*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.
Jeff Zucker has resigned as CNN's president, writing in a memo he failed to disclose a romantic relationship with a colleague. Zucker admitted to the relationship, which he described as consensual, during the investigation into former CNN anchor Chris Cuomo's behavior. Seth Schachner, managing director of StratAmericas, joined Cheddar to discuss where does this abrupt resignation leaves the network.
On this episode of Cheddar Reveals, Dr. Ashley Farmer, Historian, Associate Professor at the University of Texas at Austin & Author of "Remaking Black Power: How Black Women Transformed an Era", shines a spotlight on some of the women overlooked by history that had a profound influence on the American Civil Rights and Black Power Movements.
Katie Rainge-Briggs, Exhibition and Collections Manager, National Museum of African American Music, explores the deep influence of Black music and musicians on modern American Culture; Cheddar gets a look at Curiosity Stream's 'Beyond the Spotlight'.
Dr. Ashley Farmer, Historian, Associate Professor at University of Texas at Austin & Author of "Remaking Black Power: How Black Women Transformed an Era", joins Cheddar Reveals to shine a spotlight on some of the women overlooked by history that had a profound influence on the American Civil Rights and Black Power Movements.
Katie Rainge-Briggs, Exhibition and Collections Manager, National Museum of African American Music, joins Cheddar Reveals to explore the deep influence of Black music and musicians on modern American Culture.
Women's health company Organon will give its over 9,000 employees a paid day off on International Women's Day.
The move comes as the company aims to recognize the growing health inequities women have faced during the Covid-19 pandemic. Kevin Ali, Chief Executive Officer, Organon joined Cheddar's Opening Bell to discuss.
The pressure is on for UK Prime Minister Boris Johnson - after his closest aides handed in their resignations this week.
It comes after a report found that 16 parties had taken place at Downing Street while Covid lockdown protocols were in place in the region. Ari Aramesh, Attorney & National Security/Foreign Policy Analyst joined Cheddar's Opening Bell to discuss.
From 'The Dating Game' to 'Sexy Beasts' the world has always fallen in love with reality romance. Just in time for Valentine's Day, None Of The Above's J.D. Durkin takes us through a brief history of dating shows.
Yumeka Rushing, Chief Strategy Officer at the NAACP, talks about the private sector's commitment toward racial equity and how the NAACP is attracting younger Americans to the organization's latest initiatives.
