Why Taking Tax Advice from TikTok is a Terrible Idea
PWS Pod
English - February 16, 2024 08:01 - 10 minutes - 10.2 MB - ★★★★★ - 61 ratingsInvesting Business Entrepreneurship cashflow apartmentinvesting realestateinvesting business apartments investing entrepreneur commercialrealestate coach cashflowinvesting Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Brandon Hall's Twitter post: https://twitter.com/bhallcpa/status/1757117679180148949
In the latest episode of the Passive Wealth Strategy Show, host Taylor dives into the critical topic of tax strategies and investing advice, particularly those trending on social media platforms like TikTok. The conversation revolves around a cautionary tale; an investor who lost an IRS tax case from taking misinformed advice online about luxury car deductibles. The episode calls attention to the importance of seeking professional advice when navigating the nuances of real estate tax laws to avoid potential pitfalls.
Taylor emphasizes the risks of following trending tax advice without proper guidance by highlighting CPA Brandon Hall's thread about a businessman's tax court misadventure. The episode is enriched with crucial steps about correctly documenting business vehicle deductions, reinforcing the notion that real estate offers tax advantages only when leveraged correctly with the help of a professional.