*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.
A potentially historic breakthrough in the Middle East; what the heck is going on with the USPS; stock market on fire with 30 million Americans out of work; this year's Song of the Summer & Love, Hate, Ate.
Young people across the world are uniting, calling on policymakers to adress the climate crisis. 15-year-old Alexandria Villasenor, founder of Earth Uprising, talks launching the movement and an upcoming partnership with GAP Kids on a virtual rally, encouraging the youth to make their voices heard about issues they want fixed.
Kamala Harris previews the Biden campaign's strategy for the fall. Plus, a schism developing in college sports, restaurant industry in early stages of collapse, and the Great Showerhead Debate.
Federal authorities have charged three men with harassing and intimidating women who have accused R&B singer R Kelly of abuse.
CuriosityStream CEO, Clint Stinchcomb, talks about the company's plan to go public as it expands its global reach and also explains what sets his platform apart from others.
Sumner Redstone, who built a media empire from his family’s drive-in movie chain, has died.
Kamala Harris makes history as Joe Biden's VP pick, the Big 10 and Pac 12 bow out of a fall season, and the Phoenix Suns' shine in the NBA bubble.
New Zealand's prime minister says authorities have found four cases of the coronavirus in one Auckland household from an unknown source, the first cases of local transmission in the country in 102 days.
Carlo and Baker talk about the encouraging signs in air travel, another encouraging sign in Florida, plus Facebook's QAnon problem and what to do about college football.
Efforts have intensified in Mauritius to empty a stranded Japanese ship of an estimated 2,500 tons of oil before the vessel breaks up and contaminates the island’s Indian Ocean coastline.
