*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.
Tiny homes have been promoted as the solution to all kinds of housing needs — an affordable option in expensive big cities and simplicity for people who want to declutter their lives. They are increasingly used as shelter for homeless people in other California cities, including San Jose and Sacramento, as well as nationally in Seattle, Minneapolis and Des Moines, Iowa.
Eisenhower’s interstate system was the biggest infrastructure project of its time. What justified the cost was its potential to connect all corners of America, but the unforeseen impacts of the highway system seemed to do the opposite of the intention.
Dr. Anne Zink, chief medical officer for the state of Alaska, spoke to Cheddar about Alaska's remarkable task of getting COVID vaccines to a widespread populace even as the state opens up eligibility to nearly everyone.
Nod your head, chug your cocktail, or just close your tired eyes if you’ve done any of the following during this crazy quarantine
Roblox, a gaming platform last valued at $29.5 billion in the private sector, took off immediately in its public debut on the NYSE Wednesday.
Alaska becomes the first state to drop all eligibility requirements for vaccinations. Breast milk from vaccinated mothers is shown to have antibodies. Biden won't put his name on the stimulus checks, and more.
Buckingham Palace says allegations of racism made earlier this week by Prince Harry and Meghan were “concerning” and would be addressed privately by the royal family.
COVID infections are on the rise in U.S. prisons and are accounting for some of the largest outbreaks. Cheddar's Michelle Castillo reports.
Olympic gold medalist Gabby Douglas spoke to Cheddar about the need for aspiring athletes to address both their mental and physical health and her partnership with Smoothie King.
Despite COVID-19, sports betting has skyrocketed. In January, Americans spent approximately $4 billion on sports wagering according to the American Gaming Association.
