*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.
There will be six more weeks of winter, Punxsutawney Phil predicted as he emerged from his burrow on a snowy Tuesday morning to perform his Groundhog Day duties.
So much snow in the Northeast, Biden meets with Republicans on stimulus, stocks calm down, and Nike's new sneaker.
The short squeeze phenomenon for companies like GameStop and AMC started on Reddit has captured the attention of the financial world — and brought up questions about if anything needs to be done about it.
The Big Game ad features Shaggy alongside Ashton Kutcher and Mila Kunis in a comedic rendition of the classic hit 'It Wasn't Me' centered around Cheetos' new Crunch Pop Mix.
The erratic trading in shares of underdog companies like GameStop that turned markets combustible last week appears to have migrated to commodities, sending silver prices surging to an eight-year high.
The kathy ireland Health & Wellness CBD Solutions line, announced in May 2020, launched in mid-January as a partnership with CBD company Vertical Wellness.
Tom Moore, the 100-year-old World War II veteran who captivated the British public in the early days of the coronavirus pandemic with his fundraising efforts, has been hospitalized with COVID-19, his daughter said Sunday.
Jill and Carlo go a little long today to discuss the single most important question in the news: what is our *goal* when it comes to ending the pandemic? Plus, a big winter storm in the Northeast, Putin's problem not going away, and the point of short-selling stocks.
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
Christopher Kardatzke, the chief technology officer for Quiver Quantitative, joined Cheddar to discuss how hedge funds have started inquiring about its data-scraping tech in the wake of the GameStop short squeeze.
