What is phantom tax tiktok?

Phantom tax TikTok is a trend on the social media platform where users share information and tips about hidden or lesser-known taxes that people may not be aware of. This includes taxes on things like cryptocurrency, unemployment benefits, and even prizes or winnings from contests or sweepstakes. The goal of these videos is to educate viewers about potential tax liabilities they may not have considered, and to help them avoid any surprise bills from the IRS. Users also share strategies for minimizing tax burdens and staying compliant with tax laws.