A so-called tax hack touted on social media could get you into big trouble with the IRS – and fail to deliver the juicy refund it claims to provide.
W2s are tax forms sent by employers to workers that show their annual income and the amount of federal income tax that has been withheld, retirement contributions and more. An employee uses that information to fill out their Form 1040 — their individual income tax return — which contributes to the calculation about whether they areor, alternately, owe money to the IRS. The bigger the withholding, the potentially bigger the refund.
"There are all these individuals [on social media] purporting to be tax experts, but they are really scamming attention by showing these tax hacks," said Amir Tarighat, CEO of cybersecurity company Agency."They really aren't even selling anything other than, 'Follow me for more tricks.'"Those tricks can lead to violations of tax law, ending up with the taxpayer facing IRS penalties and fines.
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