*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 chief suspect in the disappearance of Natalee Holloway has admitted he beat the young Alabama woman to death on a beach in Aruba after she refused his advances. New details in the killing emerged Wednesday as Joran Van der Sloot pleaded guilty to extorting Holloway's mother, resolving a case that has captivated the public’s attention for nearly 20 years.
The trial of a Fugees rapper, who was convicted this year in multimillion-dollar political conspiracies, stretched across the worlds of politics and entertainment — and now the case is touching on the tech world with arguments that his defense attorney bungled the case, in part, by using an artificial intelligence program to write his closing arguments.
Israel said Wednesday that it will allow Egypt to deliver limited quantities of humanitarian aid to the Gaza Strip, the first crack in a 10-day siege on the territory. Palestinians reeled from a massive blast at a Gaza City hospital that killed hundreds the day before and grew increasingly desperate as food and water supplies ran out.
A 4000-year-old slab of rock is being dubbed a treasure map for archaeologists. The rock was found in 1900 at the site of an ancient tomb in northwestern France and it was declared Europe's oldest known map in 2021.
Hundreds of people gathered for a vigil honoring a six-year-old Palestinian-American boy who was stabbed to death over the weekend by his family's landlord in an apparent hate crime.
