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TikTok for tax help? Use caution

TikTok for tax help? Use caution
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TikTok for tax help? Use caution
The Internal Revenue Service (IRS) is warning taxpayers to be wary of potentially misleading tax advice circulating on social media platforms, with less than a week to go until the April 15 federal tax filing deadline."It really just shows how many people are looking for that personal finance advice, how to save their paycheck, how to spend their paycheck, and especially during this time of year, how to file taxes," said Nick Wolny, managing editor at CNET.Brad Messner, a member of the National Association of Tax Professionals and a professor at the University of Pittsburgh, acknowledged that social media can provide some helpful sources for tax topics. However, he cautioned that not all sources have the same credibility and expertise. "In a lot of cases, there's a lot of intricacies and nuances. So there is no way in a 15-second or, even in some cases, a 30-second or three-minute clip to explain all of the details around the topic," Messner said.The IRS warned this week that misinformation on social media, including schemes like misusing W-2 forms to scam a larger refund, can lead taxpayers into serious trouble. Wolny advised users to always conduct their own research. "A fact check that you always want to put into place: Make sure that you know the basics and that you're not just following someone's potential, get rich quick messaging that may or may not even be true," Wolny said.Messner emphasized that it's the individual filer who is held accountable for their tax return. "When you submit that return or when you sign that return, you are ultimately responsible for it. And if anything comes into question, just the response of, oh, well, I saw that on TikTok is not really a valid response in terms of an audit," Messner said.As the tax season enters its final stretch, taxpayers are urged to be cautious and ensure they are getting their advice from credible sources.

The Internal Revenue Service (IRS) is warning taxpayers to be wary of potentially misleading tax advice circulating on social media platforms, with less than a week to go until the April 15 federal tax filing deadline.

"It really just shows how many people are looking for that personal finance advice, how to save their paycheck, how to spend their paycheck, and especially during this time of year, how to file taxes," said Nick Wolny, managing editor at CNET.

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Brad Messner, a member of the National Association of Tax Professionals and a professor at the University of Pittsburgh, acknowledged that social media can provide some helpful sources for tax topics.

However, he cautioned that not all sources have the same credibility and expertise. "In a lot of cases, there's a lot of intricacies and nuances. So there is no way in a 15-second or, even in some cases, a 30-second or three-minute clip to explain all of the details around the topic," Messner said.

The IRS warned this week that misinformation on social media, including schemes like misusing W-2 forms to scam a larger refund, can lead taxpayers into serious trouble.

Wolny advised users to always conduct their own research. "A fact check that you always want to put into place: Make sure that you know the basics and that you're not just following someone's potential, get rich quick messaging that may or may not even be true," Wolny said.

Messner emphasized that it's the individual filer who is held accountable for their tax return. "When you submit that return or when you sign that return, you are ultimately responsible for it. And if anything comes into question, just the response of, oh, well, I saw that on TikTok is not really a valid response in terms of an audit," Messner said.

As the tax season enters its final stretch, taxpayers are urged to be cautious and ensure they are getting their advice from credible sources.