Taxpayers beware: Online tax theories that are 'flat-out wrong'

03/27/2024 22:58
Taxpayers beware: Online tax theories that are 'flat-out wrong'

Misinformation is a persistent challenge on the internet, and it has now seeped into the tax season, with tips circulating online that may not be entirely accurate. USC Marshall School of Business Associate Professor of the Practice of Accounting Greg Kling joins Yahoo Finance Live to discuss how to combat tax misinformation online. Kling advises that when verifying tax recommendations found online, "if it sounds too good to be true, it probably is." He identifies two broad categories that individuals should steer clear of: "the tax protester arguments," which argue against the legality of paying taxes in the US, and "the influencer advice," which promotes the idea that influencers can use deductions to reduce their income taxes to zero. Kling labels both theories as "flat-out wrong." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Angel Smith

Misinformation is a persistent challenge on the internet, and it has now seeped into the tax season, with tips circulating online that may not be entirely accurate. USC Marshall School of Business Associate Professor of the Practice of Accounting Greg Kling joins Yahoo Finance Live to discuss how to combat tax misinformation online.

Kling advises that when verifying tax recommendations found online, "if it sounds too good to be true, it probably is." He identifies two broad categories that individuals should steer clear of: "the tax protester arguments," which argue against the legality of paying taxes in the US, and "the influencer advice," which promotes the idea that influencers can use deductions to reduce their income taxes to zero. Kling labels both theories as "flat-out wrong."

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Angel Smith

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