*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’s no secret that America’s infrastructure is aging. The average American bridge is 43 years old. 49% of our streets and highways are in poor condition. That’s why rebuilding our roads is near the top of President Biden’s to-do list. But repaving is just surface level, some suggest we need to rethink the structures themselves.
We all know drivers in the UK drive on the left side of the road, but what if I told you that’s just where the differences begin. Europe and the United States have evolved to each have a unique set of rules of the road.
TikTok isn't just for remixing the best trending sounds. The social media platform is having a positive impact on animal shelters and helping pets find forever homes, according to Katie Grissum, the communications and design coordinator for the non-profit animal shelter charity KC Pet Project. Grissum joined Cheddar to break down just how TikTok is being used to raise money and draw more eyes to animals in need of adoption.
The upcoming HBO documentary, "The Forever Prisoner," zeros in on the Saudi-born Palestinian, and the failures of the CIA torture program. The documentary includes first-hand accounts, classified documents, never-before-seen images, interrogation notes, and testimony that you will have to see to believe. JD sat down with the mastermind behind the lens, director, and narrator of ' The Forever Prisoner,' Alex Gibney to discuss.
'Bing Bong!' has become a rallying cry for Knicks fans and New Yorkers. Cheddar's None Of The Above dives into the origin of the sound in this edition of Tik Talk.
The current supply chain crisis could last well into 2023. Some see this as an opportunity here for retailers to be early adopters of zero-emission technology. The 'Shady Routes' report highlights the relationship between retail companies and their cargo carriers, and how both can make real change from a public health and climate perspective. Angeline Robertson, senior researcher, Stand.Earth Research Group and Dawny'all Heydari, campaign lead, at Ship it Zero join Cheddar News.
Earnings season continues in the week of December 6 - 10, and that's only the start of a slate of events on the calendar that may move markets. We will also see executives from the crypto world and Instagram Head Adam Mosseri testify before members of Congress, and Square's name change to Block officially goes into effect.
Many restaurants across the country have lately turned off delivery and online orders during peak hours, as eateries are still struggling with labor shortages and as many are also seeing more customers return for in-person dining. Wall Street Journal reporter Heather Haddon joins Cheddar News' Closing Bell to discuss.
On this episode of Your Future Home, Carmine Satabella, Interior Designer & Television Host, joins to break down how to get the most out of your winter decor this year and basic kitchen fundamentals that go a long way; Max Child, CEO and co-founder of Volley, discusses the rise of voice games and how tech is continuing to change smart homes; Cheddar breaks down everything you need to know about how to start flipping homes.
