Financial Advisors React to Tax Fails ft. Jasmine DiLucci
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Are viral tax loopholes actually legal, or could they get you in serious trouble with the IRS? Brian and Bo are joined by tax attorney Jasmine DiLucci to react to some of the worst tax advice on the internet. From a $2.1 million fraudulent tax refund to questionable rental property deductions, family foundations, paying your kids through an LLC, and avoiding state taxes, we’re breaking down which tax strategies actually work and which could lead to expensive penalties. Learn about common tax mistakes, small business taxes, IRS audits, and why following financial advice from social media could cost you more than you save.
Timestamps
00:00:00 Tax Expert Reacts to Viral Tax Fails
00:00:22 Woman Accidentally Gets a $2.1 Million Tax Refund
00:03:09 Can You Deduct Rent From Your Boyfriend or Girlfriend?
00:06:43 The Self-Employment Tax Mistake That Catches People Off Guard
00:09:44 The Family Foundation Tax Loophole
00:12:55 Can You Avoid Sales Tax by Buying a Car Out of State?
00:14:54 The Exotic Car Registration Tax Controversy
00:17:17 Abound Wealth: Avoiding Expensive Financial Mistakes
00:18:02 Can You Pay Your Kids Through an LLC to Avoid Taxes?
00:21:42 Lying About Dependents on Your Tax Return
00:24:04 Can You Legally Avoid California State Income Tax?
00:25:26 Why You Shouldn’t Trust Tax Advice From Social Media
🔗 2026 Tax Guide → https://moneyguy.com/resource/2026-tax-guide/
🔗 Money Guy’s Top Tax Planning Strategies → https://moneyguy.com/guide/taxes/
🔗 How to Know When You’re Financially Ready to Start a Business → https://moneyguy.com/guide/how-to-know-when-youre-financially-ready-to-start-a-business/
🔗 Car Buying Checklist → https://moneyguy.com/resource/car-buying-checklist/
🔗 Financial Order of Operations → https://moneyguy.com/resource/financial-order-of-operations/
🎓 Brian Preston (CFP®, CPA) and Bo Hanson (CFA®, CFP®) share professional insights to help you own your financial future.
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