*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.
It was an extraordinary year for the video game industry which culminated in, of course, the big launches of the anticipated next-generation consoles, the PlayStation 5 and the Xbox Series X/S.
The Northeast will see more snow today than it got all last winter as a major winter storm approaches. The latest forecast, plus promising vaccine and stimulus developments and Tom Cruise has HAD IT with COVID rule-breakers.
CEO Isaac Larian joined Cheddar to discuss MGA Entertainment's push for recyclable toy products and packaging.
A decade after publishing his memoir “Decoded,” Jay-Z is forming a more lasting partnership with the book industry. Roc Nation, the entertainment company founded by Jay-Z, is starting an imprint with Random House called Roc Lit 101.
Jill and Carlo talk vaccine rollout, election results, the IPO market and more.
Dr. Fauci's predictions for herd immunity in the U.S. as the first vaccines roll out and the country crosses 300,000 deaths. Plus: Google pioneers a new office policy, Mariah back at #1 and more.
Thousands of people gathered in the Chilean region of La Araucanía on Monday to witness a solar eclipse, rejoicing in the rare experience even though visibility was limited because of cloudy skies.
Disney is gearing up to roll out a number of movies and show on its streaming service Disneyplus. The news comes as the streaming wars ramp up following HBOMax and Warner's movie deal. Cheddar's Michelle Castillo reports.
Impressive gifts for everyone on your list, at a fraction of the price.
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.
