*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.
Randi Weingarten, president of the American Federation of Teachers, told Cheddar on Tuesday that they were not prepared to switch so quickly and have been working well with what they have, but online learning simply isn't the same as teaching in person.
As governments around the world consider how to monitor new coronavirus outbreaks while reopening their societies, many are starting to bet on smartphone apps to help stanch the pandemic. But their decisions on which technologies to use — and how far those allow authorities to peer into private lives — are highlighting some uncomfortable trade-offs between protecting privacy and public health.
Nike has teamed up with Good360 to donate 32,500 pairs of its Air Zoom Pulse shoes, specifically designed for healthcare workers, across the U.S. and in parts of Europe.
Companies across a wide swath of industries have found ways to give back to communities in their time of need amid the COVID-19 pandemic.
Carnival Cruise Lines says it plans to gradually resume cruising in North America in August, nearly five months after it halted operations due to the new coronavirus.
COVID-19 tests look for antibodies, which are proteins the body develops in response to toxic or foreign substances inside the bloodstream.
A new study out of a Paris hospital suggests nicotine may help prevent infection and serious illness from coronavirus — but doctors caution against picking up a smoking habit.
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.
Star of 'All Rise', Simone Missick, talked about the unusual virtual season finale of the CBS drama that required a familiar technology during the coronavirus pandemic — Zoom.
A shortage of personal protective equipment is a critical problem for frontline medical workers and one of the toughest issues the organization is facing, said Thomas Tighe, CEO of Direct Relief.
