*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.
Millions of Muslims in Asia are beginning Ramadan, Islam's holiest month, under the gloom of life with the coronavirus, which has forced extensive changes to traditions.
World-renowned chef Daniel Boulud has partnered with SL Green Realty's chairman and CEO Marc Holliday to launch Food1st, a local nonprofit that will help combat hunger and feed frontline workers fighting the novel coronavirus.
Hart Island is a mile-long patch of land in the Long Island Sound off the coast of the Bronx, which normally slips under the radar for most New Yorkers. In recent weeks, the unassuming island made headlines after drones captured aerial images of workers loading simple caskets three-deep into trenches wide enough to fit over 100 bodies.
The oldest brother of Sen. Elizabeth Warren, Donald Reed Herring, has died from the coronavirus. The former Democratic presidential candidate said Thursday that her brother died Tuesday evening.
A new survey finds Americans remain overwhelmingly in favor of stay-at-home orders and other efforts to slow the spread of the coronavirus. A majority say it won’t be safe to lift such restrictions anytime soon. T
Will Shafroth, president and CEO of the National Park Foundation, told Cheddar Wednesday that the changes in the environment have allowed him to see more wildlife than he has ever seen before.
This Earth Day, you may be wondering how to help the environment, even as you prioritize health and safety by staying at home and observing social distancing. Here are five things you can do to help the planet without leaving your neighborhood (and one that requires a little more of a drive).
"The Last Dance" became ESPN’s highest-rated documentary in its history Sunday night, averaging 6.1 million viewers during its premiere, the network announced in a statement on Monday.
Unlike many industries hit hard by the economic downturn, tour guides in New Orleans never saw a decline in business. Carriage drivers like Charlotte Jones were giving tours right up until the city's stay-at-home order went into effect.
While there are more paying members, Netflix will have to closely monitor some other aspects of its business as the crisis continues.
