Color of Money: Start planning for your 2019 tax return now

Business / The Color of Money /

WASHINGTON -- People hate doing their taxes so much that, as soon as Tax Day is over, they want to retreat from anything related to their returns.

But now is the time to start tax planning for next year, because you have time to make any changes that may be necessary to avoid a huge tax bill.

Eric Bronnenkant, head of tax at online financial ...Read more

Color of Money: Trump promised the tax-cut bill would be a great gift to middle-income Americans. A new poll shows many taxpayers want to return it.

Business / The Color of Money /

WASHINGTON -- Tax Day is now over, and many Americans say they didn't notice the "tremendous" tax break President Trump promised.

"This is going to be one of the great gifts to the middle-income people of this country that they've ever gotten for Christmas," Trump said in December 2017, just before the Tax Cuts and Jobs Act was passed.

But ...Read more

Color of Money: Once the April 15 deadline passes, tax fraudsters go into overdrive

Business / The Color of Money /

WASHINGTON -- Maybe your tax return is done and you've already spent your refund.

Or you might have learned you owed the IRS this year, and you're struggling to find the funds to pay your tax bill.

No matter where you stand on your taxes, one thing is certain: After the April 15 tax deadline, the scammers will show up like the folks lining up ...Read more

Color of Money: No, filing an extension does not give you more time to pay your taxes

Business / The Color of Money /

WASHINGTON -- Thank goodness the tax code allows for procrastination and the things in life that happen, including events that are out of your control.

You can achieve a reprieve by filling out IRS Form 4868: "Application for Automatic Extension of Time to File U.S. Individual Income Tax Return." The extension gives you six extra months to file...Read more

Color of Money: If you're a middle-class family and can't afford the college sticker price, here's how to appeal for more financial aid

Business / The Color of Money /

WASHINGTON -- There's a lot of attention right now on uber-wealthy families who allegedly bribed their children's way into expensive colleges that they could easily afford -- even after six-figure payoffs.

But in many other households right now, there are parents fretting about the not-nearly-enough financial-aid packages their children have ...Read more

Color of Money: Credit card vs. debit card - Wow Air's recent shutdown highlights why one is better than the other.

Business / The Color of Money /

WASHINGTON -- My daughter came rushing into my office last week in despair.

She has a trip planned to Ireland in June. And the return flight she'd booked back from Dublin on the Icelandic budget airline Wow Air had just been canceled -- after the company announced without warning that it had ceased operations.

She wasn't just worried about ...Read more

Office Depot and agree to pay $35 million to settle charges of rigging computer scans

Business / The Color of Money /

WASHINGTON -- Naturally, given the rising flood of adware, spyware and sophisticated phishing attempts to access our personal data, people are scared and increasingly willing to pay for protection.

But this fear of being hacked was allegedly the hook used by Office Depot, its subsidiary OfficeMax and a California-based tech-support vendor to ...Read more

Color of Money: What to do right now to improve your 2019 tax return

Business / The Color of Money /

WASHINGTON -- Despite claims that it would be simple, the Tax Cuts and Jobs Act has proved to be anything but.

The new law changed the tax rates and brackets, and it increased the standard deduction. But it also removed personal exemptions and limited or discontinued certain deductions. These changes resulted in lower taxes owed for some. But ...Read more

Color of Money: The college admissions scandal isn't just about rich, entitled people -- it's a mirror of the March madness that befalls a lot of parents

Business / The Color of Money /

WASHINGTON -- Please, let's stop pretending that the college cheating scandal is just an indictment of overindulgent, wealthy helicopter parents.

The Justice Department has accused dozens of super-rich parents of making $25 million in illegal payments -- and, in some cases, taking a tax break to boot -- to get their children into selective ...Read more


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