*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.
Vaughan Bagley, senior manager of social impact at MTV Entertainment Group, and Jorge Alvarez, a Youth Action Forum participant, joins Cheddar News to discuss MTV's Mental Health Youth Action Forum.
Tesla CEO Elon Musk is offering to buy Twitter, saying the social media platform he has criticized for not living up to free speech principles needs to be transformed as a private company.
The Brooklyn subway shooting suspect called the cops on himself, Texas sends a bus full of migrants to Washington DC, and you can now pay with the palm of your hand. Here is all the news you Need2Know for Thursday, April 14, 2022.
Melissa Cohn, Regional Vice President at William Raveis Mortgage, joined Cheddar News' Closing Bell to discuss the Mortgage Bankers Association's decision to lower its 2022 outlook, as surging prices and tight supply weigh on the market.
Sam Carcamo was in the adjacent car on the N train Tuesday morning when Frank James was suspected of opening fire on a crowded train car. Carcamo joined Cheddar's Ken Bufa, to share details of what he witnessed and how he is coping today. “Everyone worked together so well to get to people that were injured," he said. Carcamo also noted he converted the video he took of the incident into an NFT for the purposes of raising money to help those who were hurt in the attack.
Ron Carson, CEO and Founder of Carson Wealth, sits down with Cheddar's Hena Doba to share how he keeps a strong connection to nature and prioritizes mental health in his formula for success.
Bravo’s "Vanderpump Rules" alumnus Lala Kent has recently become a new mom, juggles three beauty and lifestyle brands, and has a podcast — on top of becoming a New York Times best selling author. Kent joined Cheddar News to discuss her new paperback edition of "Give Them Lala" and mused about the possibility of joining the "Real Housewives" Franchise. "I was just feeling like there's so many times where we meet people or we don't connect with someone and we forget that they've been through certain things to get them to where they are," she said about writing her book. "And I just wanted people to feel less alone and we're bonded more than we think and here's my hot mess of a story and how I got to where I am."
Ice Cube's 3-on-3 basketball league, the Big3, is introducing decentralized team ownership to fans with the chance to own a minority stake in the 12 teams through blockchain technology, a first for professional sports. The rapper, actor, and filmmaker joined Cheddar News to talk about the new ownership model using NFTs. "This is a perfect time to offer it to fans and not just wait for fat cats to come and want to buy the teams but for fans to be able to be a part of it,” he said.
Fuse’s new original series, We Need To Talk About America features the takes of first-generation and bicultural comedians on American culture. Tim Chantarangsu, an internet and television personality and a panelist on the show, joined Cheddar News to talk about talking about America. "I think you get to see different spectrums of just like the most trailer park-iest parts of the country to the most, like just weird and random cities and just the weird things people do."
