As the April 15 tax filing deadline approaches, the IRS warns the public not to follow misleading tax-saving advice on social media platforms, especially TikTok.
Influencers are making videos claiming you can deduct personal expenses like buying an expensive car or owning a pet as business costs. The practice is true for specific situations, like if you are a rancher whose cattle dog provides security.
So, no matter how adorable your pup is, they won’t be a tax write-off.
Other fraudulent advice is related to Form W-2, where individuals are encouraged to fabricate income information to claim larger refunds. Another Form 8944 is falsely promoted as a way for taxpayers to receive refunds even if they owe taxes.
Beware
The IRS stresses that intentionally filing fraudulent forms could lead to civil and criminal penalties.
While influencers may not directly profit from incorrect tax returns filed by their followers, they could still be considered promoters of tax fraud schemes, potentially facing criminal investigations.
Taxpayers are advised to verify the information by consulting IRS.gov and to report any suspicious activity or abusive tax schemes using Form 14242.