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Economy

Think You Know Economics? Take The Planet Money Summer School Quiz

August 26, 2020 3:50 PM

By:

NPR Staff

Can you think like an economist? It's time to find out! Eight questions stand between you and a diploma-like certificate of economic achievement.

Tags: Series: Planet Money

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COVINGTON, KY - APRIL 8: Kathleen Malone works on tax returns at the Cincinnati Internal Revenue Service Center April 8, 2005 in Covington, Kentucky. The tax filing deadline is a week away.

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TikTok is filled with tax advice. Is any of it worth listening to?

TikTok, and other apps like it, are filled with financial advice. Some of it is reliable, some... less so.

There are videos about running a business, having a side hustle, generating passive income. And also, there are a lot of tips and tricks, many of them questionable, about saving on your taxes.

On this show, we run some of the greatest hits of TikTok tax advice by some bonafide tax experts. We'll talk about whether you can use gambling losses to reduce your tax bill, whether your pets qualify you for tax deductions – and we'll fact check the claim that all rich people own expensive Mercedes G-Wagons... for tax purposes.

Along the way, we'll drill down on the concepts like taxable income and the standard deduction. And we'll ask why so many videos on TikTok suggest that you (fraudulently) categorize personal expenses as business expenses. Sometimes with a literal wink and a nod.

This episode was hosted by Nick Fountain. It was produced by Emma Peaslee with help from Willa Rubin, who also fact-checked this episode. It was edited by Molly Messick and engineered by Cena Loffredo. Alex Goldmark is Planet Money's Executive Producer.

Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

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By:

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and 1 more

About a third of all taxpayers are expected to file their returns in the last two weeks before the April 15th deadline.

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WATCH LIVE | The Atlanta Press Club Loudermilk-Young Debate Series: DeKalb County CEO At 5:45 P.M.

Think You Know Economics? Take The Planet Money Summer School Quiz

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Many baby boomers own homes that are too big. Can they be enticed to sell them?

TikTok is filled with tax advice. Is any of it worth listening to?

Five things to know as the tax deadline looms

Support Quality Journalism

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