*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.
On this episode of "The Deep End," we're venturing outside. Whether it's spending time in a national park, turning streets into public spaces to relax in, or having an outside date near the beach, there's plenty to do in the great outdoors.
In this episode of "The Deep End," Cheddar News is taking a closer look at something that we are all intimately familiar with: food. Whether it's a sign of cultural identity, the foundation of many businesses, or simply as a means of nourishing our bodies, food is an essential part of what it means to be human.
From Broadway to NFT art to TikTok, the world is getting more creative. On this episode of "The Deep End," Cheddar News explores the world of entertainment.
In this episode of "The Deep End," Cheddar News explores the social justice movements defining the start of a new decade. From systemic racism and climate change to police brutality and women's rights, these are just a few of the harsh realities America has reckoned with amid the COVID-19 pandemic. We're taking a closer look at where the nation stands today.
On this episode of "The Deep End," Cheddar News takes a closer look at taboo topics. Some people call them vices, while other people call them hobbies. But what we do know is the line between what is accepted and what is illicit is getting blurred more and more each day.
Two zebras running loose since they escaped a Maryland farm about four months ago have been caught.
Former Minneapolis police Officer Derek Chauvin has pleaded guilty to a federal charge of violating George Floyd’s civil rights.
Carlo and Baker cover the latest data showing the Omicron wave has likely started, Pfizer's Covid pill, Jan. 6 and a box office rescue attempt courtesy of Spider-Man.
The Hollywood Foreign Press Association announced the nominees for the 79th Annual Golden Globe awards. The ceremony is set to take place on January 9, 2022. Gerrad Hall, senior awards editor at Entertainment Weekly, joins Cheddar News to discuss the nominations.
A University of Chicago Harris School of Public Policy and The Associated Press-NORC Center for Public Affairs Research poll finds that 35% of mothers report doing more than their partner for each of eight specified household responsibilities.
