*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.
Jim Belushi and Dan Aykroyd join Cheddar to discuss Belushi's reality show set on his cannabis farm and a new "Blues Brothers' branded cannabis strain to be sold in, of course, Skokie, Illinois.
Over the last year, 52 million Americans purchased additional goods for disaster scenarios.
Could a coronavirus vaccine be this year's October surprise? Plus, another police killing of a Black man sparks protests, moderators set for the debates and more.
Patreon has been valued at over $1.2 billion as the coronavirus pandemic forces creators find new outlets. CEO Jack Conte joined Cheddar to discuss the company's vision.
NBA all-star Jrue Holiday is working to combat systemic racism by donating his remaining salary. The New Orleans Pelicans guard is working with Resilia, a technology platform, to track his donations and ensure change is really happening.
Thailand’s prime minister is congratulating the nation for having achieved 100 days without a confirmed locally transmitted case of the coronavirus.
The White House moves unilaterally to shield renters from eviction; NYC punts back-to-school 10 days to satisfy teachers; Trump in Kenosha; Markey handily beats Kennedy; why you should consider updating your iOS and more.
Lady Gaga's Born This Way Foundation is hosting its third annual #BeKind21 campaign, promoting good deeds for 21 straight days. The foundation executive director, Maya Smith, joined Cheddar to discuss the vision for this year's campaign and ways people can get started.
Mayor Bill de Blasio says New York City is delaying sending students back to classrooms in the nation’s largest public school system.
How and whether companies participate in COVID-19 vaccination programs could mean the difference between a successful roll-out, and one fraught with suspicion and misunderstanding.
