*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.
Twitter CEO Jack Dorsey sold his first tweet for more than $2.9 million. The tweet from 2006, which says “just setting up my twttr,” was bought by Bridge Oracle CEO Sina Estavi.
A second mass shooting in a week rattles the nation. What we know, what we don't, and what the political response might be. Plus, the cursed AstraZeneca vaccine facing new questions, upsets rule the day in the women's NCAA tourney and how fat did we get during Covid?
American Cornhole League co-founder and commissioner Stacey Moore spoke to Cheddar about partnering with sports betting giant DraftKings and touted the players in one of the newer televised sports to gain in popularity.
Casinos in Atlantic City are pinning hopes on the rising vaccination rates and the return of live sports to drive people back to in-person gaming.
Rep. Andy Kim of New Jersey talked to Cheddar about his concern that once the news cycle moves on, Americans will forget about the threat that remains against Asian and Asian American people.
Breaking news overnight on the AstraZeneca vaccine. Some new eligibility expansions, the latest from the border, the Cinderella stories after the first weekend of March Madness, and more.
Rep. Mark Takano (D- Calif. 41st District) discusses the need to pass the COVID-19 Hate Crimes Act especially in the wake of the shooting deaths of eight people in Atlanta area spas, six of them being women of Asian descent.
Maxine Williams, chief diversity officer at Facebook, spoke to Cheddar from the all-virtual SXSW to discuss Facebook's progress on improving diversity and inclusion within the social media giant.
U.S. health officials are relaxing social distancing recommendations for schools, now saying students can sit as close as 3 feet to each other in classrooms.
The editors of the 2021 World Happiness Report found that longer-term satisfaction didn't change much despite the pandemic. Finland placed first for the fourth consecutive year. The U.S. slipped from 18th to 19th place.
