*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.
Texas authorities say the gunman who massacred 21 people at an elementary school was in the building for over an hour before he was killed by law enforcement officers.
After more than a decade of covering mass shootings, I am struck by the resilience of communities to rebuild after unbelievable tragedy. I am also struck by the numbness. The numbness we must maintain to tell the stories of the victims, explain the crimes of the shooter.
After the latest school shooting in Uvalde, Texas, it wouldn't be a surprise if the traumatic event takes a toll on your mental health — or that of your children. Amy Morin, the editor-in-chief of Verywell Mind and licensed psychotherapist, joined Cheddar News to share coping skills and offer advice about how to talk to your children about these increasingly common tragic events. “I think its important for parents to know what the school’s plan is, what the teacher's plan is, and then we can have our own plans with kids too," she noted. "It's so important for us to talk to kids about how they're feeling — guaranteed they've heard something about it, so ask them what they know already, use age-appropriate language, and rather than just dismissing their fears by saying don't worry about it or I'm sure you'll be safe, talk to them about their feelings."
Cheddar News reporter Megan Pratz brings the latest from the scene of yesterday's horrific school shooting at a Robb Elementary School in Uvalde, Texas. Now the second-deadliest school shooting in U.S. history with 19 children and two adults killed, Pratz goes into comments by Texas Gov. Greg Abbott, details about the deceased shooter, and reactions from members of the community.
The world of mobile app design is changing quickly, and it’s farewell to color, quirks and exotic fonts. Gather one and all, for a new age of app interfaces has arrived right under our noses, with simplicity being the style of choice. With nearly 3 million apps available on Google Play Store, and 1 in 4 apps getting deleted after just one use, you’d think standing out would be a wise move. Watch and see why blending in can help an app’s chances of survival.
If you're thinking of securing a restaurant reservation for Mother's Day, you should probably pick up the phone and call now. Lawrence Banton looks into the dining rush around the special holiday.
Brian Stewart, the U.S. brand ambassador for Belvedere Vodka, joined Cheddar News to show off the cocktail called the Belvedere Raspberry Circuit to pair with the Formula 1 Miami Grand Prix, a race getting underway for the very first time on May 8. “I wanted this drink to be very approachable, but I also wanted to drink to be as luxurious and exciting as the race itself," he said.
