*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.
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For the first time ever, the Special Olympics and students at the Parsons School of Design partnered to create tennis and track and field outfits for athletes. The line is called 'Be Brave' and it's goal is all about celebrating athletes with disabilities with outfits that allow them to perform their best. joining us now is Stacey Hengsterman, president and CEO of the Special Olympics New York and Nigel Barker, fashion photographer and Special Olympics Champion Ambassador joined us to talk about the collection.
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Carlo's got Cheddar Chief Fashion Critic Baker Machado to discuss all the looks from last night's Met Gala. But first, the news: it's recall day in Cali, the booster shot debate, why you should update your iPhone software immediately, and more.
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