*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.
The three other police officers on the scene when a Minneapolis officer pressed his knee on George Floyd’s neck have been charged with aiding and abetting a murder.
Virginia Gov. Ralph Northam is expected to announce plans Thursday for the removal of an iconic statue of Confederate Gen. Robert E. Lee from Richmond’s prominent Monument Avenue.
Alphonso David, president of the Human Rights Campaign discussed the need to address the oppression of both LGBTQ and black communities simultaneously.
As Pride season gets underway, LGBTQ-owned and LGBTQ-friendly businesses are banking on this support to survive the shutdown.
As the coronavirus raced across America, the quaint seaside town of Cannon Beach, Oregon, shooed away the tourists it depends on.
More than 4,000 people have been arrested over the last six days during sweeping protests across the country in response to the police killing of black Minneapolis resident, George Floyd. Cheddar's Megan Pratz takes a deep dive into the rights of protesters and how to protect yourself while demonstrating.
The state of Minnesota has filed a human rights complaint against the Minneapolis Police Department in the death of George Floyd who died after an officer pressed his knee into Floyd’s neck for minutes, even after he stopped moving.
Cheddar's Chloe Aiello, Michelle Castillo, and Douglas Murray were among thousands who gathered at protests held near Barclays Center in Brooklyn over the weekend.
Former NAACP President, Ben Jealous, sits with Cheddar's Jill Wagner to speak on nation's unrest and President Trumps response.
As demonstrations across the country grow more violent by the day, Rashad Robinson says a lack of leadership in the White House is part of the issue.
