*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.
The number of Americans seeking unemployment benefits fell for a third straight time last week, the latest sign that employers are laying off fewer people as they struggle to fill a record number of open jobs and meet a surge in consumer demand.
California will be the first state to impose a 'vax or test' rule for teachers. Heatwaves and Tropical Storm Fred highlight the extreme weather woes. And Alex Trebek has TWO replacements. These are the headlines you need to know.
Animals have been important co-workers for humanity in keeping environmental checks for millennia. Michelle Castillo reports on how some species are helping to keep down some invasive nuisances.
Eight months after the death of beloved “Jeopardy!” host Alex Trebek, the daily syndicated quiz show chose its executive producer Mike Richards as Trebek’s successor.
Jill and Carlo discuss the fallout from Gov. Andrew Cuomo's resignation and what's next for the Empire State. Plus, what Will Smith has to do with a prominent anti-vaccine meme and why NASA is delaying its return the moon.
An elephant herd that made a yearlong journey into urbanized southwest China, raiding farms and even a retirement home for food, appears finally to be headed home.
The COVID overflow tents are going back up in Texas, infrastructure vote today, Cuomo's not the other governor at risk of losing his job, and why is everyone driving like they're in the Fast & Furious movies?
Cheddar's Michelle Castillo talks to musicians thriving on TikTok as live music still struggles amid the pandemic.
Facebook already asks for your thoughts. Now it wants your prayers. The social media giant has rolled out a new prayer request feature, a tool embraced by some religious leaders as a cutting-edge way to engage the faithful online.
The space agency began taking applications Friday for four people to live in a simulated Mars habitat at the Johnson Space Center in Houston.
