*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.
On this episode of Cheddar Reveals, Jen Young, Outdoorsy co-founder and CMO, breaks down the travel industry trend towards RVs and camper vans, and how the evolution of work-from-home culture has caused it to jump; Nick DiBella, Senior Vice President of Operations for Sun Outdoors, discusses why transforming into an outdoor hospitality company was so crucial at this time, the evolution of outdoor travel, and what this means for the future of the travel industry; Cheddar gets a look at Curiosity Stream's 'The Woodstock Bus.'
Nick DiBella, Senior Vice President of Operations for Sun Outdoors, joins Cheddar Reveals to discuss why transforming into an outdoor hospitality company was so crucial at this time, the evolution of outdoor travel, and what this means for the future of the travel industry.
Jen Young, Outdoorsy co-founder and CMO, joins Cheddar Reveals to discuss the travel industry trend towards RVs and camper vans, and how the evolution of work-from-home culture has caused it to jump.
'West Side Story' is off to a slow start, the film debuted with $10.5 million. Thom Geier, executive editor at the Wrap, joins Cheddar News to discuss the movies people should be looking forward to and the overall state of the industry.
Cheddar is looking back at the 12 biggest buzzwords of the year leading up to Christmas. Today's word of the day, 'Yolo Trade.' Yolo Trade: (noun) derived from the acronym 'You Only Live Once.' Describes a trade where someone goes all in on a stock.
Matt Schulz, Chief Credit Analyst at LendingTree, joins Cheddar to break down the different types of credit card rewards that are out there, which states utilize rewards more than others, and how to get the most out of your credit card rewards.
