Misleading Tax Tricks on TikTok, Tax Professionals Warn

The hashtag #Taxes has been trending on TikTok, but tax professionals warn about them. In this article, read and find out what legit tax tricks there are to reduce taxes accurately.

In the past few weeks, the hashtag #Taxes has been trending on TikTok. Under this hashtag, there are several videos sharing tax tricks on how to reduce taxes allegedly. However, tax professionals have warned tax filers not to follow these tax tricks when filing. This is because tax professionals say that these tax tricks are empty statements that are applicable to only a few tax filers instead of the majority.

According to Fuller, a study conducted by Life Happens, a non-profit organization, revealed that 53% of the respondents rely on social media for financial advice. Furthermore, 80% of the Gen Z and millennials turns to social media for guidance.

READ ALSO: Tips To Receive 2023 Tax Refund Early— Here’s What You Need To Know!

Legit Tax Tricks that Can Reduce Taxes Accurately

According to Buchwald, there are several legit tax tricks that taxpayers can follow to reduce their taxes when filing. Apart from the Internal Revenue Service (IRS) Free File program, some big companies also offer free filing. These companies include Cash App, TurboTax, and H&R Block which offer filing services for both federal and state taxes.

In addition, a taxpayer may also apply for IRS’s tax program which is run by volunteers. This program is called the Volunteer Income Tax Assistance (VITA). It provides in-person and free tax preparation to taxpayers whose annual incomes are less than $60,000. Taxpayers with disabilities and those who are not fluent in English are also eligible.

READ ALSO: How To Receive Tax Refunds Early— Here’s What You Should Know!