Skimm'd while learning what not to do on Tax Day

theSkimm50 West 23rd Street, Suite 5B; New York, NY, 10010, United States Update Profile

APRIL 04, 2018


Learn the Tax Don'ts

Skimm'd while learning what not to do on Tax Day


"Lava lamp galaxy effect" – One person's description of the latest food trend: edible glitter. Nothing is safe.


The Story

The US and China's trade fight just escalated.

Tell me more.

Last month, President Trump slapped steel and aluminum tariffs on pretty much every country (with some exceptions). He said this would help US companies better compete. Also last month, he singled out China with plans for even more tariffs. This came after a gov investigation found China's been stealing intellectual property from the US.


Yesterday, we got details on those tariffs, which are aimed at $50 billion worth of Chinese products like TVs and medical equipment. Today, China said 'oh yea?' and announced $50 billion worth of tariffs on major US exports like soybeans, planes, and cars.


China and the US are the world's biggest economies. This latest move is already spooking the market. And raising fears that the two are en route to a full-blown trade war.


What to say when your deck doesn't follow the company theme...

I did it my way. Spotify had a big first day on the New York Stock Exchange. The music-streaming service closed at around $149 per share, making the company worth $26.5 billion. It's a big deal because Spotify pressed 'skip' over a traditional IPO. Typically, when a company goes public, it hires investment banks to handle all the complicated stuff. But Spotify did a direct listing. Meaning: no banks underwriting it. No set share price before the debut. And no new stocks issued. Instead, employees and investors sell off some of their existing shares. And banks are hired to basically serve as mentors for how to get it done. Because Spotify's big first day went well, this unconventional plan could change how future IPOs go down. If Spotify can do it, other companies like Uber and Airbnb may decide to follow suit.

PS: We have theSkimm on investing in stocks. Learn more in the app here.

What people are watching…

YouTube's HQ. Yesterday, three people were injured in a shooting there. Police are still investigating what the motive was. The female shooter was found dead by suicide.

What people are talking about...

This caravan. Hundreds of migrants are being held in a field in Mexico. Every year, a group treks from Central America to the US seeking asylum. This is to raise awareness about migrant issues, and possibly escape dangerous and poor living conditions back home. This week, more than 1,000 people have joined. This got President Trump's attention...he wasn't a fan. He warned not to let the caravan get into the US by threatening to reduce foreign aid to Honduras, where most of the group is from. And said NAFTA – the US's free-trade agreement with Mexico and Canada – is "in play." Mexico's saying 'on it,' and stopped the caravan. Meanwhile, Trump said he's planning to send US military to guard the border with Mexico.

What to say when you hear someone was sentenced in the Mueller investigation

Gotcha. For years, Iran reportedly had a multi-billion dollar scheme to get around international sanctions. Reminder: Iran was under international sanctions for years thanks to its nuclear program. Many of the sanctions were dropped in 2015 when everyone shook on the Iran nuclear deal. Now we're finding out how Iran allegedly managed to get around some of them. Ahem, Bahrain. A bank there reportedly helped Iran do business with dozens of foreign partners for more than a decade. And get access to billions of trade dollars by covering up who was doing the transactions. Sneaky, sneaky. The bank also reportedly let terrorist financiers and money launderers open bank accounts. Not a good look. Now, the Bahrain gov is apparently accusing this bank of doing all of the above. And saying we may not even know the extent of what the bank did, thanks to how well it covered its tracks.

What to say to your friend who can't stop talking about going paleo...

I'll stick with pasta.

What to say when you turn the calendar to April 4...

Today's the 50th anniversary of Martin Luther King Jr's assassination.


You asked. We answered. This week, we're Skimm'ng personal finance. Specifically, all things taxes. So far, we've covered the dates and terms you need to know. But we don't expect you to be masters at this. People make mistakes. Here are some things to double-check before saying 'I'm done'...

Filing status: Your filing status is used to determine your filing requirements, and is based on your marital status and family situation. Make sure you choose the right one. It is very, very important and there are five to choose from.

Sign off: Yes, people send in forms without signing them. Don't be one of them.

Don't get scammed: The IRS will never call you demanding a payment or threatening to have you arrested. The scammers might know the last four digits of your Social Security Number – don't give them the rest. Just hang up.

- Want more tips to avoid screwing up your tax form? We've got them here.

- Getting scammed isn't fun. Here's how to not get duped.


For when you're tired of your job...

Start your own company. That's what this week's guest on "Skimm'd from The Couch" did. Payal Kadakia is the founder of ClassPass. But it wasn't an overnight success. Listen to her story here.

For when you want to start your own business…

Skimm'r of the Week Ernestina Asante has the solution for you. Kiva helps crowdfund loans to help people start or grow their business. More than 80% of its borrowers are women. Learn more here.

For when you've had that bookshelf since college...

Time for some new new. Our new HQ got a makeover with the help of Hayneedle. Here is a guide to all the affordable looks. Your space (and wallet) will thank you.*

*PS This is an affiliate partner, which means if you purchase theSkimm may get something in return. Thanks.


* indicates Skimm'bassador. Make a wish

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