*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 movie-theater company’s stock plunged nearly 40% after it announced plans to sell 11.6 million shares to raise cash, while warning buyers they could lose all their investment.
What Dr. Fauci had to say in the early days of the COVID-19 pandemic, a college basketball legend is retiring, and getting nothing for something. Here's all the news you Need2Know for June 3, 2021.
Salvage experts have failed to tow a fire-stricken container ship carrying chemicals out to sea and it has started to sink off Sri Lanka’s main port, raising fears of a marine environmental disaster.
AMC Entertainment is looking to keep in closer contact with some of its newer investors, as the movie theater chain embraces its meme stock popularity.
N.Y. COVID milestone, Krispy Kreme's big move, swimming sky-high, and much more. Here is all the news you Need2Know for June 2, 2021.
An emotional President Joe Biden has marked the 100th anniversary of the massacre that wiped out a thriving Black community in Tulsa, Oklahoma.
China's leaders are easing limits on how many children each couple can have, hoping to counter the rapid aging of Chinese society.
Remembering the Tulsa Race Massacre, QAnon vs. church, people are heading back to the box office, and more!
This summer — just one year after social distancing orders and business shutdowns made a regular beach season impossible — is shaping up to be one of the busiest in recent memory, as newly-vaccinated vacationers flood the beaches and boardwalks. But employers are having trouble finding enough employees.
Memorial Day Weekend 2021 looking much better than last year. Biden's dropping his new budget, the NBA has an unruly fan problem and listener advice for Carlo as he prepares to become a new dad!
