*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.
Statues commemorating the Confederacy are being torn down across America as a result of racial unrest following the murder of George Floyd in Minneapolis. But the largest monument in the country has been left out of the conversation: Stone Mountain monument in Georgia. The 42-foot-deep, 76-by-158 foot carving of Confederate President Jefferson Davis, and Generals Robert E. Lee and Stonewall Jackson sits on the face of the world’s largest piece of exposed granite. Removing it could require bitter political debate and a year-long demolition. But for most, the racist history it represents is too hard to ignore.
Takeaways from Big Tech's big day on Capitol Hill. Plus, how India's slums are reaching herd immunity, U.S. troops leaving Germany, why Kodak shares are on fire and more.
COVID cases start to level off even as deaths approach 150,000; Big Tech faces its Big Tobacco moment; Netflix dominates Emmy nominations; Oprah returns to TV and more.
The series, which captured America’s unease as it faces racial clashes amid a pandemic, was nominated as best limited series and received bids for cast members including Regina King and Jeremy Irons.
What if all that disinfecting we're doing is a gigantic waste of time and money? Jill and Carlo discuss the concept of "hygiene theater," plus why investors are going for gold, why we all may be working from home indefinitely, and if the MLB can't make it a week without an outbreak, what chances do schools have?
As the coronavirus pandemic hits Americans' wallets, it is also exposing the long standing wealth gap between minority communities and white Americans, according to Damon Jones, professor at the University of Chicago.
Carlo is back, and he's noticed some promising trendlines to watch in the pandemic. Plus, the scramble to get a second stimulus bill through Congress, a double-whammy of hurricanes, and the death of a television icon.
Following successes like 'The Last Dance' & 'Tom vs Time,' Religion of Sports has raised $10 million as the company looks to expand its presence in sports media. CEO, Ameeth Sankran, talks making a lasting imprint by telling important sports focused stories.
A complete picture of Gen Z's economic impact and financial preferences is likely still years away, but in the interim their presence is already being felt across the investment world.
Here are the headlines you Need2Know for Friday, July 24, 2020:
