WEBVTT - BONUS: TikTok Tax "Hacks" You Should Ignore

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<v Speaker 1>Please listen to what I'm about to say. It's the

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<v Speaker 1>Jewble Show. It could save you thousands of dollars in

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<v Speaker 1>potential prison time. Oh yes, and if you're listening to

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<v Speaker 1>my voice right now, two things, you're welcome.

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<v Speaker 2>Wow.

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<v Speaker 1>Also, there's an alarming trend on social media right now

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<v Speaker 1>that could literally wreck you financially and you could end

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<v Speaker 1>up in jail. Oh no, and no, it's not the

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<v Speaker 1>Let's rop a bank challenge, which is probably a thing.

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<v Speaker 1>It's actually something you might believe or try. And because

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<v Speaker 1>we care about you, yeah, like a lot'll tell you

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<v Speaker 1>what it is next so you don't have to worry

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<v Speaker 1>about the next intimacy you have with your loved one

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<v Speaker 1>being your body's pressed against a pain of bullet proof

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<v Speaker 1>class in a grody little phone booth while prison.

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<v Speaker 3>Guards watching their prying eyes. Nobody wants that that's how

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<v Speaker 3>you really scare them. Actually, it might have sounded good

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<v Speaker 3>to some people. I don't know.

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<v Speaker 1>But anyway, we'll tell you what it is next so

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<v Speaker 1>you don't fall victim to this scam. It's the Jewble Show.

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<v Speaker 1>Stop everything. You might be about to make a huge mistake,

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<v Speaker 1>a mistake that could lead to the gun seizing all

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<v Speaker 1>of your assets and then being carted off to a

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<v Speaker 1>federal prison.

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<v Speaker 3>It's a jewble show.

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<v Speaker 1>Also, just so you know, I'm performing in Olympia this Saturday.

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<v Speaker 1>You can get tickets to my show if you go

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<v Speaker 1>to the jubilshow dot com and click on stand up comedy. Yeah,

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<v Speaker 1>but that's not the thing that can land you in

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<v Speaker 1>prison unless you get too drunk.

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<v Speaker 3>I mean, hey, never know anything happens at a Jubil show.

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<v Speaker 1>And to some people, being carted off to a federal

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<v Speaker 1>prison and having all of their assets season might be

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<v Speaker 1>a great time, but trust me, most people think it isn't.

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<v Speaker 1>And there's an alarming trend on TikTok right now where unfortunately,

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<v Speaker 1>we get all of our advice from right and it's

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<v Speaker 1>tax season if you weren't aware, So there are tons

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<v Speaker 1>of influencers sharing their TikTok tax hacks and most of

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<v Speaker 1>them are definitely terrible advice and things you should ignore.

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<v Speaker 1>So let's go over the TikTok tax hacks that you

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<v Speaker 1>should definitely ignore right now. Okay, hiring your kids excuse me, yes,

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<v Speaker 1>that's a tax has influencer saying you can hire your

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<v Speaker 1>kids to save money. According to some videos, business owners

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<v Speaker 1>should hire and pay their employees so the child can

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<v Speaker 1>contribute to a rough ira with their earned income. One

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<v Speaker 1>dude even wrote his newborn a ten thousand dollars check,

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<v Speaker 1>saying that it's it will work, and it's a good

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<v Speaker 1>tax hack. And people are believing these people on TikTok.

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<v Speaker 3>Which is rain I would have believed that.

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<v Speaker 2>I feel like I've heard this before and people have

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<v Speaker 2>actually done it, especially like if your kid is an

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<v Speaker 2>influencer or something.

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<v Speaker 3>Whew.

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<v Speaker 2>Some people make those accounts for their kids or their

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<v Speaker 2>dogs or whatever. So technically, but that doesn't mean that

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<v Speaker 2>just anybody can do that and be like, oh, maybe

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<v Speaker 2>you cried today, good work.

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<v Speaker 1>Speaking of hiring your dog, Nina, that's another tip that's

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<v Speaker 1>been shared on TikTok that's gone viral and people are like, oh, that's.

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<v Speaker 3>A great idea.

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<v Speaker 1>Hiring your dog is not a good way to get

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<v Speaker 1>out of paying extra taxes.

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<v Speaker 2>You can just imagine how these videos go. Thanks for

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<v Speaker 2>being on my sho I'll ride up your dog, thank

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<v Speaker 2>me later.

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<v Speaker 1>Thank you for following me along in my tax journey.

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<v Speaker 3>Why would I like that video that some do taxes

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<v Speaker 3>with me? I'm hiring my Dog Today.

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<v Speaker 1>Videos like this one claim you can write off your

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<v Speaker 1>pet as a guard dog who protects your business.

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<v Speaker 3>Now you can't. What if I do if my cat

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<v Speaker 3>you protects my home.

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<v Speaker 1>I don't think you can get away with that Victoria. No.

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<v Speaker 1>They say it's true that if a dog is trained

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<v Speaker 1>and the right breed for the job, guard dog spinses

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<v Speaker 1>are deductible, But the I R S doesn't let you

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<v Speaker 1>deduct your Corgie for barking at the door every once

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<v Speaker 1>in a while.

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<v Speaker 3>It's god, it'll pee on you.

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<v Speaker 1>They're going over a trend of TikTok tax hacks that

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<v Speaker 1>you should ignore.

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<v Speaker 3>There's a lot of people.

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<v Speaker 1>We get all our advice from TikTok, obviously, and there's

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<v Speaker 1>a lot of tax hacks out there that you definitely

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<v Speaker 1>should not do because they would get you in tax trouble.

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<v Speaker 1>People are also believing this one write off your Range

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<v Speaker 1>Rover or other luxury vehicle if you have one. There's

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<v Speaker 1>a viral claim about a tax loophole that lets people

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<v Speaker 1>write off the cost of a luxury vehicle on their taxes.

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<v Speaker 1>I've seen people do this, but it's because they certain

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<v Speaker 1>types of cars.

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<v Speaker 3>They can say they're for their business. But I mean

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<v Speaker 3>it's influencers and so their businesses themselves, right, and so

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<v Speaker 3>it gets them from place to place.

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<v Speaker 1>It's not as simple as just having a nice car though,

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<v Speaker 1>according to the IRS Section one seventy nine tax Code.

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<v Speaker 3>Oh so smart.

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<v Speaker 1>I'm not smart at all that. It's just in the

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<v Speaker 1>article that we got. Businesses can write off a vehicle

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<v Speaker 1>that's used for business purposes at least half of the time,

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<v Speaker 1>but it doesn't allow them to duct to the full

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<v Speaker 1>cost of the vehicle the year it's put in a service,

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<v Speaker 1>and there are strict limits due to the deductible on

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<v Speaker 1>luxury vehicles. So it's like they pay attention to Oh

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<v Speaker 1>it's a Mercedes, is it really for business?

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<v Speaker 2>Yeah, well I could see maybe, like if you were

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<v Speaker 2>a driver, like if you were an expensive driver, uber driver.

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<v Speaker 3>Or something, then maybe you write it off that way.

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<v Speaker 2>But they've been giving people a hard time for even

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<v Speaker 2>writing off your like miles for how far you drive

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<v Speaker 2>for work, Like you can't even do that anymore.

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<v Speaker 3>I think, I don't know it used to be able

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<v Speaker 3>to do that.

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<v Speaker 1>Yeah, over TikTok tax hacks that you should definitely ignore,

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<v Speaker 1>Like most advice on TikTok. Do some research before you

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<v Speaker 1>just go oh yeah, oh great, I'll do that forming

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<v Speaker 1>an LLC to deduct personal expenses aka turning your hobby

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<v Speaker 1>into a business.

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<v Speaker 2>Actually a lot of people do this, but I don't

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<v Speaker 2>think you should do that. Somebody want me to do

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<v Speaker 2>it before.

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<v Speaker 1>You can have an LLC and write things off through

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<v Speaker 1>it if it's a legitimate business. But some videos are

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<v Speaker 1>going viral that claim you can just set up an

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<v Speaker 1>LLC and you can deduct personal expenses like your mortgage,

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<v Speaker 1>car payments, grocery bills, and business expenses to lower your taxes.

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<v Speaker 1>One guy said that if you just say your hobby

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<v Speaker 1>is a business like playing video games, you can deduct

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<v Speaker 1>everything related to it.

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<v Speaker 3>Suddenly thousands of.

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<v Speaker 1>People are trying to make their Netflix Netflix Chance me

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<v Speaker 1>a media review company.

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<v Speaker 2>I mean, if you think about it, like some people

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<v Speaker 2>would stream for a living, so in tankly they could tax.

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<v Speaker 3>That, right.

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<v Speaker 2>I think I've tried to do that before because we

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<v Speaker 2>work in media, so that's the more we have to

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<v Speaker 2>talk about. So I've tried to write off my different

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<v Speaker 2>streaming accounts and stuff.

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<v Speaker 3>Then I kind of got laughed out. They're like, you

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<v Speaker 3>can really do that?

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<v Speaker 2>Like that. Yeah, but we can do like your cell

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<v Speaker 2>phone or like your you know, your computer stuff.

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<v Speaker 1>But and LC is only good if the LLC is

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<v Speaker 1>making money because oh, what you do and I know

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<v Speaker 1>this because I have one. What you do is you

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<v Speaker 1>pay yourself a salary out of the LLC if you

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<v Speaker 1>make money. If you make money, yeah, and there are

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<v Speaker 1>ways to have the money that you make from your

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<v Speaker 1>job go into the LLC, so you can pay yourself

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<v Speaker 1>out of the LLC and then it's you get some

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<v Speaker 1>tax breaks on it. But it's not even that big

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<v Speaker 1>of a break, you know, but it's just like a

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<v Speaker 1>little break.

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<v Speaker 3>But you can't just go.

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<v Speaker 1>Everything I did today is free because I'm putting it

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<v Speaker 1>through my LLC.

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<v Speaker 2>Briddy didn't tell me that part. So this is what's

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<v Speaker 2>happening on TikTok. You have a limited amount of time

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<v Speaker 2>to capture somebody's attention. There's this much truth to what

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<v Speaker 2>they're trying to tell you, but they can only fit

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<v Speaker 2>it in.

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<v Speaker 3>So many works. They got me.

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<v Speaker 1>Also another TikTok tax hec that you should ignore that

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<v Speaker 1>people are believing become a fake church. Wow to avoid taxes,

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<v Speaker 1>someone say, just start your own church with a few

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<v Speaker 1>friends and register it as a nonprofit and you'll pay

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<v Speaker 1>zero taxes.

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<v Speaker 3>WHOA, that sounds like a lot of work. Tell me,

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<v Speaker 3>just pay the taxes.

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<v Speaker 1>Let me tell you I just started a church, the

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<v Speaker 1>Holy Order of Brunch, and we're writing off all of

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<v Speaker 1>our mimosas today.

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<v Speaker 2>It's great, it's actually believable until you call it the

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<v Speaker 2>Holy Order of Brunch.