*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.
Daniel Loria, Editorial Director at Box Office Pro, joined Wake Up With Cheddar to give predictions for the weekend, which will see three major films debut, as 'West Side Story', 'Don't Look Up' and 'Being the Ricardos' all hit theaters.
Politico Tech Policy Reporter Rebecca Kern joined Wake Up With Cheddar to recap Instagram CEO Adam Mosseri's testimony to Congress, and look ahead to new safety features on the horizon for the social media giant.
Carlo and Baker wrap up the week talking about the Biden economic boom that no one seems to notice, a verdict in the Jussie Smollett case, the first Starbucks union in America and the pleasures of the "dude nod."
In attempts to combat online violence, the UNFPA has officially launched a 'bodyright' campaign in hopes to call policymakers and tech companies to stand up to protect the online presence of social media users. Chief of the Gender and Human Rights Branch at the United Nations Population Fund Nafissatou J. Diop, joined Cheddar to discuss more.
'Shang-Chi and the Legend of the Ten Rings' made history as the first Asian-led marvel movie, staring Simu Liu. It was also the first movie in the pandemic era that Disney allowed to be purely in theatres and available nowhere else for 45 days, making over $418 million globally, in theatres. Director and co-writer of the film, Destin Daniel Cretton, joins Cheddar News.
A new bill in Congress shows just how bipartisan cannabis really is. Rep. David Joyce, a Republican from Ohio, teamed up with progressive Rep. Alexandria Ocasio-Cortez on a cannabis expungement bill. Cheddar cannabis reporter Chloe Aiello spoke with the congressman about the legislation.
Rainmaker Games bills itself as a blockchain-based organization founded in the metaverse, built on a new type of gaming ecosystem called play-to-earn. The company announced a $6.5 million seed round after it was founded just this year. Rainmaker Games CEO and founder Will Deane joins Cheddar News' Closing Bell to discuss.
As the saying goes, one man's trash is another man's treasure. That's exactly what artist David Anasagasti, also known as Ahol Sniffs Glue, was thinking when he created his scavenger hunt during Art Basel. Nearly 100 winners who followed the clues were able to get their piece of art signed, plus an NFT minted artwork. Artist Ahol Sniffs Glue joins Cheddar News to discuss the event and his exhibit.
A judge has granted Britney Spears the right to begin executing documents on her own behalf. For the last 14 years, Spears was unable to sign off on her own paperwork due to her recently terminated conservatorship.
