3 ‘Horrible’ Pieces of Tax Advice, According to The Money Guy Show

3 ‘Horrible’ Pieces of Tax Advice, According to The Money Guy Show

Catherine Collins  Tue, April 1, 2025  GOBankingRates

The financial advisors behind the podcast ‘The Money Guy Show‘ recently reviewed popular TikTok tax hacks that are actually terrible money advice. In addition to being financial advisors, hosts Brian Preston and Bo Hansen are also accountants, so listeners can benefit from hearing their advice about what is and isn’t allowed when you file your taxes.

While the hosts aren’t against tax planning, many of the TikTok tax strategies they reviewed are less about planning and more about being misleading or even committing fraud. Many people turn to ‘The Money Guy Show’ for financial lessons that aren’t boring. So, if someone is interested in lowering their tax bill, this is a show to follow.

What’s important to remember is that if people need to get tax advice, they should follow the advice of an accountant. Not everything you see on TikTok is true, but sometimes people get excited about ways they can save money. Unfortunately, not all ways are valid.

Here are a few examples of bad Tik Tok tax advice, according to the pros at ‘The Money Guy Show.’ Also, learn how to avoid bad financial advice on social media.

Lease a Range Rover and Write It Off

The Money Guys reviewed a video where Grant Cardone told viewers they could write off a $150,000 Range Rover “100%” so long as they use it for business.

The IRS does have rules about using a car for business purposes, but how you can only deduct the business portion of how you use it.

The Money Guys explained you have to carefully track your mileage to write off a car as a business expense — you can’t write off any driving for personal use. Preston also pointed out, “‘Deductible’ is not ‘free.’ … You’re still paying 60 cents on the dollar.”

TO READ MORE:  https://finance.yahoo.com/news/3-horrible-pieces-tax-advice-130313620.html