The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
CNBC sat in on an "empathy training" at Amazon PillPack's Somerville offices, which is part of new hire orientation.Technologyread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
It's time to sharpen your pencils and work on that 2018 income tax return. Just make sure you understand the new tax law first.
Half of people polled by the personal finance website said they don't understand how the tax overhaul affects their bracket.
Meanwhile, 3 out of 10 are unsure what exactly changed after the legislation was signed into law at the end of 2017.
NerdWallet took an online survey of 2,005 U.S. adults in December 2018.
"You expect people to be a little confused," said Andrea Coombes, a tax specialist at NerdWallet. "It's worrisome that people aren't up to speed on what's changed under the new law."
Here are the highlights of the new tax law and what you can expect as you prepare your 2018 tax return.
In all, 3 out of 4 of survey participants correctly identified the passage of the tax overhaul as taking place in 2017, NerdWallet found.
One of the major changes that took place as a result was an increase in the standard deduction: $12,000 for single filers and $24,000 for married filing jointly in 2018.
Personal and dependent exemptions, which you were able to claim for yourself, your spouse and each of your dependents, are now out of the picture.
The law also placed limitations on itemized deductions, including a $10,000 cap on the state and local tax deduction.
Another thing that will grab your attention is that individual income tax rates overall have fallen.
The top rate is now 37 percent, compared with the highest rate of 39.6 percent before passage of the new law.
With the new reality of lower tax rates and higher standard deductions, workers were supposed to make sure they adjusted the amount of income taxes withheld from their pay.
Enter Form W-4 and the updated tax withholding tables — documents you use with your employer to tailor the amount of tax that comes out of your paycheck.
The Treasury Department touted bigger paychecks for workers as a result of the tax overhaul.
About a third of the NerdWallet survey participants said that they noticed an increase in pay.
However, the IRS has been encouraging filers to review their withholding in light of the new law. That's because workers who withhold too little in taxes may end up with a bigger paycheck for now — but they will owe come tax time.
Withhold too much, and you're giving the government an interest-free loan.
Even retirees were encouraged to review their withholding.
The IRS granted a reprieve for taxpayers this month, waiving the penalty for filers who paid at least 85 percent of their total tax liability for 2018.
If you haven't reviewed your paycheck in 2019, get to it now.
Families with children will notice that the new tax law has boosted the child tax credit to $2,000 for each kid under age 17, which is double the amount under the old law.
The dependent and child care credit is also still around: You may claim a maximum of $1,050 for one child under age 13 ($2,100 for two or more kids).
A slate of itemized deductions may be out of reach for many, however. For instance, you can only claim up to $10,000 for the state and local tax deduction.
Here's another break that's out: miscellaneous itemized deductions — which allowed you to deduct unreimbursed employee costs, tax preparation fees, investment expenses and more, as long as they exceeded 2 percent of your adjusted gross income.
Find a list of itemized deductions that you may miss on your 2018 tax return here.
More from Personal Finance
Withheld too little tax in 2018? The IRS may give you a pass on penalties
Here are your new income tax brackets for 2019
About 14,000 recalled IRS employees haven't come to work this week amid the shutdown