Getting Tax Advice from Social Media Might Get You Audited
Perhaps the only thing worse than getting health advice from TikTok . . . is getting TAX ADVICE from TikTok.
The IRS has put out a warning that bad advice on social media is misleading taxpayers about refunds and tax credits.
Apparently, some influencers are falsely claiming that the IRS is hiding “secret” credits . . . or encouraging people to bend the truth on their tax returns.
That can lead to big trouble for you down the line, in the form of audits, penalties, and having to repay refunds.
Over the last few years, the IRS has assessed more than $160 million in penalties on thousands of returns over false tax credit claims tied to social media. And it’s not a slap on the wrist . . . the penalties average $5,000 per return.
So, when it comes to doing your taxes this year, only rely on trusted professionals and official IRS guidance . . . not some 20-second TikTok claiming you can write off your dog’s food bill for being a household employee. (???)
