"Write Off Everything as a Business Expense"

This is the worst TikTok financial advice because it encourages fraud. Creators claim you can deduct personal meals, vacations, and clothing by forming an LLC, yet the IRS specifically bans personal expenses, and audits targeting false deductions have risen by 15% in 2024. Unlike vague lifestyle hacks, painting your yacht as a 'business expense' is a direct violation that can trigger $5,000 penalties per infraction.