*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.
California's population declined in 2020 for the first time since state officials have been measuring it.
An Army trainee has been arrested after authorities say he boarded a South Carolina school bus with a gun and held the driver and elementary school students hostage before letting them off the bus.
A federal grand jury has indicted the four former Minneapolis police officers involved in George Floyd’s arrest and death, accusing them of willfully violating the Black man’s constitutional rights.
All the COVID metrics are now looking quite good in the U.S., but still quite bad in India. Florida and Texas are next to enact new strict voting restrictions.
Amusement park regulation varies from state to state, but no American amusement park receives federal oversight. In fact, the largest parks are free to regulate themselves.
New York Gov. Andrew Cuomo says Broadway theaters can reopen Sept. 14 and will be allowed to decide their own entry requirements, like whether people must prove they’ve been vaccinated to attend a show.
Facebook's oversight board punts on the big Trump decision, Biden changes his tune on vaccine patent protections while Tucker Carlson spreads more misinformation, why Peloton's treadmill is a design fail, and more.
Sen. Chuck Schumer (D-N.Y.) joined the NYC Cannabis Parade, the first since the Empire State legalized marijuana. The senator promised to continue to fight for "fair, just, and full legalization" on a federal level.
A closer look at bitcoin's experience during the pandemic reveals a handful of major developments that have helped push the OG cryptocurrency to new heights.
Jill and Carlo go over the White House's new strategy to get over the vaccine hump, Pfizer's vaccine revenues, the decision on whether to let Donald Trump back on Facebook, and the broader problems with social media.
