Personal Finance

This is the first tax year under the Tax Cuts and Jobs Act — an overhaul of the code that doubled the standard deduction ($12,000 for singles and $24,000 for married-filing-jointly in 2018), and eliminated personal and dependent exemptions (formerly $4,050 for yourself, your spouse and each dependent). The law also placed limits on itemized
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Not surprisingly, millennials are paving the way among people ditching bills and coins in favor of credit, debit and digital payments, through apps like Apple Pay, Venmo and Zelle. In fact, more than 1 in 10 millennials use their digital wallet for every purchase, according to a separate report by Experian — especially on food,
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Part of that swelling demand stemmed from new anti-fraud regulations that took effect last year, delaying refunds until mid-February for consumers claiming the earned income tax credit or the additional child tax credit. This year, experts say, the ongoing government shutdown could generate even more interest, both from affected workers who are running low on
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Accountants have been waiting for the last word on regulations that would affect clients’ 2018 returns. For instance, small businesses are holding out for the 20 percent qualified business income deduction. It’s a break for so-called pass-through entities, including sole proprietorships and S-corporations. Accountants are awaiting final regulations from the Treasury on this break to
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