Cool News on Taxes

By Sean Gregory

Hip-hop mogul Russell Simmons, one of America's foremost arbiters of cool, has dabbled in records and clothing, comedy and cell phones. So, what's next for rap's first large-scale entrepreneur? Taxes, naturally. Simmons, ceo of the sprawling Rush Communications hip-hop empire, has partnered with Intuit, owner of the TurboTax software program, to launch TTrefund.com a website geared toward tax filers ages 18 to 24. The TurboTax system guides young e-filers through the intimidating tax terrain and lets them deposit any refund directly into a checking account or Rush Card, a Simmons-branded prepaid Visa debit card designed for urbanites underserved by traditional banks. In order to draw young people to the site, TTrefund.com offers a $10 discount on the Rush Card's $19.95 activation fee, plus deals on personal computers, digital cameras and wireless phones from Best Buy. Spring breakers can even save $200 on TTrefund-financed trips to Cancun, Mexico, or Daytona Beach, Fla. (This tax season, 9 out of 10 young taxpayers will be eligible for a refund--$900 on average.) So, will tax filing soon become hip? "No," says Simmons. "I'm going to make getting your money back cool. If people don't take advantage of this, someone else is going to get what's theirs. Not leaving your money on the table, now that's cool." --By Sean Gregory