*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.
It was 'game on' for sports bettors in the state of New York, as mobile betting kicked off on four major betting operating platforms Saturday. This comes at an exciting time for sports fans with some of the biggest NFL games of the season right around the corner. Cam Rogers - Host of Lock It In with Cam Rogers, Betting Analyst at the Bleav Podcast Network joined Cheddar's Opening Bell to discuss.
The United States purchased over 600,000 doses of a monoclonal antibody treatment from Glaxosmithkline and Vir Biotechnology, bringing the total worldwide doses purchased to 1.7 million. This comes as the country attempts to ramp up treatment options as cases of the omicron variant continue to surge. Dr. Asha Shah, Director of Infectious Diseases at Stamford Health joined Cheddar's Opening Bell to discuss.
Former wide receiver for the New York Giants, Victor Cruz has partnered with Krystal Restaurants, a popular burger chain in the South, to bring the franchise to his home state of New Jersey. Cruz and Alice Crowder, CMO of Krystal Restaurants, joined Cheddar's Opening Bell to discuss the venture. The five new locations will be known as "Victor Cruz's Krystal," decked out with memorabilia from his football career, with the former player explaining how "hands-on" he plans on being. "You never know, OK? You might walk in and Victor Cruz will be flipping a burger back there, and you might be getting it directly from the source," he said.
Max Bichsel, vice president at Gambling.com Group joins Cheddar News to talk about the growing sports betting industry, New York legalizing mobile betting, and 2022 predictions for the sector.
Cody Roark, NFL analyst at Pro Football Network joins Cheddar News to talk about NFL playoff predictions and which teams have a shot at the Super Bowl.
Mario Stefanidis, Vice President of Research at Roundhill Investments, joined Wake Up With Cheddar to break down the implications of the Take-Two deal to purchase Zynga, as the gaming giant looks to become a major player in mobile gaming.
Covid cases have started to spike again across the nation, and this time they seem to be hitting some of our youngest and most vulnerable - school-aged children. School districts across the nation - including the country's largest public school system in New York City- are all grappling with what to do as teachers and students alike continue to miss school in droves.
Katie Honan, reporter for the New York City-based non profit news organization, The City explains how educational leaders across the country are handling covid demands from both teachers and parents alike.
For the first time since September, Bitcoin fell below $40,000 early Monday. The currency's average short-term price has now dipped below its average long-term price, which is known by a rather dramatic term, a death cross. According to analysts, the indicator appears to be a result of mounting concerns of faster liquidity withdrawal by the US Federal Reserve. The crypto slump also follows a week of rough trading for equities overall. CEO Snickerdoodle Labs and Co-Founder of the Stanford Future of Digital Currency Initiative, Jonathan Padilla, joined Cheddar to discuss more.
Throughout this pandemic, we witnessed a mass exodus of women in particular, from the workforce. A number of women say an increase in home and child care responsibilities forced them to make a decision they never thought they would; to simply quit their jobs. Many others had the decision made for them and were laid off. In fact, we did a LinkedIn poll today where 29 percent of women said their careers took a back seat. Reporting Fellow at Type Media Center and Author of "Work Won't Love You Back" Sarah Jaffe, joined Cheddar to discuss more.
David Bowie's entire catalog of songs has officially been sold to Warner Music Group by his estate for an estimated $250 million. This means the group now has the full rights to almost all of David Bowie's recordings. But Bowie, just the latest music mega deal. Just last month, Bruce Springsteen sold his entire catalog to Sony Music Entertainment at what in fact maybe be the biggest transaction ever for a single artist's body of work. In addition, John Legend also cashed in by selling rights to his songs from 2004 to early last year. Culture Correspondent at NPR, Anastasia Tsioulcas, joined Cheddar to discuss more.
