*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.
With platforms like Starz, Netflix, and Amazon paving the way, there are indications that 2021 could be a turning point in diversifying television, in front of and behind the camera.
Lisa McKnight, global head of Barbie and dolls, spoke to Cheddar about how Mattel's success during COVID-19 rested on its classic toy brands like Barbie, Fisher-Price, and Hot Wheels.
Russell Westbrook led a $63 million fundraising round for Varo Bank and is looking to help underserved communities with financial literacy, according to Donnell Beverly, president of Russell Westbrook Enterprises, and Varo COO Wesley Wright.
Cheddar's Michelle Castillo talks to frontline workers in keeping New York City's sprawling subway system running and safe amid the COVID-19 pandemic that has taken the lives of at least 136 MTA colleagues.
The latest on Tiger Woods' condition following a serious car accident, a global vaccination drive begins, why college enrollment is down, and more.
Authorities say there's no immediate evidence that Tiger Woods was impaired in a car crash that seriously injured both of the golfer's legs.
The coronavirus pandemic offered people the opportunity to connect with pets, and the number of adoptions and fosters surged throughout the pandemic. Cheddar's Chloe Aiello reports.
Advertising analytics company DoubleVerify found in a report that there was a 21 percent increase in "inflammatory news and political content" on websites following January 6.
The chief of the Cherokee Nation says it's time for automaker Jeep to stop using the tribe's name on its Cherokee and Grand Cherokee models.
Jill and Carlo are talking vaccine reinforcements, Israel's progress (and that SNL joke), plus Spotify taps Bruce Springsteen and Barack Obama and Daft Punk calls it quits.
