*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.
Jessica Jackson, chief advocacy officer at REFORM Alliance, says getting the First Step Act passed in 2019 with the aid of celebrity Kim Kardashian-West, was literally just the initial hurdle in reforming the criminal justice system.
WHO Director-General Dr. Tedros Adhanom Ghebreyesus indicated the body's support has stemmed from the drastic actions China has taken, despite the obvious impact to its citizens and economy.
These are the headlines you Need 2 Know for Wednesday, February 12, 2020.
California-based Foria is making the case this Valentine's Day that sex, wellness, and cannabis belong together, according to Kiana Reeves, chief brand educator.
CEO Ronan Levy made comments regarding opportunities for psychedelics following a fundraise of $8.5 million by Field Trip.
World Health Organization's leader Dr. Tedros Adhanom Ghebreyesys revealed the name of the disease currently afflicting China and other parts of the world: COVID-19 (a mashup of "Coronavirus Disease 2019).
These are the headlines you Need 2 Know for Tuesday, February 11, 2020
Show host Jenny Taft told Cheddar that the biggest event in canine competitions is a culmination of a dog's "whole life" of work to compete for Best in Show.
Geoffrey Colon and Aya Kikimova, Head of Brand Studio and Brand Studio at Microsoft Advertising, join Cheddar to discuss their new report that explores trends of the past and present that will impact the next decade.
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Check out the report [here](https://about.ads.microsoft.com/en-us/blog/post/january-2020/2020-vision-trends-to-define-the-next-decade).
Despite more businesses being owned by women and women of color, National Women's Business Council member Shelonda Stokes notes it's only the beginning of the story.
