*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.
Many brands and industries are announcing their predictions for new trends to watch in 2022. According to Forbes, cooking robots and plant-based meat are just some of the many food trends that are expected to dominate. Jeff Crivello, CEO of BBQ Holdings, joins Cheddar News to discuss more.
YouTube star and dancer JoJo Siwa and mom Jess Siwa joined Cheddar's "Between Bells" to talk about their show "Dance Pop Revolution" alongside their girl-group XOMG Pop who were formed from the show's competitors. JoJo, who got her own start on Lifetime's "Dance Moms," talked about the differences between competing at such a young age to having the opportunity to executive produce her own project. She also talked about her time on ABC's "Dancing With the Stars" and competing as the franchise's first same-sex couple.
Boxed, an e-commerce grocery platform that sells bulk consumables to businesses and household customers, began trading under the ticket symbol "BOXD" after completing a transaction with SPAC Seven Oaks Acquisition. Chieh Huang, co-founder and CEO of Boxed joins Cheddar News to talk about the company's growth.
Live music took a big hit last year, and many artists had to cancel or postpone their tours to 2022. Many partnered with the graphic novel company Z2 Comics to make money by creating unique comic book stories. Josh Bernstein, executive vice president of Z2 Comics, and Sridhar Reddy, founder and publisher at Z2 Comics, join Cheddar News to talk about the company's popularity.
On this episode of Your Future Home, Ryan Trudell, VP of Landscape Architecture, Creative Environments, breaks down factors that have led homeowners to become wearier of their living spaces, driving greater demand for outdoor living experiences; Jean Chatzky, CEO of HerMoney.com, discusses ways new homeowners can protect their budget and restore some peace of mind—even if they’ve made the decision to waive an inspection; Cheddar breaks down everything you need to know about how to properly winterize your home.
Not only do outdoor living environments increase the number of spaces you now have for entertainment, but you will see a high return on investment and add value to your home. Ryan Trudell, VP of Landscape Architecture, Creative Environments, joins Your Future Home to break down factors that have led homeowners to become wearier of their living spaces, driving greater demand for outdoor living experiences.
Jean Chatzky, CEO of HerMoney.com, joins Your Future Home to discuss ways new homeowners can protect their budget and restore some peace of mind—even if they’ve made the decision to waive an inspection.
