While TikTok can provide entertaining and insightful financial advice, a significant amount of misinformation exists, particularly regarding tax deductions and credits. Tia Uzzell, a tax accountant, warns that many users on the platform lack proper knowledge about tax laws. Following misleading tips can result in criminal penalties or delayed tax refunds, as the IRS reports many claims being incorrectly filed. As remote work increases, misunderstandings about legitimate deductions, like the home office deduction, are becoming more common. Therefore, individuals should be cautious and verify tax information before acting on advice from social media.
The IRS has received thousands of claims where it appears taxpayers are claiming credits for which they are not eligible, leading to significant refund delays.
Most TikTok-ers who are giving tax advice - a lot of them don't have much knowledge in tax, leading to widespread misinformation.
A lot of people are passing along misinformation. Sometimes it has a hint of accuracy to it, but it's not fully accurate.
The repercussions of following bad tax advice are real: potential criminal penalties or, at the least, late-payment fines.
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