*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.
Back in 1957, the late Queen Elizabeth II gifted a pair of swans to Lake Morton in Lakeland, Florida. Now there are around 50 swans from the original royal pair and each year they are rounded up and given an annual medical check-up to make sure they're all healthy.
Design and lifestyle company Apartment Therapy has brought back its annual Small/Cool NYC exhibit to showcase some of the biggest interior design trends. Maxwell Ryan, founder of Apartment Therapy, joined Cheddar News to show some of the designs the company has come up with as well as some unique choices for living spaces of any size.
It's the last day to vote for the annual CEW Beauty Awards. Ju Rhyu, co-founder and CEO of Hero Cosmetics, a finalist in the Launch of the Year category, joined Cheddar News to discuss the company's Mighty Surface Patch which has become a sensation.
California restaurants that offer boozy brunches have introduced an extra charge diners to indulge to the point of getting ill will be charged a $50 fee to cover the cleanup.
Jada Pinkett Smith and husband Will Smith have lived “completely separate lives” since 2016, she revealed in an interview with Hoda Kotb. The prominent Hollywood couple married in 1997 and have addressed separations and marital troubles, but never this specifically.
