satoshipacioli on Nostr: 🚨 Stop! Don’t fall for misleading tax advice on social media 🚨 The IRS is ...
🚨 Stop! Don’t fall for misleading tax advice on social media 🚨
The IRS is warning taxpayers about viral “tax hacks” that promise huge refunds but can lead to delayed refunds, audits, steep penalties, and even criminal prosecution. Scammers and misinformed influencers are pushing bad advice to get likes and clicks while putting your finances at serious risk.
🔍 Top scams to watch out for:
• ❌ “Self-Employment Tax Credit” – This credit doesn’t exist. Scammers misuse Form 7202, which applied only for COVID-19 sick and family leave credits in 2020-2021. It’s not valid for 2023 or 2024.
• ❌ Fuel Tax Credit – This credit is for qualifying business purposes like farms or aviation fuel, not for the gas in personal vehicles. Most individuals do not qualify, yet scammers push this to inflate refunds.
• ❌ Fake income or withholding – Scammers encourage filing false W-2s with fake income and withholding to generate large refunds. This is fraud and can result in audits, fines, and criminal charges.
• ❌ “Claim of Right” Deduction – Promoters advise taxpayers to deduct their wages as “necessary expenses,” which has no legal basis and will result in IRS scrutiny.
• ❌ Fictional household employees – A scam where taxpayers invent employees and misuse Schedule H to claim false sick leave credits.
💡 The bottom line:
If it sounds too good to be true, it probably is. Viral videos and influencers promoting “free money” or secret tax tricks are spreading misleading or outright fraudulent advice. Falling for these schemes can delay refunds, trigger IRS audits, or result in fines and even federal prosecution.
✅ What should you do instead?
1️⃣ Follow trusted sources: Visit www.IRS.gov or follow official IRS social media accounts for accurate information.
2️⃣ Consult a tax professional: A qualified, licensed tax expert can help you navigate tax season safely and maximize legitimate credits.
3️⃣ Fact-check before you act: Don’t take financial advice from someone “talking in their car or kitchen.” Do your research first.
4️⃣ Report scams: Protect yourself and others by reporting tax fraud and suspicious preparers to the IRS or Treasury Inspector General.
💡 Remember: Social media may be entertaining, but it’s not the place for reliable tax advice. Protect your refund, your finances, and your peace of mind by seeking trustworthy, verified sources this tax season.
The IRS is warning taxpayers about viral “tax hacks” that promise huge refunds but can lead to delayed refunds, audits, steep penalties, and even criminal prosecution. Scammers and misinformed influencers are pushing bad advice to get likes and clicks while putting your finances at serious risk.
🔍 Top scams to watch out for:
• ❌ “Self-Employment Tax Credit” – This credit doesn’t exist. Scammers misuse Form 7202, which applied only for COVID-19 sick and family leave credits in 2020-2021. It’s not valid for 2023 or 2024.
• ❌ Fuel Tax Credit – This credit is for qualifying business purposes like farms or aviation fuel, not for the gas in personal vehicles. Most individuals do not qualify, yet scammers push this to inflate refunds.
• ❌ Fake income or withholding – Scammers encourage filing false W-2s with fake income and withholding to generate large refunds. This is fraud and can result in audits, fines, and criminal charges.
• ❌ “Claim of Right” Deduction – Promoters advise taxpayers to deduct their wages as “necessary expenses,” which has no legal basis and will result in IRS scrutiny.
• ❌ Fictional household employees – A scam where taxpayers invent employees and misuse Schedule H to claim false sick leave credits.
💡 The bottom line:
If it sounds too good to be true, it probably is. Viral videos and influencers promoting “free money” or secret tax tricks are spreading misleading or outright fraudulent advice. Falling for these schemes can delay refunds, trigger IRS audits, or result in fines and even federal prosecution.
✅ What should you do instead?
1️⃣ Follow trusted sources: Visit www.IRS.gov or follow official IRS social media accounts for accurate information.
2️⃣ Consult a tax professional: A qualified, licensed tax expert can help you navigate tax season safely and maximize legitimate credits.
3️⃣ Fact-check before you act: Don’t take financial advice from someone “talking in their car or kitchen.” Do your research first.
4️⃣ Report scams: Protect yourself and others by reporting tax fraud and suspicious preparers to the IRS or Treasury Inspector General.
💡 Remember: Social media may be entertaining, but it’s not the place for reliable tax advice. Protect your refund, your finances, and your peace of mind by seeking trustworthy, verified sources this tax season.