Power, and Create Your Success,' joins ChedHER to discuss what exactly the 'glass ledge' is and how to overcome negative self-perception.
Aparna Mahesh, Chief Marketing Officer at Great Learning, and Brandy Murray, Capacity Planning Analyst at Salesforce and Great Learning learner, join ChedHER to discuss how upskilling can help you advance in your career.
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Actor Jimmy O. Yang is partnering with Chinese food chain Panda Express for his YouTube series "Jimmy's Kitchen." The comedian joined Cheddar News to talk about the partnership as well as upcoming ventures. "Panda Express could not be more perfect like even before this deal, I was just wearing a Panda Express hat for fun when I go outside," he said.
Indianapolis Colts owner Jim Irsay is displaying his world-renowned collection of historic memorabilia to the public for the first time in the Big Apple. Irsay joined Cheddar News to talk about why he's bringing artifacts from the Beatles to Jerry Garcia to light now. "I borrow all this stuff, you know, and I just feel kind of an obligation to share it with the public and make it come alive if you will," he said.
