Common Tax Misconceptions for Young Taxpayers Ahead of April 15 Deadline

U.S. taxpayers to file their 2023 returns. Young people, including students and those in gig economies, have access to numerous resources such as artificial intelligence tools, social media, and family advice for filing.

However, some information circulating online contains inaccuracies, according to Lisa Greene-Lewis, a CPA and TurboTax expert. Greene-Lewis stated that she has observed significant misinformation regarding tax advice. Young taxpayers often work in content creation, videography, photography, or multiple gigs amid slower traditional hiring and higher living costs.

Proper understanding of deductions is essential for self-employed individuals in these fields.

Many young creators purchase supplies for producing videos or photos.

Deductible expenses include camera equipment, production tools, and home offices, Greene-Lewis said. Personal items like clothing used in creator profiles are not deductible, contrary to some online claims. Self-employed individuals should maintain records of work-related purchases to claim eligible deductions.

This practice can reduce taxable income. The IRS provides guidelines on business expenses for sole proprietors and freelancers.

intelligence tools like ChatGPT offer quick responses to queries.

However, sharing personal details such as Social Security numbers, addresses, or birth dates in open chats lacks protection, Greene-Lewis noted. She advised against using AI for specific tax advice or filing. " — Lisa Greene-Lewis (Usa Today) Alternatives include consulting trusted individuals, professional tax services, or the IRS Free File program, available for those with adjusted gross income of $89,000 or less.

These options ensure compliance and security.