Nearly 80% of millennials and Gen Z relied on social media for financial guidance, according to Forbes Advisor. That includes tax advice. #taxes trended on TikTok in the last two weeks, boosting its rank to number three on the financial services chart, surpassing another popular search, #emoney. In the last seven days, content related to taxes and the IRS generated 41 million views on the social media platform. Some tax pros say that some of those tips are misleading or flat-out wrong. A quick tour reveals popular videos sharing “secret tax tips” or “deductions you didn’t know.” These range from ways to use your car as a tax expense to deducting 100% of business entertainment expenses in 2022, which is incorrect because only food is deductible.
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