Tax hacks are all over social media, especially around tax season. But just because a tip goes viral doesn’t make it legal - or smart. The financial pros behind "The Money Guy Show", Brian Preston and Bo Hanson, are both accountants and financial advisors. They recently called out a few TikTok-famous tax hacks that can actually backfire in a big way.

However, these are not harmless shortcuts. They are bad advice wrapped in slick videos. Let’s break down three tax hacks they say you should skip:

Lease a Range Rover and Write It Off

This one is straight out of influencer fantasyland. One popular video claims you can lease a $150,000 Range Rover and write it off 100% as a business expense. Sounds amazing, right? The catch? It is just not how taxes work.

Voit / Pexels / The IRS does let you deduct car expenses for business use. But only the business part. If you drive to meet clients or deliver goods, that portion can count.

But trips to the gym, school pickups, or date nights? Nope. The Money Guys say you have to track your mileage carefully every single time. If you use the car 30% for business, you can only deduct 30%. Trying to write off the whole thing without proper records? That is a red flag and a potential audit.

Use Scratch-Off Losers to Deduct Gambling Losses

Another TikTok tip says you should collect losing lottery tickets - even dig them out of trash cans - and use them to claim gambling losses. Sounds shady? It is. The Money Guys didn’t hold back on how ridiculous and risky this is.

Here is the truth: The IRS does let you deduct gambling losses, but only if you itemize your deductions. And you can only deduct up to the amount you report in gambling winnings. So, unless you hit it big in Vegas, picking up discarded scratchers won’t help you.

Plus, the standard deduction is $14,600 for individuals in 2024. If you don’t itemize, none of it counts. Fake losses? That is tax fraud. And yes, people do get caught.

Call Your Birthday Party a “Mastermind” Event

This one has got influencer energy written all over it. The advice? Throw a birthday party, but call it a “mastermind” business meeting so you can write off the cost. Think catered meals, nice wine, maybe even a DJ - and it is all “deductible.” Except it is not.

The IRS only allows a 50% deduction on meals that are directly related to business. So, you have to talk shop - real, documented business topics - and be able to prove it.

X / Preston and Hanson make it clear: you can’t just slap the word “mastermind” on a social gathering and hope for a tax break.

A birthday party with a few business buddies? It's still a birthday party.

The Real Cost of Fake Tax Hacks

Trying to game the system with bad tax hacks might feel clever at the moment, but it often leads to more stress and risk. The IRS is not clueless, and they are used to seeing trends pop up online. Preston and Hanson remind listeners that if a tax trick sounds too easy or too good to be true, it probably is.

It is easy to get swept up in viral videos. But tax law is not TikTok-friendly. It is full of fine print. And when you mess around with it, you are playing with real consequences. Fines, audits, and legal trouble are not worth a few bucks saved.

So, if you want to save money on taxes, the smart move is to stay within the rules. Real tax strategies exist - legit ones. Hire a CPA. Track your expenses honestly. Understand what you can deduct and how much. The goal is to pay what you owe - no more, no less.