Do not rely on TikTok to ensure you comply with federal tax filing laws. MARCA.com outlines where you should find the best tips to follow to ensure you have filed taxes correctly for the Monday, April 15 deadline.
TikTok is one of the most popular social media platforms in the world and the Chinese-owned app allows users from all around the world to go viral with whatever content they like, provided it meets T&Cs, as they all bid for their five minutes of fame.
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But it has also been used as a news source to tap into the younger generations that have often received their information on the world through platforms such as TikTok, Facebook or Twitter (now X.com).
The problem with that is that it's easy to spread fake news, disinformation or, crucially, misinformation that can land those believing it to be misguided or incorrect on a matter and that is not something you want to play around with concerning the Internal Revenue Service and taxes.
"Social media is a great conversation starter," Mara Derderian told CBS MoneyWatch. "And from there you need to make sure you're seeking tax-related or other advice from an educated, experienced professional.
"Everybody has unique goals, and your advice should be customized."
Three common areas that are being pushed on TikTok that are actually hazard zones in the tax game are that cars can be claimed as business expenses (this must be proven with a milage log).
A second is you can hire your children and deduct their salaries. This is allowed, but they must be doing a job that's necessary to running the business in order to do so.
A third one is that you can claim your pet as a guard dog. The answer is generally no. You can only do this if you're a dog groomer, trainer, have a therapy pet or because it's used in counselling.
Best Tax Filing Tips you can follow
Tax filing tips are quite common on the internet and they can be found at vetted, trusted and reliable sources and articles produced by tax bodies themselves, journalists or tax lawyers who are capable of ensuring they know what they're talking about.
Here are some useful tips:
- Utilize online tools. The IRS has created countless online tools to help users correctly find information on taxes and to file on time. IRS Direct File is one good system to use and allows you to file directly with the IRS for free.
- Get help in person or by phone. A voice at the end of the phone is always useful but ensure you are going through a legitimate avenue and source. Visit a Taxpayer Assistance Center if you do not trust a phone call. If you do, the IRS has a toll-free helpline for you to access.
- Plan an extension now if you need one. An extension doesn't give you extra time to pay but it does give you extra time to file correctly if you are too busy. Pushing it back until October 15 might be useful if you're in a tight spot so that you avoid any penalties for oversights and errors.
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