'A lot of times clients come to me with something that they may have heard on social media that actually may be legit,” Grant Dougherty, an enrolled agent and founder of Dougherty Tax Solutions, said. “It's just not legit for their situation.
But tax pros worry that these short clips, even 10-minute videos — the max length allowed on TikTok, oversimplify the ins and outs of tax deductions or credits.
A common deduction mentioned on social media that is often misleading is the depreciation for sports utility vehicles, according to Dougherty. "For example, I'm a tax preparer that really only meets clients virtually, so I have no real legit need for a $150,000 car," Dougherty said, "much less can I find business purposes for driving it."While some tax content on social media could apply to certain taxpayers, other advice is straight out wrong.
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