Sometimes the advice can be too general for your circumstance.
in McLean, is hearing more about the app’s advice. “It used to be ‘My neighbor said I could do this.’ The next generation, it’s the TikToks,” says Myers. Just like her clients, she sees the videos while scrolling on her phone. One she particularly recalls: a TikToker counseling viewers that buying a suit and monogramming it with your name transforms it into a uniform that can be written off as a work expense—including the dry cleaning.
Tax advice on social media has become so prevalent that a seminar at the American Institute of Certified Public Accountants’ tax conference last fall focused on social apps such as TikTok. According to Eric Smith, a CPA and partner atin Rockville, the presentation acknowledged that there’s some good guidance on TikTok—particularly for young professionals—while also warning against the risk of overgeneralization.
“The bad advice usually takes the form of this amazing tax-saving opportunity, which is described in less than two minutes and completely devoid of any disclaimers about specific qualifications or details on what facts and circumstances must be met to actually qualify,” says Smith. If you’re considering a tax trick from TikTok, first try to vet the creator’s credentials. Advice from a licensed CPA is more likely to be accurate than that of a layperson speaking about their own experience. From there, treat the tips as a starting point: Understand that taxes aren’t one size fits all, and think about consulting a professional who has access to your documents and the details of your situation.
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