Dr. Friday Tax Tips: Recent Episodes
Dr. Friday Tax & Financial Firm
The Dr. Friday Tax Tips - One Minute Moment - is a collection of one minute tax tips designed to help business owners, individuals, families, entrepreneurs, and anyone who pays taxes to the IRS do so correctly while saving as much as their hard earned money as possible. If it has to do with taxes and/or the IRS, you will find it here!
Dr. Friday is an IRS Enrolled Agent who specializes in Taxes, Bookkeeping, Payroll, Public Speaking events, and more. Dr. Friday Tax and Financial Firm, Inc. is a full service financial firm that helps deal with the Internal Revenue Service on behalf of our clients so they do not have to.
To learn more, visit our website at https://drfriday.com, e-mail Dr. Friday at friday@drfriday.com, or call (615) 367-0819 today!
Dr. Friday reminds listeners that April 15 is the last day to file on time or submit an extension. She also notes final same-day timing for payments and IRA contributions.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
It is April the 15th. This is tax day.
Today is the last day that you can hit the send button to be on time. Today is the day you need to be making your payments. Maybe you need to be putting money into an IRA or a Roth. Today is the last day. You cannot contribute after this date.
If you need or haven’t filed an extension, I would suggest going to IRS.gov. You can file a free extension right on the website.
You need to make sure that’s done. The penalties for not filing on time are kind of ridiculous and not necessary.
If you go today, make an extension or file your taxes, then they’re on time and all we have to do is deal with the money.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday urges taxpayers to submit and confirm extensions before the deadline. She emphasizes checking bank draft timing, payment plans, and proof that the extension was accepted.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Today you had better be making your extension or hitting the send button.
I know you have one more day, and you’re saying, wait, I don’t need to do it yet. But you do.
You need to make sure that it went through, that the payment’s gonna come out of the bank on time, and that you set up a payment plan if needed. These are all things you need to be able to set up and do.
If you haven’t filed your taxes or you haven’t gotten confirmation, you should check with your tax person. Did an extension get filed? Do you have proof? If you went to IRS.gov, you can confirm.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday introduces her role as an enrolled agent and explains how she helps with tax filings and representation. She encourages taxpayers who still need to file to request an extension and get a second review.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I am Dr. Friday, an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. That’s pretty much all I do for the last 31 years.
If you need someone to help you, at this point we’d only be doing an extension, but we could help you figure out your tax situation. We could review and help you understand if there are ways to save tax dollars.
You can make a tax appointment at drfriday.com or you can try calling the office, 615-367-0819.
Make it easy on yourself. Have the second look done so that way you know your taxes are done right, at 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains why Airbnb and short-term rental owners need careful tax allocation and recordkeeping. She also notes compliance requirements at federal, state, and local levels.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I probably should have had this one a lot earlier. Short-term rentals and Airbnbs are everywhere.
If you don’t run those right, and you’re taking a portion of your house and turning it into an Airbnb, you may find that the IRS is gonna be looking a lot closer at you.
Also, how are you handling all the utilities and things? Because if it’s not 24-7 an Airbnb or rental, are you using the proper percentages?
Are you depreciating things on the proper percentages? Are you making sure that you’re complying with not only federal but state and local regulations, with licensing and other additional taxes due for compliance?
If you need help, go to drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that meeting the 750-hour test alone does not guarantee real estate professional status. She warns that taxpayers with full-time non-real-estate jobs often face IRS disallowance.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Real estate professional status, wow, this is a big question.
I have a lot of people that swear they’re real estate professionals because they put in more than 750 hours. That is only part of it.
If you have a full-time job and you want to claim that you’re a real estate professional, you’re gonna find out it doesn’t work. The IRS will disallow it.
If you are a licensed real estate person and you’re doing it 24-7 like most of us do our business, sure, you’re a real estate professional. But sometimes there’s pros and sometimes there’s cons.
Do you really want to be paying self-employment tax on a rental property? You may have to if you’re treated as a real estate professional.
Need help? Go to drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday discusses opportunity zones as another way to defer capital gains. She notes timing rules and longer holding periods can be key to the tax outcome.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Sometimes we’re just looking for good ways to save money, and one way to do that is opportunity zones.
They continue to have favorable tax treatment for investors who reinvest capital gains into what we call QOFs, or qualified opportunity funds, within required time windows.
A lot of times you have to do it for the long term, five to ten years. There are different rules, but instead of doing a 1031 exchange, you might want to look into an opportunity zone.
That may be another way for you to defer capital gains and potentially reduce taxes in the future. If you need help, go to drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains standard depreciation periods for residential and commercial rentals. She also covers cost segregation benefits and why recapture should be part of long-term planning.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Rental properties continue to have depreciation rules: 27.5 years for residential and 39 years for commercial. Bonus depreciation may apply to improvements, although bonus rates decrease on schedule.
Landlords can still use cost segregation studies. That’s big, because if you’re buying something and you want to do cost segregation, you can pull out air conditioners and other equipment for faster depreciation.
But if you’re doing all that, you need to understand in the big picture you do have to do the other side, which is called recapture of depreciation.
So make sure you’re saving money today and not putting a big old hole in your pocket tomorrow.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday reviews the core 1031 like-kind exchange rule for real estate investors. She explains how reinvesting proceeds can defer capital gains instead of paying tax immediately.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
1031 exchange rules for real estate have no big change. It’s what’s called a like-kind exchange.
A like-kind exchange basically means we can defer, that’s a good word, right, defer capital gains and buy something else.
The simplistic side of this is, let’s say you sell something for a million dollars and you’ve got a ton of capital gains in that, right? Maybe you originally paid 200, so you’d have like 800 grand of capital gains that you have to pay tax on.
Guess what? You go buy something else, or up to three other properties, for that million dollars, and you don’t have to pay tax right now.
You exchange it for one big property, maybe some other types of property. This is something that can work to save tax dollars. You need help? Go to drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday discusses step-up in basis and why timing of transfers can affect taxes. She notes that gifting during life can sometimes leave tax savings on the table.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
A step-up in basis. Have you ever heard better words? A step-up in basis. I love it. It’s a lot of money in my pocket if I get a step-up in basis.
Now sometimes people think they’re really helping the family by doing quitclaims or giving the kids or the grandchildren something during their lifetime. Sometimes it is.
You need to plan it, though, because most of the time you’re leaving tax dollars on the table by giving something during your lifetime instead of waiting until you pass away.
Not saying it’s always one way or the other, but you need to consider both sides of this situation before you make that decision. If you need help, just go to the website at drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that the adoption tax credit remains available with inflation adjustments. She highlights that unused credit can carry forward for up to five years.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Adoption tax credit continues under the extended rules, with annual inflation adjustments increasing the maximum credit amount.
It’s a great thing. First, you’re adopting a child. That’s a wonderful thing. You’re helping people and doing important things, and you may also get the credit.
Maybe you can’t use it all in the first year. Well, this can roll forward up to five years, so it’s not like you’re gonna lose it if you don’t have all that expense in the first year.
So it’s a wonderful thing to do, A, to adopt a child, and B, to get a few more dollars in your pocket, because everyone knows that children are not inexpensive.
If you need help understanding how tax law works, or maybe you’re dealing with the IRS, just come to drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday uses an April Fool’s joke to remind listeners that taxes are still very real. She also points out that Congress makes tax law and encourages filers to handle extensions and tax planning on time.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Guess what? The IRS just passed the law saying no more taxes. That’s right. We’re not paying taxes anymore. Ha, April Fool’s.
For one, the IRS does not pass laws. It’s Congress and the Senate, people. But that being said, we will be paying taxes. We’ll pay taxes actually after we’re dead, so think about that.
If you need help understanding taxes, maybe you need to file an extension now and you need to be able to get some tax work done and explain it all, you can certainly call us, 615-367-0819, or check us out on the web at drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday reviews home energy improvement credits and annual limits for items like HVAC and windows. She explains why receipts and manufacturer certificates are critical for claiming the credit.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Energy credit for home improvements is still on the table. HVAC, windows, insulation, and energy-efficient property improvements are subject to annual limitations, but you still have them on the table.
It’s very important, but you do need the receipt and the manufacturer certificate to prove they meet IRS code. That’s the important part.
A lot of times people come in and say, well I got a new AC unit. Okay, we need the receipt. We need to see, did it really meet the energy credit, or was it just a new unit that was cheaper and not able to meet those criteria?
If you need help with this, just go to the web at drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains how alimony tax treatment differs depending on divorce date. She notes that most post-2018 agreements are no longer deductible to the payer.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Divorce, alimony, really doesn’t make a big difference to be quite honest, because none of it’s tax deductible anymore.
If you got divorced after 2018, your alimony or your payments of any kind going to your ex are not going to become deductible.
If you divorced prior to 2018, you still have that deduction in play.
So if you’re looking at divorce and you’re the one that’s the breadwinner, you might want to take into account how much you’re gonna be paying in taxes because the other person will be paying zero. Very interesting way to work out a deal.
You need help on taxes? Come to us, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains documentation thresholds for charitable gifts of cash and property. She warns that larger non-cash donations can be disallowed without proper appraisal support.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Let’s talk about charitable contributions for a minute. Remember, if you give cash or you give away clothes for $250 or less, really all you need is a basic receipt.
If it goes over that, and this would be a combination thereof, I had a gentleman that gave $40,000 worth of clothing. His father had passed away, they cleaned out the house, they gave it all to Goodwill.
Without an appraisal, he was not allowed to do that. It’s that simple.
So if you’re giving big chunks of things away thinking you’re gonna help them and put some money in your pocket, you need an appraisal done on anything over $500. And that’s if it’s a lump together or not.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that Social Security benefit taxation remains unchanged, with up to 85% potentially taxable. She also highlights qualified charitable distributions as a way some retirees can lower taxes.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
For all of you that are on Social Security, Social Security taxation has not changed. Up to 85% of your benefits will be taxed.
There is something called a QCD, though, for all of my listeners that are 70 and a half. If you give to charity, remember you can take that directly out of your IRA, your 401(k), any of them where you would normally have a required minimum distribution.
At 70 and a half, you can give it direct, save 100% of taxes on that money, and not worry about itemizing at all.
If you don’t know about that, you need to talk to your financial person. But you can also contact me at drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday reminds taxpayers they can still fund a traditional or Roth IRA up to tax day. She explains that the best choice depends on long-term planning, not just this year’s deduction.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
You can still put money into a Roth or a traditional IRA until tax day, and it may be something you want to think about.
Now, I am not a financial planner, so I’m not going to tell you it’s going to save you tax dollars or not, because I don’t know.
Every time we can put a few dollars aside and save tax dollars, it might be a good idea. But sometimes it may be better just to do Roth, let the money grow tax-free, and not worry about saving taxes today.
These are decisions you need to make. Your best bet is to contact an actual financial planner. They will then make up a plan and help you figure that out. But if you need help on the tax side of things, just go to my website and send me a note at drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday discusses a program she describes as Trump Savings for children born during eligible years. She explains the reported $1,000 initial funding and possible annual parent contributions.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
This is for all new parents. Starting as of January 1, 2025, it’s called the Trump Savings.
For each child, he will put $1,000 into an account for children born during these years, and then a parent can put up to $5,000 a year into that account.
It will be a managed fund, and then at the age of 18 they will have access. It will be limited to IRS taxes, as far as an IRA kind of situation.
But hey, it’s a thousand free dollars and you can also put money aside. Why not put more money aside to help for college and other things? If you need help understanding tax law, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains the Saver’s Credit and how it is expected to transition under SECURE 2.0. She notes the benefit is mainly aimed at lower-income savers, especially workers just getting started.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The Saver’s Credit, you know, I don’t think a lot of people talk about that.
Under the SECURE Act 2.0, the Saver’s Credit is scheduled to transition into a federal savings match. You heard that right, that they are actually going to be setting up a retirement account within the IRS where they will help match some of your savings.
Now remember, savings credits are really for people in the much lower income bracket, especially young people, because they’re just getting started.
This is a way for them to have some money set aside and a way to start. Every dollar counts. If you need help, all you have to do is go to drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that qualified student loan interest may still be deductible up to annual limits. She also covers income restrictions and why documentation is required.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Student loan interest is still deductible, up to $2,500 per year per qualified taxpayer.
There are income limitations, so you have to make sure you understand what those are. You also need Form 1098-E that will tell us exactly how much interest you paid.
You can’t do it on your own without documentation. It needs to have been turned into the IRS, otherwise it will be disallowed.
So if you need help, or you’re filing your own taxes, just make sure you’re looking at what’s being filed and you understand the boxes that you’re saying yes and no to. If you need help, go to drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday reviews the American Opportunity and Lifetime Learning credits and who they can benefit. She highlights the need for Form 1098-T and notes that rising tuition makes these credits more important.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The American Opportunity Tax Credit and Lifetime Learning Credit continue unchanged under current law to help benefit students and families.
Annual inflation rates have increased, and it’s one of those things where you do need to have a form called a 1098-T from the college or school to see if you qualify. Very important.
Also, with rising tuition prices, you might need that credit to help offset costs.
If you need help doing taxes, or maybe you just have a question, you can try to reach us at 615-367-0819 or send us an email at friday@drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains why self-employed taxpayers on marketplace insurance can face repayment surprises. She stresses updating income estimates during the year to reduce end-of-year penalty risk.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Premium tax credit rules for the marketplace. Again, guys, I am not a fan of the marketplace.
Mainly because a large number of my clients in it are self-employed, which means we can’t always control our income, and therefore we end up making too much money and get penalized.
That is never a good day when you have to tell somebody that expected to owe maybe a thousand or two that they owe five or six because of the penalty of not paying enough in the marketplace.
Make sure you have told them how much money you’re making, and if it’s going up throughout the year, you can change the amount in the system. Don’t get caught having to pay a big fine at the end.
If you need help, check us out on the web at drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday uses a St. Patrick’s Day message to remind taxpayers to review all available deductions. She encourages filers to stay current with changing tax law and claim what they are entitled to.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Happy St. Patrick’s Day. Hopefully you’re going to enjoy something green, maybe even putting more green in your pocket by doing your taxes and saving tax dollars.
What a great way to celebrate St. Patrick’s Day. You might not think so, but I would think it’s a great way to put more money in your pocket.
One way to do that is to make sure you have taken all of your tax deductions. Tax laws are changing all the time. Make sure that you understand what you are entitled to and what’s available to you.
If you need help filing taxes, just call our office at 615-367-0819, or you can send a message right through the internet at drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday reminds partnerships, S corporations, and many LLC filers that March 16 is a key filing deadline. She urges taxpayers to confirm that returns or extensions were actually submitted to avoid penalties.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Today is a big day for anyone that is a partnership, an S corporation, and many LLCs filing Form 1065, because today is your tax day.
If you have not filed, or your tax person hasn’t communicated with you, you need to make sure and confirm that the extension is filed.
The IRS is now saying if you haven’t confirmed that the extension is filed, you may be liable for penalties. It’s very important.
All you have to do, if you’re one of my clients, is call our office at 615-367-0819 or send an email to friday@drfriday.com, and they can confirm filing or extension.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that the Child and Dependent Care Credit can still provide nonrefundable relief for eligible care costs. She also mentions income limits and how 529 plans may help with related education expenses.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Child and Dependent Care Credit continues to offer non-refundable tax relief for qualified child care, with eligible percentages and expense caps adjusted over time.
All I’m trying to say is maybe you have a kid in daycare, maybe you have a child in private school, and there are some tax credits that could apply. A lot of this depends on your income.
Now, if you have a 529 plan, you could be taking money out of that and you won’t even have to worry about the taxes.
If you need help understanding how you might be able to put money aside, or maybe even help your kids or grandkids because you have some money you want to help with, just go to drfriday.com and ask a question.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday walks through key Child Tax Credit rules, including income phaseouts and age requirements. She also notes that the child must have a Social Security number and U.S. citizenship.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Child tax credit, wonderful thing. It’s now permanent, so we’re getting $2,000 per child.
The child must be a U.S. citizen and must have a Social Security number. Other than that, you don’t have many other limitations besides income.
Income for a single person, anything over $200,000 will phase you out. A married couple, anything over $400,000 will phase you out.
That’s what you need to know, and make sure your child is under the age of 17. If they’re older than that, they will not qualify for that credit.
If you need help, or you just want to know more about who I am or what I can do to help you, pick up the phone and give us a call.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains who may qualify for the small business health insurance credit and why planning matters. She also notes the two-year limit and the value of employee benefits.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Small business health insurance credit. To claim the credit, businesses generally must purchase insurance through a SHOP marketplace, through available varieties by the state.
The credit remains limited to two consecutive tax years, requiring employers to plan strategically, and rising health care costs make the credit particularly valuable.
It’s really important for you to understand that we’re always looking for ways to give more to our employees without having to up their taxes. One of those ways would be benefits, and one would be health insurance.
That way, you get a credit for doing it. It may not zero out the cost, but it does give something back to the employees as well as put money in your pocket. If you need help, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday highlights expanded IRS partnership audit enforcement under the Bipartisan Budget Act framework. She stresses clean records for basis, allocations, and distributions to protect partners.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
And this is really for people that are in partnerships, which would also be LLCs.
The IRS is expanding its partnership audit regime against the Bipartisan Budget Act framework, which allows adjustments to be assessed at the partnership level rather than partner level.
That means the partnership can actually end up with the partner being in trouble, so you need to make sure proper documentation is in place.
The partnership must maintain clear records supporting basis calculations, income allocations, and distributions. These are important words, and you need to make sure your tax person and accountant are doing them. You need help? drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains how entity choice planning still matters, even with the 21% corporate tax rate remaining in place. She recommends working with both a tax professional and an attorney before deciding.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The permanency of the one big beautiful bill comes into play when it comes to business entity selection.
One of the big things that people weren’t sure about is how long the 21% corporate tax rate would stay in play. Should I be an LLC, a C Corp, an S Corp, a partnership? It’s a lot.
Really, your best bet is to sit down with two important people. One would be a tax person. We can give you all the advantages and disadvantages of the entities. The second is a good attorney, because without that person you’re never gonna have it set up properly.
You need to make sure you’ve got all those people working together as a team. If you need help, first go to the web, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday discusses annual vehicle depreciation limit adjustments and why business-use percentage matters. She reminds owners that personal-use vehicles generally cannot be fully depreciated.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Vehicle depreciation limits continue to adjust annually for inflation, impacting deductions for business owners’ cars, SUVs, and trucks.
Luxury auto vehicle depreciation treatment is an important thing to understand.
If your vehicle is not used 100% for business, and if you only have one vehicle that would be impossible, you do not qualify for full depreciation.
You need help with your car, taxes, anything, just check us out on the web at drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that self-employment tax rules still apply, including annual Social Security wage base changes and Medicare add-ons for higher earners. She encourages self-employed taxpayers to review projected taxes before filing.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Self-employment tax obviously continues under the current tax law. Social Security wage base increases annually, and the Medicare surcharge applies to higher earners.
2025 self-employed taxpayers must plan for potential higher tax burdens due to inflation. Again, everyone loves the idea that they’re making more money because, well, last year I made 20, this year I made 25.
That’s great, but you also have higher tax rates you’re going into because they’re not adjusting them for the higher dollar amounts people are making. It’s a great way for the government to make more money.
If you’re self-employed, you need to review your tax stuff before you file. 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday warns that Employee Retention Credit claims from 2020 and 2021 are still under heavy IRS scrutiny. She emphasizes tracking the claim details now so audit responses are easier later.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
And it’s not really about current taxes, but I wanted to bring up employee retention tax credit. It really was about 2020 and 2021.
But in 2025, audit and compliance reviews remain very aggressive. A number of people have come to my office and we’re having to deal with audits because somebody else filed the ERC.
Now they’re like, well, I don’t know how we got that number, and we spent the money, and we don’t know where the money went. This is important to be able to track.
If you haven’t done it, you might want to go ahead and get it set up in your system because the IRS is aggressively reviewing these numbers. If you need help, check us out on the web, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday reviews the current deduction split between business meals and entertainment. She explains what documentation is needed and why a true business meal is different from entertainment spending.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Business meals and entertainment. Currently, business meals remain a 50% deduction while entertainment continues to be a 0% deduction.
That’s right. If you’re taking someone to a football game or you’re taking them out to the clubs, whatever, to entertain them, that is not a tax deduction.
Sometimes people seem to be confused on what is or what isn’t. A meal needs to be a meal, not just hors d’oeuvres and liquor. It needs to be a meal and you need to be able to write that off for business purposes, which means you need to have discussed something about business.
You still need names, receipts, and who you had that bill with. If you need help, just check us out on the web, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains how gig workers and freelancers now face tighter reporting under Forms 1099-K and 1099-NEC. She also highlights self-employment tax exposure and why estimated payments matter to avoid penalties.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Gig workers and freelancers face increased tax reporting requirements as the platform economy expands with Form 1099-K and Form 1099-NEC. In 2025, enforcement efforts focus on accurate income reporting.
Many gig workers are newly exposed to self-employment tax, and they’re not sure exactly how they’re supposed to be doing it, especially paying estimated tax.
Understanding current gig economy tax rules is essential to avoid penalties, and that includes making estimated tax payments. If you need help doing taxes, or maybe you just got some love letters and you’re like, I have no idea what the IRS is talking about, give our office a call, 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that the home office deduction can still apply to self-employed taxpayers who use a space exclusively and regularly for business. She also reminds listeners to document details like square footage and household expenses.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Home office deduction remains available for self-employed who work part-time from their home exclusively and regularly for business. With remote or hybrid working becoming more common, many taxpayers are seeking clarification on how this works.
Well, basically what you have to make sure is, A, you’re working from home for the benefit of the company you’re doing it for. If you’re self-employed, well it’s for your own self.
Documenting the essential parts of square footage, utilities, how involved the landscape and cleaning services are.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains the difference between Section 179 and bonus depreciation when writing off business equipment. She notes that the best choice can depend on your situation and encourages taxpayers to understand how the percentages affect them.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Section 179: it’s a depreciation, it’s a bonus depreciation concept, but you have two things. You have Section 179 and you have bonus depreciation, and sometimes you need to figure out which one is going to be better for you.
Bonus depreciation rate, 40%, decreasing over the years. Now it’s 100% again. And then you have Section 179, which is 100, but you need to figure out sometimes bonus is better than Section 179 and sometimes Section 179 is better than bonus.
You need to understand the different percentages and how that’s going to affect you. If you need help, just check us on the web, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains why inherited property can receive a step-up in basis, which may reduce future taxes. She cautions that quitclaiming property to children early can be a poor tax decision and mentions the Medicare or Medicaid look-back rules.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Step-up in basis for inherited properties: seems to be a misconception out there of how this works. Because a lot of times I talk to someone and they’re like, oh no, I quitclaim my property to my children, so I knew they would get it. That is not a good tax decision.
It may be a mental or physical or some other kind of decision, but you know, there’s a five-year look back from Medicare or Medicaid. Therefore, unless it’s gonna be something that happens after that, you really just want to let them inherit.
And you know that also applies if a husband and wife own joint property, half of them dies, the other half can get a step-up. Need help? Call me.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains how the adoption tax credit can still help reduce taxes, even if it is not fully refundable. She notes it can carry forward up to five years and stresses having proper documentation and a Social Security number for the child.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Adoption tax credit is in play, and I always think it’s pretty awesome. My parents had eight children, so I don’t think adoption was ever on the table, but I have a number of clients that have adopted children.
And there’s also a credit that you can get, and it can be carried forward up to five years. It may not all be refundable, in fact, very little is it now, but it is still something that can go towards paying your taxes.
So if you have adopted a child, then you might want to think about making sure that you’ve gotten all the documentation and you must have a Social Security number for that child. Otherwise, we are not able to report them on the tax return.
If you need help with taxes, check us out, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that W-2 and 1099 deadlines generally fall at the end of January, unless an extension is requested. She recommends contacting payers promptly and making a list of every employer and company so you do not miss forms and have to amend later.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The IRS has put some new deadlines for filing W-2s and 1099s, and again, those deadlines should have already passed. January 31st would have been the last day they should have given you an email, unless they file for an extension and they should have notified you of that.
If you have not received your W-2, 1099, 1099-K, 1099-B, 1099-Rs, and all the other ones, then you need to make sure you’re contacting the companies. Do make a list, because sometimes you forget you work for somebody and you have two W-2s, not just one.
Then you have to amend the return, which takes longer. You need help? All you have to do is check us out on the web, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday encourages taxpayers to pause before filing and make sure they have considered available deductions. She also mentions planning ahead for an extra $1,000 charity amount in 2026 that can be taken above the line.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
You are now ready to prepare your taxes. You are doing everything you can to prepare your taxes, and now you’re ready to move forward.
And this is the time when you need to think about what do I need to understand? Have I taken all of my tax deductions? Maybe you can’t itemize, meaning there’s not a lot of room for deductions, right? Maybe you have the ability to start putting some money into charity.
Well remember, in 2026 we have that extra thousand dollars this year that will be coming in. So sometime during this year you might want to set aside a thousand dollars for charity so you can get that above the line. So if you need help, go to drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains what an enrolled agent is and why that credential matters for tax preparation and IRS representation. She also clarifies when you may want a CPA for financial statement work.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I am Dr. Friday, an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. If you’re looking for someone to do your taxes, make sure they are enrolled agents. We are the only tax person that is licensed by the IRS. We have been tested by the IRS. This is what we do. We do taxes.
If you’re looking for someone to audit your financial statements, to do a compilation, go to a CPA. But there are awesome CPAs too. Don’t want to knock them, but there’s a lot of tax preparers. Those are people that just prepare taxes. They’re not gonna help you with tax audits though. They’ll throw numbers in the return.
You need help? You need to check us on the web, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday highlights areas the IRS tends to prioritize for enforcement, including higher-income taxpayers and complex pass-through entities. She also notes increased attention on digital assets and offshore holdings, and stresses good documentation.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The IRS enforcement priorities for 2021: the IRS expanding enforcement in several key areas. Higher income taxpayers, not a surprise, they always like them.
Large pass-through entities, that would be like 1065s, 1120-S’s, complex partnerships facing heightened scrutiny. Again, 1065s usually are one of the areas that they like to audit, prioritizing audits related to digital assets and offshore holdings.
This is all those kind of things. You want to make sure you have good documentation. You’re not in trouble if you’re doing these things. All you need to do is make sure you document right. You need help with taxes? 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that more W-2s and 1099s may be delivered electronically, which can surprise people waiting for mail. She recommends updating your email with employers and payers so you receive your tax documents.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
So you’re sitting there thinking, I haven’t received my W-2, I haven’t received my 1099s. It’s halfway through February almost, and we do not have our documents, so I can’t do my taxes.
Well beginning in twenty-five, employers and payers face extended rules of electronically issuing W-2s and 1099s. They do have the ability to just file them electronically to you, making you print out those forms.
So if you have not updated your email, not just your address, but your email with an old employer or someone else, then you need to contact them because it could be your responsibility to get that form. If you want to check out more about us, go to drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday shares a positive IRS update: some notices can now be handled through a digital correspondence portal. She explains how uploading your response can reduce mail delays and help the IRS reply faster.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
IRS digital correspondence update in 2025: this is actually a positive. Just like everything else in the world, we’re getting more AI and getting more computerized, and the IRS is finally catching up to this.
There is a portal now that you can use to upload your communication for a number of different IRS letters that you might receive. So if you’ve received a CP504B for your business, you can go on there and you can upload your correspondence, which you don’t have to worry about snail mail, which means it should get responded to faster.
If you need help with any of your IRS issues, call me, 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that IRS relief options may be available when taxpayers face hardship, disasters, or serious processing delays. She recommends documenting issues and getting help when resolving a case with the IRS becomes difficult.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
IRS protocol updates: IRS relief options in 2025 may include expanded criteria for taxpayers impacted by economic hardship, natural disasters, or just delay in IRS processing.
Keep in mind the IRS is basically closed for almost two to three months, and even now it’s difficult to get information. Now they will not say if you can’t reach someone on the phone that that’s a good reason for hardship, but you could put together a decent case of explaining how many times you called, how many times you got misinformation, or maybe no information because the person answering the phone doesn’t know.
You need help with that? 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that the IRS may send letters asking you to verify your identity after a return is filed. She warns that ignoring these notices can delay processing and prevent refunds from being released.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
And yes, the IRS is expanding. In fact, I can probably say five, maybe even eight of my people got love letters saying something like, you need to verify your information. A tax return was filed, but we need to confirm it is you who filed it. This is the kind of information you’re getting.
Those are not fraudulent letters. And if you have not responded, they will not process that tax return, which means if you filed it, you get a letter and you don’t respond to them, you’ll never get the refund, or you’ll not get proof that it was received on time.
You need to respond, and if you need help, go to our website, which is drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains a new IRS form, 1099-DA, that begins in 2025 for digital assets. She notes it will work much like a 1099-B and makes it easier for the IRS to track crypto activity.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The IRS is significantly expanding oversight of digital assets through the rollout of a form called a 1099-DA. All of my crypto people, all of my people into virtual currency need to listen. 1099-DA is new and it begins in 2025.
This form will functionally simulate the 1099-B for stock trades, but guess what? It’s going to be showing all that for cryptocurrency and digital assets.
If you do not have this or understand what this is, you need to talk to us because this is new and they’re gonna know where your money is. 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains why 1099-K reporting matters for people selling online or earning through apps. She warns that ignoring these forms can lead to IRS notices because the IRS receives the same information.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Making sure that you are paying taxes on all the income you earn. 1099-K thresholds have gone up. So they originally planned for $600, then they went up to $5,000. $5,000 isn’t much in a year if you’re selling items on the internet or you’re doing a small business through the internet.
This is merchant fees. 1099-K is, if you’re an Uber driver, you get a 1099-K. If you don’t understand and you’re getting these forms, or you’re ignoring them thinking, well, no one knows about them, guess what? The IRS does.
I’ve had a number of people come in my office that have prepared their own taxes but did not report that. Guess what? They now are reporting it.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday reviews IRS modernization efforts like expanded e-filing and faster processing. She points out that it can still be difficult to reach an IRS agent, and that representation can help when you need answers.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
This comes from the IRS. The IRS continues a multi-year modernization effort and expands electronic filing capacities and digital communication tools. In 2025, taxpayers benefited from the faster processing speeds.
I’m gonna kinda stop right there, because we all live in the real world. You can’t reach an agent on the phone, and you have a difficult time confirming if something’s been e-filed, where the money is actually at. They may be able to get it into the system faster, they still need to expand the telephone system.
So if you need help and you need help contacting the IRS, as an enrolled agent I can represent you. All you have to do is call 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that the higher estate and gift tax exclusion continues and rises with inflation. She shares why this helps families plan wealth transfers and when you may need help with an estate tax return.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Because of the OBBA permanent extension, the higher estate and gift tax exclusion continues to rise annually with inflation. In 2025, the exemption reaches its highest level ever, providing substantial protection for family wealth and transfers that money onto the beneficiaries.
It helps us plan, finalize the valuations due to certain favorable tax environments, and makes it easier for surviving spouses and children and married couples. Anybody that has an estate is gonna benefit from these higher rates, and it also keeps the government out of our pocket, which is what we’ve done after working so hard to build up these assets.
You need help with an estate tax return? Just call our office.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains why the premium tax credit through the Marketplace can be confusing and how it is based on your taxable income. She warns that income changes during the year can create a large repayment if you do not update the Marketplace.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
And personally, this is one of the most confusing tax things we have. It’s the premium tax credit. It has to do with the Marketplace, and how much money you’re paying for your insurance and how much money you’re actually earning.
Remember the Marketplace bases this all on your taxable income, and the problem is sometimes people don’t know how much money they’re making. They sell something, they get a second job, they increase their income, and don’t tell the Marketplace.
And guess what? I had a couple last year that had to pay $21,000 back, another one that paid $16,000, and another one that had to pay. That’s a lot of money. Make sure you’re keeping up with these taxes with the Marketplace.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains how employer-provided commuting benefits like transit passes and workplace parking can be tax-free. She notes that inflation adjustments may raise the monthly limits and that small businesses can use these perks to help employees.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Qualified transportation fringe benefits, including mass transit passes and workplace parking allowances, continue to offer tax-free benefits to employees when offered by an employer. For 2025, inflation adjustments may increase monthly limits, providing greater tax savings for commuters.
Employers offer these benefits mostly to upgrade the payroll system and help benefit their employees. This is a great way.
If you’re a small business owner and people have to pay for parking or they have to pay to come in and they’re willing to use transit, you can give them those passes for nothing, and that actually increases their payroll. If you need help, give us a call, 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains how the Social Security wage base keeps rising and can increase payroll taxes for many workers. She also notes that Medicare tax stays uncapped, so higher earners should plan for it.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Social Security wage base continues to rise due to the national average wage income inflation, increasing the amount we have to pay. So as employees, we pay 6.2% in Social Security tax. As employers, we pay 6.2% in Social Security tax.
Higher wage earners will eventually threshold out. It’s around $200,000 this year. And then after that, you’ll still continue to pay your Medicare, but it will continue to go up.
The remaining Medicare tax will stay uncapped, which means you will always be paying your Medicare tax. Again, something you should be working and planning on. If you’re in the higher income, you may be able to maximize some other taxes. If you need help, give me a call.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that long-term capital gains rates still generally fall into the 0%, 15%, and 20% brackets. She also reminds higher earners to factor in the 3.8% net investment income tax when planning a sale.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Long-term capital gains structure remains intact due to the one big beautiful bill, and those three rates are 0%, 15%, and 20%.
But I do want to throw in there, there is a 3.8% net investment income tax that came with Obama, and that is still also in play, which means that those rates of 0%, 15%, and 20% most of the time go 0%, 15%, 18.8%, and 23.8%. We really do not have a 20% capital gains.
If you’re selling, you need to understand taxes because if you don’t, you’re gonna pay more money or be surprised when tax day comes. You need help? Check us out, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday closes out January by reminding listeners that tax season is underway. She shares a simple system for gathering W-2s and 1099-Rs and using SmartVault to speed up preparation.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
And the last one for the month of January, which means we are fully into tax season. If you haven’t, you should be receiving your final W-2s and your 1099-Rs.
You should have an envelope on your kitchen table, or someplace where you’ve written all the forms you need. So if you prepare your own taxes, or you’re coming to us or some other tax person, you’ve got everything organized.
And if you’re coming to us, remember we have the SmartVault. So you should be uploading those documents so that we can get your taxes done as fast as possible. And if you have no idea what I’m talking about, you need to call our office: 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains why knowing your earned income and investment numbers matters for tax planning. She shares how tracking those numbers can help maximize credits and avoid unpleasant surprises later.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Maximizing your earned income tax credit. Thresholds help taxpayers maximize the value they get under the tax law.
Understanding your tax numbers: so often people are like, I don’t know how much my earned income is. I don’t know how much I’ve made in investments. You need to at least keep those numbers somewhat in your head. I get it, none of us know exactly, especially as self-employed people. Sometimes that’s a moving target, right?
But you do need to know if you’re going to do any kind of tax planning, not just throw numbers on a tax return and hope you don’t owe money, but actually plan. Because sometimes paying taxes today will be lower than paying them later, with penalties. If you need help, go to drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains how marriage and divorce affect your taxes, especially filing status. She clarifies that a divorce at any point in the year counts for the entire year, which can create surprises.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
You know, when life happens, sometimes people get married, sometimes people get divorced, sometimes you have children, sometimes the children grow up and move out. All these things are life-affecting and mostly tax-affecting events.
So if you are divorcing, I have to reiterate what people I thought knew but I have found out don’t: it doesn’t go into effect the day you divorce, it goes into effect the year you divorce. So if you divorce any day today or December 31st, you are considered divorced the entire year.
It’s not a half-year thing, it’s not a quarter-year thing. So that means if you’ve been claiming married, you may end up with a huge tax problem. If you need help, call me.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that the earned income tax credit amount hasn’t changed much, but the IRS audits these claims frequently. She stresses the importance of documenting where a qualifying child actually lives.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The earned income tax credit amount for 2025 hasn’t really changed. It has remained the same.
One thing you do need to know: the IRS has specifically put out that it remains the most frequently audited part of a tax return. One of the reasons that’s happening is because a lot of times people are not keeping record of the residency of where that child is living.
If that child is not living with you for more than six months and one day a year, and you’re not the primary custodian, and you’re claiming your girlfriend’s child or something else, you may be breaking the law. drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains why she is a strong advocate for health savings accounts (HSAs), even though she doesn’t sell insurance. She describes how HSAs can grow and help cover medical costs in retirement.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I do not sell insurance. I’m putting that at the beginning of this because I am a huge advocate for health savings accounts.
HSA contributions increase with inflation, and if you happen to be blessed where you don’t need to use it, you don’t have to. You don’t lose it. It just grows and grows. It’s another way of increasing your retirement.
And you’ll need it, let’s be honest. Statistically, you’re going to have to have 200,000 to 400,000 in retirement just for medical expenses. Imagine if you had that sitting in your HSA, so you could take your other retirement and live off it or pass it down, whatever works for you.
If you need help, check out the video. Check us on the web, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday encourages taxpayers to think beyond filing their 2025 return and start planning for 2026. She highlights common events like conversions, real estate sales, and IRA moves that can change your tax bill.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Preparing taxes is what I do. I’m Dr. Friday, an enrolled agent, licensed by the Internal Revenue Service to do taxes and representation.
When you’re doing your taxes, right now it’s tax time, guys, and all you’re thinking about is preparing your 2025 taxes. And you’re not thinking about what do I need to be looking towards in 2026? When you’re working on your ’25s, put a thought in your mind about what might be happening.
Do you want to do a conversion? Are you selling real estate? Are you taking money out of an IRA? Are you doing a bad thing, a backdoor IRA? All these things affect your taxes, and if you know in advance what the tax bill is, you can plan for it.
If you need help, go to the web drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that retirement plan contribution limits keep increasing with inflation and highlights catch-up contribution rules. She encourages taxpayers to take advantage of these options as they approach retirement.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Retirement plan contribution limitations for 401(k)s, 403(b)s, and 457 plans continue to rise with inflation. The SECURE Act 2.0 enhancements remain in effect, expanding those catch-up contributions for all of us that are over the age of 55, and in some cases, some of the catch-ups that qualify for over 50. Then you can actually start putting more money aside.
They understand a lot of times when you’re raising your family and doing things, you don’t have the ability to maximize retirement. But sooner or later we will have to retire. So putting your money into a retirement plan is a good idea.
If you need help with taxes, go to drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains how inflation and income changes can affect tax brackets and credit eligibility. She warns that raises can sometimes push taxpayers out of credits like EITC or the child tax credit without planning.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Taxpayers should evaluate how inflation changes thresholds, especially for credits like the child tax credit and earned income tax credit. High inflation years can meaningfully increase brackets, and reduce effective tax rates.
What I’m basically saying is everyone’s making more money. But when you’re making more money and they’re not adjusting those thresholds, you could be getting yourself outside of earned income credit because you made too much money. You may not qualify for the child tax credit because you’ve made too much money, even though all those raises help you feed your family and do good things.
It doesn’t always help you when it comes to taxes. You need to plan. If you need help, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains why permanent tax provisions make long-term planning easier than laws that constantly expire. She also clarifies how enrolled agents help taxpayers plan, prepare, and handle IRS issues.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
One of the things we all like about the one big beautiful bill is, plain and simple, it gives us the tools to do long-term planning. Under the last couple passes of tax law, there’s been four years, five years, and then they expire. A lot of expiring, and that leads to a difficult time for us as tax people and also just as taxpayers to sit down and say, hey, in the next five years I’m going to do this, this, and this.
If you don’t have that kind of window, it’s difficult to do good planning. And remember, tax preparers are preparers. Enrolled agents help you plan as well as prepare your taxes, and also represent you if you need help. drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that the cash charitable deduction limit is now permanent at 60% of income. She also discusses how the higher standard deduction makes itemizing harder and why bunching may still help some taxpayers.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Cash contributions were 50%, went up to 60%, and now that is permanent under the one big beautiful bill.
The years of having 100% of our charitable deductions deductible probably isn’t going to be on the table for a long time, especially with the standard deduction going up every year. It’s harder and harder for individuals to actually itemize under the current tax law unless you have a very healthy mortgage, or unless you do bunching.
Bunching is basically taking your sales tax, adding it up, buying bigger things in the year, and you also pay your property taxes. Remember here, we don’t have a state income tax. If you need help, just go to drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that the alternative minimum tax (AMT) thresholds remain in place. She discusses why AMT can surprise taxpayers, especially when large capital gains are involved.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
AMT thresholds remain the same under the new current one big beautiful bill. Alternative minimum tax. Many of you guys aren’t sure what I’m talking about, but this is a tax code within the tax code.
If you were to talk to someone at the IRS, they would say this is a way they try to level the playing field so that the rich can’t get richer and the poor stay the same as they are. So I don’t know if I agree with that, but either way, middle income people are going to get hit, ever since 2017. Higher incomes have ways of avoiding it.
So make sure if you’re selling and you’ve got a lot of capital gains, you need to talk to someone: 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday reminds taxpayers that today is an important deadline for the final estimated tax payment. She explains that missing it can trigger penalties and encourages making the payment to stay ahead.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Today is tax day. Not the day we’re going to file our final tax returns, but it is the day you’re going to make your final estimated tax payment.
And if you haven’t made any, remember we made the first three estimated payments in 2025, and then the last one is due today. And if you don’t make that payment, there are penalties.
I don’t care what people say, it’s not elective. If you don’t want to pay penalties, you want to understand where your money’s going and give the IRS less money, make your estimate today. Or check us out on the web at drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday introduces herself as an enrolled agent who focuses on tax preparation and IRS representation. She explains the types of situations where professional help can make a difference, from filing to planning.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I am Dr. Friday, an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. That’s all I do. 31 years of doing it here in the Nashville, Brentwood area.
If you don’t know how to get out of that with the IRS, if you need help, or just basically need some tax help, completing your 2025 taxes or planning for your 2026, I am your person. Maybe you’ve inherited money. Maybe you have a situation where you need to sell your primary home.
All you have to do is go to the web drfriday.com. Or maybe you want to talk face to face or on the phone, 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that the estate and gift tax exemption stays at a higher level, giving families more certainty. She notes how that stability can help with long-term gifting and charitable planning.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The estate and gift tax exemption is permanently extended, so there isn’t a drop in 2026. That’s right.
In 2025, this means estate planning and large gifts can continue operating under the favorable higher exemption threshold. Wealthy families have long-term certainty on how they can structure their gifts and their wealth, and making sure that they’re able to give.
Because a lot of people, you know, they give a lot of money to charities and they gift a lot to other individuals. This isn’t just making the rich richer. This is a way to help the world be a better place by helping us manage the money in a better way. 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday breaks down the 20% QBI deduction and why its permanency is good news for eligible taxpayers. She shares a simple example showing how big the deduction can be when structured correctly.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The QBI 20% deduction is permanent, yes. All small business owners, all people with rental income, and anyone dealing with investments that may have QBI are going to be extremely excited, as I am, because this is 20%.
That means if I have $100,000, I could get a $20,000 deduction if it’s done correctly. Understanding QBI is something I find a lot of times people don’t, but it is permanent, which means now you can do some planning and you can do some investing.
If you’ve got rental properties, you’ve got a small business, or a big business, QBI may be a way to put more money in your pocket. drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains the mortgage interest deduction limits and why only a portion of interest may be deductible for larger loans. She also notes that some older mortgages may be grandfathered under prior rules.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Mortgage interest deduction remains at the $750,000, reflected as a permanent extension with the one big beautiful bill. Now some taxpayers could qualify as grandfathered under $1 million, that was back in 2017. So if you haven’t refinanced your home in a number of years, then you may still have the $1 million situation.
But most of you are at $750,000, and believe it or not, I see people with mortgages for one, one and a half, two million, and they’re trying to deduct all that interest. It is not all tax deductible. You must amortize the portion that isn’t.
If you need help with tax questions, just go to drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains what the SALT deduction includes and why the cap increase matters for itemizers. She also discusses how bunching expenses may help, but only if you itemize.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The SALT tax. You guys have heard talk about this many times. That’s where you put in your property tax, and your state income, or for us, sales tax, and it’s always had, these last few years, a limit of $10,000.
Well, guess what? It’s going up to $40,000. So for many of you that used to do bunching, where we’d pay our property taxes twice, we’d do our sales tax, and we’d add it all up, and we’d buy the bigger things in the years we’re doing this bunching, that’s the way we’re going to start putting more money in our pocket.
Now remember, you still have to meet the itemization before you can take a dollar off your tax return. Check us out, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday reviews the Child Tax Credit rules that remain in place, including the refundable portion and inflation adjustments. She also explains the income limits that affect eligibility.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The Child Tax Credit. The child tax credit remains at the level of $2,000 per qualified child, with $1,600 currently refundable, and it will adjust with inflation.
Under the one big beautiful bill, it did not revert back to the earlier 2017 numbers, which is good because that was like $500 a child, or $1,000 depending on what year.
There are limitations, guys: $200,000 if you are single and $400,000 if you’re married. If you need help or you just want to book a tax appointment with me, Dr. Friday, just go to drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that personal exemptions remain eliminated, even though many longtime taxpayers remember them. She also notes how the doubled, permanent standard deduction and age-65 benefits can change planning.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The personal exemption remains eliminated under the current tax law. For many of you that have been filing taxes as long as I have, almost 30-plus years, you know that at one point we had a personal exemption. Now that is zero, and for the foreseeable future.
But the standard deduction is now permanent, which is actually better because they doubled the typical standard deduction. And there’s some more wonderful things coming in if you’re over the age of 65.
If you keep listening to these tax moments, you’re going to hear all kinds of ways you can save tax dollars. But if you need help today, 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains that the larger standard deduction was made permanent instead of reverting to older levels. She shares how this simplifies filing for many households, while itemizing may still help those with big mortgage interest or charitable giving.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Standard deduction in 2025, under permanency from the TCJA extension. Again, we were expecting a lot of these things to expire at the end of ’25 and then go back to the 2017 levels. That would have been a bad situation for many of us.
Now the standard deduction is permanent. It simply reduces the number of taxpayers who itemize, which simplifies the compliance for most households. However, taxpayers with substantial mortgage interest and charity will still be able to take advantage of itemizing.
It is a great way to make sure you’re putting more money in your pocket and not paying the IRS too much money.
You can catch the Dr. Friday Call-in Show live every Saturday afternoonfrom 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday walks through the current individual tax brackets and explains that the reduced rates were made permanent. She notes how knowing these brackets helps with long-term tax planning.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Current 2025 tax brackets, after the one big, beautiful bill permanently extended the TCJA rates. I know I’m talking about a lot of things, but tax rates are now permanent, and that’s great because we can now make plans.
We know that the 10% is staying in play. We know the 12%, the 22%, 24%, 32%, 35%, and 37%. So now we can look into the future, because if we had not passed the one big beautiful bill, these would have been expiring at the end of ’25.
So this is awesome news for all of us. If you need help, just go to the website drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Great news to start the year. Dr. Friday explains why making the 20% Qualified Business Income deduction permanent opens the door for real tax planning.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The QBI 20% deduction is permanent, yes. All small business owners, all people with rental income, and anyone dealing with investments that may have QBI are going to be extremely excited, as I am, because this is 20%.
That means if I have $100,000, I could get a $20,000 deduction if it’s done correctly. Understanding QBI is something I find a lot of times people don’t, but it is permanent, which means now you can do some planning and you can do some investing.
If you’ve got rental properties, you’ve got a small business, or a big business, QBI may be a way to put more money in your pocket. drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoonfrom 2 to 3 p.m. right here on 99.7 WTN.
It’s the final day of the tax year. Dr. Friday lays out what still counts for 2025—and what no longer does if the transaction hasn’t closed.
Transcript
G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I’m Dr. Friday, an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. You’re gonna need someone to be doing taxes in just a day or two because—you know what—we’re at the end of the year.
So anything that you’ve done for 2025 had better have been finished up. If you were doing conversions, if you were buying that truck to save tax dollars, it better have closed, because at this point most people do their taxes on the cash basis.
Meaning if it didn’t happen by today, it’s not going to happen for the tax year of 2025.
If you’ve got questions, or you haven’t done any tax planning and need some help with that—or just help with the tax preparation—give us a call at 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
With January 31 right around the corner, Dr. Friday reminds business owners and landlords to collect W-9s and file 1099s to avoid costly penalties.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
It’s almost the end of the year. We need to make sure our tax documents are in order. Get ready—if you haven’t already put together your list for subcontractors and 1099s, go ahead and get those W-9s out there.
We need to get those all out by January 31. Now is the time so you can make sure you have W-9s completed, you know the dollar amounts, you have the information.
There are serious fines—$500 for each 1099 you do not issue. So let’s make this year 2026, for the tax year of 2025, the year that we actually file all the proper forms.
And again, this isn’t just for people in business. People in real estate rentals also have to do this. 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Tax season is almost here, and returning clients get priority. Dr. Friday reminds listeners to secure their appointment before the schedule fills.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
So all of you that are listening that are my already existing tax clients—hopefully you have already set up your tax appointments. If not, you need to be going to drfriday.com, clicking on “schedule,” and making your appointment ASAP.
If you don’t see an appointment available, please call our office at 615-367-0819. One of us will answer the phone, and we’ll get you put on the schedule because it is booking up fast.
I want to make sure I have all my returning clients. If you’re a new client, we’ll also be trying our best to get you in—but returning clients, number one.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Boxing Day may not be a U.S. holiday, but Dr. Friday uses it to remind everyone: you only have a few days left for 2025 tax-saving actions.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Happy Boxing Day. I know you guys don’t do that in the United States, but all of us Aussies do. And so basically just, you know, enjoy the day. Meanwhile, think about taxes. We have like four days left.
And if you’re gonna do anything to save taxes, you have to write the checks pretty much now to reduce your taxes. Holding back people’s checks doesn’t really work. I’ve had a couple cases where people get 1099s for the total amount—even if they didn’t put it in the bank. There are ways around that, but make sure you understand your numbers.
Make sure you know when you’re saving tax dollars and when you might not be. If you have questions, you need to make the appointment ASAP at 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
On this special day, Dr. Friday shares a personal Christmas memory and reminds us what the season is truly about—giving, loving, and gratitude.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Christmas. Oh my goodness. We love Christmas. And it always remembers a lot about my mom. My mom always did this thing where she would take cash and, you know, go pay people’s layaways and do that. She had heard about it. She enjoyed it. It was something that she would enjoy doing for people.
And I think that’s what Christmas is all about—basically spending time with the people we love, helping those that maybe, to be honest, have a little rougher time. Maybe they don’t have all the support that we all get to have. So think about those that you can help. Love those that are around you today.
And I hope that you have a very Merry Christmas. Don’t forget the reason, the cause behind Christmas. Go to church. Put a little prayer in. This is Dr. Friday. Love y’all.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
It’s almost year-end, but there’s still time. Dr. Friday explains how boosting your 401(k) or IRA contribution can lower your taxable income.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
And we probably are pushing it close, but for all of you that are employees that have 401(k)s and you’re sitting there thinking, “Wow, my income may just be a little higher. I can afford to put a little bit more.”
Maybe you need to think of taking that last paycheck that may be coming up here and giving more of it to your 401(k). It will save more money today—well, I should say it will reduce your income. And then obviously later you’ll have to pay taxes, but you know, it’s a 401(k). That’s what we do.
So think about doing that. And of course, it doesn’t hurt if you have IRAs or Roth IRAs. Those are all tax-related decisions. Talk to your financial planner, see what works out best for you.
But from a tax standpoint, reducing your income always saves us tax dollars.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Thinking about buying a heavy vehicle before year-end just for the deduction? Dr. Friday walks through the math—and why it may not be worth it.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
And right now there’s a mad rush of a bunch of people saying, “I’m gonna go out there and buy myself a big truck over 6,000 pounds so I can actually write that vehicle off and get that tax deduction.”
Okay. First, doesn’t it sound crazy when I say that out loud—just like I just said that? Because you’re gonna go spend sixty, seventy, eighty thousand dollars to get a tax deduction that, if you’re in the 20% tax bracket, is gonna save you—if it’s $80,000—what, $16,000?
So you’re still paying the rest out in money. I mean, if you need a vehicle, it’s a legitimate tax deduction, and you’re gonna make money by having a new truck, go out there, buy it before the end of the year.
Otherwise, think twice before you go spend thousands of dollars to save hundreds.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Year-end means 1099 season. Dr. Friday explains who should get a 1099-MISC or 1099-NEC and why Form W-9 is so important.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Very soon we need to be issuing our 1099 miscellaneous or 1099 NECs for anyone that provided services for us. That would include all of you that have rental properties—your lawn man, your repairman, your handyman, your roofer.
If he’s an LLC—anyone that is operating as LLCs or partnerships or sole proprietors—the only person we do not 1099 is if their company has an Inc.
Only way we really know that is to have them complete a Form W-9. Have that on file at your office so if there is ever a question on what you need to do, then you have that right there to prove you did not need to 1099 them.
Get your numbers together so you can do that on time. Call us at 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Worried about an IRS audit? Dr. Friday explains why solid accounting records are your best defense—and how software can make it easier.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Using a tax software is great, but using an accounting software may be better for most self-employed individuals. First thing you need to do is have good numbers—tracking your expenses.
If you’re ever worried about the IRS coming knocking—which, let’s be honest, all of us are always worried about it—having good tax records is the secret to defending yourself against an audit.
I had a gentleman we went through an audit with just a few weeks ago, and to be quite honest with you, we went through with no problems. His documents were in good order. The questions they had, we had exact numbers.
They didn’t dig very far because the answers that we gave them stopped them pretty much. Where if you’re not organized, they’re gonna keep digging to get more information. You have questions, just call me.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
“Why is my refund smaller than my friend’s?” Dr. Friday explains why comparing tax results rarely helps—and what you should do instead.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
What can we do to save taxes? That’s the first thing most people ask when we’re working on their taxes. Nothing wrong with it—it’s a great question, I love it.
But you have to figure out that what advice I give you is based on your situation, because what happens often is they say, “Well, you know, my neighbor doesn’t pay this kind of money in taxes. My friend just did their taxes and they got this big refund and they’re making about the same as we are.”
One, most people never share exactly what they’re making. Two, you don’t know if they have losses—maybe they lost some money, maybe they have more children. You’re not sure what the situation is.
So if you really want to know how to save tax dollars, you need to make a tax appointment and let’s talk about your taxes.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Had a major loss from an accident and wondering if it’s deductible? Dr. Friday explains why, under current law, most non-disaster losses can’t go on your tax return.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Talking about losses, client came in, they had some losses of a vehicle due to accidents. It was not to do with a federal disaster. And they were sure that they should be able to write off the losses of these vehicles because, well, they lost them.
The answer is no. So keep in mind, nowadays, under the current tax law, at one point there was casualty loss and disaster loss available on your taxes—years ago, back in the 2000s, 2007, 2008.
Now we have to have a federal disaster to be able to claim any loss of property. If you need a question, 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
When you inherit real estate, the stepped-up basis can save you from paying taxes—but only if you document the property’s value correctly.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Inheriting property—in most cases, it’s a parent’s house or something like that. And so when you inherit, it’s very, very important to find out what was the value of that home within 30 days of the death of the person you inherited from.
Now, you can get comps, you can get appraisals depending on the value of this property. Sometimes it’s very smart to get an appraisal if there’s a number of people, because that number is what we’re going to use.
So if you inherit a house worth $500,000 and you sell it for $500,000, guess what? You’re paying zero tax. And that’s all tax-free. Proper documentation puts money in your pocket. 367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Not every workspace qualifies as a home office deduction. Dr. Friday breaks down what the IRS considers a true dedicated business space.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Home office expense. Wow—we’re getting close to the tax season, getting ready to end December, getting ready to go into 2026, and we’re thinking about: is this home office a true tax deduction?
Keep in mind, if you are self-employed, it is your only office—home office—as long as it’s not your kitchen table or a dining room where there’s something else. It has to be a specific room in which you have your office equipment and your ability to do your work.
It cannot have a bed. Nowadays I don’t know if the IRS is as picky about TVs—at one point it could not have a TV in it, but now people use that for their screens.
So if you’ve got questions on this call the firm, 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Mileage can be a valuable deduction—but only if it’s properly documented. Dr. Friday explains what a valid mileage log must include.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Tracking miles. So I tell people all the time—you’ve got to have miles. If you’re in a business, you’re self-employed, you use your vehicle, miles are big—70 cents a mile adds up pretty quick.
But you can’t just come in and say, “I did 30,000 miles. I did 20,000.” For one, what’s the odds of you doing a full, even number of miles? Two, you need a log.
If you are ever audited, the IRS specifically asks for a log. It’s a specific log: Who did you go see? How far was it from your office? What was the purpose of the meeting? All these different details.
If you don’t have that, they can disallow those miles—and that can be tens of thousands of dollars out of your pocket just for not keeping the proper paperwork.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
The One Big Beautiful Bill (OBBB) brought major tax law changes for 2025. Dr. Friday explains why year-end is the time to revisit withholdings and strategy.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
On February 4th, 2025, President Trump signed in the HR1—commonly known as the One Big Beautiful Bill Act, or the OBBB. And that extended a lot of the Tax Cuts and Jobs Act that was in there, but it also added a lot of new tax laws.
So now is the time. We’re getting ready to go into 2026. 2025 is almost over. A lot of these went into effect in 2025. If you have not already sat down, talk to your tax person.
How are you gonna do this? Are you gonna get more money back? Should you be taking out less on your paycheck? These are the kinds of questions you need to ask. If not now, when you sit down to do your taxes—make your tax appointment today.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
When parents share custody, deciding who should claim the children can make a big difference at tax time. Dr. Friday explains why the financially optimal choice isn’t always the obvious one.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Figuring out our taxes, trying to track our taxes, and we’re getting to the end of the year. It’s important to also think about—if you are a husband and wife that are divorced but you have children. I had a situation that came in the office the other day.
And you know, good news is both of them came—they’re divorced, but they’re trying to figure out who benefits most from the children. Because sometimes it’s like, I’m taking the children no matter what. They’re with me, but you’re basically 50–50 caregivers.
And sometimes one makes a lot less and qualifies for a lot better benefits than the other. Sometimes they don’t get any benefit—but it’s all a personal situation. Take that out of it. Put more money in your pocket. Know your taxes.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this reflective One-Minute Moment, Dr. Friday explains why staying informed matters—and how small tax insights can lead to big savings.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
As an individual that’s been doing taxes for over 30 years as an enrolled agent, I’m here to basically help first—make you think. That’s what these moments are all about.
Maybe there’s something one day you’re like, “That doesn’t apply to me at all.” The next day you’re like, “Oh, I didn’t even know that happened.” That’s the reason I try to do these—just make you think and apply.
Because a lot of times people just get into this monotony. They just keep doing the same thing over and over and they don’t realize they should have been getting better tax deductions, they should have been tracking different expenses.
Tax law is always changing, and sometimes those changes actually put more money in your pocket. So pay attention. Make sure you know what’s going on. If you’ve got questions, 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Claiming a dependent—or being one—can change the standard deduction amount. Dr. Friday explains the 2025 limits.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
What about dependents? Your standard deduction amount may differ if you can be claimed as a dependent on another person’s tax return.
In 2025, standard deduction for dependents is limited to $1,350 and the sum of $450 plus the dependent’s earned income, whichever is greater.
So this is gonna be big for some people that may be able to claim their children. Normally if they have small income that comes in on W-2s, we can wash it. A lot of times you don’t get that with this new standard.
So you’re going to need to revisit if you’re a small business owner paying your children. You have questions: 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
With 2025 right around the corner, Dr. Friday breaks down the new standard deduction amounts for every filing status.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Getting prepared for 2025. Let’s talk about our standard deductions. Married filing jointly and surviving spouses: $31,500, up about $2,300 from 2024. Single and married filing separately: $15,750, up about $1,150.
And head of household: $23,000. If you’re over the age of 65, there will be some additional deductions that you’ll be able to claim.
But the important number is if you had your standard deduction prior to the OBBB, you’ll see that they’ve gone up again. So it’s important to stay on top of your tax questions—and also your tax answers.
615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
The year is almost over—Dr. Friday shares simple steps to get organized now so tax season goes smoother and with fewer surprises.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
We are getting close to the end of the year and now is the time. Time to start getting organized, right? We don’t want to wait until the first of the year and run around like crazy chickens.
We want to have our documents in line. So first I would say get yourself a manila envelope. Put on there what you may be expecting—especially if you’re a person that’s self-employed. You may have 1099s that need to be coming in.
Go ahead and take all those receipts that are on the kitchen table that you’ve spread out, start adding them together, put them in Excel, get the numbers together so you only have to add the last few weeks here.
Earlier you get in, the sooner you know how much money you might owe, and the easier it is to ease any kind of penalties or interest. Check us out at drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
If you were affected by federally declared disasters between 2018 and 2020, Dr. Friday explains how new legislation may let you claim tax relief retroactively.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Legislation has passed by Congress last year that eases the tax for people that have been devastated by a federal disaster from 2018 through 2020. The relief is going to take place in 2021 through 2024.
You’re going to be able to take some of the damages from Hurricane Ian and some of the other ones that have—I mean goodness gracious—we have a whole list here of disasters that’s hit Nashville from that time period.
But what you want to do is if you were affected by those and you did not get to claim those losses, you need to sit down and talk to a tax expert. See if you qualify for any additional tax credits that may have come across the board.
You can catch me on the internet. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday breaks down an additional deduction for seniors on Social Security—and reminds taxpayers that refunds will no longer arrive by mail.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
For all people that are age 65 and older, you have Social Security and you earn less than $75,000 or $150,000 as your AGI, there is an additional deduction that’s going to happen to your standard deduction of $6,000 for each person over that age that has Social Security.
So this is something you’re going to want to make sure—if you do your own taxes, nothing wrong with that, perfectly cool. But make sure that when you’re doing them that you’re using not just paper and pen… maybe you’re using software nowadays.
Keep in mind, the IRS isn’t going to be mailing your refunds in a check form this year. So you’re going to have to put your bank, or you’re going to have to get a card—either way—to get your refund.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
If you’re thinking about selling a timeshare, Dr. Friday explains why losses on personal-use timeshares can’t be deducted on your tax return.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Most people who sell timeshares sell them at a loss. That’s just the way it is. The loss of the sale of a timeshare held for personal use is not deductible.
So when you’re dealing with timeshares—and I’ll be honest, guys, I am not a fan of a timeshare. I like visiting, I like to travel, but it seems like they always lock you into something that 20 years later you’re still paying and it’s increased and you don’t have any asset really.
So you sell it, you have a loss. We can’t claim the loss because it’s a personal loss. And therefore, think about what you’re investing into so that you won’t end up putting money into something that us tax people cannot deduct off your tax returns.
Check us out on the web at drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
A special Thanksgiving greeting from Dr. Friday—focusing on gratitude, family, and cherishing the moments we get together.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
First, Happy Thanksgiving. I’m hoping that all of you guys have the time to spend with family and friends, get to eat a lot of turkey. And I know some of you guys make those things where they take the pig and they put the chicken inside and all these different layers and they have this amazing food.
I hope you enjoy the time that you get with your family. It is limited sometimes. So this moment is just dedicated to families and being able to spend time with our family.
So from my family to yours, I’m really wishing you a very Happy Thanksgiving. And then hopefully you’ll make some time—if you have questions, just check us out on the web at drfriday.com or email Friday at drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains a major federal change: tax refunds and government benefit payments will no longer be issued as paper checks.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Donald Trump signed an executive order earlier this year mandating that the Treasury Department get rid of paper checks. That’s right—recipients of any benefits, tax refunds, and other payments, effective October 1st.
So this is in effect. He has ordered all federal departments and agencies to use electronic fund transfers, including direct deposits, prepaid cards, or other digital options.
That means that after September 30th, you will no longer be receiving tax refunds in the form of paper checks. So if you filed your tax return recently and you have a refund, be surprised—there’s not going to be a check coming in the mail.
If you’ve got more questions, just check us out on the web.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains the current and upcoming rules for 1099-MISC and 1099-NEC forms—and reminds businesses of their reporting responsibilities.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
1099-MISC, 1099-NECs—this is where we report our subcontractors or services that we have, and we need to send them the 1099 so that they then can file their taxes.
Keep in mind: if you do not receive a 1099, but you did receive money from somebody, it is your responsibility to file that money even if you did not receive the form.
But those forms are going to be changing in 2026. For 2025, you still have $600—anything that’s made over $600, you should be issuing a 1099 for any services that were performed, be it your lawn man or anything else.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Have a large capital gain? Dr. Friday explains how investing through Qualified Opportunity Zones can eliminate tax and help struggling communities.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
This is one of those things you don’t hear a lot about—the qualified opportunity zone. It’s been made permanent and it’s been enhanced, which is for people that may have a large capital gain from the sale of a business or personal asset.
By investing into a qualified opportunity fund that will help develop struggling communities, a lot of those capital gains can physically disappear—and in like five, ten years you’re able to take the money out tax-free because you are basically using the money to help an underprivileged community.
So if you have a situation like that, you might want to talk to us at 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Still waiting on your Employee Retention Tax Credit refund? Dr. Friday explains why long delays are happening and what you should do next.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Back in 2023 and early 2024, many employers were doing the ERC/ERTC—Employee Retention Tax Credits—and some people had no issue. But there was so much fraud that they found during an audit that if you’re still waiting…
In fact, I saw something from like ADP or something saying that it was still out there available. You need to just basically wait. If your account is out there, they may eventually process it. They have put a hold—they’re doing an audit.
It’s gonna take a while for you to see any of that ERTC money at this time. But if you need help with doing your accounting or taxes, just give me a call, 367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains changes affecting large businesses with significant debt—especially industries hit by today’s higher interest rates.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Interest deduction on business debts of larger companies is tweaked a little bit. After 2024, adjusted taxable income is figured without regard to the deduction of depletion, depreciation, and amortization, thus allowing higher interest deductions.
So it’s just giving us a way—because for a long time we weren’t able to take all of the interest in that year, especially if you buy a hotel or something. You’ve got some pretty high interest rates right now at nine and ten percent.
So if you have that in your business, there are ways. Laws are changing—you need to make sure you’re taking advantage of them.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Great news for businesses investing in research and development—Dr. Friday explains how R&D expenses can now be deducted much faster than before.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Full expense of domestic R&D cost is fully restored. We were getting it downward like 15 and 20 percent. Businesses can now elect to amortize R&D costs over five years, which to be honest, was over fifteen before.
So this is great because now again, a lot of this money’s coming out—we’re doing these repairs, we’re doing these investments, we’re doing this and we don’t have the cash flow. Normally then we end up having to pay tax on a percentage because we didn’t get to deduct it all.
Now, if you do your taxes right, you can take big chunks of that, spread it over a shorter period of time, put more money in your pocket. That’s what we all love about taxes.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Big purchases for your business? Dr. Friday explains how Section 179 lets you deduct 100% of equipment costs—up to millions—in the first year.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The Section 179 has soared, meaning we now in 2025 have $2.5 million of assets that can now expand that and get a 100% deduction on over $4 million.
I don’t think any of us—or very few of us—will be spending $4 million on assets, which means if you go out, you buy a new piece of equipment, you buy a new dozer, you buy something, we can take 100% in the first year.
Which is great, because that’s a way of paying back some of that money you had to take out to get that piece of equipment—to give a little less burden on your business, making it a little easier.
If you have questions, now’s the time. 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN
Good news for small business owners! Dr. Friday explains the now-permanent 20% qualified business income deduction and who can benefit.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Businesses get lots of tax breaks—most of them are maybe more permanent than others. Some are going to disappear. But one that we did like, that was made permanent, was the 20% qualified business income deduction for us self-employed independent contractors, S Corps, LLCs.
This is where we get a percentage of the profits that we make kind of as a deduction on our return so we can reinvest that back into our businesses.
It’s a great way for us to get a little bit of an incentive to be more profitable, to make more money, pay a little more taxes, and get a rebate. 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Selling online or using payment apps? Dr. Friday explains the latest IRS updates to 1099-K reporting and what income levels trigger the form.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The 1099-K—we all know that’s been coming around. The last couple of years they kept threatening to do it if you made more than $5,000, and then $20,000, and then over $600 was going to be the current year.
It was appealed to send 1099-Ks out to anyone that made over $600. That has been changed. It has to now be over 200 transactions or over $20,000 to get a 1099-K. That’s good news!
Doesn’t mean you don’t need to report it, doesn’t mean it’s not important to have on your taxes—it just means you won’t have a report that you’re going to be giving us. 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN .
Planning to install solar panels or make energy-efficient upgrades? Dr. Friday warns that many clean energy tax breaks are set to expire by 2026.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Many of the clean energy breaks that we had in 2021 are going to expire as of September 2025; many of them end on June 30, 2026.
So if you are looking at doing something that may qualify under those particular tax brackets, you may want to first make sure it’s still in existence. And if not, then you may have to figure if there’s another way of doing it.
Because right now, getting things under the Clean Energy Act isn’t probably going to be a very big tax advantage to you. That’s why you need to do tax planning now—to know what you can and can’t do.
You should call us at 615.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Many people think not filing taxes only risks penalties—but it can also mean missing refunds. Dr. Friday explains why filing late could still help.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I am Dr. Friday with Dr. Friday’s Tax and Financial Firm. I’m an enrolled agent licensed by the Internal Revenue Service, which really means all I do is taxes, right?
So if you’re dealing with a tax issue, if you’ve got the IRS, or maybe you just haven’t filed taxes—you’d be amazed how many people come in and haven’t filed for like 20 years. And it doesn’t mean the IRS is even after them.
They’ve left money on the table in many cases because we can only get refunds for three years. So by you not filing, sometimes you have reasons, sometimes it just becomes a habit.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday highlights a little-known opportunity for investors who hold qualified small business stock for five years or more—potentially eliminating capital gains tax.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
This is a moment I hear very rarely talked about—the qualified small business stock. It is an enhancement under the current rules: individuals who acquire qualified small business stock after September 27, 2010, and sell over five years later can deduct 100% of their capital gains from the sale.
I mean, that seems pretty simple—up to, I think, $10 million, which won’t be a problem for most of us. This is a small break, and it’s something not a lot of people take advantage of.
You have to be a C corporation, set it up properly, and move forward doing it right. Got questions? 367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains a new tax-advantaged savings program that helps parents build retirement savings for children born between 2024 and 2029.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The OBB created a new tax-advantaged savings account. This is kind of interesting—many people may not have heard of it. This is accounting for young children. Up to $5,000 can be contributed to an account each year.
The federal government will automatically put $1,000 for each child born after 2024 through 2029. Contributions are not tax deductible, but the fact is you’re starting to save for their retirement.
We all know Social Security is a little questionable. Your little ones may need it extra and get $1,000 a year from the government to put into that account.
615-365-2500.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Big changes for education savings! Dr. Friday explains how families can now use more 529 funds tax-free for K–12 education starting in 2026.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
529 plan—it’s a wonderful plan. It’s a great way for family to help others put their kids through kindergarten or first grade, second. Now it goes through K to 12, right?
Normally, we could only take out $10,000. But now starting in 2026, you can use $20,000 per year tax-free for K–12. This is wonderful.
This is a great way for people to get tax-free withholding and use it to pay for college as well, which is where it used to start out. So now you can use it all the way from kindergarten through college. Great way to help fund this thing.
615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Adopting a child? Dr. Friday shares good news about the updated adoption credit—now refundable and easier to claim starting in 2025.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
There has been some helpful easing of the adoption credit. First, I’d like to thank anyone that’s ever adopted a child. I think that’s an awesome thing to do, and to be able to get some financial help from your taxes—another financial wonder.
So beginning in 2025, up to a $5,000 credit, adjusted for inflation, is refundable when you’re dealing with an adoption. Sometimes we didn’t have that, right? Sometimes you could take off your expenses, you got reimbursed for them, it would roll over.
This is pretty straightforward, and this way you get a little extra money to help put in your pockets and raise those perfect little babies. 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN
Starting in 2026, gamblers won’t be able to deduct all their losses. Dr. Friday breaks down what’s changing and who it affects.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Bad news for gamblers. Starting in 2026, they can deduct only ninety percent of the losses against their taxable winnings. Right now, gamblers can report total winnings on Schedule 1 of the 1040 and deduct losses on Schedule A up to the amount of their winnings.
So this is going to mean a higher tax for many people that are actually going to win—I don’t know, the Super Bowl or whatever you might gamble on. Just one of those things. So be sure that you’re tracking that information.
A lot of times, the casinos will do a pretty good job of providing us the proper forms, but it is your responsibility to turn that in. If you have any questions, just check me out on the web.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
It’s the big day! Dr. Friday reminds everyone that today is the final deadline for 2024 taxes and any remaining payments, including estimates.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
And today is D-Day for taxes of 2024. This was our final time. You need to be sending in any payments that you owed for first, second, and third quarter of 2025—those estimates are due today.
Whatever balance you may have had for 2024, those balances are due today. Otherwise, you’re looking at quite a bit more penalties, interest, and even for those that may have extended 941 payments or any other payments that were delayed, everything is due today, guys.
So now is the time. Hit the button, file your taxes. 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN
Dr. Friday shares her love for Halloween while reminding everyone that November 3 is the final deadline for 2024 tax filings. Don’t miss it.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment and happy Halloween.
I happen to be one of those people that love Halloween. Not only because I’m in a profession, which is very scary, but also because let’s be honest. Where else can you run around in a costume and scare people and be allowed to do that? Normally you can’t.
And get out free candy. I mean both of those are win-win situations. But if you’re thinking about doing your taxes on this day, I would say probably wait till Monday—just because you know you don’t want to jinx anything.
But if you haven’t filed your 2024 taxes, you only have a few days left. November 3 will be the deadline. And don’t be scared, that would be the time. If you wait till November 4, you’ve got huge penalties—failure to file, failure to pay, and all other failures that will happen.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday clears up myths about the IRS, from levies to collections, and explains how her firm helps clients deal with these challenges.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I am Dr. Friday, an enrolled agent licensed with the Internal Revenue Service to do taxes and representation. I’ve been doing this for over 30 years here in the Brentwood area.
And if you have questions—maybe you haven’t filed taxes, maybe you have a friend that just keeps getting these love letters, they’re concerned they’re gonna lose their house, they could take my car, they can whatever. There’s a lot of myths out there about what the IRS can do, but there’s also a lot of things the IRS can do.
I had an employee that came in the other day, and a friend of theirs was getting their paycheck levied. It’s not something we can’t help with. In fact, it’s something we do every day.
So if you’re having these kinds of problems, why don’t you just give us a call and set up an appointment? 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Starting in 2027, a new tax credit will reward donations to scholarship organizations. Dr. Friday explains how it works and who benefits.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
GOP lawmakers get their wish to expand school choice for K through 12 students. There’s a new income tax credit for donating to scholarship organizations, giving a non-refundable federal tax credit up to $1,700 to individuals who donate cash to qualified organizations providing scholarships to K–12 students.
Additionally, scholarship recipients won’t be taxed on the funds. Note this is a credit, and a portion of it will be refundable. This is going to begin in 2027, so start thinking—how can you start helping the scholarships?
615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Marriage, divorce, a new baby, or a new house? Dr. Friday explains how major life events can change your tax return and why planning matters.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
We’re always talking about taxes because that’s what I do, but also organizing your taxes. Again, we are between two years where if you haven’t filed your 2024, you still have time, and if you’re getting prepared to file your 2025.
So it’s time to think—is there any kind of tax planning I should be looking at? Is there anything that’s happened new this year? I got married. I got divorced. I had a baby. I purchased a house. Is any of this going to have an effect on your tax return?
If so, are you prepared to know? Because sometimes if you’ve gotten divorced in a year that you are claiming married on your W-2, many times you’re going to owe more money.
So if you’ve got questions, just check us out on the web, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Thinking about buying a new vehicle? Dr. Friday explains the new rules for deducting auto loan interest and who qualifies based on income.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Auto loans can deduct up to ten thousand dollars of interest, but there’s always a but—it has to be new. It has to be a new car, minivan, SUV, pickup truck, or motorcycle after the year of 2024.
And you need to have, again, limitations to income: $100,000 for individuals and $200,000 if filing joint. If your income is above that, you will not be able to qualify. If it’s under, you might be able to qualify.
So maybe this is a good time to think—do I need a car now or within the next few months? Because if you don’t buy at the right time and the right car, you may not be able to deduct this interest, which normally we can’t.
Check me out, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Overtime income may be deductible under the new law. Dr. Friday explains the limits, eligibility, and key reporting rules.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
One of the other things we’re looking at is the $12,500 of overtime pay that is deductible. Again, this can only be what’s on the time and the half—the half that’s above. They’re not taking and including that in the $12,500.
If you’re married and you both get overtime, $25,000. Again, you cannot exceed $150,000 if you’re single, $300,000 if you’re married. If you are self-employed, you’d have to have a W-2. I had someone ask me that earlier, and I’m like, that’s not gonna happen.
You do have to make sure you’re following all the proper technologies that they’re allowing for us to deduct and calculate this. If you’ve got questions, just give my firm a call.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday highlights two new rules: an added deduction for seniors and new reporting requirements for qualified tips.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
There are a few things we want to go over. First, there’s a new senior deduction. I keep talking about it, but I want everyone to understand that’s $6,000 per person that’s 65 and older, deduction part of your standard deduction.
Second would be up to $25,000. Qualified tips are deductible. Again, this has to be reportable. Your AGI cannot exceed over $300,000 if married, $150,000 if single. And it has to be something that has been reported on your income tax. It’s not something you can just say, “Oh yeah, I’m sure I collected $25,000.” It’s not gonna fly.
Questions? 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
From 2025 through 2029, taxpayers can deduct more state and local taxes. Dr. Friday explains how this expansion could benefit you.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment, and this is a moment that I’m very excited about.
2025 through 2029, many of you know we had SALT that is on the Schedule A, where we were deducting our sales tax and our property taxes, and there was a limitation of $10,000. People from other states like California and New York, where their income tax was more than that, had a cap of $10,000.
Now starting in 2025, we’re gonna have $40,000 available there. So more opportunities to be able to itemize fully your state withholding along with your property taxes for any state that you have.
You can call us 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Worried about estate and gift taxes? Dr. Friday shares the good news: the lifetime exemption is now larger and permanent starting in 2026.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The higher lifetime estate and gift extension is now permanent and bigger. I don’t know about a lot of you, but we were concerned when they started saying that it was going to be like a million or two million dollars, which I know sounds like a lot, but when you’re talking a lifetime, it isn’t as much.
But it’s going to be $15 million starting in 2026, up from about $13.9 million that we had in 2025. And if you exceed that—if you’re fortunate enough to have an estate larger than that—then you will be paying a 40% gift tax on anything above that. But for most of us, let’s be honest, lifetime or not, we’ll have no worries.
If you got questions, all you have to do is call us 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains the updated child tax credit for 2025, including how much you can claim, who qualifies, and what’s refundable.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The child tax credit will be up to $2,200. That’s up from $2,000 that we had at the beginning of 2024 or in 2024. The refundable portion for people with lower income would be about $1,700 per child. The child does have to have a Social Security number. It cannot be a non-resident, it has to be a U.S. citizen.
So if that helps you, I hope you’re going to be able to do that. I hope it does, because anytime we can put more money in our pocket, that’s what we want you to do. We want you to understand that that’s the way you’re going to keep your taxes in the right place.
If you need help just doing your taxes, 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Is an S corporation or a C corporation better for your business? Dr. Friday explains the pros, cons, and tax implications of each.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I had a conversation the other day with a client about keeping his business either as a sub-S corporation, which is a pass-through, or a C corporation. Because the top rate for an individual could be 37% and a corporation is 21%. Sounds great.
But then when you take money out of that corporation, you’re still paying tax on the profits if you’re getting a distribution. So you need to sit down and really do the math.
Either you’re gonna be drawing out all the money through payroll, which again you’re gonna have to pay the tax rate on that at 37% if your income’s that high, or you’re gonna have to figure out if there’s a better way of doing the distributions.
Call us 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Still donating from after-tax dollars? Dr. Friday explains how a Qualified Charitable Distribution (QCD) can save you money while supporting your favorite causes.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Qualified charitable deductions. I still don’t think enough people understand those. Now, given that they keep changing the dates when people have to take the required minimum distributions, but in many cases, people pay money out of their pocket every month to their charity or their church, and that’s after-tax dollars.
Whereas if you are receiving qualified required minimum distributions, you can then take that money, have it directly sent to your charity, and pay zero tax. Called a QCD.
You need to know more about this? Talk to us at 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
There’s a lot of confusion about the new $6,000 deduction for seniors. Dr. Friday clears up the difference between a deduction and a credit.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I’m gonna talk a lot about the OBBB, because especially for seniors, Social Security, there’s a lot of myths and things going on out there that you’re gonna get $6,000 if you have Social Security. It’s not going to be the same thing.
This is a deduction, right? Deductions mean we get to reduce our income. Credits mean we get to put the money in our pocket dollar for dollar.
So if we have a $6,000 deduction that you’ll be able to add if you have taxable Social Security and your income source is trackable, that’s great. But you’re not going to be $6,000 in your pocket. That is not a refundable credit.
If you got more questions, call us 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Driving for work? Dr. Friday explains the rules for mileage deductions, who qualifies, and what trips don’t count toward your tax write-offs.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
For all of my people that drive their car for making money—meaning your Ubers, or if you’re a real estate individual and you’re tracking your miles—this is a perfect time. We get 70 cents a mile for true business miles.
Now that does not include commuting. So if you’re at home and you’re going to your office and then you’re coming back home, even if you have a home office, in some cases you cannot deduct two offices. If you’re working from home for your own purpose, that’s not gonna be a deduction.
If you’re doing it because the boss says, “Hey, we don’t have room in the office, you work from home,” then that home office may qualify as long as you’re on a 1099.
You have any more questions, just give our office a call.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday reminds us not to wait until the last minute. With 2024 filings still open and 2025 nearly done, now is the time to plan.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
When we’re talking about taxes and we’re looking at 2024 tax filings still on the table, as well as the tax year of 2025, which we’re only a few months from the end of, we need to be thinking both years.
Even if you’re delaying your preparation or filing—physically hitting the button to do your 2024—you’ve only got a few more months to make changes. So if you’re thinking Roth conversions, you’re thinking about contributing money to your 401k, that has to be done through paychecks if you’re an employee.
These are the kinds of times now. Tax planning is what you should be doing for 2025. Otherwise you may miss that window.
615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this One-Minute Moment, Dr. Friday explains how many energy-related tax credits are set to expire at the end of 2025 and what that means for homeowners.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Under the OBBB, the One Big Beautiful Bill, credits and deductions are going to be expiring for energy credits. So if you have a clean energy credit that you would normally get for putting something in your house, most of those are all expiring by December 31st, 2025.
So if there is something you want to get—if you’re looking for a new AC unit or something like that—and we have the credit, it’s gonna expire now as of December 31st, 2025. This may be something you do not want to delay into 2026 and still put money in your pocket.
Questions? 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Good news for seniors: Dr. Friday explains a new deduction for people 65+ on Social Security and how it can reduce your taxable income.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com.
This is a one-minute moment. Under the One Big Beautiful Bill, you have one thing that’s going to help people that are over the age of 65 and receiving Social Security.
People are a little confused. What’s this $6,000? What’s this $12,000? So it’s going to be added to your standard deduction. So if you’re 65 and you have a certain dollar amount, your standard deduction, and you have Social Security, you make less than $75,000 as an individual, less than $150,000 as a married couple, you will qualify.
If you’re both on Social Security, up to an additional $12,000 as a deduction. It is not additional money in your pocket per se, but it will reduce your taxes.
Got questions? Just call my office. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN .
From 2025–2028, part of your overtime pay won’t be taxed. Dr. Friday explains exactly what qualifies and how much you can save.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com.
This is a one-minute moment. New tax, new laws, new year. From 2025 through 2028, no tax on overtime. So this is a little more complicated than what a lot of people thought.
They were thinking every dollar I make in overtime, I’m not going to pay tax on. It is only the halftime or the part that is truly overtime that we’re going to be able to get credit for, up to $25,000.
And it has to be on your tax W-2. It cannot just be a number you put together. It has to be reported to the IRS.
You know, if you want to know more, you need to give our office a call. Set up an appointment or call us at 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Behind on taxes or getting “love letters” from the IRS? Dr. Friday explains how she helps clients find a path forward and reduce stress.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com.
This is a one-minute moment. I’m an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. I’ve been doing this for over 30 years.
If you’ve got questions, maybe you haven’t filed taxes for a number of years, maybe you’re just behind or you’re getting love letters and you’re like, I’m just putting them in a drawer. I don’t know what to do. I’m afraid if I do something and they’re gonna trigger and come back at me. I’m unsure.
Well, let me tell you something. If you want to have help, all you need to do is come to me. I can give you a path of how we can get the IRS straight with you, and that way you can move forward—maybe with a little less stress.
Call me at 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN .
Don’t miss this year’s unusual tax deadline. Dr. Friday shares why the final 2024 tax filing date is November 3 instead of October 15.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com.
This is a one-minute moment. We are in the middle of still filing for 2024 and preparing for 2025 taxes. With the One Big Beautiful Bill, there’s gonna be a lot of changes for 25.
But don’t forget we have only until November 3 to file for 2024. I know some of you are scrambling and you’re saying, wait, it’s October 15th. Normally it will be, usually it is, but this year, final payment, final filing, November 3rd. So we have time to get everything done and paid without almost any penalty.
If you’ve got questions, just call me. 367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this One-Minute Moment, Dr. Friday explains a new temporary deduction for vehicle loan interest. Learn which purchases qualify and what doesn’t.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
We have a new tax deduction effective 2025 through 2028. Individuals may deduct interest paid on loans used to purchase a qualified vehicle. This is not part of your itemizing.
The tricky part is it is what is a qualified vehicle. It has to be assembled here in the United States. Lease payments do not qualify. This must be a new purchase. It has to be a minimum purchase of $10,000.
If you’ve got more questions or you just have to, you know, want to get to know me, 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this One-Minute Moment, Dr. Friday explains the new “One Big Beautiful Bill” (OBBBA) provision that removes taxes on certain tips. She breaks down what qualifies, how it’s reported, and what you need to know so you don’t miss the details.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The OBBBA is in effect, which means the one big beautiful bill is going to be what we’ll be a lot, a lot of talking about. So one of the big things, no tax on tips. What does that really mean? In very short time, I’m gonna tell you it’s basically based on a specific statement, qualified tips, which means voluntary cash or charge tips that you receive. It has to be put on either a 4137 or on your W-2. It can’t be part of your normal ordinary income. If you’ve got more questions, you know the number 615-367-0819.
You can catch the Dr. Friday Call-in-Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, on Tax Day itself (April 15th), Dr. Friday gives last-minute advice: file an extension immediately and make a payment if you haven’t filed.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Today, April the 15th, is Tax Day, which means I’m pulling my hair out. It’s going crazy. And you, if you haven’t already filed, think ‘extension’. You can go to IRS.gov, and you will find extensions available to be e-filed there. You can call our office at 615-367-0819. We will do our best to assist you in filing an extension. It is vital to at least have that done. If you haven’t filed taxes for a number of years or if you’re just waiting for one document, any of those things, now’s the time: think extension. Also, make a payment today, even if you don’t know how much you owe.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, with the tax deadline looming (April 15th), Dr. Friday advises on filing an extension and making a payment to avoid penalties.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
And it’s April the 14th, which means we have less than 24 hours to file your taxes. If you haven’t actually finished your taxes, you’re pondering, you’re delaying, again, make sure you have filed an extension. It will eliminate one of the penalties: the failure-to-file penalty. And then if you have the money, but you just haven’t had the ability to finish the taxes, make a payment. Go ahead and send it. Go to IRS.gov. Click on the little button that says ‘Pay’. You can do ACH or credit card. They do charge you a 3% or 2.5% or 2.5% fee. But make the payment. That way, then, all you’re having to do is the documentation. You need help? 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, as the tax season deadline approaches, Dr. Friday addresses common reasons people need to file past-due tax returns, like FAFSA requirements or marriage.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I’m Dr. Friday with Dr. Friday Tax and Financial Firm. We are almost at the end of the 2024 tax season. And if you haven’t filed your taxes, or maybe you haven’t filed for a number of years, and you’re sitting there going, “I have a child that’s getting ready to go to college and they need FAFSA,” or “I’m just wanting to get married, and I don’t want to bring my tax issues into my relationship.” These are things we can help you with. We can fix you. We can fix the situation that will fix that situation. So if you need help, give us a call 615-367-0819. Or just check us out on the web at drfriday.com or email me at friday@drfriday.com.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday discusses the IRS Personal Identification Number (PIN) required for e-filing if you’ve opted for identity protection or been flagged.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Personal PIN number: The IRS will give it to you because you’ve either been thought of as having identity theft or you’ve opted in because you’re trying to protect your identity. Nothing wrong with that. But so far, we have about six people that have not provided that number, and so we cannot e-file, which means we cannot file tax returns for those individuals. We don’t have any way of getting it. The IRS will only give it to you. So, my suggestion would be: sign up for IRS.me and get that information if you haven’t already received it in the mail. Again, it’s your personal PIN number – it’s six digits. Call us if you need help, 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday emphasizes the importance of reviewing and adjusting your W-4 form to ensure correct tax withholding throughout the year.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I keep pushing: Make sure you’re looking at your W-4. That is what we use when we’re preparing payroll. So, if you have a balance due in 2024 because you didn’t have enough money come out, then let’s adjust it for ’25. It’s a lot easier to pay 50, 100, 150 per paycheck than thousands of dollars the next year, and sometimes interest and penalties. It’s not worth it. Sit down and take a look. If you had a big refund, the same conversation: make an adjustment. Let’s not give a loan to the IRS. As long as you don’t have to make any payments or you don’t owe any penalties, keep the money in your pocket. 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday encourages aspiring entrepreneurs starting businesses in 2025 but stresses the importance of consulting with legal, tax, and financial professionals for proper setup, asset protection, and succession planning.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Starting a new business in 2025? I think it’s an awesome idea. I love entrepreneurs. It amazes me sometimes on the things people come up with and create to make a new business.
But let’s make sure that you’ve also consulted with a good attorney, a good tax person, maybe even your financial planner, making sure that it is set up in a way to protect your assets. So if something does go wrong, you don’t lose things you didn’t want to lose.
And also make sure that you have succession planning. For all those that have built very good businesses, without that, sometimes things can go awry for the people that you love.
So, if you need help with any of it, give us a call: 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday issues a crucial reminder as tax day approaches: filing an extension gives you more time to file your return, but not more time to pay taxes owed. Pay by April 15th to avoid penalties.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
And tax day is just around the corner. If you have not filed your taxes, you do not have a tax appointment… Now, when you file an extension, please listen carefully: it does not extend the money you owe.
So, if your tax person says, ‘Hey, we’re going to file an extension. It’s going to make it much better. It’s a lot easier’—from our standpoint, sometimes it’s a great idea. But if you know you’re going to owe $15,000 or $20,000, pay that now. Pay it before April 15th. Otherwise, you’re looking at penalties and interest, which cost a lot.
615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday clarifies that everyday clothing worn for work (like jeans or casual shoes) is generally not tax-deductible unless it functions specifically as a uniform, possibly bearing a company logo.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Self-employed individuals: sometimes I think you guys sit around and think about what ridiculous tax deduction can I write off. ‘My blue jeans are a tax deduction because I wear them for work.’ ‘I have really nice Uggs that I wear every day to work, so those are going to be a tax deduction.’
Keep in mind, people, anything that can be worn on the streets—which is a lot, if you think about it—is not a tax deduction; it is not a uniform; it is not an outfit. What you do have is if you have your logo on something, then you may be able to consider that maybe a uniform.
You need help? You need to call us: 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday encourages sole proprietors and family partners to formally pay their working children, highlighting potential tax advantages like tax-free income up to the standard deduction and IRA contributions.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
And I am shocked when I see where parents have children—they’re 15, 16, 17 years old—working for them because they’re sole proprietors or their family-held partners, and they’re not paying them. They basically don’t; the kids come in, they do the work, they’re working on the website, they’re doing the bookkeeping, they’re helping answer phones, but they’re not paying them.
You can pay a child $13,000 a year and pay zero tax because the standard deduction is zero [for them on that income, assuming no other income]. Put another seven or eight [thousand], depending on their age, into an IRA, and you can save that too. Teach them how to work and to be paid. It’s going to give them a better start in life.
You need help? 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday highlights that costs for parents in assisted living or long-term care facilities can often qualify as a significant medical expense deduction, necessitating itemization.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
And it’s for all those adults that maybe have parents that are in long-term care situations. One of the things I have noticed this year is that many people are missing the whole point that in long-term care, when a parent has to be in assisted living, that is considered a medical deduction.
Many times, people are having to take quite a bit of money—$7,000, $9,000 a month—to keep their parents in those facilities. A large chunk of that could be considered a medical expense, so therefore, itemizing is a must.
So, if you need help understanding how that could be a way of putting more money in your parents’ pocket, give us a call: 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday shares an April Fools’ Day joke about taxes being cancelled before reminding listeners that the April 15th tax deadline is real and requires action: either filing or getting an extension.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
And I’ve got something hot off the lines. They have passed the law that says no one has to file taxes this year. That’s right, no one. And I also have a bridge in Arizona for sale and a few other things—if you really want to believe that.
April Fools! That’s right. I am just teasing. I don’t want anyone to come back and say, ‘Hey, Dr. Friday says I don’t need to file taxes.’ That is a joke, but today is April Fools’ Day.
But in reality, you only have a few more days left before tax day, April 15th. So, make sure that you have either filed an extension or filed your taxes.
And if you have questions or need help, give us a call: 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday emphasizes the need for self-employed individuals to meticulously track business mileage (at 67 cents per mile) using logs or apps and document trip purposes to withstand IRS scrutiny.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
If you are a self-employed individual and you use your vehicle for work, remember: 67 cents per mile. That’s only good if you’re tracking the miles. Looking up and telling your tax person, ‘Well, I think I put about 20,000 miles on my car,’ is never going to stand up in any kind of scrutiny.
You need to have something like Mileage IQ, some sort of paper book that you keep in the car. You need to have a purpose. Why did you go to this location? I went for tax preparation. Why was it this, and why was that? Who did you meet? What was the purpose?
You need that information because if you ever get audited, I will tell you, that will be one of the top things they audit.
615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday stresses that making estimated tax payments is mandatory to avoid penalties, warning against trying to out-earn the IRS penalty rates by holding onto the funds.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Making estimated tax payments, people, are not a choice. Sure, you can choose not to do it, but there is a penalty. Who wants to pay the IRS more money just because you have to hold on to it? You better be earning 6 to 8 percent, or you’re going to be paying more in penalties than you’re earning on the money.
I’ve had more than one person say, ‘I can do better than the IRS,’ but the IRS is the one penalizing you. Take the money out of the bank, pay the IRS so that the money in your bank is your money. Keeping the IRS out of your bank is so much easier than having to deal with penalties and interest.
Need help understanding that? Give us a call at 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday advises against delaying tax filing even if you owe money, emphasizing that filing on time prevents additional penalties and interest; payment plans can be set up later.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
We are winding down on tax season. So, if you are deciding maybe you don’t want to file your tax because you just found out that maybe you owe $20,000, or $5,000, or $2,000—it doesn’t make a difference depending on your own budget, but it’s a lot of money. And you’re thinking, ‘Well, if I don’t file the taxes, the IRS won’t know; therefore, I’m going to be able to stretch this out a little longer.’
And I can’t say that’s not true. But the fact is: file your taxes on time, then figure out how you’re going to make a payment plan. Pushing it down the line is only going to add more penalties, more interest, possibly failure-to-file penalties.
If you need help, 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday discusses the upcoming 2025 change where merchant fee income over $600 will require business tax reporting, urging online sellers to track costs now.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Okay, so if you’re a person that is working and selling small things—maybe on eBay or one of those types of sites—and you have merchant fees, remember: 2025, it will be going to $600, what they threatened to do back in 2022. They’re finally implementing that.
It is important to understand that if your merchant fees are over $600 for the entire year, you’re going to start having to report this as a business. So, think now about cost of goods, expenses. You can’t always show losses. So, what are you in business for?
615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
This episode dives into the various types of trusts available for estate planning. Dr. Friday reviews A.B. trusts, living trusts, insurance trusts, charitable remainder trusts, and even disability trusts to help you plan for the future.
Transcript – Edited for Readability:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Let’s talk a little bit about trust, different types of trust. You have a typical, you know, A.B. Trust, living trust, an insurance trust, a charitable remainder trust. All these are great. There’s also a disability trust. One of my nieces is on the spectrum. And we’ve set one up probably almost 10 years ago, in which many of us have also set up a life insurance policy. So if something happens to us, it will go into the trust. And then that way, she will always have money even when we’re not here. Think about things like that. Sometimes it’s a better way of setting it up than putting cold cash and hoping that it will grow. You need help with that again. Talk to a good estate attorney, but you can call or go to drfriday.com.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday discusses how transferring assets to your grandchildren can trigger generation-skipping tax (GST) and explains why setting up trusts through your children is the smart move to avoid a steep 40% tax.
Transcript – Edited for Readability:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Something to talk about. Transferring to your grandchildren may be a subject of generation skipping tax. We do have GST tax, and that is 40%. So if you decide to skip a generation and you say, hey, I really want to leave everything to my grandchildren, even though your children are still alive, the government says, wait, you’re trying to spread it out further. So we’re going to tax you on that if you do certain things. Your best bet is to set it in trust, put it to your children, keep the trust to have certain regulations so the grandchildren can still inherit. There are ways, but talk to a good estate attorney.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday clarifies that while most inherited life insurance proceeds are tax-free, cashing in a whole life policy can result in taxable gains due to accumulated growth.
Transcript – Formatted for readability:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I was asked a question last week about life insurance: Is it always tax-free? And the answer is no. It’s not always tax-free. One of the main things to consider with life insurance is that if you cash in your own policy—particularly whole life—sometimes people reach a point where they no longer need it. If you do cash it in, the gain on the amount paid is taxable income because it’s considered growth, much like investing in a stock or savings bond. So, keep in mind that if you inherit a policy or receive life insurance proceeds after someone passes away, 99% of the time, that money is tax-free.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains the rules for gift taxes in 2024, including the $18,000 annual exclusion and the $13 million lifetime limit, clarifying who is responsible for taxes.
Transcript – Formatted for readability:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Gifting friends and/or family—$18,000 in 2024 is the annual exclusion. Anything over that, you need to file a gift tax return. But remember, lifetime gifting is $13 million, so you have a little wiggle room to understand how much to give. You do not have to give it to a family member; you can give it to someone on the street—it doesn’t make a difference. The person giving the money is responsible for any taxes that could be due, while the person receiving the money will not pay taxes. Important to understand.
If you need help understanding how to file a gift tax return or any of that, call 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday breaks down estate tax thresholds under the latest law and offers planning tips using trusts and gifting to avoid a steep 40% tax rate.
Transcript – Formatted for readability:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Estate tax. Most of us are not going to really worry about estate tax because, under the newest tax law, the exemption is $13,610 for an individual and $27,220 for a married couple. That’s quite a bit to exceed. And then if you do exceed that, the tax would be 40%, which is pretty steep when you think about it. So, making sure you have a good tax plan by setting up a trust—an A, B trust if you happen to have a large estate—and considering gifting money away is advisable. I mean, I’m sure anyone with a good tax planner will help figure out a charity trust and all those—they’ll put more money in your hot pocket. You need help; call 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains the urgency of taking your IRA required minimum distributions on time to avoid a steep 50% penalty—even if it’s for an inherited IRA.
Transcript – Formatted for Readability:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
IRA required minimum distributions. If you did not already take your 20-24, I want to let you know you’re late. They can assess a 50% penalty on whatever you did not take out. So if you’re only taking out $5,000, the penalty could be $2,500. There are ways to request a waiver, and the IRS has been pretty lenient on that. So, make sure you do that, and ensure you’re set up to take it. And this is not just for people over the age of 73 on RMDs but also if you inherited an IRA and are required to take the money out. So, very important.
If you need help, give us a call.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday emphasizes the importance of filing your tax return extension by March 16 to avoid steep penalties for businesses, partnerships, and LLCs.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
March 16th is a big deadline for people with businesses, sub-s corporations, partnerships, and LLCs that are treated as partnerships or sub-ses. It’s important because today is the deadline. If you have not filed the return, you need to check with your tax person to make sure an extension has been filed. Those penalties can be very expensive—I’ve seen penalties reach tens of thousands based on the number of partners. It is very important to make sure you file the extension to save money. It’s a pretty easy thing to do. If you don’t have anyone to help you, give us a call today at 615-367-0819, and someone on the other end will help you.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday explains the income limits for taking early Social Security in 2024 and the penalties for exceeding them.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Social Security—so in 2024, if you decide you want to take out early Social Security, which means you’re 62 and older but not at your full retirement age, you can earn up to $22,320. If you make more than that, you’ll have to pay back $1 for every $2 over. And if you earn more than $59,000, you have to pay back $1 for every $3 over.
So bottom line—if you’re going to work, make sure your income stays low enough. Otherwise, you might want to think twice about getting onto early Social Security.
Need help? Call 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday highlights retirement savings options for self-employed individuals, including SEP IRAs and their contribution limits.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
For all my entrepreneurs—individuals who don’t have retirement plans but have income through self-employment—remember, you still have what’s called a self-employment plan, or SEP, that you can contribute to. They’re beautiful things as well. And sometimes, you can put in up to, I don’t know, $50,000 a year, depending on your overall income. It is based on your income.
So, if you’re looking for ways to reduce your taxable income and prepare for retirement, you might want to consider it. The problem with most entrepreneurs is that they often think it’s better to reinvest money in their business rather than invest in their retirement.
But if you need help, call 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday explains how taxpayers can still maximize their IRA contributions for 2024, covering traditional and Roth IRA options and the impact of employer plans.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
One of the few things we can do still right now for the year of 2024 is possibly maximizing our IRAs. Now keep in mind, this would be most likely a traditional IRA from the tax standpoint because a Roth does not reduce your taxes. But it also matters on if you have an employer program. how much money you’ve made, if your wife works or doesn’t work, all of that comes into place. So not everybody can contribute to an IRA or contribute to a Roth IRA. There are backdoor Roth IRAs. There are backdoor IRAs. You need to talk to a financial planner before you make those decisions. If you want to help with taxes, 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains the tax implications of different business structures, including LLCs, sole proprietorships, and C corporations.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Planning for a new business or changing your business entity? First, I’d say check with an attorney. But for tax purposes, you should talk to your tax professional. There are advantages to being an LLC, just as there are to being a sole proprietorship. Many people jumped into C corporations because the tax rate dropped to 21%, but there are limitations and double taxation risks. If you don’t understand how to properly take money in and out of a business, you might end up paying more in taxes than expected.
Need help understanding your business entity and tax obligations? Call 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains how a 1031 exchange allows real estate investors to defer capital gains taxes by reinvesting in a similar property.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
1031 exchange—you need to put that term in your brain, especially if you’re in real estate and looking to buy and sell properties. Instead of paying taxes every time you sell with a markup, consider a 1031 exchange. This isn’t for everyone, and you cannot use it for your primary home—that’s very important. But for investment properties, you can reinvest the proceeds into a like-kind property and defer your capital gains tax. This can be a powerful tool for real estate investors looking to grow their portfolio while reducing tax liabilities.
Need help? Call 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains the tax differences between professional real estate investors and casual investors, highlighting the 750-hour rule.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Real estate investments—I love investing in real estate personally. But am I a professional real estate investor? No. I don’t spend more than 750 hours a year on real estate because I have a full-time job. It’s very hard to justify professional status. There are advantages if you qualify. If you have a lot of rental properties, manage them yourself, and can document your hours, you may be able to take more losses than a casual investor. It’s very important to understand the difference between being a professional real estate investor and a passive investor for tax purposes.
Need help? Give us a call at 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains how to deal with IRS debt, emphasizing the importance of filing taxes before negotiating payment plans or offers in compromise.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I am Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. We have been in business almost 30 years, and I specialize in representation and taxes. That’s what I do. So if you have IRS issues and are trying to figure out how to reduce what you owe or get out of debt, you need to be in compliance first. You cannot make a deal with the IRS unless your taxes have been filed—even if they’ve assessed you a balance. Once you’re in compliance, we can help you with an offer in compromise or a payment plan and guide you in the best direction.
Just go to drfriday.com for more information. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains the importance of Schedule B for investors, covering capital gains, interest, and the tax benefits of qualified dividends.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Schedule B’s—very important papers for us investors, right? Because it tells us about our capital gains, our wash sales, our interest, and whether our dividends are qualified or ordinary. What’s the difference between qualified dividends and ordinary income, you ask? Well, it’s pretty straightforward, but it’s important. Ordinary income is taxed at ordinary income rates, while qualified dividends are taxed at capital gains rates. If you’re in the higher tax brackets, you might like that qualified rate. You may be in the 24%, 28%, or 30% tax bracket, but you may only pay 15% or less on qualified dividends.
Need help? Give us a call. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday explains how capital gains tax works, why your total income matters, and the hidden tax rate many forget about.
Transcript:
G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Capital gains tax. A lot of people come in asking me, “Hey, if I sell this, what happens?” Remember, capital gains tax isn’t a separate tax—it’s based on your overall income.
Let’s say you make $100,000, and then you sell something for a $150,000 gain. If you’re single, $50,000 of that gain is going to be taxed at 18.8%—not 15%.
Even though the tax code says anything between $47,000 and $518,000 falls in the 15% bracket, many forget about the net investment income tax of 3.8%. Don’t forget that part!
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday explains why tax planning for next year should start now. Learn how adjusting withholdings and contributions early can save you money and prevent surprises.
Transcript:
G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Year-end tax planning—now, you might be thinking, “Why is she talking about this at the beginning of March? We haven’t even finished our 2024 tax return!”
Because now is exactly when you should be thinking about it. If you need to make a change—adjust federal withholdings, contribute more to your 401(k), or decide whether to save or withdraw money—this is the time to plan.
Starting early gives you a full year to make adjustments. If you wait six or seven months, you’ll only have a few months to fix things, and chances are you’ll still owe taxes.
Now’s the time to think ahead to 2025 while filing your 2024 return.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday explains how you can qualify for up to $7,500 in tax credits when purchasing a new electric vehicle—or $4,000 for a used one. Learn the key requirements and how to claim your credit.
Transcript:
G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Qualified plug-in electric car credit. You may qualify for a credit of up to $7,500 under IRS code 30D if you buy a new electric vehicle. Or now, they even have one for $4,000 if you buy a used EV.
Now remember, it has to be used primarily in the United States, and it has to be for your own use—not for resale. Also, you’ll need the VIN number and the date of purchase to ensure it’s a qualified vehicle.
But if you’re someone who’s been considering an all-electric car, this could be a great tax deduction. If you need help with this or any other tax questions, call 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday breaks down the tax implications of cryptocurrency. Learn why tracking transactions is crucial and how the IRS treats crypto like any other investment.
Transcript:
G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Cryptocurrency. Oh boy, over Christmas, my sister-in-law got big into crypto. Nothing wrong with that—just not sure she totally understands the tax implications.
Remember, crypto is just like any other investment or stock. They’re going to tax you, and tracking it is key. So often, my crypto people think, “Okay, I take U.S. dollars, turn it into Bitcoin, then from Bitcoin, I went to Ethereum or whatever, and now there’s no paper trail.”
That’s not true. If you ever bring it back to U.S. currency, all of those transactions become taxable. You’re not hiding, and if you want to sleep well at night, you better track it—that’s all I can say.
If you need help, call 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday explains how managing the timing of your income can impact your taxes. Learn how accelerating or deferring income can be a strategic tax move, especially for self-employed individuals.
Transcript:
G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Managing receipts of income. When considering how to best manage your taxes, keep in mind that deductions are only part of the story. Income is also a major factor.
For example, if you expect to have a higher tax break next year, you may want to think about accelerating income in your current year. That really only works, to be quite honest, when we’re talking about self-employed individuals.
Sometimes, you can have someone say, “Hey, can you send me a check in December so I can pick it up for next year instead of having it all come in the next year?” That is doable sometimes. Most of the time, we don’t have control over what income comes in.
If you need help, call 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday discusses how small business owners can lower their taxable income by paying their children for legitimate work. Learn how this strategy can benefit your family’s finances.
Transcript:
G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Lower your taxable income by shifting income to other family members. That works great, especially for self-employed or small business owners. You may have children who are 14, 15, 16, or 17, who are really working for you.
Instead of just paying household expenses through yourself, think about paying those kids. It’s a great lesson for them and a smart tax move for you. Also, consider calculating the value of benefits for educational deductions.
Another tip: if you put something on a credit card, according to tax law, that’s a deduction—not when you pay it, but when you charge it. If you need help and want to talk to someone, just go to drfriday.com.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday explains the tax consequences of selling your home, including home exclusions, rental conversions, and potential deductions.
Transcript:
G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Selling your home. So nowadays, it’s not quite as simple. Most people live in their home. As long as you’ve lived in it two out of the last five years, you can qualify for a home exclusion.
But a lot of times, people will turn those homes into rentals, or they’ll rent part of the house out and live in the other. And when they’re doing that, they’re appreciating or turning that part of the home into an investment. And in doing so, there can be pros and cons.
One of the pros is that we can’t take a loss if you happen to sell your primary home at a negative dollar amount. But if it’s a business, if it’s a rental, we can take that loss. So it’s important to understand if you’re making money or losing money. If you need help, just go to drfriday.com.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday breaks down the home office deduction. Find out if you qualify, what expenses you can deduct, and why W-2 employees working from home may not be eligible.
Transcript:
G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Home office space. So again, I want to say if you are a W-2 individual and you’re working from home, that is a benefit. It is not a tax deduction. I know you’re going to say that you’re spending your own electricity and you’re having to take up space, and you have heating and air conditioning. The IRS has pretty much come back and said, yeah, but you’re not putting wear and tear on your car, and you’re not paying for any more petrol. So it’s a give or take on that one.
But if you are self-employed or an individual that has the ability, a home office is a great deduction—if you know how to account for it. So make sure, if you need help, call 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday discusses the tax implications of divorce. Learn how to navigate financial pitfalls, minimize taxes, and avoid unexpected liabilities before finalizing your divorce.
Transcript:
G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Taxes and divorce. I can’t tell you how many meetings I take on this particular subject. Sometimes I actually am fortunate enough to have both people getting divorced in the office, and we’re really able to do serious tax planning because there are ways that you can save money when you’re divorcing, and there are ways that you can make that other partner pay big if that is your dream.
But either way it looks, you do need to consider—if you’re in the process of getting divorced or getting married—sit down. Talk about the finances. Talk about the taxes. Again, how many people even ask the person they’re marrying if they’re up to date on their tax returns? If not, you could end up paying that person’s tax bill.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday shares a tax-savvy way for parents to help their working teens save for the future. Learn how contributing to a traditional or Roth IRA can provide long-term financial benefits and tax advantages.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I want to put the caveat first that I am not a financial planner. I look for ways to save tax dollars. But one way is, let’s say you have a 15-year-old child that’s doing babysitting or working, and maybe they even work for your company as a partner in a partnership or sole proprietorship, and they’re making that $7,000 to $10,000.
One thing they could do is open up a traditional IRA, and that $7,000 would be tax-deferred, or $8,000. And then the other side of that would be, let’s say they put it into a Roth. They would defer all of that growth for the next, what, 60 years? That sounds like a wonderful tax plan for your kids.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains phase-out thresholds for tax credits like child tax credits, adoption credits, and education deductions. She highlights how marriage can impact eligibility.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Some things have what we call a phase-out. For example, the child tax credit—it starts at about $200,000 for a single person and about $400,000 for a married couple. Adoption credit? Pretty much $252,000 for a single, and guess what? The same exact number for a married couple. So there’s the marriage penalty for you. Interest on education? $80,000 for a single, $165,000 for a married couple. You get where I’m going here. In most cases, the limit doubles for married couples, but not always. Educational savings bonds? Again, another marriage penalty. You need to understand these dollar amounts—otherwise, you won’t be able to take the tax credit.
Need help? Call 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains depreciation rules, including accelerated depreciation and recapture. She highlights mandatory depreciation for rental property owners.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Let’s think about depreciation, especially for business owners or renters. There are a lot of different things that can be depreciated. And the thing is, do you want to accelerate? We still have accelerated depreciation. You need to understand how that will affect you in the long run for recapture of depreciation. Also, keep in mind that you don’t have a choice with rental properties—you have to depreciate. It is not an “Oh, I might want to or not.” Tax law says it’s a mandate. So understanding what you have to do to stay in compliance, how you might be able to reduce it now for less recapture later—these are important things to know.
Understanding taxes is what I do, so call me if you need help. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday discusses how marriage can impact your taxes, including penalties on capital gains, child tax credits, and educational savings. She highlights why understanding these tax rules is important before making financial decisions.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Happy Valentine’s Day! And for some of you, maybe even an anniversary. That being said, let’s think a little bit about getting married and how the tax law doesn’t necessarily reward individuals who are married. There are a lot of marriage penalties. Look at capital gains—if I’m single, I have $200,000. If I’m married, I only get $250,000. Also, keep in mind child tax credits if your income is too high. So when you’re thinking about Valentine’s, your sweetheart, and being smart about your money, consider what kind of tax advantage it may be to stay single or file as head of household.
If you need help, call 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains tax requirements for household employees, including the need to file a Schedule H and pay Social Security and Medicare taxes for workers earning over $2,700 per year.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Domestic helpers. Now, a lot of times people think that, well, they don’t really have to do much. Someone comes to my house, I’ll give them a 1099 at the end of the year and make a payment. But keep in mind, if you’re paying somebody basically as an employee and it’s over $2,700 per year, they really do need to file a Schedule H. Schedule H is where you report your household employees. You actually need to pay their Social Security and Medicare, just like an employer would. It’s important to understand—just because someone is working in your house, that’s still a job for them, and therefore, they are still your employee.
If you don’t understand that or need help, give us a call at 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday clarifies that estimated tax payments are not optional but required to avoid penalties. She explains how failure to pay on time results in monthly penalties from the IRS.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Let’s talk about estimated tax payments. So often people come in and think it’s some sort of voluntary thing that all of us are doing—as if we would voluntarily want to pay money before we had to pay it! That’s not the case. We don’t want to pay penalties. There is an exact penalty for failure to make estimated tax payments. So you make a choice: You can pay 0.5% every month that you forget to do it or choose not to, or you can pay it on time. I kind of like to get the IRS out of my bank as soon as possible, so I make my payments. But people make that choice. Just understand there’s a penalty for not doing it.
Need help? Call 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday reminds taxpayers enrolled in the health care marketplace to obtain their 1095-A form. She also discusses the importance of the IRS-issued IPN number for certain individuals.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
If you still participate in the health care marketplace, do not forget to get the 1095-A form—that is necessary for us to prepare your taxes. We so often have individuals that forget two major things. One, the 1095-A from the marketplace because you don’t really think about it since you have an insurance card or whatever, and it’s there. The other is the IPN number that the government will give to individuals who are already listed at risk. If you don’t have those, we can’t file your taxes, and they will be wrong.
You need help? Give us a call at 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains the benefits of 529 savings plans, including the ability to contribute five years’ worth of gifting at once. She highlights how these funds can grow tax-free for future educational expenses.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
A 529 plan. That is something that I find is great if you happen to have a fairly big family or some very nice grandparents. One of the laws that they’ve passed is that you can actually give up to five years’ worth of gifting into a 529 in one year. So, for example, if it’s $17,000—this year’s actually $18,000—but let’s say they want to give five years’ worth or $85,000. They could do it all at once, not worry about the gifting laws, and put it into that 529 to grow for later, for where your children are going to go to school. Very important. These funds can even be used for secondary or even preschool if necessary.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains various education-related tax benefits, including student loan interest deductions, employee tuition assistance, and tax-free scholarships. She highlights income limits and how 529 plans can help families save for education.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Educational-related tax benefits. Let’s talk about student loan interest. If you make less than $90,000 as an individual, less than $185,000, you will be able to take up to $2,500 of interest. Employee tuition assistance—$5,200 is tax-deferred. If you have scholarships, some of that can be non-taxable and some can be used for tuition and fees. Make sure you’re maximizing these benefits, especially if you have kids in college. It’s expensive! So if you need help understanding what you can deduct and how a 529 plan can help, give us a call at 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains what qualifies as a legitimate business expense and highlights common misconceptions. She warns against claiming personal trips as business expenses without proper justification, as the IRS scrutinizes such deductions.
Transcript:G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Business expenses. What really is a business expense? Probably the biggest thing that people think about for a trade or business is something that it takes for you to actually do your business. So I have sometimes people that will say they’re real estate agents, and then they say that they’ve taken four trips to other states or other countries to possibly look at real estate, but yet they don’t actually own or have even licenses in those states. Keep in mind, the government isn’t quite that gullible, right? So make sure that it’s a necessary expense, not just something you want to take as a family vacation.
You need help? Give us a call at 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday breaks down what counts as taxable income and clears up common misconceptions. She emphasizes the importance of reporting all income sources, including business earnings, rental income, interest, royalties, dividends, and alimony (if applicable under pre-2019 rules). Dr. Friday also warns against misinterpreting new tax laws regarding alimony.
Transcript:G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
What is income? I mean, what do we really have to report? What can we just say, “Ah, that’s not really income, so Uncle Sam does not need to know about it?” One would be, of course, the simple things—gross income from your business or W-2s. How about rental income, interest, royalties, dividends, and alimony if it happened before 2019?
I’ve had a number of people come in after hearing that alimony is no longer taxable, so they stopped reporting it—even though they’ve been divorced for 20 years. This is a new law that only affects recent cases, so make sure you’re reporting all your income.
If you need help, go to drfriday.com.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
The 1099 filing deadline has passed—did you file yours? Businesses must issue 1099-NEC, 1099-MISC, and 1099-INT forms for payments over $600. However, corporations with “Inc.” in their name are exempt. Ensure compliance to avoid IRS penalties. Need help? Call Dr. Friday!
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The 1099 filing deadline has passed! Make sure you’ve sent out all required forms, including 1099-NEC, 1099-MISC, and 1099-INT. Businesses must issue 1099s for any payments over $600 to contractors or service providers.
If you paid a corporation (one with “Inc.” in its name), they are usually exempt, but they must provide a W-9 form to confirm their status. If you haven’t filed your 1099s yet, get them done now!
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Nonprofits and 501(c)(3) organizations must file Form 990 annually to maintain tax-exempt status. If a nonprofit fails to file for three consecutive years, it will lose its exemption. The IRS provides tools to check compliance, so verify your standing today. Don’t risk losing your status—file on time! Need guidance? Call Dr. Friday.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
If you work for a 501(c)(3) nonprofit, make sure you’re in compliance! The IRS requires nonprofits to file Form 990 every year. If you fail to file for three consecutive years, your organization will lose its tax-exempt status.
You can check your standing on the IRS website by searching for your organization’s name under Tax Exempt Status. If you’re not listed or marked as non-compliant, you may need to take action.
Need help? Call me today.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
If you or your child is in college, don’t miss out on valuable education tax credits! To qualify, you need Form 1098-T, which details tuition payments, scholarships, and grants. Additionally, if you have a 529 plan, make sure all distributions are properly reported. Education expenses like housing and meals may also be deductible. Need assistance? Call Dr. Friday at 615-367-0819.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
When preparing your tax forms, don’t forget about college expenses! Many people qualify for education tax credits, but you’ll need Form 1098-T to claim them. This form shows how much tuition was paid, as well as grants and scholarships received.
If you have a 529 plan, ensure you report the distributions correctly. Keep in mind that while tuition is covered, housing, food, and other education-related expenses may also be deductible.
Need help? Give us a call at 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Tax season is in full swing! If you haven’t made your tax appointment yet, visit drfriday.com and schedule one today. Before filing, ensure you have all necessary documents, such as 1099-B forms (which may not arrive until late February). Filing without all your documents could lead to amended returns—a costly and time-consuming mistake. Stay organized and file correctly the first time! Need help? Call Dr. Friday at 615-367-0819.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
We are busy working on taxes! If you haven’t scheduled your appointment yet, go to drfriday.com, click on the calendar, and book a time so we can help you. If you’re new to our services, give us a call at 615-367-0819, and let’s see how we can assist you.
When preparing your taxes, don’t rush! Make sure you have all your documents, or you may end up needing to file an amended return. For example, 1099-B forms—which report investment income—often don’t arrive until late February. Filing without them could cause major issues. Be patient and make sure everything is in order before submitting your return.
If you need help, call my firm today!
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Waiting for a 1099 form before reporting your income? That’s not how it works! The IRS requires you to report all earned income, regardless of whether you receive a 1099 or not. Even if someone pays you in cash or provides payments in another form, it’s still taxable. Audits can uncover unreported income, and the IRS can retroactively issue 1099s for past years. Stay compliant and report your income correctly. Need help? Call Dr. Friday at 615-367-0819.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
If you are waiting to receive a 1099 before figuring out how much money you earned for the year, let me tell you—that’s not how it’s supposed to work. It doesn’t matter if you receive a 1099 or not. I’ve seen cases where people were audited, and after reviewing past records, the IRS went back three years and reissued 1099s. This caused major tax issues for those involved.
Remember, tax law states that any money you earn must be reported unless it’s tax-free income. Whether you’re paid in cash, checks, or another form, it’s still taxable. Don’t risk an audit by underreporting!
If you need help, call my office at 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Casualty loss deductions have changed significantly over the years. Previously, if your insurance didn’t fully cover a fire or other loss, you could deduct the remaining amount on your taxes. However, under current tax law, you can only claim casualty losses if they are related to a federally declared natural disaster. If you’ve been affected by a qualifying disaster, be sure to review your casualty loss eligibility, as it could mean tax savings for you. Need assistance? Contact Dr. Friday at 615-367-0819.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Casualty loss has changed a lot over the last few years. It used to be that if you had a fire in your house and your insurance company didn’t cover the full amount, you could write off the losses on your taxes. However, under current tax law, that is no longer allowed—unless the loss is due to a federally declared natural disaster. There are a few on record, so if you’ve been affected by storms or other disasters, be sure to check your eligibility for a tax deduction. You could be entitled to some tax savings.
If you need help understanding this, just call my office at 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday discusses mortgage interest deductions for primary and secondary homes. Mortgages over $750,000 are only deductible for the first $750,000, especially if refinanced after 2017. Interest on second homes, like a camper or houseboat, also qualifies for deduction. Stay informed about limitations to avoid surprises during tax season.
Transcript:
G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Interest paid on a house. One of the things I think people need to remember is that in 2017, if you have a mortgage over $750,000 and you had it from that point, you can continue to take your interest. But let’s say you refinanced in 2019 or 2020, and you have a million-dollar mortgage. You cannot write off all of that interest, only up to $750,000. Now, you can also write off the interest on your second home. Maybe you have a house in Florida or a camper or a houseboat. Remember, those are considered second residences, and they are deductible for tax purposes. 615-367-0819. Looking forward to hearing from you.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Self-employed individuals, including partners and S-corporation employees, can deduct 100% of their health insurance premiums above the line. This tax benefit reduces taxable income while encouraging health coverage. Dr. Friday explains how this deduction could save thousands annually and emphasizes the importance of understanding its application for tax savings.
Transcript:
G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
If you’re self-employed, you may deduct 100% of your health insurance premiums above the line. And this could also go for individuals that are part of partnerships, limited liabilities, or employees’ share of an S-corporation. These are all considered self-employed for the purpose of tax law. So this could be a great thing if you are paying $4,000 or $5,000 a year in premiums, and this is an above-the-line tax deduction. This is a way of putting more money in your pocket while also making sure that you have health insurance. You need help? Just call our firm. The easiest way to do it is to pick up the phone, 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains the 2024 auto mileage rates: 67 cents per mile for business, 21 cents for medical, and 14 cents for charity. Business owners can benefit from these deductions but must maintain a mileage log. Employees with W-2s cannot claim mileage or home office deductions. With rising fuel and maintenance costs, tracking mileage accurately is more important than ever.
Transcript:
G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Auto expense. Now let’s first clarify: if you work for an employer that you have a W-2, you’re not deducting mileage. There’s no place, no 2106, no home office—that isn’t going to happen. But if you’re a sole proprietor or business owner, you will be. And it’s 67 cents a mile in 2024 for business, 21 for medical, and 14 for charity. These are huge numbers, especially for business owners. The cost of petrol and maintenance has gone up, and they’re accounting for that in these numbers. But you must have a mileage log to justify these deductions. You need help? Go to the web, drfriday.com.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday discusses the challenges of itemizing medical expenses on your tax return. To deduct medical costs, they must exceed 7.5% of your adjusted gross income. For example, with $100,000 in earnings, only expenses above $7,500 are deductible. Proper planning is essential to maximize savings in years with substantial medical costs. Take advantage of itemizing only when it benefits your financial situation.
Transcript:
G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Many times people will ask me about medical deductions, because when I talk about itemizing, I very rarely bring that up because of the fact that first you have to say, let’s say you earn $100,000. And if that’s the case, then you have $7,500 worth of exemption, right? So if you have a $10,000 bill that you’ve paid for medical and you’re thinking you can deduct that, you’re really only going to get $2,500 of it under that scenario. Itemizing medical is very hard, and making sure you maximize the year that you do have a lot of medical will be the only way you’re going to put more money in your pocket.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
The 2024 Child Tax Credit has reverted to $2,000 per child after the temporary increase under the American Rescue Plan in 2021. Children over 17 qualify for only $500. Dr. Friday highlights the importance of adjusting withholdings in January to avoid surprises when filing your tax return. These changes could significantly impact families relying on prior years’ expanded credits.
Transcript:
G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Child tax credit. We all know the ARP, the American Rescue Plan that came in in 2021, temporarily expanded the tax credit, right? It was up to $3,000 and $3,600 depending on the age of the children. But in 2024, remember, that is only $2,000. And if they’re over the age of 17, it drops to $500. That can make a huge difference. If you’ve been using these other numbers and kind of calculating your withholding and now you’ve lost up to $1,600 on a child, that can make a difference on you owing taxes. Again, making sure now in January that you’re making these adjustments so you’re not going to feel the pain when the tax returns are being e-filed.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
The 2024 Adoption Tax Credit offers adoptive parents up to $16,810 as a dollar-for-dollar reduction of their tax liability. Unlike deductions, this credit directly lowers the taxes owed, provided expenses are documented. Ensure you have your adopted child’s Social Security number to claim this benefit and avoid filing delays. Dr. Friday emphasizes the importance of proper paperwork for a seamless filing process.
Transcript:
G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The 2024 adoption tax credit is $16,810. The tax credit is not a deduction that reduces your income for the purpose of determining tax liability. Rather, it’s a tax refund that is based on a dollar-for-dollar reduction of your tax liability. So it’s a credit, right? Simply put, an adoption credit in, and you will save $16,810 if you have spent that. You need to make sure you have a Social Security number for the child that you have adopted. We’ve had to file extensions more than once just to make sure we had the paperwork in line. You need help, 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday explains the key difference between tax credits and tax deductions. While both reduce your taxes, credits are more valuable since they reduce your tax bill dollar for dollar. For example, a $1,000 credit lowers your taxes by $1,000, whereas a $1,000 deduction in a 22% tax bracket only saves you $220. Understanding this distinction can help maximize your tax savings. For personalized tax assistance, reach out to Dr. Friday or tune in to her live call-in show every Saturday.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Many people are always asking me, tax credit, tax deduction. What is the difference? Why do I care if it’s a credit, it’s a deduction, it’s going to reduce my taxes, right? Well, it is. That’s perfectly logical. But the other side of it is a credit is dollar for dollar. So if they say there’s a $1,000 credit, you’re going to reduce your taxes by $1,000. If it’s a deduction, and they say they’re going to deduct $1,000, and you’re at the 22% tax bracket, guess what? You’re going to have a $220 deduction, not a thousand. So deductions are good. Credits are awesome.
You need help with taxes, call me at 615-367-0819. You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3pm right here on 99.7 WTN.
Dr. Friday breaks down the 2024 itemized deduction limits, noting that singles have a limit of $14,600, married couples $29,200, and heads of households $21,900. Those over 65 receive an additional $1,950 if single or $1,500 each if married. She emphasizes that not everyone will itemize, which might mean you’re saving money while still benefiting from a substantial tax deduction. For personalized help, reach out to Dr. Friday or tune in to her live call-in show every Saturday.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Itemized deductions for 2024. So if you are single, you’re going to have $14,600. If you’re married, $29,200 and head of household, $21,900. If you’re over the age of 65, you’re going to get an additional $1,950 if you’re single. And if you’re married, a married couple will get $1,500 for each person over the age of 65. So when thinking about itemizing, a lot of times people, you’re not going to be able to do it. Doesn’t mean a bad thing. It just means you’re not spending as much money and still getting a big tax deduction. If you need help, call us.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Dr. Friday discusses the upcoming reduction in the Child Tax Credit for 2024, highlighting that the credit will decrease to $2,000 for children under 17 and $500 for those over 17. This change means losing $1,000 per child under 17, which could impact your tax liability. Dr. Friday advises checking your budget now to avoid unexpected taxes due to this adjustment. If you need assistance, reach out to Dr. Friday’s team or tune in to her live show on Saturdays.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Child tax credit. As of 2024, it will go down to $2,000 for children under the age of 17 and $500 for children over the age of 17. So that means that you’re going to lose about $1,000 for children under and that’s going to hurt your budget. So you better make sure right now that you’re testing out to make sure if you lose a couple thousand dollars, you’re not going to owe more in taxes due to this tax adjustment. No extension has been filed on this under the tax code. If you need help, give us a holler at 615-367-0819.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
In this one-minute moment, Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, reminds listeners that Tax Day 2023 has arrived. She emphasizes the importance of making final contributions to IRAs and HSAs for the 2023 tax year, as well as submitting estimated payments for 2024 and any remaining balance for 2023 taxes. Dr. Friday warns that failing to make these payments on time may result in penalties. She also invites listeners to tune in to her live call-in show every Saturday afternoon from 2 to 3pm on 99.7 WTN.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
That’s right. We survived guys. We made it. 2023 taxes have been put to bed or an extension has been filed. So again, if you have any money in the savings account and you think you owe money to the IRS, now would be the day. Today. You need to make your IRA contribution if you haven’t done it for the year of 2023. HSA, if you have a health savings account, you can make that final payment today. Estimated payments for 2024 are due today. Your payment for 2023 final payment is due today. Make it or don’t complain when penalties hit.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3pm right here on 99.7 WTN.
As the tax deadline approaches, Dr. Friday urges listeners who haven’t filed their taxes to submit Form 4868 and pay their estimated tax liability to avoid penalties. By filing an extension, taxpayers gain until October to complete the necessary paperwork. Additionally, Dr. Friday reminds listeners to review and adjust their W-4 forms, especially if they have children turning 18 or are going through a divorce, to ensure accurate withholding throughout the year.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
It’s Friday. It’s almost tax day, guys. You only have till Monday. It’s going to be a very long and busy weekend. If you haven’t filed your taxes yet, I suggest filing a 4868, paying whatever you think you’re gonna owe, file the extension. I know I keep pushing it, but it saves you a lot of money. Then you have until October to file the paperwork. Not pay it, but file it. Also, you need to make sure that if you haven’t done it yet, you’ve taken a look at your W-4. Maybe you need to make an adjustment. It’s time to do that. If you have children turning 18 this year, or you have divorce in the highlight, you need to make adjustments to your W-4 form.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3pm right here on 99.7 WTN.
Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, warns that selling personal items at a gain can trigger a 1099-K from the IRS. To properly report these sales, taxpayers must use either Form 8949 or Schedule D. The challenge lies in providing proof of the original cost of the item sold, as the IRS requires this information during audits. Without a receipt or other evidence of the purchase price, the cost basis will be considered zero, potentially leading to a higher tax liability on the sale.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
The IRS says selling personal items at a gain can cause a 1099-K for personal items sold. There is a form, actually two forms. You can form an 8949 for sale and other disposition of capital assets, or the Schedule D when selling those. The hard part of all this is if you’re selling personal items, you need to be saving the receipt of the original cost. If you don’t have it, you don’t have a deduction. If you can’t prove how much money you paid for something that you’re selling 10, 15 years later, the cost factor is zero unless you can prove otherwise. That’s what the IRS is saying when they review audits.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3pm right here on 99.7 WTN.
In this episode of Dr. Friday’s Tax Tips, the focus is on claiming tax deductions for small business startup expenses. Dr. Friday explains that these expenses don’t necessarily have to be incurred in the same year the business starts operating. Entrepreneurs who have been working on their business for a year or two prior to the official launch can still claim related expenses, such as educational materials and books, as tax deductions. However, it’s important to distinguish between legitimate business expenses and hobby-related costs, as the latter are not tax-deductible. Dr. Friday emphasizes the importance of not leaving any eligible tax deductions unclaimed.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Did you know that credit for a small business startup doesn’t mean you had to spend all the money in the year you’re talking about. So if you started a business but maybe you started thinking about the business two years ago and maybe you went ahead and set up some different education, you brought books, you did things, that’s all considered startup. So when you’re actually starting a business you want to be thinking about now if it’s a hobby or it’s a business that never happened and never go off the ground that’s not a tax deduction guys. Just because you made the mistake for the wrong that’s one thing but if you’ve been working a year or two to open a business that can be a tax deduction. Don’t leave any tax deductions on the table.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3pm right here on 99.7 WTN.
In this episode of Dr. Friday’s Tax Tips, the importance of accurately claiming dependents on tax returns is discussed. Dr. Friday cautions listeners about claiming their girlfriend’s children as dependents, even if they are providing financial support. The eligibility of dependents depends on various factors, such as the duration of their stay and the taxpayer’s role as the sole breadwinner. Making mistakes when claiming the Earned Income Credit can result in severe consequences, including being barred from collecting the credit in the future. Taxpayers are advised to exercise caution and ensure they meet all requirements before claiming dependents on their tax returns.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
I was reviewing some taxes and one thing I have noticed is sometimes people put on children that may not be legitimate deductions. So your girlfriend lives with you and even though you’re supporting the children, are they truly your dependents? That’s a really tough question and it really depends on how long they’ve stayed with you, have you the only breadwinner in the family, what is the story, just because she didn’t make any money and they put you on as head of household because she now lives with you, be very careful. If you make a mistake on earned income credit, the IRS can stop you from ever collecting earned income credit in the future.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3pm right here on 99.7 WTN.
In this episode of Dr. Friday’s Tax Tips, Dr. Friday addresses a common question among taxpayers who have already filed their taxes: “Where’s my refund?” She provides two convenient methods for tracking the status of your tax refund. The first option is to visit the IRS website at irs.gov and click on the “Where’s my refund?” link. Alternatively, taxpayers can download the IRS mobile app, “IRS to go,” which allows them to track their refunds, returns, and even amended returns. Dr. Friday emphasizes that these are the only reliable sources for obtaining information about potential delays or issues with your refund. If the website indicates that your return hasn’t been processed, it may suggest that the IRS hasn’t received it or that it has been flagged due to incomplete or incorrect information.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Many of you have already filed your taxes. Some of you are calling asking me, “Where’s your refund?” And there’s two ways of doing it. You can go to irs.gov, click on “Where’s my refund?” Or you can even download the app, IRS to go, and you can also track your refunds and your returns, your amended returns, all through that website. It is the only place you’re going to be able to find out if there’s been a delay. If you see that it’s not been processed, it’s probably not received unless it’s been pulled back because it doesn’t have all the correct information. But that’s where you’re going to want to check where your refund is. Again, irs.gov or download the app, IRS to go, to get the info.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3pm right here on 99.7 WTN.
In this one-minute moment, Dr. Friday emphasizes the importance of taking your time when filing your taxes. Many mistakes occur when people rush to file their taxes or are overly eager to receive their refund. Incomplete or inaccurate information can lead to the IRS sending “love letters” that often result in changes to your return, refund, and potential penalties and interest. Dr. Friday’s advice is simple: don’t rush, and ensure you file everything you have to avoid costly mistakes.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Think about what you’re filing. I can’t say that enough. Think about what you’re filing. Don’t just rush to file. Most of the mistakes that happen is because people are so anxious about either filing their taxes on time or they really, really want that refund so they put the money and the information in but it’s not complete. The IRS is going to send you a love letter and nobody likes them. Even though I call them love letters, maybe I should start calling them hate letters. But either way, it’s a letter that’s going to tell you most likely they have changed your return, they’ve changed your refund, now you have penalties and interest. Don’t rush. That’s the secret to tax season. Make sure you file everything you have.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
As the tax season comes to a close, it’s crucial to consider filing for an extension if you anticipate any delays in submitting your tax return. Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, emphasizes the importance of ensuring your extension is filed properly, especially if you’re a client of her firm. While an extension grants you additional time to file your paperwork, it’s essential to send in a payment to the IRS if you owe taxes. Taxpayers can easily make payments through the IRS website at irs.gov.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
It’s almost the end of tax season. We are going crazy. But, right now is the time for you to think an extension. If something were to delay, you want to make sure you have that extension. Send in some money if possible. If you’re one of my clients, you need to make sure our firm has filed that extension for you. Get confirmation, so that way you know that everything is fine. If something has to go past the April 15th, we don’t file it till the 16th, there’s no major penalties because all we’re responsible for is paperwork. If you haven’t paid your taxes, now’s the time to think about starting to send some money to Uncle Sam. You can go to irs.gov, click pay to make the payment.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3pm right here on 99.7 WTN.
Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, offers valuable advice for those dealing with the IRS. She emphasizes the importance of persistence when communicating with the agency, noting that a single rejection letter doesn’t necessarily mean the case is closed. Dr. Friday encourages individuals to be tenacious and even consider taking their case to tax court if needed. She explains that in tax court, you’ll often deal with an IRS attorney who is well-versed in tax law and more likely to listen and make adjustments compared to the automated responses sometimes received from the IRS. If you find yourself struggling to navigate the IRS on your own, Dr. Friday invites you to reach out for assistance through her website, drfriday.com.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
If I could give you any advice about dealing with the IRS, it’s that basically one time isn’t always enough. Meaning if you send one letter and the IRS sends back a rejection, it doesn’t always mean the case is closed. You need to be a little bit more tenacious and even take it as far as tax court as far as dealing with the petitions. Because many times you’ll actually deal with an attorney that represents the IRS that knows the tax law. They’re more apt to listen, to adjust, versus sometimes you’re really dealing with a computer on some of these things. So don’t just give up if you’re dealing with the IRS on your own and you need help, you can also contact me at drfriday.com.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3pm right here on 99.7 WTN.
In this one-minute moment, Dr. Friday emphasizes the crucial role of proper record-keeping for self-employed individuals and small business owners. She highlights that keeping accurate records, including tracking expenses and maintaining receipts, is not only a legal requirement but also essential to avoid potential issues with the government. Dr. Friday stresses that good bookkeeping practices will be the key to success in 2024 and encourages listeners to seek help if needed by visiting her website, drfriday.com.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
As a self-employed or small business owner of an S corporation LLC sole proprietorship, we all have one thing we have to do. Keep good records. That’s in the tax law. You can’t just start a business and say, “You know what? I’m just gonna spend the money how I want, make the money how I want, and the government can’t do anything.” Yes, they can. They can basically disallow all your expenses if you’re not tracking those expenses correctly, which basically means getting receipts. Tracking the receipts, making sure they go with the money that you’re earning so that way you don’t get in trouble. So good bookkeeping is going to be the secret for 2024. Need help? Go to drfriday.com.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3pm right here on 99.7 WTN.
April Fools! Gotcha! In this episode of Dr. Friday’s Tax Tips, Dr. Friday clarifies that while the IRS is indeed hiring new employees, they are not out to get taxpayers who file and pay their taxes on time. Dr. Friday reminds listeners that the IRS is primarily a collection agency and encourages those who need help with IRS issues to reach out to her office at 615-367-0819.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Alert! The IRS is hiring hundreds of thousands of armed revenue officers. Gotcha! April Fool’s Day! I know many of you guys have come in my office saying, “Oh my God, they’re going to come to my doors with guns out.” Come on people, this is the IRS, they’re a collection agency, that’s what they do. There is going to be some new hires, but they’re not just out for you. If you’re filing your taxes on time, paying your taxes on time, all in all, you’re in good shape. Don’t let this April Fool’s fool you, and don’t let it scare you. The IRS is here to try to handle the IRS issues. If you need help with them, just call me, 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3pm right here on 99.7 WTN.
As the tax season draws to a close, it’s crucial to take action if you haven’t filed your taxes yet. If you’re unsure about completing your tax return on time, filing Form 4868 for an extension is a wise move. Even if you anticipate owing money, submitting the extension form with a partial payment demonstrates your intent to comply with tax obligations. However, it’s important to note that an extension only grants additional time for paperwork and does not extend the deadline for paying any taxes owed. If you need assistance navigating the tax filing process, don’t hesitate to seek professional help.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
We are getting close to the end of tax season. If you haven’t already set up your appointment you need to do it ASAP. If you’ve already started working on your taxes and you’re not sure you’re gonna get them finished, make sure you file the 4868 extension. You can’t file it too early and it doesn’t hurt if you think you’re gonna owe money even if you can’t pay the whole bill. Send in a few dollars with it. That way it makes the intent to look like you’re doing your best to try to file your taxes on time and most important pay your taxes on time. Remember when you file an extension it doesn’t extend the money you owe. It only extends the paperwork. Need help? 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
In this one-minute moment, Dr. Friday highlights the importance of understanding how selling assets can affect Medicare IRMAA (Income-Related Monthly Adjustment Amount) for individuals over 67 who are on full social security. She emphasizes that this is a crucial aspect of tax planning that people often overlook. Dr. Friday encourages listeners to visit her website, drfriday.com, for more information, worksheets, and the option to schedule an appointment. She also invites listeners to tune in to her live call-in show every Saturday afternoon on 99.7 WTN.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
We’re here to help you understand taxes. That’s what I do. I’m Dr. Friday and I like to help people do taxes. It’s what I do 24/7 it feels like, maybe not quite that much, but it’s here to help you. If you need help, go to my website drfriday.com. You can click on appointment from the calendar. You can see other worksheets and things that are available on the website. If you need to understand how Irma’s affected by your taxes, you can give me a call. These are the kinds of things that people forget to talk about. If you’re going to sell something and you’re over the age of 67 and you’re on full social security, you may have to watch out for your Medicare Irma, because you’re going to end up paying more money once that happens.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
In this episode of Dr. Friday’s Tax Tips, the importance of maintaining accurate mileage logs for tax deductions is emphasized. Dr. Friday advises listeners to use mileage tracking apps or software, such as Mileage IQ, to ensure proper documentation of business miles driven. She warns that the IRS frequently audits tax returns claiming mileage deductions and will request mileage logs for verification. By consistently using mileage tracking tools and labeling trips as personal or business, taxpayers can maintain excellent records and support their deductions in the event of an audit.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
I’ve talked in the past and I’ll keep talking because you guys all know I love to talk. But in saying that, one of the things you need to make sure if you’re taking miles off of your tax return, you need to be using an app or a mileage log. It is one of the largest things that the IRS will audit. If they open up a tax return and they see miles, no matter what you do, they’re going to ask for your log. If you’re using something like Mileage IQ or other mileage software, that’s going to be your best bet. But make sure you’re maintaining it because at least my Mileage IQ, every time I drive, every time I stop, every time I start and I have my cell phone, it does it. So make sure you label it personal business so you have an excellent log.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
In this one-minute moment, Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, emphasizes the importance of not rushing through your 2023 tax preparation. She advises ensuring you have all your tax documents to avoid common mistakes that often lead to receiving “love letters” from the IRS. These mistakes include not realizing inherited assets are taxable, failing to report sold stocks, or thinking that taxes withheld from 401k or IRA withdrawals mean you don’t have to report them. Dr. Friday offers her assistance to help you navigate these potential pitfalls.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
What do you need to know when preparing your 2023 taxes? First and foremost, don’t rush to the finish line. Make sure that you have all of your tax documents. One of the large reasons I get people in my office after tax season, maybe even sometimes during tax season, is because they’ve received a love letter saying the IRS has changed their tax return because. Many times it’s because maybe you inherited something and you didn’t realize it was taxable, or you sold some stock and you didn’t realize you had to report it. You took money out of a 401k or an IRA and you thought that since they took the taxes out you didn’t have to report it. These are the kinds of mistakes you don’t have to make. Just call me if you need help.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
In this one-minute moment, Dr. Friday, a seasoned tax expert and enrolled agent with nearly 25 years of experience, introduces herself as the president of Dr. Friday’s Tax and Financial Firm. She emphasizes her role as an educator and advocate for taxpayers, acting as a shield between them and the IRS. Dr. Friday encourages listeners who are ready to face their tax challenges to reach out to her for assistance in achieving compliance. She also invites listeners to tune in to her weekly radio show, the Dr. Friday Call-In Show, every Saturday afternoon on 99.7 WTN.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
I’ve been doing taxes in this area for almost 25 years. I have a radio show right here on the station Saturdays from 2 to 3 and I am here to help you not only help you prepare your taxes but I also like helping educate people about taxes. As an enrolled agent I’m here to represent you in front of the IRS. Think of me as a little bit of a shield. I’m superwoman. I’m gonna shield you between IRS and yourself. They have to come through me to help you but we have to work together to get you into compliance. If you’re wanting to do that, you’re ready to get ready and get ready to face the IRS, call me 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
Real estate agents can significantly reduce their tax liability by claiming auto expense deductions. The two primary methods for claiming these deductions are actual expenses or mileage, with mileage being the more common approach. However, it’s crucial to be cautious of the misconception that purchasing a large truck automatically qualifies for a 100% write-off in the year of purchase. This is false, and seeking professional guidance is essential to ensure compliance with tax regulations and maximize legitimate deductions.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
One of my larger groups of people I do taxes for are probably real estate agents and one of the biggest deductions real estate agents have are auto expense. Now that can be via actual or mileage. In most cases I will say mostly mileage but sometimes people will come in and they’re like I brought this truck and everyone knows or most of the people that probably have ever seen me or driving down the freeway I drive a fairly large truck but you have to be careful guys I will tell you there’s a big rumor going on out there anyone can buy a big truck and write off their taxes a hundred percent in the year that you have it. That is false and you need help call me.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
In this one-minute moment, Dr. Friday explains the importance of below the line deductions in reducing your taxable income. These qualified deductions, such as standard deductions, charitable contributions, medical expenses, and mortgage interest, are subtracted from your adjusted gross income to determine your taxable income. Maximizing these deductions is crucial for saving tax dollars, as most individuals have limited options for reducing their taxes. Dr. Friday encourages listeners to seek help if needed to ensure they are making the most of their available deductions.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
This is a one-minute moment. Below the line deductions, on the other hand, are qualified deductions that are subjected from your adjusted gross income to help determine your taxable income. So, for an example, that would be your standard deductions or your itemized, like charitable deductions, medical expense, mortgage interest. These can all help reduce your income. Very important, guys, we want to reduce as much as possible. Making sure that you’re maximizing those deductions is the only way you’re going to save tax dollars. Most of us don’t have a lot of other ways to reduce our taxes. So, if you need help, call me, 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
In this one-minute moment, Dr. Friday discusses the importance of above-the-line deductions in reducing your taxable income. These deductions, which include contributions to retirement accounts, health savings accounts, and student loan interest, are taken before calculating your tax liability. By maximizing these deductions, you can potentially lower your tax bill while also saving for your future. Dr. Friday emphasizes the significance of these deductions but also reminds listeners that they should not be the only factor in their financial decision-making process.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Above the line deductions. What is it? A contribution to a retirement account. That’s an above the line. Health savings accounts. You know I love my health savings accounts. Student loan interest is above the line. That means that we’re basically taking those deductions before we even look at how much money you’re going to owe in taxes. So from a tax standpoint, we’d like to get as much as we can in the above the line deduction so that you pay less in taxes and maybe you’re saving more for the future. It’s important, but not always the only thing you should be thinking about. So you should call me at 615-367-0819 or check me out at drfriday.com.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
Dr. Friday cautions taxpayers that the IRS employs software to analyze lifestyle factors when determining audit targets. Even if your tax returns are consistent and accurate, living a lifestyle that appears to exceed your reported income can raise red flags. Owning a large house, making multiple car payments, and having substantial investments while reporting a low income may trigger an audit. To protect yourself, Dr. Friday advises reporting all your information accurately to avoid discrepancies between your lifestyle and reported income.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
People are always concerned when they’re looking at their taxes, like, oh, does this look right? Can I be audited on it? And keep in mind, just because your taxes may be consistent and look, but the IRS also has a software that looks at lifestyle. That’s right, so if you’re living in a large house and you have multiple car payments, which report to the IRS, you have a lot of investments and different things, and you’re showing a very low income, you could be audited, not because you’ve done anything wrong, but because your lifestyle is showing higher than your income. So just make sure you report all of your information so that you can protect yourself.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
Single member LLCs, often synonymous with small businesses, require careful attention to tax obligations and compliance. While excise tax may not apply, self-employment tax is a crucial consideration. Failing to file annual reports, maintain business licenses, and stay current with franchise and excise (F&E) requirements can lead to painful penalties. Dr. Friday emphasizes the importance of setting up an account on TNTAP to ensure compliance and avoid potential pitfalls.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Single member LLCs. For most of us that really just means a small business, a Schedule C on your 1040. And then you also have what’s called franchise excise in the state of Tennessee. Now you don’t pay the excise tax but you do actually have to pay self-employment tax. Understanding that you have to file it because that’s what happens with many people. They get somehow, they go on to Secretary of State, they set themselves up in an LLC, they forget to file the annual reports which is nothing to do with taxes, along with they forget their business license, their F&E. These are all very important and the penalties are painful. So go on to TNTAP, set up an account so you stay current.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
In this one-minute moment, Dr. Friday discusses the mortgage interest deduction and its impact on tax savings. She explains that unless the mortgage interest, property taxes, and sales tax exceed the standard deduction, purchasing a new home may not result in significant tax savings. Additionally, she highlights that for homes purchased for more than $750,000, the full mortgage interest deduction may not be available. Dr. Friday emphasizes the importance of understanding tax law to maximize tax savings.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Mortgage interest deduction. And again, I understand that many of you are not itemizing, therefore buying a new home, getting a mortgage, because I have people who come in and say, “Oh, I need you to do my taxes this year because I purchased a new home.” So right now, unless your mortgage interest exceeds the standard deduction, along with your property taxes and your sales tax, you know, you’re not probably going to save a dollar by purchasing a new home. But if you purchase the home for more than $750,000, you will also not be able to take 100% of the mortgage interest. Understanding how tax law works is how I can help you save tax dollars.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
When it comes to charitable deductions, cash donations up to 60% of your income are straightforward. However, for non-cash donations like stocks, art, or furniture valued over $2,500, an appraisal is crucial. Dr. Friday shares a cautionary tale of a client who donated inherited items without a proper appraisal, leading the IRS to deny the deduction despite photographic evidence. Ensuring you have the right documentation, including a qualified appraisal for high-value non-cash donations, can save you significant tax dollars.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Charitable deductions. We usually talk about charitable deductions and most of the time we’re talking cash, right? If you give cash up to 60% of your income, it’s a straight tax deduction. But how about if you give stock, precious art, furniture, all of that. That is also, but here’s the catch. If you’re giving more than $2,500, then you need to have an appraisal. Had a gentleman that inherited some things and he gave it to donation and the IRS came back and said, wait, you didn’t have an appraisal, so we’re not giving. He had pictures, he had documents, he did not have a direct appraisal. So making sure you have the right documentation can save you tax dollars.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
In this episode, Dr. Friday explains the Child Dependent Care Credit, which allows you to claim up to $3,000 in expenses for a single child and a maximum of $6,000 for two or more children. However, if your employer provides a child care benefit program, you cannot claim both the credit and the employer benefit. If your employer’s benefit equals or exceeds $6,000, you will not qualify for the additional deduction. Dr. Friday emphasizes the importance of understanding tax laws and encourages listeners to seek professional help if needed.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Child Dependent Care Credit. If your employer has a program where they allow you or they pay you so much money for that benefit, remember if you’re out paying money you cannot take both. You can take up to, so you can claim up to $3,000 in expenses for a single child. The maximum is $6,000 for two children and if you have four or five you still only get $6,000. And if your employer is giving you at least $6,000 in that care then you will not qualify for this additional deduction. Understanding your taxes is what I do. If you need help you need to call me 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
In this episode, Dr. Friday provides valuable insights into the Lifetime Learning Credit, a tax credit designed to help offset the costs of higher education. He explains the eligibility criteria, including the income thresholds for single and married filers, and clarifies which expenses qualify for the credit. With his expertise, listeners can better understand how to take advantage of this tax-saving opportunity and potentially receive up to $2,000 in credits for qualifying educational expenses.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
You have a child in school and you’re wondering, “Can I get any of that lifetime learning credit?” And the answer is probably, let’s see, it’s 20% of the first $10,000 up to $2,000 credit, and then you have an income limitation. It’s $75,000 up to $90,000 for a single person, so if you’re making more than $90,000, you’re not going to get any of the credit. For a married couple, $155,000 up to $185,000. Again, if you’re making more than $185,000, you’re not going to get any of the credit. And this does not include, you cannot include in that money, lifestyle, so living expenses, transportation, they’re not eligible. Need help? Call me.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, of Dr. Friday’s Tax and Financial Firm, offers valuable insights on handling 1099-K forms for individuals selling personal items. The IRS allows the declaration of these sales on a Schedule 1, letting sellers write off the sold items up to the amount listed on the 1099-K. Dr. Friday cautions, however, that this can get tricky for small business owners who might mix personal sales with business transactions. She warns that the IRS could request receipts, especially for significant sales volumes, and advises sellers to maintain clear records to differentiate personal sales from business income, thereby avoiding potential audit triggers.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
What do you do if you do receive a 1099 K but it really is just selling your household goods? Well, the IRS has actually given us some information on that. They said we can file it on a Schedule 1, and you can write off those goods up to the dollar amount of the 1099 K. Here’s the catch, guys: if you’re running a small business and you’re saying, “Hey, I’ve got a bunch of old Turner chairs and lamps and all this, and you’re selling them on the internet,” the IRS could ask you for receipts. This may have been grandma’s stuff in the attic, so be careful when you’re looking at how much money you’re selling on the internet because it may be a way of catching you in an audit.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, the president of Dr. Friday’s Tax and Financial Firm, clarifies the evolving situation regarding 1099-K forms, which are critical for individuals and small businesses engaging in digital transactions. After the initial announcement in 2022 of a $600 threshold, the IRS has now set a new threshold of $5,000 for 2024. This update is particularly relevant for those selling on platforms like Amazon or managing small ventures that might be considered hobbies. Dr. Friday notes that anyone with gross sales exceeding $5,000 should anticipate receiving a 1099-K form, highlighting the importance of being prepared for this change to ensure compliance and accurate tax reporting.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
We keep getting calls on 1099Ks. We all know back in 2022, they announced that they were going to actually do a threshold of $600 and then it said, “Oh wait, we’re going to extend it.” Guess what? In 2024, they have announced a $5,000 threshold. So for all of you that might be selling little things on Amazon, for all of you that have small little businesses you might think is a hobby and it’s more than 5,000 gross sales, you are likely to be getting a 1099K. I actually have people that received it this year when they only had $600 or $700.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, shares exciting news for small business owners in Tennessee. She discusses the recent Notice 2308, issued in May 2023, which significantly raises the business tax filing threshold under the Tennessee Work Tax Act. Previously, businesses with earnings of $3,000 to $10,000 were exempt from tax, but now, the threshold has been expanded to $100,000. Dr. Friday advises Tennessee small business owners to consult the Tennessee Department of Revenue or log into their TINTAP accounts to understand how this change could benefit them, potentially reducing their tax liabilities and simplifying their financial responsibilities.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Notice back in 2023 of May, notice 2308 Tennessee Work Tax Act increased business tax filing threshold. With all that being said, this is actually good news. If you are a small business in Tennessee, we’ve always had to pay a business tax. Basically $3,000 or less, up to maybe $10,000 it was zero, right? But now, up to $100,000. That’s right. Doesn’t mean you might not need your business license, it may just mean that you have a zero tax. You need to check with Tennessee Department of Revenue, go onto your TINTAP, check it out, make sure that you’re not paying taxes, you shouldn’t.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, the head of Dr. Friday’s Tax and Financial Firm, highlights a significant update from the SECURE Act 2.0 regarding retirement savings. Starting December 31, 2024, individuals aged 60 through 63 will be eligible to make catch-up contributions of $10,000 to their retirement plans. This change aims to provide additional support for Americans in their retirement planning, acknowledging the rising costs of living in retirement. Dr. Friday encourages listeners to take advantage of these increased contribution limits, alongside the existing $7,500 catch-up contribution for those over 50, to bolster their retirement savings and ensure financial stability in their later years.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Secured Act 2.0, beginning December 31st, 2024, catch up contributions for age 60 through 63 is $10,000. Again, guys, the IRS or the US Treasury and all the people involved are trying to help us prepare for retirement. It’s more expensive today than it was 10 years ago. We need to really start concentrating on putting money aside. You still have up to $7,500 for those 50 years plus, but you can actually put a little bit more. So start planning today how you’re going to come up with that extra money so you can set yourself up for a great retirement.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, delves into the recent updates of the SECURE Act 2.0, particularly focusing on the postponed changes to catch-up contributions. She explains that the implementation, initially set for 2023, has been deferred to 2026, allowing employers additional time to adjust. Specifically, individuals earning $145,000 or more and aged 50 or above are required to direct their catch-up contributions exclusively into a Roth account. Dr. Friday emphasizes the importance of early planning for these changes, advising listeners to consult with their financial planners to ensure these adjustments positively impact their retirement strategies.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Secured Act 2.0. On August 25, 2023, they pushed out a two-year delay now for 2026 for employers to change the way the catch-up contributions have to be handled. So in the Secured Act 2.0, it was supposed to be starting in 2023, they pushed it out till 2026. $145,000 or more, any catch-up, that means if you’re over the age of 50 and you want to contribute money, you can do that, but it can only go into a Roth. Now you might want to start planning that now, because these kind of changes can really affect how you retire. Talk to your financial planner for more information on this.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, the leader of Dr. Friday’s Tax and Financial Firm, discusses the recent changes to the Required Minimum Distributions (RMDs) age threshold. She explains that individuals who turned 72 after December 31, 2022, are now required to start their RMDs at 73. This adjustment aligns with increased life expectancies and aims to simplify the determination of when to commence RMDs. Dr. Friday clarifies that the year you turn 73 is when your RMDs should begin, with a specific mention of the initial year’s exclusion allowing deferral until April of the following year. This episode is essential for anyone navigating the complexities of retirement planning and RMDs.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Required minimum distribution. Now for all those that have turned 72 after the year of December 31st, 2022, you will now start your RMDs at 73. Which is great, because people are living longer and then having it at 70 and a half made it difficult for some people to really figure out what year they should be taking their RMDs. So at this point, it’s at 73, the year that you turn 73, if you have December 31st, you need to take it in that year. There is an exclusion for the first year up until April the following, but basically let’s keep it simple. Year you turn 73, you need to take your RMD.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, the president of Dr. Friday’s Tax and Financial Firm, takes listeners on a historical journey through the origins of Tax Day in the United States. She reveals that the first federal income tax was filed in 1913 on March 1st, which later shifted to March 15th in 1918, and ultimately settled on the April 15th deadline we know today starting in 1955. This insightful look into the past underscores the longstanding tradition of tax filing and serves as a reminder of the importance of meeting tax obligations. Dr. Friday emphasizes that, while Tax Day has evolved, the responsibility to file remains constant, highlighting the potential consequences of non-compliance.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Here’s an interesting fact. A lot of times people don’t realize in 1913 was the first year we filed taxes and the tax day was March 1st. Then came a few other things and in 1918 they said, “Wait, the first is a little hard. Let’s make it March 15th.” All the way until April of 1955, they changed it to April 15th in the year of 1955. So we’ve been only doing that for a period of years and so it’s important to understand tax day is tax day and we’ve been doing it for a long time. So for all of you that think, “Well, you know what? I don’t really need to file taxes.” Sooner or later you might find tax day a lot harder than you think.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, an experienced enrolled agent and president of Dr. Friday’s Tax and Financial Firm, delves into the process of helping individuals become compliant with the IRS. She shares a compelling case study of a client who hadn’t filed taxes in 20 years, accumulating a debt of $150,000. Dr. Friday explains the strategy of filing the last six years of taxes unless there are prior assessments, as in this case, where they had to rectify filings as far back as 2001. This episode sheds light on the critical role of enrolled agents in negotiating with the IRS, especially in complex cases that preclude straightforward solutions like an offer in compromise.
Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
As an enrolled agent what we do is help individuals get into compliance with the IRS, which usually means we only have to go back six years and file taxes if the IRS hasn’t already assessed you for the years before. So if you have an assessment, and in the case I’m going to tell you about this gentleman, he owed about $150,000. He hadn’t filed taxes in 20 years, so most of them were assessments, and we had to go back as far as 2001 to make a deal because the assessment had been done and it was completely wrong and he wasn’t going to be able to do an offer and compromise. This is the kind of stuff we can do to help you.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, the head of Dr. Friday’s Tax and Financial Firm, warns about the dangers of incorrectly choosing your tax filing status to boost your refund. She specifically addresses the common misconception among married individuals who might be tempted to file as head of household for a bigger refund. Dr. Friday underscores the severe repercussions of such actions, including the potential for audits up to six years retroactively and the risk of being barred from future earned income credits. Her advice is clear: honesty in tax filing is not just a legal obligation but a necessity to avoid significant financial penalties.
Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
When preparing your taxes, don’t take the option of clicking different boxes and saying, “Wait, I get more of a refund if I hit this and I get more of a refund if I hit this.” One of the biggest ones, if you are married, you have to claim married. Okay? So one year I can be head of household and then the next year married or even though you’ve been married for five years, you’ve been claiming head of household because you have children and you get a larger refund versus claiming married. This is a big no-no, guys, and they can go back and audit you for up to six years and have you pay back all of that and eliminate you from ever having to get earned income credit again.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, highlights the significance of regularly reviewing your W-4, especially before filing your taxes for 2023. She points out a common issue where individuals aren’t withholding enough taxes from their W-2s, which could lead to a tax bill shock. Dr. Friday advises on the timely adjustments to your W-4 to prevent owing substantial amounts at year-end and stresses the importance of this review for those with multiple jobs or who have changed jobs within the year. Ensuring the correct withholding can lead to a smoother tax season and prevent financial surprises.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
And I’m going to keep bringing out probably every month one important thing. You need to be reviewing your W-4. If you haven’t filed your taxes yet for 2023, you might need to wait until you file, but if you’re waiting until October, there’s not going to be an easy fix. If you’re going to file in the next month or so, we can probably make an adjustment because so far, what I’m finding is a lot of people are not having enough money coming out of their W-2s. Maybe they have multiple jobs, maybe you change jobs part way through the year. It’s important, otherwise you’re going to have to set up a bank account for taxes, so when I tell you you owe a couple thousand dollars, it doesn’t put you in a tailspin.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, the head of Dr. Friday’s Tax and Financial Firm, issues a crucial warning about prevalent tax scams involving IRS impersonation. She elucidates how scammers may call, pretending to be the IRS, and attempt to extract personal information or intimidate you into believing you’re under audit. Dr. Friday emphasizes that the IRS typically communicates through mail, not phone calls, and advises listeners to hang up and verify any suspicious claims to protect themselves from fraud. Tune in for practical advice on staying vigilant and secure during tax season.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
And the IRS is saying, “Watch out for tax scams.” Come on, right now, if the IRS were to call you right this second, they said, “This is the Internal Revenue Service on the phone and we need some answers,” and they say, “Okay, to prove that you are, here’s your Social Security number, this is what, this is this,” and you start answering their questions because you think you’re really talking to the IRS or they say that, “We’ve reviewed your taxes and we’re going to be auditing you.” Now, this is over the phone, right? Be careful. IRS doesn’t usually call if you’re just starting to get information. You’re going to get a love letter, you’re going to have information, you can then call. And no one stops you from hanging up on the IRS to make sure you’re not being scammed.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this engaging episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, the esteemed president of Dr. Friday’s Tax and Financial Firm, highlights the bustling activity within her office as tax season progresses. Despite a potentially full calendar, Dr. Friday assures listeners that her team is dedicated to assisting with tax inquiries and issues as promptly as possible. She encourages contacting her office directly via phone or email for personalized tax support, ranging from filing tax returns to resolving complex tax dilemmas. Additionally, Dr. Friday invites listeners to tune into her call-in show every Saturday for live advice, reinforcing her commitment to making tax filing as seamless as possible for everyone.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
It is getting busy here in my office. I won’t tell you that probably by now I think our calendar is probably full, but it doesn’t mean that I might not be able to help you. I want to let you know you can always call my office at 615-367-0819. We will do our best to get back with you as fast as possible. Also, you can email your questions at Friday@drfriday.com. That is my email, and then we’ll do again do our best to respond as fast as possible. This way we can try to help you resolve your tax issues. Maybe you’re trying to file your own tax returns and we’ll do our best to help you make sure those taxes were filed to the best of your ability.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this quick yet informative episode of the ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, highlights the critical tax deadlines for 2023, emphasizing the primary filing deadline of April 15th. She clarifies that individuals can file for an extension by April 15th, granting them until October 15th to file their taxes. Additionally, Dr. Friday explains the due dates for businesses with franchise excise taxes, marking March 15th as the filing deadline and September 15th as the extension deadline, stressing the importance of extending both state and federal taxes in Tennessee. The episode wraps up by inviting listeners to Dr. Friday’s live call-in show every Saturday afternoon for more tax insights.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
2023 tax deadlines. We’ve spoken in the past. The biggest one is April 15th. This year it is on April 15th. And then we also have extensions that if you file an extension by April 15th, you will have until October 15th. Those are the important dates for filing taxes. Now it doesn’t mean if you are a franchise, if you have a franchise excise and you are a company or business, when is that due date? March 15th, right? And then you file the extension until September 15th. But you have to extend the state as well as the Fed in Tennessee. And remember, that is not as simple as you might think.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday delves into the intricacies of deducting business use of a car, comparing the mileage deduction to actual expenses. Covering the essentials of Section 179, fuel, insurance, and other costs associated with maintaining a vehicle for business purposes, she provides a detailed explanation on calculating deductions based on the percentage of business use. A critical highlight is the caution against purchasing vehicles over 6,000 pounds for non-essential business needs, specifically targeting professionals in accounting. This insightful segment is a must-listen for anyone considering the best method to deduct their business vehicle expenses.
Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Business use of car, miles or actual? We’ve covered miles in the last number of, if you’ve been listening to my one minute moments we’ve covered all of those. What is actual deduction for a vehicle? So that’s when we get into section 179, that’s when we get into actual fuel, get into your insurance, all the cost it takes to keep that car. And you’re going to do it based on a percentage of usage, unless of course you use it 100%. What I have to warn you about is if you go out and buy yourself over a 6,000 pound truck and you do accounting, you better make sure that truck is justified because an accountant doesn’t need it.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this insightful episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, president of Dr. Friday’s Tax and Financial firm, delves into the complexities of business vehicle expenses, specifically focusing on the choice between standard mileage and actual costs. Dr. Friday clarifies the limitations of using the standard mileage deduction, such as the restriction on fleets exceeding five vehicles and the ineligibility for claiming both depreciation and mileage. She emphasizes the mutual exclusivity of actual expenses and standard mileage deductions, highlighting the prohibition of claiming section 179, special depreciation, and actual expenses for leased vehicles since 1997. For those opting for mileage deductions, Dr. Friday advises against mixing it with other claims, offering guidance for those considering the actual cost method. For personalized tax advice, Dr. Friday encourages listeners to reach out for professional assistance. Tune into the Dr. Friday call-in show live every Saturday afternoon for more tax tips.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Business use of car. Standard miles, we all know, you must not operate more than five cars in your business. It’s considered a fleet and you cannot take the standard business. You cannot claim depreciation on a vehicle and miles. That’s self-defeating people. Actual and miles do not match. You cannot claim a section 179. You cannot claim a special depreciation and you cannot claim actual expenses for your vehicle if it’s leased since 1997. These are what you want to do. If you’re taking miles, you can’t do all the rest. If you’re going to take actual, we’ll cover that in a bit. If you need help, call me, Dr. Friday.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this enlightening episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, a seasoned tax expert, delves into one of the most significant tax deductions for many clients: mileage. With the current rate at 65.5 cents per mile, understanding how to properly claim this deduction can lead to substantial savings. However, Dr. Friday emphasizes the importance of distinguishing between deductible business mileage and non-deductible commuting miles, such as traveling from home to a consistent work location, like a dry cleaner. This distinction is crucial to avoid complications during audits. Dr. Friday also reminds listeners to tune into the live call-in show every Saturday afternoon for more tax advice.
Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Probably the number one tax deduction for a lot of my clients is actually miles. Mileage is a big tax deduction and at 65.5 cents a mile that can be a huge deduction. But should everybody be taking miles? Remember we don’t get paid or we’re not able to deduct commuting miles. So if you are going from home and your home office is home but you always go to the same location, let’s say you own a dry cleaners, even though you have a home office from home to the dry cleaners is still commuting. So make sure you understand so you’re not caught in an audit or something because you don’t understand the mileage deduction.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this enlightening ‘Dr. Friday Tax Tips – One Minute Moment’ episode, Dr. Friday, the head of Dr. Friday’s Tax and Financial Firm, delves into the complexities of Section 179 and bonus depreciation, two critical tax incentives aimed at encouraging business investment. While Section 179 allows businesses to obtain an immediate tax benefit by investing in new equipment, bonus depreciation offers a longer-term strategy for accelerated depreciation. Dr. Friday emphasizes the importance of consulting a tax expert to navigate these options effectively, especially considering the varying implications on federal and state tax returns. For those perplexed by these tax strategies, Dr. Friday offers her expertise to clarify and guide business investments for optimal tax benefits.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Section 179 versus bonus depreciation. Section 179 is the incentive designed by the IRS to encourage businesses to invest in themselves by purchasing new equipment, receiving an immediate tax benefit, where bonus depreciation is a substitute or a longer-term way of taking accelerated depreciation. Now, some of you are sitting there going, “What are you talking about?” This is something you really do need a tax expert to talk about. And sometimes, if you take a 179 on your federal return, the state will now allow it on your franchise excise. Understanding taxes is what I do, so call me if you need any help.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, an experienced tax professional and president of Dr. Friday Tax and Financial Firm, shares her extensive expertise in handling IRS issues. With over 25 years of experience in the tax field, Dr. Friday emphasizes her role as an enrolled agent licensed by the IRS to represent taxpayers. She describes herself as a protective shield for her clients, offering services to settle disputes, navigate tax compliance, and provide guidance on how to effectively deal with the IRS. Furthermore, Dr. Friday invites listeners to tune into her live call-in show every Saturday from 2 to 3 p.m. on 99.7 WTN, where she provides more insights into managing tax concerns and staying compliant with IRS regulations.
Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I am Dr. Friday with Dr. Friday Tax and Financial Firm. Been doing taxes in this area for more than 25 years. Live on the radio every Saturday from 2 to 3. If you have issues with the IRS, I’m an enrolled agent. I am licensed by the IRS. That means I am not working for the IRS. I am licensed by them to help represent you. I’m kind of like a shield between you and the IRS. So I can help you deal with your IRS issues, settle the issues, figure out what the next step is, or I can just help you file taxes and get caught up. It’s important to stay in compliance if you ever want to deal directly with the IRS.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Summary: In this special Valentine’s episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, the president of Dr. Friday’s Tax and Financial firm, delves into the not-so-romantic side of February 14th by discussing the influx of IRS correspondence, humorously referred to as “love letters.” These letters can range from collection notices to errors and seizure warnings. Dr. Friday empathizes with recipients and offers her expertise to help interpret and address these daunting messages. She emphasizes the importance of taking action by consulting with her directly, highlighting potential solutions like offers in compromise. Additionally, listeners are reminded they can engage with Dr. Friday live during her call-in show every Saturday on 99.7 WTN for real-time advice.
Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Happy Valentines. And for many of you, you may actually get some love letters in the mail. That’s right, the IRS is renowned for sending out love letters, letters for collections, letters for how you made a mistake, letters on how they’re going to seize levy, anything they really want when it comes to that. So if you are getting those kind of love letters this Valentines, one, I want to say, I’m so sorry. Two, you need to give me a call 615-367-0819. What we need to do is sit down face to face and let’s figure out what those love letters really mean. Are they collecting? Are you a non-collection? Can we do something? Offer and compromise, I’m here for you.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this Dr. Friday Tax Tips – One Minute Moment, Dr. Friday demystifies the difference between tax deductions and tax credits, crucial for effective tax planning. Tax deductions reduce your taxable income based on your tax bracket, offering proportional savings. For instance, a $1,000 deduction in a 20% tax bracket saves you $200. On the other hand, tax credits directly reduce your tax bill dollar-for-dollar, making them highly valuable. Dr. Friday emphasizes the strategy of prioritizing tax credits to maximize savings before leveraging deductions. This insightful session underscores the importance of understanding these tax elements to optimize your tax payments. Tune into Dr. Friday’s call-in show every Saturday from 2 to 3 p.m. on 99.7 WTN for more tax advice.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
What is a tax deduction? You guys always hear me talking about tax credits, tax deductions, and you really kind of need to understand the difference, right? Tax deductions are good. It’s gonna reduce your tax based on your tax bracket. So if you get a thousand dollar tax deduction and you’re in the 20% tax bracket, you’re gonna save $200. Tax credits are awesome. If you’re gonna get a tax credit for a thousand dollars, you’re going to save a thousand dollars. So what we really want to do is chase all the tax credits first, then maximize our tax deductions, and then we’ll pay our taxes. Talk to you later.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this insightful episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, dives into the latest updates on electric vehicle (EV) tax credits for 2023. Listeners will learn about the non-refundable tax credit ranging from $3,750 to $7,500 available for new EV purchases, alongside an unprecedented opportunity to receive up to $4,000 in tax credits for used EV cars—a first in the industry. This episode highlights the eligibility criteria, emphasizing the importance of the vehicle being a first transfer to qualify for the used EV tax credit. Additionally, Dr. Friday touches on the cap for new EVs, which applies to the first 200,000 vehicles manufactured. Tune in to unravel these financial incentives designed to promote eco-friendly transportation.
Transcript:
“G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
A non-refundable EV tax credit ranging from $3,750 to $7,500 for the year of 2023. What’s great about this, they’ve also added a tax credit up to $4,000 for used EV cars. Up until now, they haven’t really had that. It has to be a first transfer, so if this person was the person that purchased it and you purchased it from them, you may qualify up to $4,000 of the used vehicle. If not, if this is a second or third transfer, you’re not going to qualify. And of course, new cars still qualify up to 200,000 cars already made.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.”
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday explores the unchanged solar tax credit, offering a personal perspective on the viability of solar energy in Tennessee. Despite her enthusiasm for green initiatives, Dr. Friday shares concerns over the lack of a buyback program and potential costs associated with solar energy in certain counties. She highlights that individuals interested in going solar can benefit from a 30% tax credit on installation costs, a provision that extends through 2032. This episode is essential for those considering solar energy investments and looking for tax-saving opportunities.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
No big changes on this one since 2022, the solar tax credit. Now, you guys all know I’m such a green individual that solar is going to be something I’m going to jump out and probably do, but honestly, no, because here in Tennessee, we don’t have a buyback. We have to regenerate it, we have to put it into batteries, and if you happen to blow a transformer, they’re going to bill you personally. So at least in Murray County, not going to go solar. That being said, if you are someone that wants to do solar, you can take up to 30% of the installation in the first year, and that’s going to ride out through 2032, and therefore you can save money by solar.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
In this insightful episode, Dr. Friday extends a heartfelt appreciation to teachers, emphasizing their invaluable role in shaping futures. Highlighting a significant update for educators, she discusses the increased tax deduction for classroom supplies, which rose from $250 to $300 in 2022. This vital tax tip is specifically for qualified teachers, clarifying that homeschoolers and au pairs are not eligible for this benefit. Dr. Friday underscores the importance of this deduction as a small token of recognition for teachers’ dedication and commitment. Tune into the Dr. Friday call-in show every Saturday from 2 to 3 PM on 99.7 WTN for more tax tips and financial advice.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
And this is for all my teachers. A, thank you for being a teacher because without them, let’s be honest, none of us would be who we are today. And you wanting to work as a teacher, I think is a way above the call of duty, not very good at teaching as you guys have probably figured out listening to my radio show every Saturday from 2 to 3. That being said, we know in 2022 they moved your whopping $250 up to $300 for classroom supplies. Again, this year you will get that $300. This is for anyone that is a qualified teacher, not a homeschooler, not someone that’s just sitting in as an au pair, but an actual teacher. You can take $300 on your tax return.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, with over 25 years of experience in tax and financial advising, debunks common myths surrounding the home office deduction. Often feared to be an audit trigger by taxpayers, Dr. Friday clarifies that claiming a home office on tax returns is no more likely to invite an IRS audit than any other deduction, such as miles or office expenses. The emphasis is on the accuracy and method of reporting rather than the deductions themselves. Dr. Friday encourages listeners not to forego legitimate deductions due to audit fears and offers her expertise to those needing guidance. Tune in to Dr. Friday’s call-in show every Saturday afternoon for more insightful tax advice.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Home office deduction. Now guys, I’ve been doing taxes for 25 plus years and I remember the years where people would come in and say, “No, no, no, no. I can’t take a home office. That’s going to lead to an audit and I don’t want the IRS to audit me, so I’d rather not take a deduction versus get audited.” Now I will tell you, I’ve never been a big firm believer of that and now it’s been proven. Home offices do not trigger any more of an audit than if you take miles or if you take office costs. It’s important to understand that the numbers you’re putting on your tax return aren’t necessarily leading to an audit. It’s the way you report the information, right or wrong, in that return. If you need help, call me.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
In this engaging episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, the president of Dr. Friday’s Tax and Financial Firm, underscores the paramount importance of meticulous expense tracking for entrepreneurs and self-employed individuals. With a focus on ensuring every expense and deduction is accounted for, Dr. Friday provides valuable advice on leveraging various methods for efficient tracking, from digital receipts to accounting software like QuickBooks. Emphasizing that proper expense management directly translates to significant tax savings, this episode is a must-listen for anyone looking to optimize their financial health and tax efficiency. Tune in to the Dr. Friday call-in show live every Saturday afternoon for more insightful advice.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
And this one for my entrepreneur, self-employment, having those expenses and those deductions. Very very important, making sure you’ve tracked everything throughout the year. Now I meet with you guys throughout the entire year and I can say, some people are really good at tracking expenses, some people maybe not so good. It is one of those deals that you really do want to become good at. You need to be able to save your expenses, that can be either through taking pictures and saving them on your phone as PDFs or pics or making it as a system like QuickBooks or even a cheaper Intuit, any product you want. But bottom line is tracking those expenses saves you money.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
In this insightful episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday emphasizes the enduring value of Health Savings Accounts (HSAs) for both single and married individuals. For 2023, the contribution limits are set at $3,850 for singles and $7,750 for married couples, with an additional $1,000 allowance for those over 55. Dr. Friday highlights the tax-free benefits of contributing to and spending from HSAs, underscoring their significance in a comprehensive tax-saving strategy. Though not an insurance seller, Dr. Friday urges listeners to consult with their insurance advisors to fully leverage HSAs’ benefits. Catch more tax-saving tips on the Dr. Friday Call-In Show every Saturday on 99.7 WTN.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Health savings account, contribution deductions, HSA, you’ve heard me talk about before. I will not stop talking about them. In 2023, we can contribute $3,850 as a single person, $7,750 as a married. Plus, if you’re over the age of 55, you can do another $1,000. And again, in 2024, it’s went up again. So what’s so important about HSAs? We save tax free, we spend it tax free, it’s all a part of the big package. Now, I don’t sell insurance, guys, and you need to talk to your insurance advisor, make sure it works. But I can tell you this, it is a great way to save taxes.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday highlights the often overlooked Saver’s Credit, an essential tax break for low to moderate income earners. Tailored for individuals and couples earning below certain thresholds, the Saver’s Credit offers a significant opportunity to reduce tax liability by contributing to retirement accounts such as 401(k)s, IRAs, and Roths. Dr. Friday breaks down the income limits and potential savings – up to $2,000 for individuals and $4,000 for married couples, emphasizing the impact this credit can have on your financial well-being. Additionally, the episode sheds light on the percentage of contribution matched by the credit, especially beneficial for those able to set aside money for future savings. Tune into the Dr. Friday Call-In Show every Saturday for more insightful tax advice.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Savers credit, I never hear a lot of people talk about it, partly because it really is for the lower income. So if you’re married making less than $73,000 and you put money into a 401k or an IRA or a Roth or whatever, you can save up to $2,000, $4,000 for a married couple. Head of household, you have to have less than $54,750, single $36,500. Single people get up to 50% of what you contribute, up to $2,000. That’s a lot of money, especially if you have the ability to set it aside. That again can be a 401k, an IRA, a Roth, anything that you can set aside the money for later savings.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, the president of Dr. Friday’s Tax and Financial Firm, emphasizes the importance of timely 401(k) contributions for tax savings. Highlighting a crucial reminder for the year 2024, Dr. Friday points out that contributions to employer-sponsored 401(k) plans must be made through W-2 earnings and cannot be retroactively added. For those in higher tax brackets, specifically mentioning the 24% tax bracket, each dollar contributed to a 401(k) plan could result in significant tax savings, equating to 24 cents saved per dollar contributed. This episode serves as a valuable piece of advice for individuals looking to reduce their tax liabilities through strategic financial planning.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
401k contribution deductions. First let me put a caveat out there. If we’re already in 2024, so we can’t go backwards if you’re in an employer plan. It must come from your W-2 or the way that they’re paying you. We can’t just go and throw money into an employer 401k. So this may be planning for 2024 and it may be important because if you are in a higher tax bracket, let’s say you’re in the 24% tax bracket, every dollar you can put into your 401k could save you 24 cents. That’s almost a quarter guys. That’s a lot of money in savings if you want to reduce your tax liabilities.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday delves into the complexities of the mortgage interest deduction, a topic that can stir quite a bit of confusion among homeowners. She clarifies that while many believe they can deduct the entire amount of interest on mortgages up to $750,000, the reality is nuanced, especially for those who have refinanced their homes in recent years. Dr. Friday highlights the changes in deduction limits from over a million dollars to the current cap at $750,000, noting the significant impact of rising house values in Tennessee. This episode is essential for anyone navigating the intricacies of itemizing deductions and understanding how refinancing affects their tax situation.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Mortgage interest deduction. Boy, can this cause some conflict because if you’re able to itemize, many people think they can just write off their entire amount of interest even if the mortgage is over $750,000. And for many, they may not have, they’ve done a refinance, right? Because many people reduce their interest, they refinance their home in the last couple years. And if you did that, you may have had an old mortgage that would have qualified over a million dollars. The new ones only qualify up to $750,000, which many people listening may say that’s not a problem. But in Tennessee, house values went up a lot in the last couple years. If your mortgage is over $750,000, you can only take interest up to $750,000.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this insightful one-minute moment, Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, highlights the importance of understanding IRA contribution deductions and the impact of income brackets on your tax benefits. She emphasizes the significance of consulting a financial planner to decide between contributing to a traditional IRA or a Roth IRA, considering the long-term tax advantages. Whether it’s saving taxes now or in the future, Dr. Friday underscores the potential to leverage the saver’s credit for those in the 12% tax bracket, advising listeners to make informed decisions for their financial health. Tune into the Dr. Friday Call-In Show every Saturday afternoon for more expert financial guidance.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
IRA contribution deductions. You may be able to deduct contributions to a traditional IRA, though there are some things that you have to think about. One of it is your income brackets. Also, sometimes I’ll meet people, and keep in mind guys, I’m not a financial planner, but from the tax standpoint, if you’re in the 12% tax bracket, you can still get saver’s credit if you make a little less, or you can get the growth for the rest of your life in a Roth. So make sure you talk to a financial planner before making the decision. Is it a traditional IRA or a Roth IRA? Save taxes today or save taxes later? Big question.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday addresses the critical aspect of deducting gambling losses on your tax return. She highlights that gambling losses can only be deducted up to the amount of gambling winnings, emphasizing the importance of keeping thorough records of all gambling activities. Dr. Friday shares a cautionary tale of an individual who won a million dollars but failed to save his lottery tickets, resulting in an inability to deduct his losses and facing significant tax liabilities. Additionally, she reminds listeners that gifts to family and friends from winnings are not tax-deductible, underscoring the importance of tracking and documenting gambling expenses meticulously to avoid unexpected tax payments.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Let’s talk about gambling losses. Gambling losses and expenses are a deduction only to the extent of gambling winning. So if you’re not making money, guys, that loss is not something you’re going to be putting on your tax return. And if you did win the lottery, you better have saved all of your lottery tickets the entire time of your life, because that’s the only time you’ll be able to run it off up to whatever you may have won. So I had a guy that won a million dollars last year. It was great. It was wonderful. He did not save one lottery ticket. Decided to gift a lot of it to family and friends, which is not a tax deduction. So paying taxes is what he’ll be doing, and so will you if you don’t track your expenses.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this insightful episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, demystifies the complexities surrounding state and local taxes (SALT). She explains common misconceptions about property taxes and the opportunity to deduct sales taxes on significant purchases like mobile homes, motor homes, boats, or jet skis. Dr. Friday highlights the cap on SALT deductions – $10,000 for joint filers and $5,000 for those married filing separately, emphasizing the importance of careful planning to maximize deductions without losing tax dollars. Tune in to the Dr. Friday Call-In Show live every Saturday for more tax insights.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Let’s talk about state and local taxes, SALT taxes. So many times people will say, I double pay my property taxes. And of course, or I went out and I purchased a mobile home or a motor home or, or some sort of boat or jet ski. And so they want to write off the extra sales tax. And that is legitimate, but keep in mind sales tax, property taxes, personality tax, which in Tennessee, we really can’t deduct because there’s no state income tax involved in it. Then you only can get $10,000. Married, finally separately $5,000. So as hard as you work to make sure that number is as high as possible, you may be losing tax dollars when dealing with SALT tax.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this Dr. Friday Tax Tips – One Minute Moment, Dr. Friday addresses the complexities of maximizing medical deductions on tax returns. She outlines the initial hurdle of surpassing 7.5% of adjusted gross income before itemizing deductions, a step made more challenging with today’s higher standard deductions. The focus shifts to an often-overlooked opportunity for seniors—deducting nursing home or care facility expenses as medical deductions. Dr. Friday emphasizes how significant portions of these costs can qualify as medical expenses, potentially reducing tax liabilities for seniors. This insightful tip highlights the importance of exploring all avenues to minimize taxes, especially for seniors in care facilities.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Guys, this is a hard one. It’s not hard to do, but you have to first exceed 7.5 of your adjusted gross income. Then once you’ve done that, you still have to itemize. And nowadays with the higher itemization, it’s really hard to really use or maximize medical. But I will say there is one thing I have done or found out that many people don’t think about is really with seniors. When they’re ending up in nursing homes or care facilities, that is mostly a chunk of that is considered medical as a way of maybe taking it off on their taxes to help you reduce their tax liabilities.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, an enrolled agent and president of Dr. Friday’s Tax and Financial Firm, shares her extensive experience in tax representation and resolution. For over 15 years, Dr. Friday has been a familiar voice on the radio, providing invaluable advice and support to those facing challenges with the IRS. Whether it’s responding to IRS notices, negotiating tax debts, or simply seeking guidance on how to get back on track with tax obligations, Dr. Friday offers her expertise to help taxpayers find relief and start anew. She highlights the importance of professional help in navigating the complexities of tax issues and invites listeners to join her live Call-In Show every Saturday afternoon for direct advice and support.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
You guys have probably been hearing me on the radio for the last 15 years and been doing a wonderful time listening to me and it’s appreciated. But as an enrolled agent, really my job is helping you do taxes and representation, which means if you’re getting the love letters in the mail or you’re not too sure which way you can go, all you know is that you can’t afford to pay the IRS or you get into this cycle and you’re just not sure, how do I start over so I can get the IRS back on track? Guess what? That’s what I do. I can help you get straight with the IRS. Call 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this Dr. Friday Tax Tips – One Minute Moment, Dr. Friday discusses strategies for taxpayers who itemize deductions, particularly focusing on charitable contributions. She explains that for those who itemize, consolidating several years’ worth of charitable donations into one year can be beneficial. This approach helps in exceeding the standard deduction threshold, thereby allowing the taxpayer to deduct their charitable contributions effectively. Dr. Friday also touches on other potential itemizable deductions such as sales tax and property tax, emphasizing the importance of understanding these options. For personalized advice, she invites listeners to contact her directly. The episode wraps up with an invitation to her live Call-In Show every Saturday.
Transcript
G’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
For many of you itemizing isn’t something you’re going to do but if you do itemize maybe there’s a way of maximizing like giving a couple years worth of charity at one time therefore you’re able to hit that itemization otherwise you won’t be able to deduct your charitable deductions you can give up to 60% of your income and take it all in one year assuming again that that still kicks you into the itemizing but along with that you may have some other deductions sales tax property tax and we’ll cover more of those but if you’re not sure how this would work give me a call I can explain it 615-367-0819 or drfriday.com.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, the head of Dr. Friday’s Tax and Financial Firm, delves into the intricacies of the Earned Income Tax Credit (EITC) for the year 2023. She explains that the EITC is a refundable tax credit designed primarily for lower-income individuals, with or without children. The credit amount for 2023 ranges between $600 and $7,430, varying based on the number of children, marital status, and income level. Dr. Friday emphasizes the income-based eligibility of the EITC, highlighting that individuals with up to three children can claim this credit. For those seeking assistance with their taxes, Dr. Friday encourages contacting her firm or tuning into her live Call-In Show on Saturdays.
Transcript
G’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Earned Income Tax Credit. What is it? It’s a refundable tax credit tax breaks for lower-income individuals with or without children. In 2023, the credit ranges from $600 up to $7,430 depending on how many kids you have, your marital status, or if you have no kids. So, again, this is one of those that’s truly based solely on income, and if it’s low enough and you don’t have children, you may qualify. If you do, you have up to three children that you can claim for the earned income credits. If you need help, all you have to do is check me on the web, drfriday.com.
Need help with taxes? Call me at 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, President of Dr. Friday’s Tax and Financial Firm, elucidates the intricacies of the student loan interest deduction. This tax benefit allows borrowers to deduct up to $2,500 from their taxable income for paid student loan interest. However, it’s subject to income limits. For single individuals, the deduction begins to phase out at $75,000 and completely phases out at $90,000. For married couples, these limits are between $155,000 and $185,000. Dr. Friday highlights the importance of these thresholds, emphasizing that exceeding them disqualifies taxpayers from claiming the deduction. The episode is a must-listen for anyone navigating the complexities of student loans and taxes.
Transcript
G’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The student loan interest deduction allows borrowers to write off up to $2,500 of their taxable income if they paid interest on their student loan. Now, this is one of those that is means-tested, guys, so that means that if you earn between $75,000 and $90,000, by $90,000, you’re not going to get the deduction for single individuals. It starts means testing at $155,000, up to $185,000 for a married couple. These are very important numbers because, obviously, if you’re claiming this and you make too much money, the interest isn’t going to be a tax deduction.
Need help with taxes? Call me at 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, discusses the crucial aspects of student loan interest deductions. The focus is on the income thresholds that affect eligibility for this deduction. For single filers, the deduction begins to phase out at $75,000 and is completely phased out at $90,000. For married couples, these limits are set at $155,000 and $185,000, respectively. Dr. Friday emphasizes the importance of being aware of these income limits, as exceeding them means losing eligibility for the deduction. For personalized tax assistance, Dr. Friday encourages listeners to contact her directly. Also, she reminds listeners to tune into the Dr. Friday Call and Show every Saturday afternoon for more tax insights.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Student loan interest deductions lets borrowers write off up to $2,500 for their taxable income if paid interest on their student loan. Now this is one of those that is means tested guys, so that means that if you earn between $75,000 and $90,000, by $90,000 you’re not going to get the deduction for single individuals. It starts means testing at $155,000 up to $185,000 for a married couple. Very important numbers because obviously if you’re claiming this, you make them too much money, the interest isn’t going to be a tax deduction. Need help with taxes? Call me. 615-367-0819.
You can catch the Dr. Friday Call and Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this ‘Dr. Friday Tax Tips – One Minute Moment’ episode, Dr. Friday illuminates the benefits of the Lifetime Learning Credit, a valuable tax break for education expenses. She explains that taxpayers can claim 20% of their first $10,000 spent on tuition and fees, potentially saving up to $2,000. Dr. Friday emphasizes that while living expenses and transportation are not eligible, costs like books, supplies, and even computers used for coursework can be included. For personalized tax assistance, she invites listeners to visit her website, www.drfriday.com, or call her office. Additionally, Dr. Friday hosts a live show every Saturday from 2 to 3 p.m. on 99.7 WTN, offering more expert tax advice.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
The lifetime learning credit lets you claim 20% of the first 10,000 you pay towards tuition and fees for a maximum of $2,000. Like the American Opportunity Tax Credit, the lifetime credit doesn’t count living expenses or transportation. Those are eliminated expenses. You can claim books, supplies needed for the course, also tuition, tutoring, computers, those all can be added back in. If you need help with your taxes you can go to my website which is www.drfriday.com, set up an appointment or call me 615-367-0819.
You can catch the Dr. Friday Call and Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this insightful episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, President of Dr. Friday’s Tax and Financial Firm, delves into the important aspects of the Child and Dependent Care Credit. She emphasizes that this credit is applicable for expenses incurred in daycare or childcare services for children under 13. A crucial point highlighted is that the credit is only available if childcare is needed due to work commitments of the parent or guardian. Dr. Friday clarifies that personal activities, such as getting nails done, do not qualify for this credit. She also explains the financial limits of the credit, with up to 35% of expenses covered or a maximum of $3,000 for one child and $6,000 for two or more dependents. Dr. Friday concludes by urging listeners to review their taxes to ensure they are taking advantage of this valuable credit.
Transcript
G’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Child and dependent care credit. A child and dependent care credit means that you’re covering a percentage of daycare or some sort of child care for children under the age of 13. A parent or spouse whichever it might be unable to watch them because either they’re working or they have some other type of work. It has to be work guys. It can’t just be I want to go out and get my nails done and so I’m putting my child in daycare. It has to qualify as a work and then you will qualify up to 35% or $3,000 in expenses for two or more dependents $6,000 maximum. So if you haven’t done this you need to check your taxes.
You can catch the Dr. Friday call in show live every Saturday afternoon from 2-3 PM, right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, President of Dr. Friday’s Tax and Financial Firm, sheds light on the Child Tax Credit (CTC) for the 2023 tax year. She emphasizes the importance of correctly filing taxes to capitalize on the $2,000 per child credit, of which $1,600 is refundable. Dr. Friday advises against hastily filing taxes just to receive the CTC and underscores the significance of accuracy in tax filing to avoid delays in refunds. For any tax-related queries, she provides her contact number and also invites listeners to her weekly call-in show on 99.7 WTN every Saturday from 2-3 PM.
Transcript
G’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Child Tax Credit, also known as CTC, is a break for families with children below the age of 17 that also meet certain income limitations. In 2023, which we’ll be filing now, but for the tax year of 2023, that’s $2,000 per child, 1,600 of it can be refunded. So making sure that you file everything properly, this could delay your refund, but it’s so important to make sure taxes are filed. Don’t just rush to file your taxes just because you think you’re going to get this refund. Make sure they’re right, double-check them, then file them. If you have questions, 615-367-0819.
You can catch the Dr. Friday call in show live every Saturday afternoon from 2-3 PM, right here on 99.7 WTN.
In this quick but informative episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, the President of Dr. Friday’s Tax and Financial Firm, emphasizes the significant financial benefits of filing tax extensions early. Discussing the potential 25% penalty for late filings, which accrues at a rate of 5% per month, Dr. Friday advises listeners to consider filing an extension form 48-68, even if they anticipate meeting the April 15th deadline. This strategy provides a safety net, protecting taxpayers from unexpected delays and penalties. Additionally, Dr. Friday reminds listeners of her weekly call-in show on 99.7 WTN, every Saturday from 2-3 PM, for more financial insights.
Transcript
G’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
And I know you’re gonna be saying, “Friday, why are you already talking about extensions?” Because if you file an extension you can save a penalty of 25% – 5% per a month for however late you are. And it’s just such a huge savings that if you think for any reason you may not be able to make that April 15th deadline, you know what? Even if you do make the April 15th deadline there is no penalty for filing an extension today and then something happens and you’re not able to file, you still have that protection. So even if you are gonna make April 15th, I suggest filing a 48-68 just for protection.
You can catch the Dr. Friday call in show live every Saturday afternoon from 2-3 PM, right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, President of Dr. Friday’s Tax and Financial Firm, addresses the eagerness of taxpayers who have received their W-2s and are ready to file their taxes. She highlights a crucial point: the e-file system for tax year 2023 doesn’t open until January 22, 2024. This means that early filers should not expect their refunds within the usual 5-10 day window. Dr. Friday provides valuable insights into the expected refund release dates, emphasizing that refunds could be issued as early as February 9th, but those with Earned Income Credit may have to wait until February 23rd. She encourages listeners to remember these dates to manage their expectations appropriately. Additionally, Dr. Friday reminds listeners to tune in to her live call-in show every Saturday from 2-3 PM on 99.7 WTN for more tax insights.
Transcript
G’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
And many of you already have your W-2 in hand and you’re like I’m filing my taxes but keep in mind e-file does not open until January 22 2024 so you may have a few more days to wait. Now a lot of times we can basically save the e-files and then they’ll automatically produce as that date but just prepare yourself that you’re not going to see in five or ten days your refund if you file it today. They’re gonna start releasing refunds probably by February 9th. You may get it a little earlier but if you have earned income credit it could be as late as February 23rd. These are important numbers guys keep track of them so you know what’s going on.
You can catch the Dr. Friday call in show live every Saturday afternoon from 2-3 PM, right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, President of Dr. Friday’s Tax and Financial Firm, delves into the various factors that influence the timing of tax refunds. She emphasizes the importance of electronic filing over mailing, noting the latter’s inefficiency and lack of tracking capabilities. The episode highlights key elements such as the date of filing, claims for earned income credit and college credits, existing debts with federal or state governments, and outstanding student loans, all of which can significantly impact the timing and receipt of tax refunds. Dr. Friday advises taxpayers to utilize the ‘Where’s My Refund?’ feature on irs.gov for tracking their refunds. The show wraps up with an invitation to listen to the Dr. Friday call-in show every Saturday from 2-3 PM on 99.7 WTN.
Transcript
G’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Several factors can determine when a taxpayer might receive his or hers refund. Like, when did you file? Are you claiming earned income credit, college credits? Whether you file electronically or by mail, which I will tell you right now, mailing in a tax return is the slowest way, impossible almost, to track tax filing. E-file is the way to go. Whether a taxpayer already has a debt with the federal government, or a state, or student loans, all of that can be a huge factor in when or if you will actually receive your refund. But you can always go to irs.gov and click on “Where’s My Refund?” if you’re looking for more information. It’s a great way to keep track.
You can catch the Dr. Friday call in show live every Saturday afternoon from 2-3 PM, right here on 99.7 WTN.
In this episode of the ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday emphasizes the importance of early preparation for the upcoming tax deadline on April 15, 2024. She advises listeners to either book an appointment with her team or begin gathering necessary documentation if they plan to handle their taxes independently. Key documents include W-2s, 1099s, mortgage interest statements, and 1095A forms. Dr. Friday underscores the importance of thorough preparation, encouraging listeners to start early and avoid doing taxes halfway. For any queries, she reminds listeners of her availability for assistance and also mentions her live call-in show on Saturdays, from 2-3 PM on 99.7 WTN.
Transcript
G’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Keep in mind, tax deadlines this year is going to finally be on the normal April 15th, 2024. So if you’re planning on doing your taxes, first thing you need to do is probably go to our calendar if you want us to help you, and go ahead and get a date set for that. It’s filling up really quickly. If you’re going to do your own, start now. Start outlining what do you need, W-2s, 1099s, mortgage interest? Did you have a marketplace 1095A? Do you have interest, dividends? All of those things need to be collected before you start your taxes. Don’t do them halfway. Call me if you have questions.
You can catch the Dr. Friday call in show live every Saturday afternoon from 2-3 PM, right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, discusses the significant tax implications of major life events occurring in 2024, such as childbirth, marriage, or divorce. She emphasizes the importance of updating your W-4 form to ensure the right amount of tax is withheld, thereby avoiding giving a large loan to the IRS or facing a hefty tax bill. Dr. Friday advises listeners to contact her for personalized guidance on managing these changes effectively. She also reminds listeners to tune in to her live call-in show every Saturday for more expert tax advice.
Transcript
G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Major changes for you in your life happening in 2024. Child coming, marriage, divorce, any of these could have huge changes. What you need to think about, do I need to update my W-4 form so I have more or less coming out? No one wants to give a loan to the IRS so you get this huge refund. That’s never a good idea, guys. But we also don’t wanna have to write a check to the IRS for a large amount. If you’re not sure if you’re doing all this right, first thing you need to do, pick up the phone and call me, 367-0819, or go to the web at drfriday.com. We’re here to help you.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this Dr. Friday Tax Tips – One Minute Moment episode, Dr. Friday addresses the widely discussed changes to the 2023 Form 1099-K, focusing on its impact on small business owners and individual sellers. Amidst the flurry of inquiries, Dr. Friday clarifies the evolution of the 1099-K threshold, which was initially slated for adjustment in 2022 but is now rescheduled to shift in 2024 to a $5,000 threshold. This significant change is crucial for those with side businesses, particularly those selling on platforms like Amazon or disposing of personal items. Dr. Friday emphasizes the importance of early preparation and awareness of potential tax exclusions to navigate these changes effectively. For more in-depth insights, Dr. Friday invites listeners to explore her website and tune into the weekly live call-in show every Saturday on 99.7 WTN.
Transcript
G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
The 2023 Form 1099-K, we are getting tons of phone calls on this because we all know back in 2020, initially they were going to bring it out in 2022, then in 2023, the threshold was 600, and then now it’s gonna be, guess what? $5,000, that’s right. Starting in 2024, they’re phasing in a $5,000 1099-K. So that means if you are of a little side business and maybe you’re selling things on Amazon or you’re selling your personal items, you need to start prepping now. There are tax exclusions that you can qualify. Check us out on the web.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, an experienced tax professional, delves into the continuation of the zero personal tax exemption for 2024. This policy, originating from the Tax Cut and Jobs Act passed in 2020, has been in effect since 2018. Dr. Friday explains why the maintenance of this exemption rate is beneficial, despite initial reservations about zero exemptions in taxation. She emphasizes the potential changes in 2025 and encourages listeners with tax-related queries to utilize her expertise as an enrolled agent licensed by the IRS. The episode concludes with an invitation to join her weekly call-in show for more tax advice.
Transcript
G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
The personal tax exemption for 2024 remains at zero. Which doesn’t always sound good when we’re talking taxes, but this is a good thing. Eliminating the personal exemption tax was provided in the Tax Cut and Jobs Act that was passed back in 2020. So if you have a question and it’s been zero since 2018 all the way through 2024, 2025 may be a different story. But if you’re not sure what’s affecting your taxes, what’s not, I’m an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. So you need to call me if you have any questions. 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this informative episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, President of Dr. Friday’s Tax and Financial Firm, sheds light on the complexities of the Alternative Minimum Tax (AMT) and its exemptions. She highlights the significant updates for 2024, including the increased exemption amount to $85,700 for individuals, which phases out at $600,000. For married couples, the exemption begins at $133,300. Dr. Friday emphasizes the importance of understanding these changes to avoid the pitfalls of this often overlooked aspect of tax planning. Given the tricky nature of AMT, she encourages listeners to reach out to her office for personalized advice. The episode also reminds listeners of the opportunity to engage with Dr. Friday live on her call-in show every Saturday afternoon.
Transcript
G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Alternative minimum tax exemptions. We all know about the hidden tax code within the tax code. In fact, there’s multiple ones, but AMT tax can be a sneaky one. In this one, they’ve increased the tax up to $85,700. So you won’t most likely start paying AMT tax until you hit $85,700. And that’s the beginning and it phases out at $600,000. For married couples, it starts at $133,300 in the year of 2024. This can be a sneaky one, and if you’re not sure if you’re going to have to pay AMT, you need to call my office at 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday highlights the significant increase in the standard deduction for the 2024 tax year. Married couples will see an increase of approximately $1,500, raising the deduction to $29,200, while individuals will have a deduction of $14,600. Dr. Friday emphasizes the importance of understanding these changes to make informed decisions about tax strategies, such as conversions and maximizing deductions. She also addresses the common shift from itemizing to standard deductions and offers her expertise for those needing guidance in navigating these tax changes. The episode concludes with an invitation to join the live Dr. Friday call-in show on 99.7 WTN every Saturday afternoon.
Transcript
G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
New for 2024, they will be increasing the standard deduction for married couples. For about $1500, it will go up to $29,200, up from the 2023. As well as individuals will be $14,600. These numbers are very important. If you don’t know your standard deduction, which most people nowadays are not itemizing, how can you figure out, should I do a conversion? How much am I going to be paying taxes? What tax bracket am I in? What can I be maximizing in deductions that I might normally not be able to itemize? If you need help with this, just give me a call at 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this special New Year’s edition of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, the president of Dr. Friday’s Tax and Financial Firm, warmly welcomes 2024 and dives into the essentials of preparing for the 2023 tax season. With an eye on proactive planning for the year ahead, Dr. Friday highlights the importance of early preparation, especially for business owners. A crucial tip shared is for those with business licenses who made less than $100,000 in 2023, as they might be exempt from filing. Dr. Friday extends an invitation for personalized advice through direct contact, either by phone or email. Additionally, listeners are reminded of the opportunity to participate in Dr. Friday’s live call-in show every Saturday on 99.7 WTN, offering a platform for real-time tax consultations and advice.
Transcript
G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
It’s New Year’s, Happy New Year’s 2024. Guess what? It’s also the start of 2023 tax preparation. So we have a couple things that’s going to be happening in ’23. We’ll be covering a couple things in ’24. One of the biggest things in ’24 is the fact that we need to start planning for ’24. But if you have a business license in 2023, make sure if you make less than $100,000, you don’t have to file. We can get more of that if you call me at 615-367-0819 or Friday at drfriday.com.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In the final ‘Dr. Friday Tax Tips – One Minute Moment’ of 2023, Dr. Friday underscores the importance of year-end financial actions. She emphasizes that the last day of the year is crucial for making adjustments to 401k contributions through employers, as these need to be completed within the current year. Additionally, she advises listeners to review and update their W-4 forms to ensure appropriate withholdings or credits for the upcoming year. This proactive approach can help individuals start the new year on a strong financial footing. For personalized assistance, Dr. Friday offers her contact details. She also reminds listeners about her live call-in show every Saturday on 99.7 WTN.
Transcript
G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
It’s actually the last one we’re gonna have for 2023. New Year’s is on top of us so I do want to put a little bit of a thought out there anyone that might have the ability to make some sort of adjustment to a paycheck today would be the last day because anything that has for 401k’s that come through employers needs to be done in the year it happens. So maybe you’re lucky enough to be able to make some sort of adjustment. Also if you really want to start the New Year’s out double check your W-4 form make the adjustments so you have a full year of the new withholdings or new credit to your check. If you need help you can call me 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this insightful episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday discusses a significant change in Tennessee’s business tax regulations that favors small businesses. Highlighting Notice 2308 from May 2023, she explains the Tennessee Work Tax Act’s impact on increasing the business tax filing threshold. Previously, small businesses with earnings of $3,000 to $10,000 were exempt from taxes, but now this exemption has been extended to businesses earning up to $100,000. Dr. Friday emphasizes the importance of consulting the Tennessee Department of Revenue and using the TINTAP system to ensure compliance and avoid unnecessary taxation. This episode is crucial for small business owners in Tennessee seeking to understand and benefit from these tax changes.
Transcript
G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Notice back in 2023 of May, Notice 2308, Tennessee Work Tax Act increased business tax filing threshold. With all that being said, this is actually good news. If you are a small business in Tennessee, we’ve always had to pay a business tax. Basically $3,000 or less, up to maybe $10,000 it was zero, right? But now, up to $100,000. That’s right. Doesn’t mean you might not need your business license, it may just mean that you have a zero tax. You need to check with Tennessee Department of Revenue, go onto your TINTAP, check it out. Make sure that you’re not paying taxes, you shouldn’t.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this enlightening episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, delves into the historical progression of Tax Day in the United States. The journey begins in 1913, marking the first year of tax filings with the original deadline set on March 1st. Subsequently, in 1918, the deadline shifted to March 15th, accommodating various changes. It wasn’t until 1955 that April 15th was established as the official Tax Day, a date we’ve adhered to for several decades. Dr. Friday emphasizes the significance of this historical evolution, reminding listeners of the importance and inevitability of filing taxes. The episode closes with an invitation to join the live Dr. Friday call-in show every Saturday afternoon on 99.7 WTN.
Transcript
G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Here’s an interesting fact. A lot of times people don’t realize, in 1913 was the first year we filed taxes and the tax day was March 1st. Then came a few other things and in 1918 they said, “Wait, the first is a little hard, let’s make it March 15th.” All the way until April of 1955, they changed it to April 15th in the year of 1955. So we’ve been only doing that for a period of years and so it’s important to understand tax day is tax day and we’ve been doing it for a long time. So for all of you that think, “Well, you know what, I don’t really need to file taxes.” Sooner or later you might find tax day a lot harder than you think.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this insightful ‘Dr. Friday Tax Tips – One Minute Moment’ episode, Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, discusses the intricacies of IRS regulations regarding the sale of personal items. She highlights that selling personal items at a gain can trigger a 1099K form. The episode emphasizes the importance of two crucial forms: Form 8949 for the sale and disposition of capital assets and Schedule D. Dr. Friday stresses the necessity of retaining original purchase receipts, as failing to provide these during an audit could lead to assuming a zero-cost basis for the sold items. The episode is a must-listen for anyone navigating the complexities of personal item sales and their tax implications.
Transcript
G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
The IRS says selling personal items at a gain can cause a 1099k for personal items sold. There is a form, actually two forms. You can form an 8949 for sale and other disposition of capital assets or the Schedule D when selling those. The hard part of all this is if you’re selling personal items you need to be saving the receipt of the original cost. If you don’t have it you don’t have a deduction. If you can’t prove how much money you paid for something that you’re selling 10-15 years later the cost factor is zero unless you can prove otherwise. That’s what the IRS is saying when they review audits.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this heartwarming ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, the president of Dr. Friday’s Tax and Financial Firm, steps away from her usual tax advice to spread some Christmas cheer. Encouraging listeners to take time for themselves and cherish the holiday season, she emphasizes the importance of family and gratitude. Dr. Friday acknowledges the efforts of those who make America a safe and wonderful place, reminding us to be thankful for what we have during this festive period. This episode serves as a gentle nudge to set aside tax concerns temporarily and enjoy the company of loved ones, celebrating the spirit of Christmas.
Transcript
G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment… and it’s dedicated to Christmas. That’s right, Merry Christmas. Make sure you’re having some time for yourself, spending it and enjoying the holidays. Let’s not talk taxes today. Let’s think about family. Think about all those people that have helped make America safe and wonderful. And just be thankful for the things we have. That’s the important thing when it comes to Christmas. Taxes will be there all of our life. Christmas, we need to spend it with our family. Enjoy the holidays. Be thankful for all the things that you have. That’s what I would say. And I want to wish a Merry Christmas to my family and clients and friends. Merry Christmas.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this enlightening episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, delves into the often-overlooked aspect of tax deductions for small business startups. She emphasizes that expenses incurred in the early stages of planning and setting up a business, such as purchasing educational materials and books, are eligible for tax deductions. These preparatory expenses, even if they occurred years before the actual business launch, are considered part of the startup process. Dr. Friday cautions, however, that this doesn’t apply to hobbies or unsuccessful business ventures. This crucial advice is aimed at ensuring entrepreneurs don’t miss out on valuable tax deductions during the formative phase of their business.
Transcript
G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Did you know that credit for a small business startup doesn’t mean you had to spend all the money in the year you’re talking about. So if you started a business but maybe you started thinking about the business two years ago and maybe you went ahead and set up some different education, you brought books, you did things, that’s all considered startup. So when you’re actually starting a business you want to be thinking about now if it’s a hobby or it’s a business that never happened and never go off the ground, that’s not a tax deduction guys. Just because you made the mistake for the wrong that’s one thing but if you’ve been working a year or two to open a business that can be a tax deduction. Don’t leave any tax deductions on the table.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this insightful episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday addresses a common and complex issue in tax filing: the legitimacy of claiming dependents. She highlights a scenario where individuals may mistakenly claim their partner’s children as dependents, emphasizing the importance of understanding the criteria for legitimate dependent claims. Dr. Friday cautions against the assumption that supporting a partner’s children automatically qualifies them as dependents for tax purposes. She underscores the risks involved, including the potential loss of eligibility for earned income credit by the IRS in cases of incorrect claims. This episode serves as a crucial reminder for taxpayers to thoroughly assess their dependent claims to avoid costly mistakes.
Transcript
G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
I was reviewing some taxes and one thing I have noticed is sometimes people put on children that may not be legitimate deductions. So your girlfriend lives with you and even though you’re supporting the children are they truly your dependents? That’s a really tough question and it really depends on how long they’ve stayed with you. Have you the only breadwinner in the family? What is the story that just because she didn’t make any money and they put you on as head of household because she now lives with you? Be very careful. If you make a mistake on earned income credit the IRS can stop you from ever collecting earned income credit in the future.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of the Dr. Friday Tax Tips – One Minute Moment, Dr. Friday addresses a common post-tax-filing question: tracking your tax refund. She explains that the best way to locate your refund is through the official IRS website (irs.gov) or by using the IRS2Go app. These platforms allow taxpayers to check the status of their refunds, including delays or issues with processing. Dr. Friday emphasizes that these are the only reliable sources to obtain accurate information about refunds. She also touches upon the possibility of refunds being delayed due to incorrect information in the filing. This episode is essential for anyone waiting on their tax refund and looking for the most effective way to track its status.
Transcript
G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Many of you have already filed your taxes. Some of you are calling asking me where’s your refund and there’s two ways of doing it. You can go to irs.gov click on where’s my refund or you can even download the app IRS to go and you can also track your refunds and your returns your amended returns all through that website. It is the only place you’re going to be able to find out if there’s been a delay. If you see that it’s not been processed it’s probably not received unless it’s been pulled back because it doesn’t have all the correct information but that’s where you’re going to want to check where your refund is. Again irs.gov or download the app IRS to go to get the info.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Summary: In this insightful episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, a seasoned tax expert, shares vital advice on dealing with the IRS, emphasizing the importance of persistence. She explains that a single rejection from the IRS doesn’t spell the end of a case. Instead, she urges taxpayers to be tenacious, suggesting that even taking the matter to tax court can be beneficial. Dr. Friday highlights that dealing with the IRS often involves negotiating with computers, but persistence can lead to discussions with attorneys knowledgeable in tax law who are more likely to adjust decisions. For those struggling to navigate IRS communications on their own, Dr. Friday offers her expertise, available through her website. The episode also invites listeners to tune into the Dr. Friday call-in show every Saturday for more tax insights.
TranscriptG’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
If I could give you any advice about dealing with the IRS it’s that basically one time isn’t always enough meaning if you send one letter and the IRS sends back a rejection it doesn’t always mean the case is closed. You need to be a little bit more tenacious and even take it as far as tax court as far as dealing with the petitions because many times you’ll actually deal with an attorney that represents the IRS that knows the tax law. They’re more apt to listen to adjust versus sometimes you’re really dealing with a computer on some of these things. So don’t just give up if you’re dealing with the IRS on your own and you need help you can also contact me at drfriday.com.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday emphasizes the importance of meticulous record-keeping for self-employed individuals and small business owners, especially those managing an S corporation, LLC, or sole proprietorship. She highlights that adhering to tax laws isn’t just about earning and spending money freely; it requires diligent tracking of expenses and earnings. Dr. Friday warns that failure to maintain accurate records could lead to the disallowance of expenses by the government, posing significant risks to the business. She advises that effective bookkeeping will be crucial for the year 2024 and offers assistance through her website, drfriday.com. The episode also mentions her live call-in show on 99.7 WTN every Saturday afternoon.
TranscriptG’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
As a self-employed or small business owner of an S corporation LLC sole proprietorship we all have one thing we have to do keep good records. That’s in the tax law. You can’t just start a business and say you know what I’m just gonna spend the money how I want make the money how I want and the government can’t do anything. Yes they can. They can basically disallow all your expenses if you’re not tracking those expenses correctly which basically means getting receipts. Tracking the receipts making sure they go with the money that you’re earning so that way you don’t get in trouble. So good bookkeeping is going to be the secret for 2024. Need help? Go to drfriday.com.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this insightful episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, the President of Dr. Friday’s Tax and Financial firm, emphasizes the importance of understanding the intricate relationship between taxes and Medicare IRMA, especially for those over 67 on full social security. Dr. Friday, a dedicated tax expert, offers valuable resources and personal assistance through her website, drfriday.com, for those needing guidance on these often overlooked aspects of financial planning. Whether it’s scheduling an appointment, accessing helpful worksheets, or understanding how specific financial decisions can affect Medicare IRMA, Dr. Friday is committed to assisting her audience in navigating the complexities of taxes.
TranscriptG’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
We’re here to help you understand taxes. That’s what I do. I’m Dr. Friday and I like to help people do taxes. It’s what I do 24/7 it feels like. Maybe not quite that much but it’s here to help you. If you need help go to my website drfriday.com. You can click on appointment from the calendar. You can see other worksheets and things that are available on the website. If you need to understand how Irma is affected by your taxes you can give me a call. These are the kinds of things that people forget to talk about. If you’re going to sell something and you’re over the age of 67 and you’re on full social security you may have to watch out for your Medicare Irma because you get in to pay more money once that happens.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, President of Dr. Friday’s Tax and Financial Firm, emphasizes the critical importance of maintaining accurate mileage logs for tax returns. She highlights that mileage deductions are frequently scrutinized by the IRS during audits. Dr. Friday advises using reliable apps like Mileage IQ or similar software to track every drive, stop, and start, ensuring that each trip is categorized as personal or business. This practice is crucial for creating a robust and IRS-compliant mileage log, which is essential for anyone claiming mileage deductions on their tax returns.
TranscriptG’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I’ve talked in the past and I’ll keep talking because you guys all know I love to talk. But in saying that one of the things you need to make sure if you’re taking miles off of your tax return you need to be using an app or a mileage log. It is one of the largest things that the IRS will audit. If they open up a tax return and they see miles no matter what you do they’re going to ask for your log. If you’re using something like mileage IQ or other mileage software that’s going to be your best bet. But make sure you’re maintaining it because at least my mileage IQ every time I drive, every time I stop, every time I start and I have my cell phone it does it. So make sure you label it personal business so you have an excellent log.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, President of Dr. Friday’s Tax and Financial firm, delves into the significance of below-the-line deductions in tax planning. She explains how deductions such as standard or itemized deductions, charitable contributions, medical expenses, and mortgage interest are subtracted from your adjusted gross income to arrive at your taxable income. Emphasizing the importance of maximizing these deductions, Dr. Friday highlights that for most taxpayers, leveraging these deductions is a primary strategy for reducing tax liabilities. She stresses that seeking professional advice is crucial in ensuring these deductions are optimized effectively. The episode ends with a reminder to tune into Dr. Friday’s live call-in show every Saturday on 99.7 WTN for more tax insights.
TranscriptG’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Below the line deductions on the other hand are qualified deductions that are subjected from your adjusted gross income to help determine your taxable income so for an example that would be your standard deductions or your itemized like charitable deductions medical expense mortgage interest these can all help reduce your income very important guys we want to reduce as much as possible making sure that you’re maximizing those deductions is the only way you’re going to save tax dollars most of us don’t have a lot of other ways to reduce our taxes so if you need help call me 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday highlights the significance of above the line deductions in tax planning. These deductions include contributions to retirement accounts, health savings accounts, and student loan interest. By utilizing these, taxpayers can reduce their taxable income before their tax liability is calculated, leading to potential tax savings and enhanced future savings. Dr. Friday emphasizes the importance of considering these deductions in one’s financial strategy, while also reminding listeners that they shouldn’t be the sole focus. For personalized advice, Dr. Friday encourages contacting her office or visiting her website.
TranscriptG’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Above the line deductions. What is it? A contribution to a retirement account. That’s an above the line. Health savings accounts. You know I love my health savings accounts. Student loan interest is above the line. That means that we’re basically taking those deductions before we even look at how much money you’re going to owe in taxes. So from a tax standpoint we’d like to get as much as we can in the above the line deduction so that you pay less in taxes and maybe you’re saving more for the future. It’s important but not always the only thing you should be thinking about. So you should call me at 615-367-0819 or check me out at drfriday.com.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, a seasoned tax expert with nearly 25 years of experience, shares her role in protecting clients from IRS complications. As an Enrolled Agent, she emphasizes the importance of education in tax matters and her commitment to representing individuals before the IRS. Dr. Friday describes herself as a ‘Superwoman’ shield, standing between clients and the IRS, ensuring compliance and proper representation. She invites listeners to join her live call-in show every Saturday from 2 to 3 p.m. on 99.7 WTN for more insights and offers direct contact for those ready to face their tax challenges head-on.
TranscriptG’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I’m Dr. Friday with Dr. Friday tax and financial firm. I’ve been doing taxes in this area for almost 25 years. I have a radio show right here on the station Saturdays from 2 to 3 and I am here to help you not only help you prepare your taxes but I also like helping educate people about taxes. As an enrolled agent I’m here to represent you in front of the IRS. Think of me as a little bit of a shield. I’m superwoman. I’m gonna shield you between IRS and yourself. They have to come through me to help you but we have to work together to get you into compliance. If you’re wanting to do that, you’re ready to get ready and get ready to face the IRS, call me 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday delves into the complexities of charitable deductions beyond cash contributions. She emphasizes that while donating cash can yield straight tax deductions up to 60% of income, donating items like stock, art, or furniture follows the same principle. However, a critical point arises when donations exceed $2,500, necessitating an official appraisal. Dr. Friday shares a cautionary tale of a gentleman who donated inherited items without an appraisal and faced IRS challenges. This episode highlights the importance of proper documentation in maximizing tax benefits from non-cash charitable donations.
TranscriptG’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Charitable deductions. We usually talk about charitable deductions and most the time we’re talking cash, right? If you give cash up to 60% of your income it’s a straight tax deduction. But how about if you give stock, precious art, furniture, all of that? That is also, but here’s the catch. If you’re giving more than $2,500, then you need to have an appraisal. Had a gentleman that inherited some things and he gave it to donation and the IRS came back and said, “Wait, you didn’t have an appraisal so we’re not giving.” He had pictures, he had documents, he did not have a direct appraisal. So making sure you have the right documentation can save you tax dollars.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this Dr. Friday Tax Tips – One Minute Moment episode, Dr. Friday addresses the evolving landscape of 1099k forms. She highlights the recent announcement of a new $5,000 threshold for 1099k, set to take effect in 2024. This change is particularly relevant for individuals with small-scale online sales, such as on Amazon, or those running hobby-based businesses. Dr. Friday emphasizes the significance of this update, noting that individuals with gross sales exceeding $5,000 should expect to receive a 1099k form. The episode also references instances from the current year where individuals received the form for amounts as low as six or seven hundred dollars. Dr. Friday’s insights are crucial for small sellers and hobbyists to stay informed and compliant with tax regulations.
TranscriptG’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
We keep getting calls on 1099k’s. We all know back in 2022 they announced that they were going to actually do a threshold of $600 and then they said oh wait we’re gonna extend it. Guess what 2024 they have announced a $5,000 threshold. So for all of you that might be selling little things on Amazon, for all of you that are have small little businesses you might think is a hobby and it’s more than $5,000 gross sales you are likely to be getting a 1099k. I actually have people that received it this year when they only had six or seven hundred dollars.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday discusses the significant changes brought by Notice 2308, issued in May 2023, regarding the Tennessee Work Tax Act. This new legislation is a boon for small businesses in Tennessee, increasing the business tax filing threshold from $10,000 to $100,000. Dr. Friday emphasizes that while this increase might not affect the requirement for a business license, it potentially reduces the tax burden to zero for many small businesses. She advises listeners to consult the Tennessee Department of Revenue or use the TINTAP system to ensure they are not overpaying taxes. As always, Dr. Friday remains committed to helping listeners navigate the complexities of tax regulations.
TranscriptG’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Notice back in 2023 of May, Notice 2308, Tennessee Work Tax Act increased business tax filing threshold. With all that being said, this is actually good news. If you are a small business in Tennessee, we’ve always had to pay a business tax. Basically $3,000 or less, up to maybe $10,000 it was zero, right? But now, up to $100,000. That’s right. Doesn’t mean you might not need your business license, it may just mean that you have a zero tax. You need to check with Tennessee Department of Revenue, go onto your TINTAP, check it out. Make sure that you’re not paying taxes, you shouldn’t.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Summary: In this insightful episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday discusses the significant changes introduced by the SECURE Act 2.0, effective from December 31st, 2024. She emphasizes the new opportunity for individuals aged 60 through 63 to make enhanced catch-up contributions of $10,000 towards their retirement savings. Highlighting the increasing costs of retirement, Dr. Friday urges listeners to begin planning their finances to take full advantage of these higher contribution limits. She also reminds those 50 and older of their current $7,500 catch-up contribution option, underscoring the importance of proactive retirement planning. Tune in to Dr. Friday’s Call-In Show every Saturday from 2 to 3 p.m. on 99.7 WTN for more valuable tax and financial advice.
Transcript: “G’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Secured Act 2.0, beginning December 31st, 2024, catch-up contributions for age 60 through 63 is $10,000. Again, guys, the IRS, or the U.S. Treasury, and all the people involved are trying to help us prepare for retirement. It’s more expensive today than it was 10 years ago. We need to really start concentrating on putting money aside. You still have up to $7,500 for those 50 years plus, but you can actually put a little bit more. So start planning today how you’re going to come up with that extra money so you can set yourself up for a great retirement.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.”
In this informative episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, President of Dr. Friday’s Tax and Financial Firm, highlights the recent changes in Required Minimum Distributions (RMDs) for individuals over 72 years old. She explains that as of December 31st, 2022, the age to start RMDs has been updated to 73, aligning with the reality that people are living longer. This change simplifies the process for many, as the previous threshold of 70 and a half years often caused confusion about the correct year to commence RMDs.
TranscriptG’day I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.Required minimum distribution. Now for all those that have turned 72 after the year of December 31st 2022, you will now start your RMDs at 73. Which is great because people are living longer and then having it at 70 and a half made it difficult for some people to really figure out what year they should be taking their RMDs. So at this point it’s at 73, the year that you turn 73, if you have December 31st you need to take it in that year. There is an exclusion for the first year up until April the following but basically let’s keep it simple. Year you turn 73 you need to take your RMD.You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday, a tax expert with 25 years of experience, delves into the importance of proactive tax planning. Whether you’re familiar with her or just tuning in, she offers insights on what you should be considering for your taxes. With a busy season ahead, Dr. Friday emphasizes the avenues through which listeners can reach out with their tax queries. Plus, discover more about her weekly live call-in show on 99.7 WTN.
Transcript:G’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
My name is Dr. Friday. Many of you guys are probably listening to me on Saturday at 2 o’clock, but this is the one-minute moment which hopefully is going to make you think. It’s about talking about things we need to do or things you should be planning on for your taxes. If you’ve got tax questions you can always email Friday@drfriday.com It’s a busy time right now, and I know the phone lines are really busy, but you can try calling 615-367-0819. And if you just have no idea who I am, go to drfriday.com. It’s gonna tell you that I’ve been in business for 25 years and been doing taxes, helping people with the IRS, and I can help you.
You can catch the Dr. Friday Call-In Show Live every Saturday afternoon from two to three p.m. right here on 99.7 WTN. We’re on 99.7 “W-T-N.”
In this episode of Dr. Friday Tax Tips – One Minute Moment, Dr. Friday, a seasoned tax expert and president of Dr. Friday’s Tax and Financial firm, delves into the tax implications of the new unemployment benefits introduced by the act passed on December 21, 2020. She explains the additional $300 weekly benefit and emphasizes the importance of understanding that these unemployment benefits are taxable. Dr. Friday offers practical advice on managing withholdings to avoid IRS issues, especially crucial for those relying on these benefits as their primary income source. For more insights and assistance, visit www.drfriday.com and tune in to the Dr. Friday call-in show every Saturday afternoon from 2 to 3 p.m. on 99.7 WTN.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Under the new act that passed on the 21st of December 2020, many people started to qualify for additional unemployment benefits. That would have been a $300 additional weekly deduction or income for you. Remember, unemployment benefits are taxable so you want to make sure that you’re having withholdings come out unless that is the only income you’re going to have for the whole year, which is a little hard to tell when it’s only first quarter. So I would always suggest having at least a minimum amount of tax come out so you don’t end up with having IRS issues just because you’re trying to survive when you’re unemployed. If you need more information you can go to www.drfriday.com.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Join Dr. Friday, a renowned tax expert and president of Dr. Friday’s Tax and Financial firm, in this intriguing one-minute episode of her podcast. She addresses a frequently asked and quirky tax question: “Can I deduct my dog as a security system?” As a dog lover herself, Dr. Friday shares her personal experience and expertise, providing a clear, engaging explanation about the tax implications of considering your furry friend as a security system. Whether it’s her beloved Great Danes or your household pet, this episode is a must-listen for pet owners navigating the complexities of tax deductions. Visit www.drfriday.com for more information, and don’t miss Dr. Friday’s live call-in show every Saturday from 2 to 3 p.m. on 99.7 WTN.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
I love this question. I am asked it, oh goodness, at least a few times every time I prepare a tax return every month. Can I deduct my dog as a security system? And I love it because, I mean, I’m a dog lover. You guys all know that. I’ve got two beautiful Great Danes and no, they are nothing more than my babies. That’s all they are and I would love to take their food bill off. Come on guys, 180 pounds worth of dog isn’t exactly a cheap thing to feed. But that being said, if your dog is not actually rocky around the outside of your building securely and it’s not a family pet, then yes, it’s security. But if it’s your best buddy, I’m sorry, you can’t deduct your pet.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this informative episode of Dr. Friday Tax Tips – One Minute Moment, Dr. Friday, a seasoned tax expert and president of Dr. Friday’s Tax and Financial firm, delves into the complexities of dealing with errors on tax forms. Whether you’re facing inaccuracies in 1099s or W-2 forms as an employee or employer, Dr. Friday provides clear guidance on how to navigate these challenging situations. She explains the steps to take if you find mistakes in your tax documents, such as incorrect income amounts, wrong categories on 1099Rs, or errors in W-2 forms like address, name, or social security numbers. Additionally, Dr. Friday offers solutions for instances where contacting the employer isn’t an option, highlighting the specific forms that can be filed to rectify these issues. This episode is a must-listen for anyone seeking practical advice on handling tax form discrepancies and ensuring accuracy in their tax filings. For more expert tax advice, visit www.drfriday.com and tune into the Dr. Friday call-in show every Saturday afternoon on 99.7 WTN.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
What happens if you’re looking at your tax forms and you just found out that there’s a mistake? Someone either 1099’d you for too much money, too little money, they have the wrong categories on your 1099Rs, you did someone’s W-2 and the information, the address, the name, the social security number is wrong. What should you be doing? If you’re the employer, it’s a pretty straight answer. You need to do an amended W-2 or 1099. But what happens if you’re the receiver? What if you can’t get a hold of the employer? Well guess what? There are forms that you can file that would correct that information if you’re unable to correct it through your employer. If you need help, go to drfriday.com.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this brief yet insightful episode of the “Dr. Friday Tax Tips – One Minute Moment” Podcast, Dr. Friday, an experienced enrolled agent and president of Dr. Friday’s Tax and Financial firm, shares valuable guidance for dealing with tax issues. Licensed by the IRS for tax preparation and representation, Dr. Friday emphasizes the importance of having professional support when facing tax challenges. She understands the difficulties of falling behind on taxes and offers a compassionate approach to finding solutions tailored to individual needs. By scheduling a free appointment through her website, listeners can take the first step towards resolving their tax problems and gaining peace of mind. Plus, don’t miss the chance to join the Dr. Friday call-in show live every Saturday on 99.7 WTN for more tax insights.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
We are here to talk about taxes. I’m an enrolled agent licensed by the Internal Revenue Service to do taxes and representation, which just means guys I’m here to help you. I’m here to represent you in front of the IRS. You need someone on your side. It’s not easy. When you get behind on taxes, I totally relate to what that is and how hard it is to get back on your feet. But there are ways, there are systems, and I can help you find that system that’s going to work for you. But the first thing you have to do is you have to go to www.drfriday.com and you have to click on appointment and you have to set up an appointment for me to get with you and it’s a free appointment so there’s no excuse not to have the conversation.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this enlightening episode of the Dr. Friday Tax Tips – One Minute Moment Podcast, Dr. Friday, an expert in tax and financial matters, delves into the complex tax implications faced by individuals who took early Social Security or received disability benefits during the challenging year of 2020. She discusses how additional income, such as wages from part-time jobs, can affect the taxability of Social Security benefits, including the potential need to repay a portion of these benefits. This episode is a must-listen for anyone navigating the nuances of Social Security and disability benefits in their tax planning. Don’t miss Dr. Friday’s insights to make informed financial decisions.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Due to the hardships of 2020, many people had to reach out to other situations. Maybe you took early Social Security, which may have limited your earnings. Or maybe they’re also getting long-term disability, but you also had somebody in the house that was working. So you need to determine long-term Social Security in itself from disability Social Security is not taxable unless you have other income. Same thing with any Social Security benefits. But if you’re working a job on the side, you might be making your Social Security not only taxable, but if it’s early Social Security, you might be paying back $1 for every $2 you’ve earned above the limitations.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this concise and informative episode of Dr. Friday’s Tax Tips – One Minute Moment, Dr. Friday, a seasoned tax expert and president of Dr. Friday’s Tax and Financial firm, delves into the significant tax changes that occurred at the end of 2018, particularly focusing on divorce and its implications on alimony and child support. She explains the pivotal shift in how alimony payments are treated for tax purposes post-2018 divorce settlements, contrasting it with the previous regulations. Additionally, she touches on the tax treatment of child support, a long-standing rule in tax law. This episode is essential for anyone navigating the financial complexities of divorce, providing clarity on how these changes might affect their tax obligations. For personalized advice, Dr. Friday encourages listeners to reach out to her team directly.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
We had some big changes again at the end of 2018, first of 2019, divorce. Up until that point if you paid somebody alimony, the person paying would reduce it, would take it off as a tax deduction, and the person receiving would actually pay tax on it. Now it’s a little different. If you are not, if you’ve divorced after the end of 2018, then you now don’t pay tax and the person paying it doesn’t get to deduct it. Same thing with child support which has never been a deduction on the tax return. So if you’re not sure if you should or should not be reporting it, you need to call us at 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of Dr. Friday Tax Tips – One Minute Moment Podcast, Dr. Friday, a seasoned enrolled agent and president of Dr. Friday’s Tax and Financial firm, shares her expertise in tax and financial matters. Known for her weekly radio show and her deep involvement with tax issues all year round, Dr. Friday delves into the common challenges taxpayers face. Whether it’s the fear of IRS attention, the complexities of buying a home, or funding education, taxes can be daunting. Dr. Friday addresses these concerns with practical advice and reassurance. She emphasizes the importance of not avoiding tax issues and offers her professional assistance to those struggling. Tune in for valuable insights and solutions to your tax woes.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
I’m an enrolled agent licensed with the Internal Revenue Service to do taxes and representation. I do a radio show every Saturday at 2 p.m. right here on this station and I talk about taxes 365 days a year, sometimes 366 depending on the year, and it’s awesome. But if you need help, I understand taxes can be overwhelming. It can be a time when you basically just want to put your head in the sand and say no, if I don’t say anything the IRS won’t catch me. It makes it a little difficult to buy a home, put your kids through college, or even just get back on your feet. If you need help doing this you need to start by calling us at 615-367-0819. We can help you with the IRS.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this insightful episode of Dr. Friday Tax Tips – One Minute Moment, Dr. Friday, the renowned president of Dr. Friday’s Tax and Financial firm, delves into the tax implications for young entrepreneurs, particularly focusing on newspaper carriers. A listener inquires if the income earned by their son as a newspaper carrier is subject to Social Security and Medicare taxes and whether filing a Schedule C is necessary. Dr. Friday reflects on her own experiences as a youth, undertaking similar jobs, and offers expert advice. She clarifies that earning over $600 classifies one as self-employed, necessitating proper income reporting on Schedule C. The episode is not just informative for parents of young workers but also enlightening for anyone employing or engaging with young entrepreneurs. For personalized guidance, Dr. Friday encourages reaching out to her office. Plus, don’t miss the opportunity to catch Dr. Friday’s live call-in show every Saturday afternoon for more tax insights.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
I think this is always a great question. It says, my son is a newspaper carrier. I would like to know if his income is subjected to Social Security and Medicare and if he needs to file a Schedule C. And that’s a great question because I don’t know about a lot of people, but I did grass cutting as a kid. I did newspaper delivery and I really don’t know what my parents did in those days. But I will tell you, if this person makes more than $600, they are considered self-employed. And so you might want to make sure that that income is being reported properly and it would be on a Schedule C. If you need help determining this, 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this Dr. Friday Tax Tips – One Minute Moment Podcast, Dr. Friday, an expert in tax and financial matters, addresses a common confusion faced by many taxpayers. A listener questions receiving a 1099 form instead of a W-2, despite not being self-employed. Dr. Friday explains the significant differences between the two forms, highlighting how misclassification can occur and its implications. She emphasizes the characteristics of a 1099, typically issued to self-employed individuals or consultants, in contrast to a W-2 form meant for regular employees with deducted taxes. For those facing this predicament, Dr. Friday advises on possible steps, including reaching out to the Department of Labor, to rectify this misclassification. Visit www.drfriday.com for more information and tune into the Dr. Friday call-in show live every Saturday from 2 to 3 p.m. on 99.7 WTN.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
I have a person that says, I received a 1099 instead of a W-2, but I’m not self-employed. How do I report this on my tax return? Well, sounds like misclassification if you’re not self-employed. A 1099 would be for individuals that are operating their own business or being paid in that situation. So if you’re consulting or something like that, you are considered self-employed. An employee is someone that receives a W-2 where deductions have come out of your check. So if you’re working for someone that is not treating you as a W-2, that is misclassification and you might want to contact the Department of Labor. If not, you can go to drfriday.com.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this concise, one-minute podcast episode, Dr. Friday, the president of Dr. Friday’s Tax and Financial firm, delves into the advantageous world of 1031 exchanges. She enlightens listeners on how to leverage this tax ruling to swap rental properties across states without immediate tax consequences. Whether you’re dealing with farmland, commercial spaces, or any investment properties, Dr. Friday explains how a 1031 exchange can be a powerful tool in your investment arsenal, akin to retaining tax dollars in real estate similar to a 401k. For personalized guidance, she invites listeners to visit her website. Plus, don’t miss the opportunity to join Dr. Friday’s live call-in show every Saturday on 99.7 WTN for more insightful tax and financial advice.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
One of my favorite tax, I guess you would say ruling, is a 1031 exchange. That would be is if you have a rental property and let’s say it’s, I don’t know, maybe you live in Utah and you move to Tennessee and so you decide to sell that one and you want to have another rental property here in Tennessee. You might want to sell the one in there and exchange it so that there’s no tax consequence to you at this time. You can do this on farmland, commercial, any kind of rental or investment properties. This is a great way to continuously grow your money. Think of it like a 401k where you keep tax dollars in your real estate. You need help? Go to www.drfriday.com.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this quick, informative episode of the Dr. Friday Tax Tips – One Minute Moment Podcast, Dr. Friday, the president of Dr. Friday’s Tax and Financial firm, tackles a common tax query: Can you deduct home repairs on your taxes? Dr. Friday provides clarity on when and how home repairs can impact your tax situation, particularly focusing on the difference between personal home improvements and those made for business purposes, such as a home office. She highlights that while most home repairs don’t offer immediate tax deductions, they can be viewed as investments that increase the value of your home, potentially leading to significant tax benefits when selling. The episode concludes with an invitation to reach out for personalized tax assistance via her website and a reminder to catch her live call-in show on Saturdays.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
You had a lot of repairs done on your primary home this year and you’re wondering, there’s got to be someplace where I can deduct those on my tax return… and the answer is no. In most cases, again, unless it’s a home office or something where you’re self-employed and those extensions were doing to to grow your business then they actually you increase the value of the home and at that time that’s all it is. It’s an investment and when you sell the home of course we have an automatic exclusion of $250,000 for an individual, $500,000 for a married couple above what you’ve paid for it or put into it. If you need help with your taxes all you need to do is go to www.drfriday.com and click on appointment.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this informative episode of the Dr. Friday Tax Tips – One Minute Moment Podcast, Dr. Friday, the president of Dr. Friday’s Tax and Financial firm, delves into the often-confusing world of auto expenses and tax deductions. Covering essential topics like the standard mileage rates for business travel, vehicle depreciation, and the real cost of buying a new car for your business, Dr. Friday provides valuable insights into making the right decision between actual expenses and mileage. She also addresses common misconceptions about legitimate auto expenses on tax returns and emphasizes the importance of justifying these expenses. Packed with practical advice, this episode is a must-listen for anyone navigating the complexities of tax deductions related to vehicle expenses.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Standard mileage rates for your business travel also need to figure depreciation on your vehicle which is better. I mean should we take actual, should we take miles, when do we make this decision? Can we change that every year? Can we can we decide to go buy a new car and just because it’s a SUV we can take a hundred percent of it? These are the kind of things I hear every day and to be quite honest most the time people are a bit confused on what true auto expenses are, what you can take off your tax return legitimately, and how to justify those expenses. If you’re sitting there winging it and hoping that you get caught you need to call us at 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this quick yet insightful episode of Dr. Friday Tax Tips, Dr. Friday, the president of Dr. Friday’s Tax and Financial firm, delves into the complexities of renting out property to family members. The episode tackles a common dilemma faced by many: can you claim rental deductions if you’re renting out your house to a relative, like a son or daughter-in-law? Dr. Friday explains the importance of fair rent, profit intent, and the limits of deducting expenses when you’re not aiming for a profit. This one-minute moment offers a concise yet comprehensive overview of how to navigate rental arrangements with family members to ensure you’re maximizing your tax deductions. Don’t miss Dr. Friday’s valuable insights, especially if you’re in a similar situation. Tune in for more expert advice!
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Renting your house seems like a pretty easy concept. You rent it, someone rents and you have it. But sometimes you know what? Your son or your daughter-in-law or somebody needs to rent the house from you. Can you actually deduct that as a rental? And that will really depend on the situation. Are they paying you a fair rent? Are you trying to make a profit on that rental? Or are you basically just having them pay what the mortgage is? Because if that’s the case you can only write off up to what your expenses were. You can’t take it into a loss. But if they’re really paying rent just like anyone else, it’s a true rental. Making sure you maximize your deduction is what any good tax person should do.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday, an enrolled agent licensed by the IRS, discusses how she can assist those who haven’t filed taxes for years or are receiving frequent notices from the IRS. Learn about the options available to you, from making a deal to fresh starts, and how Dr. Friday’s expertise can guide you through these challenges.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
I’m an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. So then anyone that hasn’t filed taxes for a number of years or maybe you keep getting a lot of love letters from the IRS and you just feel overwhelmed, you don’t know what to do or how to deal with it, guess what? I can help you. As an enrolled agent I can represent you in front of the IRS. We can help make a deal. We can help make you non-collectible. We can do an offer in compromise, fresh start. These are options you have instead of just putting your head in the sand or praying that they don’t take your paycheck. You need to call us at 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from two to three p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday, president of Dr. Friday’s tax and financial firm, shares a valuable tip for those struggling financially. Learn about the IRS’s free filing option for individuals earning $72,000 or less and how to make the most of it, especially if you’re eligible for the earned income credit.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
For many of you right now you’re having a hard time and filing taxes is something that’s probably not on the top of your list and certainly probably paying someone to file them is not something that you even have in the budget. There is some locations you can go for free and it’s basically at irs.gov. They have several IRS free filings for individuals that make $72,000 or less. They will file your returns for free and that’s an important thing. If you have a W-2 or something, now I will tell you, if you have children earned income credit there may be a small fee but you know what that will be money in your pocket so make sure you get it. If you need help, drfriday.com.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from two to three p.m. right here on 99.7 WTN.
In this episode, Dr. Friday delves into the complexities of reporting sales from a 423 employee stock purchase. She highlights the potential pitfalls of Schedule D and AMT tax implications, and the common misconception of being taxed twice. If you’ve sold stock from an employee purchase plan, this is a must-listen.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
I purchased stock for my employer under a 423 employee stock purchase and received a 1099-B for selling it. How do I report this? And this is very important because you’re going to have two situations. You’re going to have a schedule D where you report the gain, but you may also have an AMT tax that you have to report the sale with. Sometimes that can kick you into a whole different tax bracket and understanding the difference because a lot of people say, wait they already took the taxes out of my W-2, I shouldn’t have to pay it twice. You might want to revisit that thought. It isn’t tax twice, but there is a difference. Give us a call 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from two to three p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday, an enrolled agent licensed with the IRS, sheds light on how her firm can act as a shield between you and the IRS. If you’ve been receiving those daunting ‘love letters’ from the IRS or haven’t filed your taxes in years, Dr. Friday’s expertise can be your guiding light. Learn how her firm can help you pull transcripts, prepare tax returns, and get back on track with the IRS. Plus, discover how to tune into her live call-in show every Saturday!
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
I am Dr. Friday, an enrolled agent licensed with the Internal Revenue Service to do taxes in representation, which means if you’re receiving love letters or you haven’t filed taxes for a number of years, we can help you. We can help you find a place to get started. We can pull transcripts to get you the information the IRS can provide to us to prepare those tax returns. We’re like a little bit of a shield between you and the IRS because they have to contact us first to get to you. This would be a way for you to get back on track with the IRS. Nothing worse than having to deal with the IRS on your own. And so if you need help you can check us out on the web at drfriday.com or just pick up the phone 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from two to three p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday delves into the tax implications of inheriting property. She explains the difference between inheriting a property at the time of a parent’s passing versus being put on the deed or receiving a quick claim. Learn about the potential tax savings and the importance of understanding the basis of the property.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
What do you do if you inherit a piece of property and you don’t know the basis? Well, that’s not as complicated as you might think. It depends on when you inherited and what the situation was. Let’s say that you inherited your parents’ house at the time of their passing and that is always better than your parents putting you on the deed or quitclaiming it to you. If you don’t understand the difference you really do need to call us because there’s a huge tax savings because if I inherited that property at the time of their passing I get a step up in basis. If they quitclaim it to me, unless they quitclaim it for the exact amount they have in it, we’re gonna pay tax on the whole amount. Big difference. Check me out www.drfriday.com.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from two to three p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday emphasizes the importance of keeping your personal details updated with the Internal Revenue Service. Learn about the IRS Form 8822, the steps to take if there’s an issue with your information, and how to reach out for further assistance.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Making sure your information with the Internal Revenue Service is correct is your job. The IRS, sure, when you file a tax return, they’re going to update that information to the best they can. But if you have moved, relocated, or have other information that isn’t in their system, it’s your job to use Form 8822 to make sure your name, your old address, your new address, and Social Security numbers are correct. If there’s a problem with it, you need to contact the IRS. And there is a direct line, though it might be busy: 1-800-829-1040. Or if you need more help with the IRS, call us at 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from two to three p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday, a seasoned tax expert with 25 years of experience, emphasizes the importance of planning ahead for your taxes. She offers insights into the services her firm provides and how you can reach out with your tax questions. Whether you’re familiar with Dr. Friday or just getting to know her, this episode is a quick dive into the world of tax planning and IRS assistance.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
My name is Dr. Friday. Many of you guys are probably listening to me on Saturday at 2 o’clock, but this is the one-minute moment which hopefully is going to make you think. It’s about talking about things we need to do or things you should be planning on for your taxes. If you’ve got tax questions you can always email Friday at drfriday.com. It’s a busy time right now and I know the phone lines are really busy, but you can try calling 615-367-0819. And if you just have no idea who I am, go to drfriday.com. It’s gonna tell you that I’ve been in business for 25 years and been doing taxes, helping people with the IRS, and I can help you.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from two to three p.m. right here on 99.7 WTN.
In this one-minute moment with Dr. Friday, discover a unique tax tip that could put extra money in your pocket. Ever thought about renting out your primary home for two weeks? Not only can this provide a financial boost, but it’s also tax-free! Dive into this episode to learn more about this little-known strategy and hear how others have benefited from it.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Looking for a way to put a little money in your pocket, possibly? Think about taking your home, renting it out for two weeks, whatever you might give for it, guess what? That is tax free money. We can all rent out our primary homes for two weeks a year and you don’t even have to report it on your tax return. It is free money to you and that is a great way to actually consider. I know I have some friends sometimes that do house exchange and I also have some friends up in Kentucky that during the Derby used to rent it out all the time. So they would actually have two weeks of free money. Think about it, another way that you can put money in your pocket no matter what, 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from two to three p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday delves into the complexities of reporting the sale of a second home on your taxes. Was it ever rented out? Was it a VRBO? The answers can significantly impact how you report the sale. Tune in to understand the difference between long-term or short-term capital gains, the recapture of depreciation, and more. For further queries, Dr. Friday is here to help.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Question that came in asked how do I report the sale of a second home? And this is a little bit tricky because was that second home ever rented out? Was it a VRBO? If none of that applied, it was truly just a second home, then this is truly just long-term or short-term capital gains reported on a Schedule D. But if it was a rental at some point, remember we have recapture of depreciation which is taxed at ordinary income rates, then the actual gain between the sale price and the original purchase price and all the other assets tied to it would be capital gains, either long-term or short-term. If you’ve got questions go to drfriday.com.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from two to three p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday delves into the intricacies of itemized deductions for couples filing their taxes separately. While one might think it’s as simple as taking the standard deduction, the IRS has specific rules that could surprise you. Learn how mortgage payments and charitable contributions play a role in this decision and why it’s essential to be informed before making your choice.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
My spouse and I are filing separate returns. How do we split our itemized deductions? If you are filing, married filing separately, the one that is not paying, because so often what happens is one individual is paying the mortgage, maybe even doing the charitable contribution so they’re exceeding the single standard and the other individual says, oh, I’ll just take the standard deduction. Yeah, the IRS says nope. So if the one person is taking it all on their side, guess what? That other person has to take zero or what they actually paid out of their pocket when itemizing. Married filing separately may be more complicated than you thought. Check us out at drfriday.com.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from two to three p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday delves into the tax implications of owning a second home. Can it be tax deductible? The answer might surprise you. Whether it’s a brick-and-mortar house or a motor home, understanding the nuances of mortgage interest and lines of credit can make a significant difference on your tax return. Tune in to get the insights and ensure you’re making the most of your investments.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
So here’s the question. If you have a second home, is it tax deductible? And the answer could be yes. If it’s not a rental, we can write it off, but it has to be true mortgage interest. It cannot be a line of credit. So that’s where we have to make sure that you’re doing your lines or loans a lot different than we used to worry about. So if you have a first or you have a second, and in theory people, motor homes can be considered second homes on IRS tax forms. So if you have questions about how or what you’re doing on your taxes, you might want to give us a call at 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday delves into the intricacies of mortgage interest deductions. With standard deductions on the rise, many find it challenging to meet the threshold. But did you know the purpose of your equity lines or lines of credit can influence your tax deductions? Whether you’re paying off student loans, consolidating credit card debt, or buying a second home, understanding the nuances can make a significant difference. Tune in for this insightful one-minute moment and ensure you’re not missing out on potential tax benefits.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Remember mortgage interest may be tax deductible and I say maybe because of the standard deductions now being so high many people have a difficult time actually meeting them but if you do have a mortgage the question is do you have a second because depending on the interest paid on your equity lines or lines of credit are deductible based on it was it tied to the house was it actually used in the house or did you pay off student loans or pay off credit card debt and then use it to consolidate or buy a second home with that line of credit if you did it is no longer a tax deduction against that home you need help 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday, a licensed enrolled agent with the IRS, dives deep into the world of taxes. She emphasizes the importance of staying updated with your tax filings, especially if you’ve missed out on stimulus checks or faced life changes like divorce. Whether you’re lost, confused, or just need expert advice on dealing with the IRS, Dr. Friday is here to guide you. Plus, discover how you can catch her live call-in show every Saturday!
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
I am Dr. Friday, an enrolled agent licensed by the Internal Revenue Service to do taxes and representation, which basically means guys all I really know is taxes, how to deal with taxes, and how to deal with the Internal Revenue Service to help you get back on track. If you haven’t filed taxes for a number of years, A, you may have missed out on two stimulus checks, and or if you haven’t even know where to start, you don’t know, you’re confused, you’ve been through a divorce, you’ve had other issues, I can help you. First thing you want to do is check me out on the web at drfriday.com, then you want to pick up the phone and call me 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday delves into a common question many face: Can you deduct nursing home expenses for a loved one on your tax return? Discover the criteria that allow for these deductions and ensure you’re not missing out on potential tax savings. Plus, learn how to determine if someone can be considered your dependent for tax purposes.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
And this is happening more and more. My father is in a nursing home and I pay for the entire cost. Can I deduct these expenses on my tax return? And the yes, the answer is, if you’re paying for this person’s care and they can’t afford it themselves, then that person might be able to be your dependent and therefore their nursing is. If you or your spouse or your dependent is in nursing or primary care, then the entire nursing home cost, including meals and lodging, is deductible as a medical expense. You may want to look at this because a lot of times people forget that they can take this deduction on their tax returns. Call me, 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday addresses a common tax query: “Is the interest amount paid to the IRS deductible?” Tune in to find out the answer and learn more about which interests are deductible. Plus, discover how to get in touch with Dr. Friday for all your tax-related questions.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
I’ve had this question many times because person says is the interest amount that we paid to the IRS deductible? You can probably answer this in your own head when you’re listening to this or you’re driving down the road. The answer would be no because that means you kind of get yourself in trouble and you’re paying the IRS interest. They’re not going to reward you for paying them interest. The only real interest deductible anyways is a mortgage tied to your primary home. So unless you’re a business and there may be some other circumstances in which that might apply but individuals cannot deduct interest paid to the IRS. If you’ve got questions or need help with your taxes all you want to do is call me at 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of Dr. Friday Tax Tips – One Minute Moment, Dr. Friday delves into the nuances of student loan interest deductions. Discover how parents can gift their payments to benefit their children’s tax returns. Plus, learn about similar strategies for mortgages. If you’re seeking ways to optimize your tax deductions, this episode is a must-listen!
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Student loan interest. Remember if in some cases parents are actually paying the student loan interest but it was for your own student loans there is a way for your parents theoretically to gift that interest to you and you take it off on your tax return. So there are ways to do that even with mortgages if they’re paying the mortgage but you’re paying it you might want to find a way to see if some of those deductions or credits might be yours. If you need help understanding what you might be missing on your tax returns you need to call us at 615-367-0819 or check us out on the web at drfriday.com.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday delves into the significant tax changes that took place in 2017, particularly the elimination of the 2106 form in 2018. She highlights a common misconception among W-2 employees about creating their own Schedule C’s to claim deductions. Dr. Friday emphasizes the importance of understanding the distinction between being an employee and being self-employed when it comes to tax deductions. If you’re an employee with questions about deductions or if you’re unsure about your tax status, this episode is a must-listen.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Up until the year of 2017 we had a big change in all taxes and people basically lost what was called the 2106 come 2018. And that was where employees, if you receive a W-2 and I can’t tell you how many tax returns I’ve seen where employees have created their own schedule C’s to deduct what they thought was a legitimate expense. But you’re not self-employed people so if you’re an employee and you have deductions they are not a tax deduction on your tax return. Only if you receive a 1099 and only the expenses tied to that 1099. You need help call me 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of Dr. Friday Tax Tips – One Minute Moment, Dr. Friday delves into a common query: Can you claim a relative and their child as dependents if you’ve provided for them throughout the year? Discover the criteria to determine eligibility and ensure you’re on the right side of the tax law. Plus, learn about the importance of the taxpayers’ test and other essential steps to protect yourself.
TranscriptG’day I’m Dr. Friday president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
This is a pretty typical situation where it says my spouse and I have provided a home for my niece and her son for the past seven months she has no income and we provided all her support during the year can I claim her and her son as a dependent so the first thing we have to find us either your qualifying child or relative they would meet that are they US citizens in this case they are unmarried and if married not filing a joint return she’s not married in addition you want to make sure that you have the taxpayers test as far as income in this case these people would be able to claim them but you want to make sure you go through those steps to protect yourself if you need help 615-367-0819.
You can catch the doctor Friday call-in show live every Saturday afternoon from 2-3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday, an enrolled agent licensed with the IRS, delves into the challenges many face when dealing with taxes. From the fear of the IRS to the impact on major life decisions like buying a home or funding education, Dr. Friday emphasizes the importance of seeking help when overwhelmed. Tune in to her weekly radio show for more insights or reach out directly for personalized assistance.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
I’m an enrolled agent licensed with the Internal Revenue Service to do taxes and representation. I do a radio show every Saturday at 2 p.m. right here on this station and I talk about taxes 365 days a year, sometimes 366 depending on the year, and it’s awesome. But if you need help, I understand taxes can be overwhelming. It can be a time when you basically just want to put your head in the sand and say no, if I don’t say anything the IRS won’t catch me. It makes it a little difficult to buy a home, put your kids through college, or even just get back on your feet. If you need help doing this you need to start by calling us at 615-367-0819. We can help you with the IRS.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode of Dr. Friday Tax Tips – One Minute Moment, Dr. Friday delves into a common misconception about child dependency claims during divorce proceedings. Can a state court decide who claims a child as a dependent on their taxes? Dr. Friday clarifies the distinction between state court decisions and federal law requirements. If you’re navigating the complexities of divorce and taxes, this episode is a must-listen.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Can a state court determine who may claim a child as a dependent? And the answer is, you guys probably all know the answer. No, federal law will determine who can claim the child. This is what always happens. People go into divorce court and they basically say this person’s going to get them this year, this person’s going to get them this year, it goes back and forth, etc., etc. And the IRS says, wait, that doesn’t make any difference to us. Who has the child living in their home more than six months in one day? Who is paying and where is that child physically living? That is the person that’s going to claim, according to federal law, on a federal tax return. You may actually have two different filings, federal and state. You need help? Check us out on the web at drfriday.com.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
In this one-minute moment, Dr. Friday addresses a common tax query: Can both spouses, when filing separately, claim their son as a dependent? Dive into the intricacies of tax laws and discover the IRS’s stance on this matter. Plus, learn how to ensure you’re making the right choice with the help of a tax expert.
Transcript:G’day, I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
The question is my spouse and I are filing married filing separately we both contribute to support our son can we both claim him as a dependent on our separate returns? Again a great question but I don’t know how we’re gonna split a child so it doesn’t quite work that way. You’re going to have to be whoever gave more support. If the child, since you’re married, filing separately, it may just come down to the law says whoever has the highest income is supposed to claim them because the IRS doesn’t want you to take the most benefit from the higher versus the lower. But you need to make sure you have a tax expert help you with that and you can do that by calling me at 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from two to three p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday addresses a common question she receives: Can a married individual filing taxes separately claim ‘head of household’ status with their child? Dive in to discover the answer and understand the implications of making this choice. Remember, it’s not about which status gives the most return, but about doing it right.
Transcript:G’day, I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
This is a question believe it or not that I am asked oh goodness probably ten times a month at least I am married but my husband and I file separately so can I claim head of household with our child and the answer is always no if you think because I know When you’re in the software and you click, oh wait, if I click head of household, I’m getting such a large return, where if I’m filing, Mary filing separately, I’m not getting nearly the refund. This isn’t a game where it’s which one gives you the most. You have to do it properly. We have had more than one of those overturned and penalties and interest are pretty steep when you make those mistakes. If you need help, check us out on the web at drfriday.com.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from two to three p.m. right here on 99.7 WTN.
In this one-minute moment with Dr. Friday, delve into the complexities of claiming your unmarried college-going child on your tax return. Factors like the child’s income, your financial support, and their student status can influence your eligibility for college credits. Tune in to understand the nuances and ensure you’re making the most of your tax benefits.
Transcript:G’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Should you be claiming your unmarried child that is in college on your tax return? And you know these questions are great, sometimes not something I can easily answer because it depends how much money did that unmarried child make in college? Are you supporting that person? And are they full-time students or part-time students? These are important questions because there is quite a bit of college credits available to you, assuming your income is in the brackets that would actually allow you to have it. If you need help determining should you or should you not be claiming your college student, you need to give us a call at 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from two to three p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday addresses a common question: Are Social Security benefits taxable after retirement? Dive in to understand the circumstances under which these benefits may be taxed and the potential implications of other income sources on your Social Security. Avoid common misconceptions and ensure you’re informed about your financial obligations.
Transcript:G’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Question that came in says I’ve retired last year and started receiving Social Security payments. Do I have to pay tax on my Social Security benefits? Assuming that this person has retired at their full retirement age, then they don’t have any other income the answer would be no. Social Security is only taxed when you have other income but if they have retirement, pensions, stock sales, dividends, any of those things, then they could have taxes up to 85% of their Social Security benefits. Very important to put it on. I’ve handled more than one case where someone did not think Social Security was taxable at all. You need help? Set up an appointment. DRFriday.com.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday delves into the importance of tracking your 1099-B’s, especially after a fruitful stock year. Whether you’ve sold property or stock, understanding your stock capital gains, dividends, and interest is crucial for tax preparation. If you’re unsure about how to file this information, Dr. Friday offers insights and resources to ensure you’re on the right track.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
We keep talking about things we need to know when we’re preparing our taxes. Another thing that came through was selling property or selling stock. We’ve had a pretty good stock year so don’t forget and many times those statements from Charles Schwab or any of the other companies come out late in the January early February make sure you have a tracking of your 1099 B’s which would be your stock capital gains dividends interest all of those are going to come in and make a big part of your tax return if you don’t know how to file that information or where to get it you can call our office at 615-367-0819.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment with Dr. Friday, delve into the advantages of opting for a split tax refund. Whether you’re looking to manage your finances by directing a portion into savings or navigating the complexities of shared refunds in a marriage, Dr. Friday sheds light on how to make the most of this option. Plus, learn how to get personalized advice on this topic and more.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
If you’re filing your own tax returns, one of the options you have nowadays is a split refund. That comes into hand in a couple different situations. One is if you want to actually set aside some money into a savings account versus what you’re going to use, but also sometimes husbands and wives. What we often find is that sometimes your husband and wife married, but maybe you want to know how much of the refund was yours, how much refund was the wives, and then putting the money back into their independent bank accounts. You know, if you need help with that, or if you need to understand more about what the benefits of doing these kind of things could do, give us a call at 615-367-0819, or go to drfriday.com.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday, an enrolled agent licensed with the IRS, discusses how her firm can act as a shield between you and the IRS. If you’ve received notices or haven’t filed taxes in years, Dr. Friday’s team can help you retrieve necessary information and get back on track. Tune in to learn how you can navigate IRS challenges with expert assistance.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
I am Dr. Friday, an enrolled agent licensed with the Internal Revenue Service to do taxes in representation, which means if you’re receiving love letters or you haven’t filed taxes for a number of years, we can help you. We can help you find a place to get started. We can pull transcripts to get you the information the IRS can provide to us to prepare those tax returns. We’re like a little bit of a shield between you and the IRS because they have to contact us first to get to you. This would be a way for you to get back on track with the IRS. Nothing worse than having to deal with the IRS on your own. And so if you need help you can check us out on the web at drfriday.com or just pick up the phone 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this episode, Dr. Friday delves into a common tax dilemma: what should you do if you’re unsure about the accuracy of your tax return? Whether you’ve made an error or omitted income, Dr. Friday sheds light on the pros and cons of waiting for the IRS to correct it versus taking matters into your own hands. Discover the importance of the 1040x form and learn why acting promptly can save you from hefty penalties and interest.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
So, what do you do if you don’t know if you’ve done your taxes correctly? Maybe you made a mistake, maybe you forgot to add income. Do you just wait and see if the IRS corrects it for you or should you correct it yourself? And the answer isn’t as black and white as you might think. In some cases it might just be as easy to allow the government to make the adjustments but 90% of the time sooner you correct it especially if there’s an outstanding balance the sooner you pay it lower the penalties and interest will be. So the first thing you want to do is if you figure out you’ve made a mistake on your tax return you need to correct it on a 1040x. You need help? Call me 615-367-0819.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
In this one-minute moment, Dr. Friday delves into the often-confusing topic of claiming dependents on your taxes. Is there an age limit to claim your child as a dependent? What’s the difference between the child test and the qualified relative test? Dr. Friday clarifies these terms and provides insight into the government’s perspective on dependents. Whether your child is 24 or older, understanding their status is crucial for your tax filings. Tune in to get the clarity you need.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Is there an age limit on claiming my child as a dependent? To claim your child as a dependent, your child must either qualify as a child test or qualified relative test. This is often where people get confused. A lot of times people will turn around and say, “Well, I can’t claim my child over the age of 24.” No, they’re no longer a child. They are now considered by the government as a relative. I know, it’s just the terminology, but it doesn’t make a difference. If you are providing more than 50% of their support and they are not making more than $12,000 a year, then they are or can be possibly your dependent. If you need more help or if you need a separate appointment, go to drfriday.com.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.
In this one-minute moment, Dr. Friday, an enrolled agent licensed by the IRS, dives into the importance of staying updated with your taxes. Whether you’ve missed out on stimulus checks, faced personal challenges like divorce, or simply feel lost in the tax maze, Dr. Friday is here to guide you. Discover how she can help you get back on track and ensure you’re making the most of your financial situation.
TranscriptG’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
I am Dr. Friday, an enrolled agent licensed by the Internal Revenue Service to do taxes and representation, which basically means guys all I really know is taxes, how to deal with taxes, and how to deal with the Internal Revenue Service to help you get back on track. If you haven’t filed taxes for a number of years, A) you may have missed out on two stimulus checks, and/or if you haven’t even know where to start, you don’t know, you’re confused, you’ve been through a divorce, you’ve had other issues, I can help you. First thing you want to do is check me out on the web at drfriday.com. Then you want to pick up the phone and call me 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2-3 p.m. right here on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12And today, people is tax day. That's right. I know not everyone's excited about me but hey, it's been a long few months. We are happy today is tax day. And today, again, I just want to remind people if you have not filed your taxes, file an extension. It could save you 1000s of dollars by just filing that extension. Make sure because the IRS doesn't send you a love letter saying, "Oh, you have an extension on file." Make sure yTodaour extension has been accepted. If not, file it today. You can go to irs.gov following the extension you can call us at 615-367-0819. We can help you, or you can mail one. But make sure to file.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12And no, today is not tax day. Many people think it is. It is not. Tomorrow is tax day, but it is a day for prepping. That means if you have not filed your taxes yet, today is the day to file them or to make sure that you have an extension. There is a penalty for failure to file on time. So make sure that you have an extension filed, and if not, today is a perfect day to do that. If you've already got your taxes ready, not filing just because you can't afford to pay for them is not really a great reason. Better to file and then look at ways of making a resolution. If you need help, call 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Many times people ask me about dependents, and they're like, "Well, can my mother be my dependent? Can my older sibling that I've taken care of or my older child that has moved back in a house that is not working? Is that a dependent?" And the answer is, in most cases, yes. There is a set of rules we have to follow. The biggest thing is how long have they lived with you. And are you providing more than 50% of their care? Those are important questions. But hey, if someone's living in your house, eating your food, putting gas in their car for them, or maybe even making their car payment, you're probably giving them more than 50% of their care. So look at your taxes and see if you might have missed an exemption.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12I'm Dr. Friday. You probably hear me every Saturday at 2 pm here on the radio. I am an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. That's what I do. I've been doing it for 20-plus years. If you're looking for someone here to help you get the IRS back online, maybe you just haven't gotten the same communication. Maybe you're getting a ton of love letters, or you're just looking to get straight. You haven't really received anything at all, but you know you haven't filed, and you need to get straight with the IRS. Now's the time to start getting on our calendar. Let's look at 2023 as a fresh new year. You might be surprised how easy it will be. Go to drfriday.com to set up your appointment.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Every year inflation is adjusted into our tax code. So every year, you might be able to make a few dollars more to stay in a certain tax code. But if you're looking at Roth conversions, you're looking at selling stock, and you're trying to figure out, "How much am I going to owe in either capital gains or ordinary income?" It's a little bit more complicated because one thing you don't see a lot of people talk about is that tax on capital gains is actually 15, 18.8, and then jumps directly to 23.8. There is no 20% capital gains rates. If you want to know how much you're going to owe, then you probably need to sit down with me. Call me at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Many times people ask me, "Hey if I don't pay my taxes now, how much am I going to owe If I wait and pay them later?" It's a great question. It's not quite as black and white as we might like. The IRS does assess pretty much an eight-and-a-half percent interest rate. And then penalties range from five to 15 up to 25%, depending on if it's failure to pay, failure to file, failure to make quarterly fees. All of them have different rates. So if you add those together, you're looking at a possible 32% tax penalty for not paying or filing on time. If you want to find out a way to avoid that, you should call me at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12IRS released the 2022 annual report highlighting more than 2550 investigations and a more than 90% conviction rate for people that have committed tax fraud, money laundering, and cyber crimes. Over $31 billion that they have received or at least they have found. I don't know if that's actually been paid, but they now have at least stopped them from doing this. This is what the IRS does, guys. So just think that not only the big fish that get caught so if you are a person that is not reporting all your income, that's tax fraud. If you need help, 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Qualified charitable deductions if you are 70 and a half or older and you are taking required minimum distributions, you are most likely going to qualify for this qualified charitable deduction is $1 for dollar deduction of your income. All you have to do is call the custodial of your 401 K or IRA where you're taking your RMDs and say, "Hey, I want to give my church this much money." Please write it out. It's considered a charitable deduction at that point, will be reduced from your 1099 R, and this will put more money in your bank. It's easy to give money for charities. It is a win-win, people. Look at qualified charitable deductions.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12If you're an entrepreneur, I need to make sure that you have looked at your TNTAP and that you have filed your business license. It is due now to pretty much get it done. And then also go to the Tennessee Secretary of State to file that annual report. Nobody wants to pay an extra $70 to get a tax clearance from the state. This is a pain in the derriere, people, so let's go ahead and do it right. This year, we're gonna file our business licenses on time. Our annual reports are on time; get them filed today. You can do both online with a credit card or direct debit. If you need help with that, you can call us at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12When we're looking at taxes, one of the things we have to remember is how much is the standard deduction. If you're married $25,900, single $12,950. Why is that important? Because remember, if I earn as a single person 12,950 on a W-2, I'm going to pay zero tax, right? That's the zero tax bracket. And then everything above that for another 12,000 Almost is going to be at 12%. These numbers make sense, and they're very, very important again. Right now, you might be done with 2022. But we're in 2023. And we need to start preparing. Go to drfriday.com for more help.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12And many of you have probably filed your taxes, you're ready to move on but think about 2023 now. We may be done with 2022. Some of you may not be, and if you are not going to be filing yet, make sure that extension is in. But if you have filed, in 2023 start looking at whether are you going to be selling real estate. Are you going to be thinking that you need to have some extra money? Are you gonna be doing stock sales, changing jobs, getting married, or getting divorced? These are huge things and if you don't have a tax person, you probably need one because those decisions can make huge tax decisions. And you can make those appointments after tax season at drfriday.com.Announcer 0:52You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:13If you haven't filed your taxes yet and you're like, "I can't afford it, I don't have the ability, I have a very small amount of money." What you do want to know is whether there are some free services if you want to go to irs.gov. They list several online services if you're a senior or someone that has the ability to drive. Aarp.org has locations that they have opened to help you prepare your taxes. So there's no excuse not to file taxes. You can either file them for free online, or you can go to some of the locations open in your neighborhood. Not filing should not be an option. Catch us at drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:13If you are part of the US Air Force member or in the combat zone and you receive benefits, make sure you're dealing with someone that does taxes for the people in the military. You have certain exclusions, and certain advantages, even including moving and relocating. Most of us that are not part of the military do not claim these, but if you're in the military, there are a specific number of tax codes that apply just to you. If you need help filing your taxes, you want to go to drfriday.com. If you just have a question, all you have to do is send it to friday@drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12I want to make sure that you have looked at, we're almost done with the first quarter guys of this year. If you filed your taxes and you owed money, you need to review your W-4. If this was because of a certain situation where you sold some stock or you sold a piece of land and you ended up with a larger capital gain, boom, that's not a problem. But make sure that every year you shouldn't have to be writing checks if your basic income isn't changing. If you don't know how to resolve that, you need to call me that's what I do, 615-367-0819 email friday@drfriday.com Let's take care of you to make it right.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Remember that in May of 2022, we had a federally declared disaster in Tennessee. If you are one of those that were affected, you can change your 2021 or add it to your 2022 if you have actual losses. This is important. Nowadays, we can't actually claim a loss. If your house burns down and it's not a federal disaster, then it's not going to fall on your tax return. But if you did get affected by these storms, you need to make sure you've looked over your taxes. Talk to your tax person. If you have someone, make sure they're giving you every single dollar you're entitled to.Announcer 0:46You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:13If you need help filing taxes, hey, you guys have heard me on the radio for more than 13 years. If you need help dealing with the IRS again, hello, I'm right here in Brentwood, Tennessee, but if you need help with your gallbladder, I'm not that kind of doctor. Okay? This is Dr. Friday's tax and financial firm, not a medical doctor. Just for people to know, we get a lot of emails on that. And if you need help with those things, you are going to drfriday.com and click on appointments. You can call us at 615-367-0819. That's a great way to reach us. You can also email friday@drfriday.com. Call you later.Announcer 0:52You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12My name is Dr. Friday, and I'm an enrolled agent licensed with the Internal Revenue Service to do taxes and representation. It's all I do. So if you need help with those things, I don't work for the IRS. I work for you. I help shield you against all the love letters, liens, and levies. It is a team effort, though. I can't just put a wall between you and say, "Oh, the IRS will never touch you." It doesn't work that way. But I am a person that you'll be able to meet. Sometimes you hear things on the radio, and they're like, "Call this 800, and we'll do this if you start paying us $5,000." We work a little differently. If you want a different approach, call me at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12And here's the scenario. You're divorced. Your wife has custody of the children most of the time. Maybe it's even a 50/50 split. But on the divorce papers, it says that she is custodial, and you can only claim the children when she basically every other year it's supposed to be, but if you haven't paid child support or if you're behind, they're able to claim these children. Keep in mind the IRS doesn't care what a divorce decree says. It is basically very black and white. If the child has lived with you six months and one day you provide more than 50% of their care, you are going to be able to claim that child depending on their age. If you need help, you can check out drfriday.com.Announcer 0:52You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Tax law enables eligible people who achieve a better life experience accountability put more money into their ABLE account. So here's what you have. It's a tax savings account. Let's say you are an individual making $30,000 a year, and your employer says hey, we have a 401 K, and you say, "Great, I'm gonna start putting money away inside that account." Guess what? The IRS will actually credit you, depending on how much you put aside, up to $2,000 credit for saving money when you're in a lower income. So this is another way of putting more money in your pocket and saving money at the same time. Check us out at drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Alimony payments, separation agreements, and the money that goes along with them. If this happened after December 31, 2018, we would have a huge change. If you divorced in 2017, your alimony is going to be a tax deduction and taxable to the person receiving it. If you divorced in 2019, January 1st, or after, you are not able to deduct alimony, and the person receiving it does not pick that up as income. This is very important to understand and make sure that you're putting the money in the right place. I can't tell you how many times I've had to correct it. Go to drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:13If you need help with taxes, maybe you're filing your own, and you're like, "I don't know how to do this. I'm confused. Do I need to file married filing separately? Do I need to marry and file jointly? Am I actually even married because my husband and I have lived apart for over a year? What does that mean? How can that help you, and what's the legal way? What is the IRS say is the proper way of filing that information?" If you need help with those kinds of questions, or you're not sure which way to go, that's what we're here for guys. We're here to help you. Make sure because you must really file the taxes correctly the first time. If you need help, check us out on the web at drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12We talk a lot about taxes. And one of the things I want to remind you, again, is that there are two types of credit and deduction and what they really mean. So if you have a deduction, it's going to reduce your income by whatever that deduction is. One of the prime examples is the standard deduction, right? So if you make 50,000 And the standard deduction is 10. You'd get down to 40,000. Then they're going to charge taxes. Then we have credits like a child tax credit, that is, dollar for dollar you owe the government 5000, you have a child tax credit for 1000, you're now only going to owe 4000. Review that when you're doing your taxes if you need help. Check us out on the web at drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12The IRS has put out a tax scam. Don't be a victim of ghost tax return preparers. That's right. My opinion is that any preparer that prepares a tax return that does not sign it does not have a PTIN, does not have an address or an EIN number on that tax return, they are not, and yet you're paying them. Those are not legit tax preparers. Hey, if your brother is preparing your tax return, it's considered self-employed that's within the family. But if you're paying somebody that, in my opinion, is ghosty, meaning they're preparing it, but they're not signing it. You need to make sure someone's going to stand behind that work. Go to drfriday.com. Set up your tax appointment today.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12How many of you may have received a letter in the mail? I love to refer to them as "love letters" because, you know, they totally appreciate us I'm sure. That letter might ask you to prove your identity. Identity theft is a huge issue within the IRS. They are working very hard to try to protect our identities which is not an easy thing when you consider how many times we hear about something being hacked. But they are now sending out large numbers of people to verify your identity. Do not ignore this letter. They will hold up all tax returns, all refunds, and they will not post that tax return, and it can be considered late. Call us if you need help at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12And today, March 15th is a big day for business owners, 1065, 1120-S. If you are an individual that files a return on those forms, you need to make sure that you have filed an extension. Today you either have filed a tax return, or you need to have an extension. Otherwise, the penalty is $300 per shareholder per month, up to a maximum number of how many shareholders times 300 times 12. So that can be very, very expensive. And the IRS is not always open to waiving penalties because you fail to file a return. Call us if you need help with this at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Thinking about maybe, "This year, I'm just not going to file my taxes. I don't like the way the politics are going. I don't like the way they're spending my money." Keep in mind it is not a choice. filing taxes is not something we can say, "Oh, this year I want to next year I don't want to." It is a mandate. So if you have earned more than $600 through self-employment or more than $12,000 on a W2, you are going to most likely need to file a tax return. You might want to be filing it because you will qualify for a possible refund. Otherwise, you don't want the IRS filing taxes for you. You can check us out at drfriday.comAnnouncer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12What do you do if the W2 or 1099 that you have is incorrect? If it's your social security number is not correct. Or maybe just your address, or is your name misspelled? What can you do if your employer refuses to correct it? First thing, remember all income earned, no matter if you receive a document or do not receive a document, you must report on a tax return. Second, are there ways of getting W2 Cs and 1099 NEC corrections on your own? If you need help with these kinds of things, call me at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Preparing taxes. It's that time of the year. You can't think of anything else. But if you're a business owner, what you should also be thinking, have you filed your business license renewal that was due or is due by April? You have your annual reports that are due. Also, with 85,000 new revenue officers out, there is your bookkeeping in line. If you are not tracking things properly, if you can't justify the numbers that you have on your tax return, you might be thinking that we need to start thinking about that. Setting up this is a new year. Let's start doing things the right way so you don't lose sleep and worry that the IRS is going to come back. Go to drfriday.comAnnouncer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12If you are still trying to deal with 2020/2021 tax issues. I know I have quite a few people that say "Oh, just file an extension." I'm still dealing with this. And that's not a problem. Filing extension is great. But remember, filing an extension does not extend the money you owe. It only delays the paperwork. So if you're thinking that I'm just going to file an extension and imma think about this come October, or in some cases, you've filed extensions the last four years and you've never really thought about it, you really need to put some thought to it. Easiest thing to do is just book an appointment at drfriday.com. Let us help you get started the right way.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12At this point, you've received all of your tax documents, most likely, unless you have some investment accounts. Some of those are dribbling still in. But most of you can sit down now and do your taxes. So make sure if you're doing them yourself, you're just considering you got everything double check. Make sure you put in all of your interest, your stock, and your dividends, and make sure you've got all of your income. If you made a qualified charitable deduction, make sure you back that out before it shows up on 1040 on the proper forms. If you don't know how to fill out a tax return, you need to call us at 615-367-0819, so we can get you on the calendar and help you out.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Sub S corporations, you need to listen up. If you're operating under a small business corporation and you are not paying payroll, you are probably going to look at an audit coming very soon, especially considering they have hired up to 85,000 new auditors. That being said, any corporation C corporation or Sub S Corporation, part of the rules it says right under the IRS is there has to be people on payroll and if you are a shareholder that is working for that business, you should be on payroll taking dividends not paying Social Security tax that's going to bite you later on. If you need help, go to drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12As an enrolled agent licensed by the Internal Revenue Service, we deal with tax issues. But we also deal with small businesses; we deal with individual estates. We've been doing this for 20-plus years, and it's something that we're really good at. So if you've got questions, you need help, you need to understand how to get started because maybe you haven't filed taxes in a number of years. We can help you not only get those taxes filed but help you find the information needed to file those taxes. That's the hardest thing getting started once we get you rolling normally. It's not a problem. If you want to book an appointment. The easiest way to do that is to go to www.drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12If you've got questions about taxes, maybe you're trying to figure out if you sell a rental property, how much will you pay in capital gains, and do not forget the recapture of capital gains that you have to pay at ordinary income tax rates. If you have questions on that, this is the time you need to be planning. While you're doing your taxes, you also need to look at 2023 to see what could happen. Is there a way I could maximize it? Should I be doing 1031s? Is there a way of avoiding taxes or reducing taxes? And when you're doing your taxes with us, we'll help you. You can set up an appointment at drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Did you know there are two ways to help your kids or grandkids? With their college education, they pay tuition directly to the school. The payment is nontaxable to the student and doesn't count against the $16,000 gift exclusion. It does reduce your estate tax. But come on, people, those taxes are massively large for most of us; you got over $12 million dollars. This might be a great way to help your grandson or your child finish school without student loans, and we all know how bad those can be. If you need help with this or other questions, why don't you check us out on the web at drfriday.com?Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Charitable deductions. First, the simple answer is if you paid cash for $300 as a single person is paid cash for $600 for a married couple, we have above-the-line standard deductions. What's better than that? If you are over the age of 70, taking required minimum distributions, guess what? Then you can take what's called a QCD-qualified charitable deduction. It comes dollar for dollar off the top of your distribution. This is awesome for people that are taking RMDs. If you don't know what I'm talking about, you need to talk to your financial person today. You can call us at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Opportunity zones. Opportunity zones are economic development tools that can be designed for you to spur more development in lower or rural areas. If you are an investor or you are someone that is looking to put some money that you might want to set aside and then pay no taxes, after five years, you might want to talk to your financial planner or actually just look up opportunity zones. There are investment funds that specialize in this and this is a great way for you to actually take money, not pay taxes today and also possibly in the future. If you've got questions, you can call us at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Due diligence for tax preparers. If you're looking to hire a tax preparer, you want somebody that is going to A, stand behind the work that they do. B, understand how taxes are prepared. C, hold you accountable for some of the information that's been provided. Obviously, we can't just pull it out of thin air, so you need to be very organized and make sure that you have someone not just during tax season but throughout the year that can help you with tax issues that might arise if you're looking for someone like that. Hello, I'm here, Dr. Friday. Dr. Friday's tax and financial firm at 615-367-0819. I would love to talk to you.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Business owners, remember, we still have what's called a section 179 deduction of property that has been placed in service in that year. That is important. That means if some people go out on December 15 to buy a piece of equipment, or it wasn't delivered until January 1, you cannot claim that piece of equipment until it is working, not when you purchased it, but assuming you purchased it before December 31. You can take up to a million dollars worth of equipment if your overall threshold is under 2 million to 2.5 million. So we have a big window. Call me at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12If you're thinking about itemizing, do remember that we do have a $10,000 cap on what we refer to as the salt tax, which is state and income or sales tax, which is what we have property tax and remember under property taxes, all properties that you own that you pay tax on even if they are not rental properties, because that would go on a different schedule, if you have land and things that would go under there. And so if that all adds up to more than $10,000, You're only going to be able to claim the $10,000. That really hurts people that live out of state like California. If you need help, call 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Paycheck checkup. It is that time of the year when you need to review your children. Are you in the process of possibly a divorce? That is probably one of the hardest. Marriage works out well because normally two people are already claiming single and zero, and then they merge, and sometimes they end up with a better situation. Divorce is the opposite, normally on the W four form. They've been claiming married, maybe with a number of children. And remember, if you divorce, even if it's on December 31, It means you were divorced for that entire year, which could make it difficult, so if you're in the process of any of that, look at your taxes to make sure that you're in good shape. Call you later.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12The IRS is busily hiring 85,000 new people to do collections. That's right. Most of those people are going to be brought in as collections. I wish they'd be brought in for customer service. But you know what? It's our tax dollars, and they're going to spend them how they want. That being said, if you have not, or you are not up to date with the IRS or maybe your bookkeeping is not really up to power, you're more of a paper-pencil kind of guy. And if the IRS comes knocking, are you going to be prepared to be able to justify the numbers on your tax return? If you are not, you need to call us to help you make your audit proof at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12When you're doing taxes, first thing you need to make sure of is that you have all your tax documents, right? So if you worked, you have a W2. And also, if you're an entrepreneur, you need to track all income, not just the 1099 that may or may not have been issued. IRS does track some of these information through other sources. So that means that if you only report 1099 income, you might want to look at how much money went through your bank account. That is information that is open to the IRS if they do an audit. You need help, you need to call us at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12We are in the middle of tax season, guys. It is busy and crazy. But if you are filing taxes and need help to file taxes, or maybe you haven't filed taxes in a number of years, you are listening to the right tax moment because that is what I do as an enrolled agent. I am licensed by the Internal Revenue Service. I have never and will never, well, I shouldn't say never, but I can't expect to ever work for the IRS. I work for you. I am kind of like Superman between you and the IRS. I put a shield, and if you need help dealing with the IRS or just need somebody that really knows tax law, you need to call me at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12For all of you that have purchased an EV car, you might want to go. We've been doing some returns, and we're finding out that some of these cars are not falling under the I.R.C. 30D. So the easiest way to do that is go to a website v i n d e c o d e r Vin decoder, it will tell you all the information that if it will meet the criteria for the tax credit, I'm finding that auto dealers don't know that information. Many of them are saying that you're going to qualify, but those cars were not all assembled in the United States. Give us a call if you have a question at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12And this is a heads-up to business owners. Remember, now that we're past the end of the year, you have annual reports and business licenses that I can't tell you how many times over the last 20 years, we get notices that they haven't been filed. These are filed on due by April. So if you can go ahead and file today, that might give you a little extra window again Secretary of State for annual reports. Tennessee Department of Revenue for business filings these are due based on the end of the year, so you have the information now. Now's the time to go online. Pay them on TNTAP in the Secretary of State website. Call me if you need help at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Looking at your taxes, you prepare them, and you're like, "Wait, I owe a couple $100." One thing to think about is maybe you can put some money in an IRA. If it's a regular standard IRA. Remember, Roth IRAs are not going to help us; standard IRAs will reduce taxes. Now, I'm not going to tell you I am not a financial planner. This may not be a good financial planning situation. This is good tax advice. If you want to reduce your taxes, putting money into an IRA will be a way of you doing it. Putting more money in your pocket, less money in the pockets of the IRS. If you need help with tax planning, call me at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:13If you have filed your taxes prepared your taxes and owed money to the IRS, it doesn't make a difference. If you're self-employed or if you're an employee working off a W-4 form, you need to make some adjustments. It's never good to owe the IRS; none of us like to have the IRS in our pockets. And it's worse when you have to pay almost 25% penalty and interest immediately, and it goes up from there. It almost doubles in the number of years three or four years you can end up starting at 2000 and owing four. Not a good plan. You need to make adjustments to your withholding; if you need help with that, you call our office at 615-367-0819.Announcer 0:52You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12And even though you don't hear a lot of tax law changes, they're constantly adding requirements enhancing credit and deduction. Back on the 29th of 2022, they came out with a new information about wages and apprenticeships. For a while, people would be able to work at a very minimal wage to basically try to learn a trade; therefore, their training was kind of less expensive because you were teaching them something. Well, they've come down the line that is enhanced the benefits for the person working, and kind of made it harder to use apprenticeship as a way of paying lower wages. If you need help, go to irs.gov.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12When you're dealing with taxes, let's be honest, we have all, especially in the last few years, gone a bit crazy because we're not able to get resolution. Well, first, I'd like to give a thumbs up to the tax advocate service that we have here in Nashville. They are absolutely the most efficient service within the IRS. They are the only ones I've been able to do in the last couple of years to get resolution, but you can also use them. It's called the 911 Form. You can fill out and have them help you try to get resolution. So if you're trying to deal with the IRS, you have had no help, you can't reach anybody by the phone, look on the IRS website and click 911.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:13Things to know about tax credits. First, we love tax credits because of tax credit subtracts the total amount from the taxes you owe. We talked about deductions in the past, they reduce your income, but credits reduced dollar for dollar from what you owe the IRS, so when you're doing your taxes, reviewing your information, make sure that you're not missing out on any tax credits that might be able to put more money in your pocket. If you're doing your own taxes or if you need help with taxes. The easiest thing to do is go to drfriday.com, click on 'schedule', and make an appointment today.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12If you haven't filed taxes in a number of years, if you know somebody or you've talked in the you know that maybe your children or your parents haven't been current with their taxes, now's the time to start thinking about it. It's the first of the year turnover that New Year's resolution. Let's file your back taxes because we can't make a deal or do anything with the IRS unless you comply. First step, file back taxes. If you haven't filed for 20 years, believe it or not, we probably don't file 20 years' worth of taxes. But if you don't know how to get started, I do, and I can help you. I'm local here, people. Just give me a call at 615-367-0819Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12A few things to know about deductions. Deductions can reduce the amount of a taxpayer's income before they calculate taxes owed. Most people take the standard deduction. The standard deduction is an adjustment due to inflation every year and adjusts so you will go up or down depending on how much it is. Remember, we like deductions. We love credits, but don't miss out on any deductions like the charitable deduction above the line from the standard deduction. So if you have questions, that's $300 single, $600 married. If you need help with taxes, book your appointment today at drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12And we have gotten a tax alert from the tax scam at the IRS. Apparently tax season is a prime time for phone scams. So if you hear the phone ring and you pick it up, and they say, "This is the Internal Revenue Service," well, you can either hang up. I probably wouldn't do that immediately. But I would get name badge number and phone number, and then I would call the local or the regular 800 number and find out if this person is. If you didn't reach anybody, I would not return or answer any of the questions of that revenue officer unless you can get a local number to reach their supervisor. If you need help, call me at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12For many of you, you're still sitting out there saying I haven't got my refund for 2020. I'm still dealing with 2021. Do I file a 2022 tax return? Or do I have to wait for the IRS to resolve my earlier issues before otherwise, they might take my refund. So keep in mind first thing would be to find out the status of those accounts, and I know it's gonna be I can't reach anyone. So how do I do that? There are ways the second thing you want to do is file an extension up until October to give yourself time to make sure those first two years are as close as you can to resolution. Call me if you need help, 615-367-0819Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:13Estate and gift tax. There are a lot of misconceptions out there. I know I always talk about what you do not have to file a gift tax return. But right now, the exclusion is $5 million for an individual and up to 10 million for a married couple, and adjust it will adjust for inflation. So you know, if you have a house or you want to give something away, might be a time to consider using your lifetime tax credits. There are some ways around it. Call me at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Health savings account. I am a huge advocate for self employed, especially since some employers offered Health Savings Accounts HSA, and you can contribute up to 6850 for married couples, split it in half for a single individual. If you are over the age of 55, you can add another $500. This is a great way because if you don't use medical when you retire, you can use it for medical remember, this is pre-tax money. We're using our medical as well, as it will eventually become an IRA for your RMDs. So you know it's a great way to put more money aside for retirement. If you have questions, look us up on the web.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Moving expense. Guys, it's no longer deduction since December 31, 2017, through January 1 of, 2026; it has been suspended. So that means if you have relocated even for work, it is not a tax deduction any longer. We get asked this quite often. So I just want to make sure you understand that employers may exclude the wages after 2018 reimbursing or payments on behalf of employees moving, but you cannot take it off on your taxes. You have questions about taxes, or you need help doing your tax return. Best way to do it is to go to the website drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Standard deduction vs. itemized deductions. We know since 2018, we've had much larger standard deductions. Therefore, itemizing has become difficult. It doesn't mean that it's zero. The problem is you have to medical; if you have it, you have to take your income multiplied by 10%, basically, and then everything above that will start going towards your itemizing. You have the salt tax, which is state income tax, home mortgage interest, and charity and things like that as well. All of that for a single person has to add up to almost $13,000. If it doesn't, you might think about taking the standard deduction.Announcer 0:52You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Child Tax Credit. It's not so much that we have a child tax credit I want to touch on, but who qualifies for a child tax credit? There are a lot of misconceptions that any person that has a child knows you can put them on your tax return and claim them as your dependent. That is not the way the tax law is written. I don't care if that child is living in your house. If that is someone that is a friend of yours, not related, you don't have full custody, that child is not your child, even if it's a grandchild that you may have or even comes in and out of the house. Make sure you have the right to the child tax credit, or you're going to pay back a lot of money.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Now is the time to start thinking about getting your taxes straight as an enrolled agent licensed by the Internal Revenue Service. It's what I do. It's what I've done for 20-plus years. We help people get back on track. We help them negotiate. We help them set up payment plans. We help them figure out what's the best way to get straight with the IRS. Then you can actually borrow the money you can keep your house without worrying about liens. You gotta have levees. All those things can be removed, but the best way to do it is first to pick up the phone and call me at 615-367-0819. If you have no idea who I am just go to the web at drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12And you know, I have a number of clients, and one of the first things they always try to do is, "How's my withholding not being enough? And I owe money every single year. And why is that happening?" So the irs.gov, you can go to www.irs.gov. And they have a withholding estimator, and it takes into account two-income families because that's often where the problem is. Or if you work two jobs, or you have children, but they're actually over the age of 17. And you're not getting the credits that you were getting prior. So making sure this is the time, guys, it's January let's make effect so that way 2023 will be an awesome year for you.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:13Casualty loss-affected taxpayers under the federally declared disaster area have an option of claiming the loss in the year that it happens or the prior year, whichever is going to possibly be best for you. And again, we did have a federal disaster on May 16, 2022. It may affect you it may not have affected you. But if you have a situation, you might want to review your taxes not only for 2022 but possibly for 2021, amending them so that you can get the most back on your taxes. If you need help, you can pick up the phone at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12We are in January. So for many of you, now's the time to start thinking about, "How much should I be putting aside in my 401 K?" Because you want to be able to maximize that $20,500 That you're allowed in the year 2023. You cannot contribute to your 401 K from an employer in the year 2023 for the year 2022. But you can still contribute money if you qualify for an IRA or a SEP or a SIMPLE if you qualify for those, so you might want to be looking into those to see if maybe they could reduce my taxes for 2021. Check us out at drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Tennessee tax relief for severe storms, straight-line winds, and tornadoes. We did have an event that happened for victims that fell into that on May 16, 2022. So if you have a disaster that's happened, maybe you had hail damage, wind damage, severe storms, and the IRS or the federal government said they wait, this is what we're gonna consider a victim of federal storms, then you might qualify for some tax credits to fix your house or your property. Call us if you have questions. 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Pre-inflation Reduction Act of 2022. I'm pretty sure they should probably rename that one because I don't think it had a whole bunch to do with inflation. That being said, they do have in there the vehicle purchase and delivery prior to January 1, 2023. How is that going to be relevant for every car? It's important that vehicles are acquired after December 30, 2009, but before December 31, 2022. If you don't know what I'm talking about, you need to be calling me because if you've got an EV, we want to get you the tax credit. Call 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12If you're interested in claiming the tax credit available under Section 30 D for the EV credit for purchasing a new electric vehicle after August 16, 2022. A tax credit is generally available only for qualified electrical vehicles from which assembly occurred in North America. This is really important. You need if you're going to be doing this, you need to go on to irs.gov and pull up under there the credits available for EV because if the car was not assembled in the United States, if some of the parts didn't qualify or if they have over 200,000 cars on the road, you might not get that tax credit.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12And this is a reminder for many of you that maybe you had a big event in which you sold something that's caused a large amount of taxes due or if you're self-employed. Today is our fourth payment. This is the fourth estimated payment we need to make, or again if you haven't filed any estimates, now's the time to throw as much as you can into the pot. So January 16th, make your estimated payment you can do that. online@irs.gov, click pay, you can print out a voucher called a 1040 ES, or your tax person may have already provided it, and you need to mail it and make sure it's marked today's date. If you've got a question, go to Dr. friday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:13Adaption. One of the best things I think people can do when it comes to maybe helping out or just making changes in life. Adopting a child is something I always give people a lot of credit for. The maximum credit for adopting, believe it or not, there is something on the tax code 2022 qualified adoptions expenses went up to 14,890. That was up from 14,440 in 2021. This is a credit that can offset your taxes, and it will roll forward if you still don't use it all in one year. You can use it in multiple years. Call me at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12For all of you that love to kind of help out maybe do some estate planning by gifting funds to stock portions of estates to your descendants. Then remember we went up from $15,000 to $16,000 the gift tax and 2022 or the gift exclusion is $16,000. That doesn't mean you can't give somebody 200,000 But there would be some tax forms most likely no taxable dollars due. But if you've got questions about gifting money, or how it works, all you have to do is pick up the phone i'll be here for you. Call 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Estates of the deceased who have died in 2022 have a basic exclusion of $12,060,000 up 11,700 from the estate deceased who died in 2021. So in most cases, you don't have a state tax, and you most likely don't have an inheritance tax. And remember, in many cases, you also have a step up in the basis for real estate and stock. So make sure if you've got questions, you talk to an attorney to make sure the documents are in order. If you've got tax questions, you need to call me at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:13Many people, actually surprising how many people actually work overseas. And remember for the 2022 tax year the Foreign Income Tax Exclusion is 112 up from 108 in 2021. So if you work and lived outside the United States for 365 days and have not returned for more than two weeks within that period to the United States, then you may be able to qualify for this exclusion, and then you will file the proper tax documents. If you need help with your taxes or need to book a tax appointment. You need to go to the webinar Ddrfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12The modified adjusted gross income amount used for joint filers to determine the reduction in the Lifetime Learning Credit provided under 25 A is not adjusted for inflation for tax years beginning after December 31, 2020. So the Lifetime Learning Credit is phased out for taxpayers with modified adjusted gross income that exceeds $80,000 are joint filers of 160. We mean that every year those numbers are going to be the same, yet your raises may kick you outside of those situations. You can check us out on the web at drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12For tax years beginning in 2022, the dollar limitations for employee salary reduction for contributions to health flex spending arrangements increased to 2,850. Cafeteria plans allowed you to carry over unused amounts a maximum carryover $570. That's an increase from $20 from 2021. If you have these types of accounts, you do really want to try to spend them down every single year because you can't roll over every dollar unlike a health savings account which I am much more of an advocate for. Check us out on the web at Dr. friday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12The tax year 2022 maximum earned income tax credit amount is $6,935 for a qualified taxpayer who has three or more qualified children; that's up from 6728 in 2021. Remember that this has to be your children biologically or they have to be legally adopted or if they're in the system, then you have to have custody of the children. If you have questions on this because claiming your girlfriend's kids is not a legal Child Tax Credit. You can reach us at 615-367-0819.Announcer 0:49You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12The AMT alternative minimum tax exemption for 2022 is $75,900. It begins to phase out. If you are a married couple filing jointly, the exemption is $118,000 and $100,000. And you have the ability to hit exemptions on this, remember. This is a tax code within the tax code. So if you are making 75,900 as a single person or 118,100 as a married couple, you could also be paying AMT tax above standard taxes questions call me at 615-367-0819.Dr. Friday 0:52You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12When we're looking at our taxes, one of the most important things we have to look at is our marginal rates. What are you going to pay in taxes on the amount of money you have earned? So let's look at that. We have the 12% tax bracket that's over $10,275 for a single person or 20,550. We go to 22, which pops out at 41,775 for a single person, double that for married 24, 32, and 35. 37 is our top bracket. If you have questions or you need help, all you need to do is pick up the phone at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Preparing for the 2022 tax season and we are all thinking about, "Do I or do I not itemize?" So if you are a married couple under the age of 65, you have $25,900, which is up $800 from 2021. The standard deduction for a single person is 12,950 up $400. And the head of household is $19,400 up $600 from 2021. Don't forget that you will get an additional $300 in charitable contributions. If you have questions, call us at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12I am an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. I'm kind of like Superwoman between you and the IRS. I do not work for the IRS. I really work for you. But you need that person sometimes because the IRS doesn't always explain exactly what they want. Sometimes they'll send letters saying, "We've just changed your tax return," and you're sitting there going, "Oh my gosh, oh my gosh, what did I do wrong?" And maybe you did nothing wrong. So if you need help, explaining the IRS getting things done, or just getting, you know, some communication started, that's what we're great at. We can help you do that. 615-367-0819 or drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12We are wanting to try to find ways for you to be able to save tax dollars. But also keep in mind, sometimes people work so hard to find every single tax deduction that they kind of bite themselves because they're not able to go and borrow money. I had a situation recently where someone legally was deducting and taking everything they needed to take off on their tax return. But by doing it because they were a small home based business that the loan or the lending office was saying, "Hey, we we don't see where you make any money, how are you surviving?" So you need to make sure that you're also looking at the big picture if you need help, call me at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12And if you're thinking, "Now would be a great time to make an appointment with Dr. Friday to get started with her services," you're 100% correct. Right now, it's a little quiet. We're not quite into the new season. So if you're thinking about using our service or wanting to get on the list, because you all know that basically come January, I'll be booked up for all the way through April. It's just the way it is. I'm very, very lucky that way. But if you want to get on our list or you need help getting organized or getting your taxes started, you need to call us today at 615-367-0819 or email friday@drfriday.com. Check me out on the web at drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Have you maximized your 401k, which is $90,500, or the catch-up if you're over the age of 50 an additional 6000? Have you maximized your health savings account for single people, that's 3600, families 7200? It's still there. You may have time to actually do these to be able to put in more money. Also, consider putting some money in a child's Ira if they have earned income. This is another way to help defer taxes. Start thinking, guys, it's time. We're getting ready to go into a new tax season. And now's the last couple of days that you might be able to think of a few things that you can save taxes on now so that way you don't pay taxes on it next year.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12I am an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. I'm kind of like Superwoman between you and the IRS. I do not work for the IRS. I really work for you. But you need that person sometimes because the IRS doesn't always explain exactly what they want. Sometimes they'll send letters saying, "We've just changed your tax return," and you're sitting there going, "Oh my gosh, oh my gosh, what did I do wrong?" And maybe you did nothing wrong. So if you need help, explaining the IRS getting things done, or just getting, you know, some communication started, that's what we're great at. We can help you do that. 615-367-0819 or drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12I am Dr. Friday, an enrolled agent licensed with the Internal Revenue Service to do taxes and representation. I do not work for the IRS. I work for you. I'm more like a shield between you and the IRS. So if you're having IRS issues, you haven't filed back taxes, you need some place to start, I am local. So therefore you have someone that you can come in and actually talk with not like some of these big companies that basically you pick up the phone that say "oh, start sending us money" maybe or maybe not they'll help you. We'll be able to find a resolution that will help you and also get the IRS off your back call me at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12And if you're thinking, "Now would be a great time to make an appointment with Dr. Friday to get started with her services," you're 100% correct. Right now, it's a little quiet. We're not quite into the new season. So if you're thinking about using our service or wanting to get on the list, because you all know that basically come January, I'll be booked up for all the way through April. It's just the way it is. I'm very, very lucky that way. But if you want to get on our list or you need help getting organized or getting your taxes started, you need to call us today at 615-367-0819 or email friday@drfriday.com. Check me out on the web drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12One way to reduce your taxes and make sure you're maximizing your 401 K. You have not yet hit the last day of this year to put money into your 401 K, especially an employer 401k You have to have it come out of your paycheck. So if you haven't received your last paycheck yet, you might want to think about maximizing your 401 K. Maybe you can put a little bit more in that's a it's a huge savings. Whatever your tax bracket, you're going to be able to save that deduction. So put more money aside for the rainy day and save taxes today is the perfect combination. And we're almost at the time where you won't be able to do it until next year. So if you got questions, call 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Year end tax planning tips. Let's do it. Do a trial run on your taxes just to see if you have enough money coming out your W four may need to be adjusted. One reason is married or divorced. If you expect to have income that is not subjected to withholding, like selling something, or maybe inheriting something that you might have had a 401 K or an IRA make sure you make an estimated tax payment. Keep your eyes on what's happening in Congress because guys, these tax moments are updated as fast as we can. But right now we know there's several bills out there that could have a huge tax effect on you. If you want to have me help you. All you have to do is give me a call 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12How do you prepare for taxes? Really, first thing, always has one place where you put all of the things that come in for your in your mortgage interest statements, your 1095 A's. If you're part of the marketplace, your W2's, your stock 1099 B's, 1099 R's. Find one place where you can put it my suggestion is also on the outside of that folder, have a checkoff list because throughout the year things happen. We change we get married, we lose jobs, we sell things. Make a note of all of that because sometimes as you get busy, you'll forget and then you have to amend the tax return and that is never fun.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12And I am Dr. Friday. As you all know, I'm an enrolled agent licensed with the Internal Revenue Service. What does that really mean? It means I do taxes and representation. It means I do not work for the IRS. It means that I can stand between you and the IRS. The representation part is going to help you understand what are they really looking for. Is there a way out? Do you have any way of helping to reestablish yourself so you can go and buy a house? Or worried that your main home might have to be sold to pay off IRS debt? Or can they take your car, your home, or your 401K or retirement? I can help you straighten it all out. 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12And if you're thinking, "Now would be a great time to make an appointment with Dr. Friday to get started with her services," you're 100% correct. Right now, it's a little quiet. We're not quite into the new season. So if you're thinking about using our service or wanting to get on the list, you all know that basically come January, I'll be booked up for all the way through April. It's just the way it is. I'm very, very lucky that way. But if you want to get on our list or you need help getting organized or getting your taxes started, you need to call us today at 615-367-0819 or email friday@drfriday.com. Check me out on the web at drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Did you know the government can garnish a criminal 401K to pay RESPA restitution, which basically means if they consider what you've done criminal, for example, if you are misclassifying your employees and you're not paying payroll taxes properly, that it can be turned into a criminal act if it's done enough times, guess what? That 401K that you think is safe and has always been saved from IRS collection can now become part of their collection. So make sure that you have the proper documentation when you're doing your taxes. Make sure that you're doing the best that you can to justify your expenses and that you're tracking everything legally.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12I am Dr. Friday, an enrolled agent licensed with the Internal Revenue Service to do taxes and representation. I do not work for the IRS. I work for you. I'm more like a shield between you and the IRS. So if you're having IRS issues, you haven't filed back taxes, you need some place to start. I am local. So, therefore, you have someone that you can come in and actually talk with. Not like some of these big companies that basically you pick up the phone saying, "Oh, start sending us money," maybe or maybe not they'll help you. We'll be able to find a resolution that will help you and also get the IRS off your back. Call me at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12One way to reduce your taxes and make sure you're maximizing your 401K. You have not yet hit the last day of this year to put money into your 401K, especially an employer 401K. You have to have it come out of your paycheck. So if you haven't received your last paycheck yet, you might want to think about maximizing your 401K. Maybe you can put a little bit more in that it's a huge saving. Whatever your tax bracket, you're going to be able to save that deduction. So putting more money aside for the rainy day and save taxes today is the perfect combination. And we're almost at the time where you won't be able to do it until next year. So if you got questions, call 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:11Misclassified workers remain a priority for the IRS. They now have their own division within the IRS trying to identify misclassified isn't is firms are trying to circumvent payroll taxes. They're treating them as an independent contractor which means that they are not getting the payroll tax that they would if you're an employer's have to pay tax employees pay tax when you're self-employed only the self-employed pay one half of that tax. It's a great way if you're truly self-employed to put more money in your pocket. But if you're caught the penalties will not be worth the amount of money you have saved. Call me at 615-367-0819.Announcer 0:48You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12And if you're thinking now would be a great time to make an appointment with Dr. Friday to get started with her services, you're 100% correct. Right now it's a little quiet. We're not quite into the new season. So if you're thinking about using our service or wanting to get on the list, because you all know that basically come January, I'll be booked up for all the way through April. It's just the way it is. I'm very, very lucky that way. But if you want to get on our list or you need help getting organized or getting your taxes started, you need to call us today at 615-367-0819 or email friday@drfriday.com. Check me out on the web at drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12How do you prepare for taxes? We really, first thing, always have one place where you put all of the things that come in for you in your mortgage interest statements, your 1095 A's. If you're part of the marketplace, your W 2s, your stock 1099 B's, and 1099 Rs. Find one place where you can put it. My suggestion is also on the outside of that folder; have a checkoff list because, throughout the year, things happen. We change, we get married, we lose jobs, and we sell things. Make a note of all of that because sometimes, as you get busy, you'll forget, and then you have to amend the tax return, and that is never fun.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Injured or innocent spouses. Married couples typically file joint returns. The good news is that they usually get a better tax rate and qualify for nicer credits. The bad news is, is that the taxpayer can find themselves significantly impacted by their spouse's financial problems, meaning maybe you're married to someone that has IRS debt or back child support. Those are the huge ones that we run into. And the question is, do you or should you be filing separate returns? Or can you file for an injured or innocent spouse? These are big questions, and they put a lot of money in your pocket. If you need help, all you have to do is give me a call at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12I am an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. I'm kind of like Superwoman between you and the IRS. I do not work for the IRS. I really work for you. But you need that person sometimes because the IRS doesn't always explain exactly what they want. Sometimes they'll send letters saying, "We've just changed your tax return," and you're sitting there going, "Oh my gosh, oh my gosh, what did I do wrong?" And maybe you did nothing wrong. So if you need help, explaining the IRS getting things done, or just getting, you know, some communication started, that's what we're great at. We can help you do that. 615-367-0819 or drfriday.com.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12Employee or independent contractor. That seems to be a million-dollar question. The state, the federal, the IRS, and almost every agency is now looking into this question. The government wants everybody to be employees. Not going to be possible because all of us run our own businesses and we have to be contractors, but the people that work for us, the question is, in most cases, are they truly employees and if they are and the IRS finds out, guys, the penalties are going up and up. So you need to make sure that if you have an employee that you're treating as a subcontractor, make this new year have one new start right. Give me a call if you need help.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12One way to reduce your taxes and make sure you're maximizing your 401k. You have not yet hit the last day of this year to put money into your 401 K, especially an employer 401k; you have to have it come out of your paycheck. So if you haven't received your last paycheck yet, you might want to think about maximizing your 401 K maybe you can put a little bit more in. That's a huge saving. Whatever your tax bracket, you're going to be able to save that deduction. So put more money aside for the rainy day and saving taxes today is the perfect combination. And we're almost at the time where you won't be able to do it until next year. So if you got questions, call 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12And we still have a section 199 A deduction it came back in 2017 as part of the Tax Cuts and Jobs Act. But remember under the new section 199 A it enables the law to allow you if a non Corporation taxpayer can deduct QBI up until December 31 for 10 years. So December 31 of 2017 for 10 years, we're going to have QBI and you're going to be able to deduct it as a tax deduction. This is going to put money in your pocket but understand what QBI is you need to talk to your tax person if you don't have one, call me at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12I am Dr. Friday, an enrolled agent licensed with the Internal Revenue Service to do taxes and representation. I do not work for the IRS. I work for you. I'm more like a shield between you and the IRS. So if you're having IRS issues, you haven't filed back taxes, and you need some place to start, I am local, so therefore you have someone that actually talked with. Not like some of these big companies that basically you pick up the phone and, "Oh, start sending us money!" Maybe or maybe not. They'll help you will be able to find a resolution that will help you and also get the IRS off your back. Call me at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.Dr. Friday 0:12And it's time to really start thinking. We've made it through that Thanksgiving time. Time to start thinking about taxes. We're down to almost the last 30 days. Are you going to be doing a ROTH conversion? Are you going to be buying some sort of a piece of equipment that you're going to use to help pay down? You know, because we can do section 179? These of the times you want to do it. You don't want to wait until the very last day, the very last hour, because the IRS could say, was it really put into service at that time. So make sure you've given enough time so you don't have to worry about losing a tax deduction. Taxes is what I love and if you need help, give me a call at 615-367-0819.Announcer 0:51You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And today is Black Friday. So now's the time to think before you go out and spend a ton of money. Are you really spinning it on the right things? I know. It's a great deal. And it's a time where you want to think about all the Christmas times coming. But remember, if you're putting a ton of stuff on your credit card, and then you're building up credit card debt, and then you're going to be paying 18% interest. I know I'm not the most happy person when it comes to this time of the year but I really want to protect you. Think about paying cash this year. Think about how you'll be able to eliminatctually paying off debt will be a gift that y ou can give to yourself. If you've got tax problems or tax questions, call me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And happy Thanksgiving. I imagine this radio is on right now in the kitchen, where you're basically getting that Turkey ready to go into the oven or the deep fryer. Oh my gosh. Last year was the first year I actually had a deep-fried turkey, and... Let me just tell you; it's going to happen again this year. Deep-fried turkey is now the newest book tradition. If you have any tax questions, hopefully, today is not the day you're thinking about taxes. Maybe you're thinking about family, thinking about people that maybe aren't as fortunate as us. And hopefully, you're spending a little time just giving thanks for the things that we do have because it's so easy to look at all the negativity, but to be honest, many of us are extremely blessed. So give thanks and have a wonderful Thanksgiving.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Home equity loans, the Tax Cuts and Jobs Act of 2017 was suspended from 2018 to 2025. The deduction of interest paid on a home equity loan or line of credit unless it was used to buy, build, or substantially improved the taxpayers homes that secured the loan. Under the new Act, for example, interest on a home equity line used to build an addition to your home is typically deducted but was part of the interest on that if you use it to pay off personal loans, credit cards, or maybe even use it to buy a second property, it is not a tax deduction under your personal loan interest. If you need help, give me a call at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Remember what was talking about in real estate sales? Well, here's something you need to know. Your primary home has a built-in exclusion. If you have lived in that home two out of the last five years, and you've been selling or maybe you've already sold, or you're thinking about selling it, and you're single, whatever you paid for it, for example, you paid $200,000, and now you're selling it for 400, you would have a zero tax you have a $250,000 exclusion. You have a $500,000 exclusion for married couples. So keep that in mind when you get ready to do your taxes. If you sold your primary home, you might not owe any zero taxes.
Dr. Friday 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Second home deduction. I will tell you I seem to have more people nowadays than there has been in the past that are actually living or actually purchasing second homes not as rental properties but as a true second home. Your cabin on the lake, for example, may provide you with more than just the relaxation that we all like to do. It could be a deduction for tax purposes. A qualified second home must have a place to sleep, a toilet and a kitchen facility which could also be guessed what a camper so you may be able to write the interest off on a second home even on your camper. If you need help. 615-367-0819
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Business succession planning. It's not necessarily part of the tax picture. But to be quite honest, I think all business owners need to think a little bit about what's going to happen when you may not want to continue doing what you do. Many people will be able to sell their businesses, but some people cannot. What's going to happen to your business? Whenever you start a business? One of my professors always said the moment you start it, you should already have an exit plan from it. So that's the kind of thing I think we want to start out. We're getting ready to go into a new year. Maybe now's the time to start planning. Not only that, but making sure you have a will, making sure your trust and other documents are all in order.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Cryptocurrency. It is everywhere nowadays. And one of the tax questions on your tax return is: Do you own cryptocurrency? And many people will say "no," and then I find out later they told me Well, I had a little bit I've never done anything with it. The question is pretty simple. If you own it, you need to say yes; if you're buying, selling, trading, or bartering, it is income. If you do not report it, it is tax fraud. It's that simple. So you need to make sure if you are using or buying into, or holding cryptocurrency that, you answer the question "yes," and if you're buying or selling it, treat it like a stock. Make sure you're reporting all of your gains and losses.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 I am Dr. Friday, an enrolled agent licensed with the Internal Revenue Service to do taxes and representation. I do not work for the IRS. I work for you. I'm more like a shield between you and the IRS. So if you're having IRS issues, you haven't filed back taxes, you need some place to start. I am local. So, therefore, you have someone that you can come in and actually talk with, not like some of these big companies that basically you pick up the phone. It all starts with sending them money. Maybe or maybe not, they'll help you. We'll be able to find a resolution that will help you and also get the IRS off your back. Call me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Year-end tax planning tips. Let's do it. Do a trial run on your taxes just to see if you have enough money coming out of your W 4 may need to be adjusted. One reason is married or divorce. If you expect to have income that is not subjected to withholding, like selling something or maybe inheriting something that you might have had a 401 K, an IRA make sure you make an estimated tax payment keep your eyes on what's happening in Congress. Because, guys, these tax moments are updated as fast as we can. But right now, we know there are several bills out there that could have a huge tax effect on you. If you want to have me help you, all you have to do is give me a call at 615-367-0819.
Dr. Friday 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 How do you prepare for taxes? I mean, really. First thing, always has one place where you put all of the things that come in for you. Your mortgage interest statements, your 1095 A's if you're part of the marketplace, your W 2s, your stock 1099 Bs, 1099 Rs. Find one place where you can put it. My suggestion is also on the outside of that folder, have a checkoff list. Because throughout the year, things happen. We change, we get married, we lose jobs, and we sell things. Make a note of all of that because sometimes, as you get busy, you'll forget, and then you have to amend the tax return, and that is never fun.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And I want to put a big thank you out to all of you that have served or are serving this wonderful country. Happy Veterans Day. And, and to be honest with you, any of them as my nonprofit is Dr. Fridays foundation. If you're having tax problems and you have served under the government, you need to give us a call. We have the ability to actually help you for free if you need help with filing or getting out of tax debt. We have helped many veterans get back on their feet. And this is our way of thanking you for doing all the things that you've done for our country. So if you're a veteran and you need help, call us 615-367-0819
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 I am Dr. Friday, an enrolled agent licensed with the Internal Revenue Service to do taxes and representation. I do not work for the IRS. I work for you. I'm more like a shield between you and the IRS. So if you're having IRS issues, you haven't filed back taxes, you need some place to start. I am local, so therefore you have someone that you can come in and actually talk with not like some of these big companies that basically you pick up the phoneand, "Oh start sending us money! Maybe or maybe not they'll help you." We'll be able to find a resolution that will help you and also get the IRS off your back. Call me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And in this moment, I want to tell you to try to hold your stock for at least one year. The reason I say this is because in there we have what's called the capital gains tax rates. And guess what? Part of that is a 0% tax bracket. That's right. So if you're single, including the capital gains that you might have had, that would be $40,000 you can earn, joint $80,000, head of household $54,000. So if you actually add your income plus your capital gains and its long-term, you can pay zero tax. The other rates are 15%, 20%, plus 3.8%. So you may have up to 24% tax as well.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 A charitable contribution is a big thing. And nowadays, people are having a harder time trying to meet those exclusions. I have found that many people are great, and I will tell you I have awesome clients who are very good about giving. But when saying that, giving a car can be a little bit tricky. Because unless the charity sells that car, the only exclusion that you can write off is $500. So if you have a charitable deduction like a car, and they are not going to sell it, maybe they're going to use it or donate to someone else. Remember that that car's value may be less than what you think the blue book value is. If you need help with your taxes, call me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Interest expense. Keep in mind that back on the Tax Cut and Jobs Act of 2017, they reduced the amount of mortgage interest that you can have. Many people basically sold their homes, and then they turn around and purchase a new home. Prior to that change, you could have up to a million dollars. But as of 2018, any home you've purchased moving forward or refinance $750,000 is the maximum mortgage you can have on your home. So if you have a mortgage for more than that, you cannot write off 100% of your mortgage interest. Call me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 What should you know about investing from a tax standpoint? We've already covered one. Make sure you hold your investment over one year, but also maybe invest in a small business because we all know that back in 2015, they actually had a new tax law that allows you if you invest in a small business and you hold that for at least five years, you could be excluded from the capital gains tax on that 100% exclusion. So maybe helping a small company invest in it in the right way, making sure it's set up properly so that their stocks survive, but there is a way that you can get your money back and pays zero tax.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Remember when I was talking about real estate sales? Well, here's something you need to know: Your primary home has a built-in exclusion. If you have lived in that home two out of the last five years, and you've been selling, or maybe you've already sold, or you're thinking about selling it, and you're single, whatever you paid for it, for example, you paid $200,000, and now you're selling it for 400, you would have a zero tax you have a $250,000 exclusion. You have a $500,000 exclusion for married couples. So keep that in mind when you get ready to do your taxes. If you sold your primary home, you may not owe any zero taxes.
Dr. Friday 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Year-end tax planning tips. Let's do it. Do a trial run on your taxes just to see if you have enough money coming out. Your W4 may need to be adjusted. One reason is married or divorce. If you expect to have income that is not subjected to withholding, like selling something or maybe inheriting something that you might have had a 401 K and IRA, make sure you make an estimated tax payment and keep your eyes on what's happening in Congress because guys, these tax moments are updated as fast as we can. But right now, we know there are several bills out there that could have a huge tax effect on you. If you want to have me help, all you have to do is give me a call at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 How do you prepare for taxes? I mean, really. First thing, always find one place where you put all of the things that come in for you, your mortgage interest statements, your 1095 A's if you're part of the marketplace, your W2s, your stock 1099 Bs or 1099 Rs. Find one place where you can put it. My suggestion is also on the outside of that folder. Have a checkoff list because, throughout the year, things happen. We change, we get married, we lose jobs, and we sell things. Make a note of all of that because sometimes, as you get busy, you'll forget, and then you have to amend the tax return, and that is never fun.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And for all of you that are getting ready for Halloween time, here's something really spooky: We're two months shy of tax season! That's right. It's time to start thinking about taxes, people if you don't want to be scared straight, start planning today, I'm an enrolled agent licensed with the Internal Revenue Service. My name is Dr. Friday, and I can help you get on the right track. Don't be looking for all those little ghosts that keep jumping out of the closet in your mailbox when Uncle Sam sends you a love letter. Let me help you start getting things straightened out now. Hopefully, you guys will have an awesome Halloween. Give me a call on Monday at 615-367-0819.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Taxes and divorce. Talk about a bad day. All we have to do is talk about those subjects. But sometimes we need to really talk about those if you're in the process, or maybe by the end of this year, you will be legally divorced. Keep in mind that means that you're going from married to filing jointly, I'm most returns to single, so if you've had your withholding on your paycheck coming out as married, and now you're single, you're going to be short on paying taxes. Take a look now. Prepare now. Don't wait till that tax return is prepared, and then you're like, "Oh my gosh, I owe taxes? I've never had to deal with that before." Need help? 615-367-0819.
Dr. Friday 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 IRA for kids. Let's say your kid goes out and starts cutting grass or doing something outside the household in which they are earning money. Remember that they can start setting aside up to $6,000, which isn't a deferred account, and start growing for retirement college, buying their first home, all kinds of things you can use an IRA for. Start teaching them now when they start earning money, a percentage of it should go towards retirement. Some of it's going to go towards taxes. Let's not live to off a complete paycheck and have nothing saved at the end. Teach this generation to do a little better than ours if you have helped, 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Do you support your parent? Do they maybe live in your house or live in a care facility in which you basically help support them? Remember, there is a tax deduction. This is going to be the tricky part, though, because many of them claimed or have never been claimed, and they received stimulus money. But now that there is no more stimulus remember that that person could be a qualified deduction for you and could put $500 back on your tax return. So if you are supporting an older sibling or parents, somebody that is not supporting themselves, and you have them as your dependents, you could get up to $500 on your tax return.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:13 In the past, we've always been able to find things like job hunting expenses, maybe being able to take off certain amounts of miles, or all these different things. And many of those things fill off in the 2018 tax year. So just remember, I always tell people, even though things have changed a little bit, don't forget to start or keep tracking that information. Prime example: charitable contributions. Now we have something above the itemizing that we're writing off. Who knows when they're going to add back this other information, so continue to track your miles or your medical or any of those things so that way you don't lose out on any tax deductions.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 The Tax Cuts and Jobs Act of 2017 eliminated the deduction of child support and alimony. Alimony being the main one, child support hasn't been a deduction for a while. So anyone that was divorced after the date of December 31, 2018, now, if you're receiving alimony, it is not taxable. If you are paying alimony, you cannot deduct it from your tax return. Which I can be honest with you and tell you that has totally changed the way divorce has come down. Because it used to be we'd work out the numbers to make it best tax advantage. Now, we're looking at how we can save the most for the person paying.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 People are always asking me what's the difference between a tax credit and a tax deduction? And one can be a lot more effective than the other. For example, if you take a tax credit that is $1 for dollar deduction on your income, so if we say your tax liability is a tax credit of $1,000, you will reduce your taxes by $1,000. Whereas if I say you have a tax deduction of $1,000, that would be pinned on your tax bracket, which could mean that if you're in the 22% tax bracket, you may say $220 Big difference. If you need help with taxes, call me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 If you were in an installment agreement prior to the whole COVID and you haven't been able to get it to reset, make sure that you have all the tax returns that you were supposed to have filed filed. They're rejecting a lot of them because they're saying people are not in compliance. I found one that actually had nothing to do with their tax ID, but she had some back 941 and 940 situations that we have to deal with. So that way, she was still out of compliance because she hadn't filed all the forms actually hadn't closed the business properly to handle that. So if you're not sure why you're not able to set up your payment plan or you just need help get in dealing with the IRS. I'm your girl. 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Home equity loans. The Tax Cuts and Jobs Act of 2017 suspended from 2018 to 2025 the deduction of interest paid on a home equity loan or line of credit unless it was used to buy, build or substantially improve the taxpayer's homes that secured the loan. Under the new Act, for example, interest on a home equity line used to build an addition to your home is typically deducted but was part of the interest on that. But if you use it to pay off personal loans, and credit cards or maybe even use it to buy a second property, it is not a tax deduction under your personal loan interest. If you need help, give me a call at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Federal Tax Code encourages charitable contributions after the age of 70. You may be able to make this directly from your RMD or the Required Minimum Distribution of your IRA. Up to $100,000 or 30% of your AGI. Come on guys, if you're over 70 and a half, and many of you I know I do a lot of your taxes, actually are incredibly giving individuals. It is so much better to be able to give pre-tax than after-tax. If you don't know what I'm talking about. You need to be calling me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Injured or innocent spouses. Married couples typically file joint returns. The good news is that they usually get a better tax rate and qualify for nicer credits. The bad news is, is that the taxpayer can find themselves significantly impacted by their spouse's financial problems, meaning maybe you're married to someone that has, guess what? IRS debt or back child support. Those are the huge ones that we run into. And the question is, do you or should you be filing separate returns? Or can you file for an injured or innocent spouse? These are big questions, and they put a lot of money in your pocket. If you need help, all you have to do is give me a call at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Interest expense. Keep in mind that back on the Tax Cut and Jobs Act of 2017, they reduced the amount of mortgage interest that you can have. Many people basically sold their homes and then they turn around and purchase a new home. Prior to that change, you could have up to a million dollars but as of 2018, any home you've purchased moving forward or refinance $750,000 is the maximum mortgage you can have on your home. So if you have a mortgage for more than that, you cannot write off 100% of your mortgage interest. Call me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Again for my entrepreneurs, remember that health insurance premiums for the self-employed are 100% deductible for your insurance premiums on an above-the-line deduction. Meaning, guys, it's going to reduce your income. I have reviewed many schedule C's, and I have found that a lot of people think that they have to put that on Schedule A. They do not itemize it off of Schedule C. It will not reduce your self-employment tax, but it does reduce your ordinary income tax. Also, think about health savings accounts because those accounts actually reduce your income, and you're spending money that is not taxed yet. If you need help, give me a call.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Student loan interest. This can be a tricky thing because a lot of times, parents have actually gotten the loans for the kids because they wanted to help them out. But the parent's income is too high to truly qualify for the $2,500 interest that you can deduct from your student loan. Did you know you could gift that money to your child, and they can deduct it from their tax returns? This may be a little loophole that you haven't maximized. We don't want to leave any money on the table. So if you're not sure if you're maximizing your taxes, you need to call me, Dr. Friday at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 We all know that the tax law changed back in 2017 when they pretty much eliminated, starting in 2018, the 2106 or Expenses for Employees. But if you are a self-employed individual or you receive a 1099, remember that mileage is still out there for all of you, and you may be able to deduct your auto from what you do to make your income. So, for example, if you basically driving miles back and forth, you have the ability to write off those miles at 56 cents a mile and 2021 charity miles will be 14 cents a mile, and moving or medical is 16 cents a mile if you need help? Call 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 I am Dr. Friday, an enrolled agent licensed with the Internal Revenue Service to do taxes and representation. I do not work for the IRS. I work for you. I'm more like a shield between you and the IRS. So if you're having IRS issues, you haven't filed back taxes, you need some place to start. I am local, so, therefore, you have someone that you can come in and talk with. Not like some of these big companies that you pick up the phone and "Oh, start sending us money!" Maybe or maybe not, they'll help you. We'll be able to find a resolution that will help you and also get the IRS off your back. Call me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 This I like to think of is more of the hidden tax: the alternative minimum tax or AMT tax. A lot of people don't really know about it until they actually have to pay for it. The tax cut and Jobs Act of 2017 increased the AMT exemption amounts, which really hadn't changed in like 20 years. Now, it will actually go with inflation. But remember, AMT can kick into higher income interest income from private bonds, large capital gains, and exercising incentive stock options. That's a huge one when your company gives you stock and you may have to pay AMT which is higher than capital gains rates.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And one of the calls we received on the radio a few weeks ago came in, and they were talking about collectibles. This person had a baseball card that was going to be worth over a million dollars. And what he was thinking was long-term capital gains because he's owned it for six/even years. And I had to correct him and say, "Hey, wait on collectibles, it goes up to 28%." That's right. So if you've got precious metals, you've got antiques, you have collectibles, the government looks at those differently than they look at stocks or other investments. So if you've got something that's collectible and you're thinking about selling it, you better call us at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Adoption tax credit. For those who adopt a child, you can receive a credit of up to $14,440 is qualified adoption expenses are required for the year 2021. Or if you adopt a child with special needs, again, $14,440 is what you can adopt. And the perfect part about this guy is if you don't need it in one year, it will roll over, so you won't lose that adoption credit; you will be able to use it throughout the next year or two. So you know, for all those that do adopt, this is an awesome credit. You can reach me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 People always ask me, "What's the difference between a tax credit and a tax deduction?" And one can be a lot more effective than the other. For example, if you take a tax credit, that is a dollar-for-dollar deduction on your income, so if we say your tax liability is a tax credit of $1,000, you will reduce your taxes by $1,000. If I say you have a tax deduction of $1,000, that would be pinned on your tax bracket, which could mean that if you're in the 22% tax bracket, you may save $220. Big difference. Do you need help with taxes? Call me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 I am Dr. Friday, an enrolled agent licensed with the Internal Revenue Service to do taxes and representation. I do not work for the IRS. I work for you. I'm more like a shield between you and the IRS. So if you're having IRS issues, you haven't filed back taxes, you need some place to start. I am local, so, therefore, you have someone that you can come in and talk with. Not like some of these big companies that you pick up the phone and "Oh, start sending us money!" Maybe or maybe not, they'll help you. We'll be able to find a resolution that will help you and also get the IRS off your back. Call me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And today is April the 15th. The final day extensions need to be filed. Tax buttons need to be hit to E file taxes need to be paid. If you are thinking, "Well, I'll just mail a check." I'd say think twice, go to irs.gov, and then you can click on Pay and make the payment. I know you want to wait until the last minute for the IRS to get your money out of the bank. We have seen too many times where the IRS has lost those checks. If you need help today, call us at 615-367-0819, or you can check out the web at drfriday.com.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 If you are the president of an 1120 Corporation nonprofit, I would say now is the time if you have not filed those taxes; you should probably get your extension, and it's due tomorrow. So you might as well go ahead and get a headstart. I'm filing those extensions. I know I'm always pushing extensions, but it's a way to save tax penalties. And if right now you can't file tax returns, be that a business or a person, and you fit into that criteria. Filing that extension gives us that little extra time to get together the tax records to go through and have my accountants or bookkeepers put together the information so we can give you a perfect tax return and save you tax money.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:13 If you can't find your tax records at this point, you can go to irs.gov and pull up your transcripts. It's a really cool little site, and it gives you the ability to pull up copies of W2's, 1099, and mortgage statements. Also will show you if you have any open balances that you may or may not know of. Also, you can set up a payment plan on this, or you can figure out where and what you need to do to be in compliance with the IRS. It's a wonderful tool. Again irs.gov. And then, you can sign on looking for your transcripts. This would be a great way for you to start doing your taxes correctly.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:13 And we are trying to review information on what should people be doing in the year 2022. We're here. If you owe taxes and 2021, we need to make adjustments. If you're thinking about doing a conversion, quitting a job, or taking other money out of retirement accounts, all of these different things will add up to how will affect your taxes. Preparing for that will help you understand how much money it costs, and keeping you in the 12% or the 22% tax bracket is what we're very good at. And if you have a financial planner, let's get together with all of them so we can try to find ways to save you tax dollars.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 We are almost at the end of the tax season for 2021. And we need to think. What can I do not have to pay the extra money, but I don't have all my tax forms; you need to file an extension. And if you think you're going to owe, you need to send in some money. Either way, filing that extension will delay penalties and give you more time to file the tax forms. Again, it doesn't stop the tax penalty on not paying the taxes, but it doesn't cost you any money. And it's free to file an extension and will save you at least 25% on failure to file penalties. Check out the web today if you need help.
Dr. Friday 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And taking the time during tax season to also look at the current year is essential. Because sometimes big things happen, and you need to understand how that will affect your taxes, and sometimes something happened the year before, and you need to make adjustments to the current year. Something happened as far as selling stocks or you lost the job or you're going to go on to Social Security, all these things, maybe you're doing a Roth conversion, all of these different things are coming into play. And if you understand how they affect your taxes, you'll find ways to put more money in your pocket and pay less to the IRS. But if you need help, go to my website, drfriday.com.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And I am here to help you. I've been doing it for the last 20 years, the last 12 years here on this radio station. And if you have problems, you're getting love letters; you're overwhelmed because something has happened, and you're unsure which way to go. When it comes to taxes. I'm the person that can help you. It's not that hard to get ahold of me. You can simply either pick up the phone at 615-367-0819. You can email me. It's very easy. It's friday@drfriday.com. Or you know what, just check me out on the web. It'll tell you some of the services I offer and how I might be able to help you, and that's Dr. friday.com.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And I forgot to tell some people, and I realized when I was doing taxes that one of the things that changed in 2021 is that we had a 100% meals deduction. They were trying to encourage business owners to go out and meet clients and try to use those businesses to give them more money in the small business sector. And so they allowed us a 100% meal instead of 50. And so again, sometimes knowing these little things can put more money in your pocket. Make sure that you understand what tax laws are gonna affect you because there are a lot of them out there and sometimes you get bogged down with the things that aren't important. If you need help. Go to the website, drfriday.com.
Dr. Friday 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And this year is flying by. We've already finished the first quarter; we're getting ready to look at quarterlies for 2022, completing taxes for 2021 installment plans, or offering compromises. Those are all in play. And the IRS is doing a little better job in trying to communicate what they want from us as far as trying to make these deals. But it would help if you had someone to represent you. You need to make sure you're making your quarterly estimates. As an entrepreneur, that is something we're supposed to do. And you're not supposed to wait until the end of the year. There are penalties for that. And if you want to try to keep more money in your pocket, you need someone like me to help you understand your tax liability.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And this is for individuals that are on Medicare or taking Social Security. It may be in the 2021 year you actually ended up with a really high income because of a sale of something. It is possible to file married filing separately; it may save you on the Medicare tax as far as we all know; Medicare is means-tested, they will charge you, and they're always working almost two years behind, but they'll increase the amount of money, and it's possible that we could actually only have one person infected instead of two, but this has to be done prior to filing your tax return. If you need help understanding how we can help you save tax dollars.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:13 The IRS has just announced that they are not going to be auditing anyone for the year 2021. Haha, April Fool's people. Never going to happen based on the new Build Back Better that's coming through. We're going to see a lot more agents on the road on the phones and bugging us for money. So just keep in mind that truly the IRS can audit any individual go back up to three years and they can take up to well hundreds of 1000s of dollars. So if you've got a love letter saying that the IRS is looking at your taxes, you need to get an expert like myself to help you represent you for the IRS.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 We are almost doing the 2022 tax season almost finished filing, there are only a few more days left. And it's time for you to start thinking, "Do I need to file an extension?" I push extensions a lot because if you file an extension, it eliminates a huge penalty which is 5% up to 25% of filing late. That is a huge penalty by just simply filing an extension and getting the taxes filed. Don't just file it and let it go for years. But file it send in some money if you have it and you think you're going to owe money and then that way you can keep more money in your pocket.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 The fastest way for you to get your tax refund is e-filing. It's that simple. Many people are sitting there going, "Well, I'd rather mail in my returns." The problem with that is, is that the IRS is still sitting on millions of 2020 tax returns. So we figure out how long it's going to take for you to see your 2020 ones mailing in returns is going to delay the system if that's what you want to do, you probably will successfully get that done. But if you're really looking for your refund, the fastest and most efficient way, put in your bank account number, put in your routing number, and then e-file that return, and then you'll get your money in a few days.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Employee retention credit. I've talked about this for the last couple of years, it has to do with employers that had employees that worked through the pandemic actually worked 2020 and 2021. And if you had a loss of income, or if your business was closed, you could qualify for up to $5,000 per employee during this time, that's quite a bit of money in your pocket. And that could help a small business owner survive a little bit longer. So if you need help, or if you haven't filed and you're like, "Oh, wait, I don't know I could do this." This is something that's still on the table, and we can help you get that money in your pocket. Give us a call today.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Charitable contributions are on the table. Remember, this has to be a cash contribution and you can have 300 for a single 600 for a married. The reason I keep hitting this guy is that a lot of people come into my office and they're saying, "Yes, I gave money to Goodwill. Yes, I gave money to the Angel Tree." And we all know that most of the cases are not money. It's clothing. Are you shopping for a child? Those are not cash contributions. If you went and tied that to your church or you gave cash to the Angel Tree, which is done all the time, that's perfect. I just want to make sure that if you get questioned by the IRS, you've got cash receipts, not clothing receipts.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 I'm an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. That's all I do. I've been doing this for 20 plus years here in the Brentwood area. I am local to my listeners. So that means when you hear me on the radio, you can physically come down to my office and we can talk. So if you need help dealing with the IRS, if you need help trying to get back on track with the IRS, or maybe you just need a simple payment plan and you're not able to do it yourself. You can give us a call. We'll be more than glad to have one of our experts help you get back on track. That's what we do. It's what we've been doing for 20 plus years and I'm here to help you get straight with the IRS.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:13 The tax law changed at the end of 2018 when it came to alimony. Many people seem to be a little confused about how exactly that's supposed to work. I had a case that came in my door just the other day where she thought because they changed the law and said alimony was not taxable income. She hadn't been reporting it for the last two years, almost three, and in that case, she was getting hit with a lot of love letters from the Internal Revenue Service. Sometimes guy's tax law can be confusing. Sometimes you hear something or read something on the internet and the next thing you know, "Oh, that applies to me. I don't want to pay these taxes. Get the expert to help you out. So call me today.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 How do we really track income? I mean, if someone just gives me a little cash into the table and I go and do some work, is that really income? Well, in all honesty, yes. If I barter if I say, "Hey, I've got 20 bales of hay here and you've got a cow, and I want your cow and you want the hay." That is a business transaction. I know many of you are sitting there going, "Oh, this girl is crazy. No ones gonna know about it." But you know about it, and it could come up if one of you is audited. That's when most of my clients come walking in the door because someone else got audited and it brought them to the attention of the IRS. Make sure you file everything then you can sleep at night.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Record keeping as an entrepreneur. We are responsible for tracking the income coming in and the expenses going out. Was responsible for making sure 1099 are issued to people that we pay more than $600 for a service. So if you have a rental property, you are in business, and guess what? That lawn person most likely earned more than $600 If you had someone come over and do some handyman repairs, or if you had a painter come in and they are not a corporation. That means it ends with SEO or INC most businesses in Tennessee are LLC. We should be issuing those individuals 1099s or we could be fined.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 We've talked in the past and where I'll keep talking about hobbies versus businesses. Many people will come in and they'll tell me, "Well, I have this business, but I never really got it started. But I put $20,000 into it. And I just, I can't do it. My job got busier." And guess what? The IRS is gonna say, "If you started a business while you were still employed somewhere else, and you didn't have the time to start it, guess what? It was never a business." You may have gone and taken a trip and you might have brought a bunch of inventory. You might have even started a website. But if you did not actually start building the intent to actually succeed. The IRS very likely can disallow those expenses.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And we are working hard trying to get through the 2021 tax season. And we're all finding out tax forms aren't perfectly correct. We can't find a basis on capital gains, you've sold something and we can't find the cost basis for a home that you inherited three years ago. Take a breath. There are ways to find this information out. We can help you find the best ways to accomplish getting that information. But the first thing you have to do is give us a call. And then once you've got us on the phone, explain your situation or just email us at friday@drfriday.com. We're here to help you.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:13 As an entrepreneur I think one of the hardest things that most of us think about is retirement, putting money aside for that day that we might not be able to do which I hope is never do what I do. But if you are a self-employed person there is a thing called a SEP, right? And you can maximize that SEP at $58,000. You can also have a SIMPLE which would max out for my age 165 if you're under the age of 50, 135, and a 401k. Most employers they're expensive for small businesses but bigger employers are $19,500 or $26,000 if you're over the age of 50.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:13 If you miss the deadline of March 15 for your business tax return, today's the day you really want to send it. It's that simple. You're going to get hit with some severe penalties if you haven't filed your corporate or partnership tax returns. If you need help making sure that this information is done correctly. It's not a hard thing. You could check me on the web at drfriday.com. You can pick up the phone at 615-367-0819 or maybe it's easier to explain your situation by just emailing me and it's an easy email Friday, which is my first name, friday@drfriday.com.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And this is for all individuals to file partnerships. That would be 1065 limited liabilities with multi members, corporations, sub S corporations, not 1120s but all of you would have to file today. Today is the deadline March 15. Or you need to file an extension and if you need help with that there should be someone online today. We'll help you file that extension at my office. The phone number is 615-367-0819. If you're one of my clients and you just want to confirm your extensions have been filed again 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Tax deadlines are important. March 15, the 1120S, 1065. If you have an April 15th, you have 1014, 1120s many nonprofits 990s are due. These are important deadlines because the penalties will go up by 25% if you haven't filed those taxes on time or an extension. Again, extensions are great, giving you the time to do everything correctly. It does not extend the money you owe. But making sure you know when your taxes are due and how you can extend that deadline could save you 25% in taxes.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Again, we are in the middle of tax season, it's busy. And if you don't have all of your tax documents right now, I'm going to suggest that you think about filing an extension. It's a little early and remembers, an extension does not extend the amount of money you owe. What it will give you is the time to prepare your taxes correctly. Not just throwing a bunch of numbers on a piece of paper because you're afraid you're not going to get them done on time. And that is very important. You don't want the wrong information going to the IRS. It's going to take a year or two to fix that information. Better to file an extension, get it right, but maybe send in a little extra money to cover your taxes.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 So, now you have prepared your taxes for 2021 and you owe money. What's the next step? If you have a real job, this next step is getting a W 4 from your employer or downloading it and preparing it so that you can take out extra money. Maybe you're claiming you have three children, maybe you truly do have three children, then you might want to go down to two children so you have a little bit more come out. Or you can take the dollar amount that you owe divided by the number of paychecks and have that extra dollar amount come out of your paycheck. Give that W 4 to whoever prepares the checks and that way then you've got a head start on the 2022 tax year and maybe you won't have such bad news when filing taxes.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:13 You know, a lot of times especially nowadays, it seems like people are looking at all kinds of ways, "Where can I put my money?" So we've got people that will go into the cryptocurrency, you've got people that go in the stock market, and there seem to be quite a few people that are into the collection of currency, meaning coins that are the collectible coins, gold bar, silver, any kind of precious metals or antiques, because those are places where you can actually grow your money as well. And understand that if you are into precious metals and antiques, the tax code instead of being capital gains is 28%. So make sure your money is working for you.
Dr. Friday 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 I need to try to understand why so many people walk into my office and they seem to be upset because they are not itemizing. Now, let's regroup here. If you don't spend 12,550 on property taxes, mortgage interest, and charity, the government's going to give you $12,550. So to me, it seems like this is a great thing. And if I did give an additional 300 to charity in cash, they're going to give me that too. So, don't worry about going into debt just so you can itemize. The best thing is to take the standard deduction and put the money in your pocket.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:13 You're off the hook for fines if you pre-pay taxes or have additional withholdings, at least 90% of what your 2021 tax bill was, or 100% of what your 2020 taxes are. So the bottom line is if you want to always avoid maybe you had a big sale in 2021, maybe you had a big situation. Guess what? 2021 seems to be a big year for people to sell real estate which is going to make it interesting because we have to pay at least 100% of this year to eliminate penalties for next year which may be way overpaying your taxes
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday Tax and Financial firm. To get more info go to www.drfriday.com. This is a one minute moment.
Dr. Friday 0:12 Completing your taxes should be on the list of things to do people. It's not one of those things that's gonna fix itself. I know life isn't always easy. And I also understand sometimes people, you know, life gets in the way. But when it comes to tax preparation, sooner or later, you're going to have to deal with it. It's not something that's going to disappear. "Oh, well, if I don't file it this year, you know what, I'll just file again next year, or I'll wait until it's a good time for me." The IRS has a plan. It's that simple. They will eventually file a tax return on you and they're not going to give you any expenses. No, husband and wife and they're going to make you pay a lot more money.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday Tax and Financial firm. To get more info go to www.drfriday.com. This is a one minute moment.
Dr. Friday 0:12 I am a tax expert. I'm an enrolled agent. So when people come in and ask me, "Should I have an IRA or should I have a Roth? How should I invest?" I am not the right person that you're going to be talking to. All I can do when you're asking, "Should I convert from a standard IRA to a Roth? Should I put money in a Roth or an IRA?" To tell you how much today you can save or it will cost to do those. If you need to talk to someone about financial planning, don't make that your tax person. We are really good at instant gratification. Today, I can tell you put money in an IRA you'll save. If not, you won't save. That's what a tax expert does.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday Tax and Financial firm. To get more info go to www.drfriday.com. This is a one minute moment.
Dr. Friday 0:13 I am a tax expert. I'm an enrolled agent. So when people come in and ask me, "Should I have an IRA or should I have a Roth? How should I invest?" I am not the right person that you're going to be talking to. All I can do when you're asking, "Should I convert from a standard IRA to a Roth? Should I put money in a Roth or an IRA?" To tell you how much today you can save or it will cost to do those. If you need to talk to someone about financial planning, don't make that your tax person. We are really good at instant gratification today. I can tell you put money in an IRA you'll save if not, you won't save. That's what a tax expert does.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday. President of the Dr. Friday Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Let's talk about crypto, staking ,mining, holding, loaning. There are so many different ways that you can actually make money with crypto and also lose money with crypto and then reporting that on your taxes. Yes, every time you have a transaction going from one type of cryptocurrency to another one type of mining to another holding loaning if you're loaning guess what the money you're being paid is interest. It needs to be reported. Don't try to think you're going to outsmart the IRS. You know, because in my opinion, I like to sleep really good at night. So if you're dealing with cryptocurrency, why don't you give me a call.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday. President of the Dr. Friday Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 For all of you that have 1065, 1120, 1120 S's. Remember, tax deadline is March 15. That is coming up very, very fast. And if you don't already have an appointment, you either need to file an extension, or you're going to need to make sure there's someone that can prepare those tax forms for you. Those aren't easy forms and in most cases, that's where I find the most mistakes is in separate entity type forms. Because sometimes people just aren't sure exactly what they're completing. So if you've got one of those entities and you need help or a franchise exercise, you need to call our office today at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday. President of the Dr. Friday Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And one of the greatest tax breaks as far as I'm concerned for individuals in retirement is the Qualified Charitable Deduction. The IRS is already basically mandating that you have to start taking money out of your IRAs, or your 403 B's. And that's one of the things that you're sitting there going, "Well if I have to do this." But also I have found a large number of my clients at least give money to charity, so why not give it dollar for dollar go to the custodian say, "Hey, I wanted this money to go here. This might have to go here." You're paying it out of your pocket anyway, why not take it out of your pocket tax-free versus paying the taxes and then give it to the charity? This would be a smart way to save taxes.
Announcer 0:51 You can catch the doctor Friday call and show live every Saturday afternoon from two to 3 pm right here on 99.7 WT N
Dr. Friday 0:00 Good day. I'm Dr. Friday, President adopted Friday tax and financial firm. To get more info go to www. Dr. friday.com. This is a one-minute moment.
Dr. Friday 0:12 If you've prepared your 2021 taxes and you owe money, you need to take a look and figure out what's going to be the easiest way. So that way when you get ready to do 2022, you don't owe money. No one wants to have to pay money in one way or the other, you're gonna pay it but it's a lot easier if you can pay it without penalties and interest, which is what you might have if you prepare your taxes and wait till the next year versus having a little money come out of every paycheck. So if you've got a side job, maybe you've got a real job, and then you do something on the side, have the real job. Start taking a little extra money out of every single paycheck so that way when you do your taxes, you're not sitting there trying to figure out how to pay him.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President adopted Friday tax and financial firm. To get more info go to www. Dr. friday.com. This is a one-minute moment.
Dr. Friday 0:12 They did not change the annual amount excludable for gift tax. So again, $15,000 per person. So if you are an individual that wants to try to help your child buy a home, or maybe you're just trying to maybe give some money so that way, you don't have to worry about it later in life, then you might want to start thinking about $15,000. If you're married, your wife can or husband can give 15 to each individual. So if you got three children, each of them can get 15 from each of you. This will be a way for you to help the kids out while you're still living and you're not going to have to pay tax when they give that money to them. If you got questions call me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President abductive Friday tax and financial firm. To get more info go to www. Dr. friday.com. This is a one-minute moment.
Dr. Friday 0:12 We are finding more people are paying more money this year. Part of it is because of multiple jobs. If you start a new job after you've already worked and made 20 or 30,000, then you start another one. They're going to start the tax code all over again. So people are finding they may owe money. Same thing if you have the advanced tax credit on the child tax credit because they're going to end up having to pay that money if you owe the IRS. Don't delay. Set up a payment plan at the time that you're filing your taxes. Don't wait for the IRS to send you a love letter. Don't wait for them to contact you. The easiest way is to start making your payments so you don't owe them as much when the time comes.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President abductive Friday tax and financial firm. To get more info go to www. Dr. friday.com. This is a one-minute moment.
Dr. Friday 0:13 If you are an individual here and you're trying to get your tax numbers and you're filing under a form called a W 7, the IRS has come back and said they have a huge backlog on that. And for individuals that may not have been born in the United States or received a social security number, this is the form that you would file to obtain a social security number for the ability to file taxes. And this is what you're going to need if you're trying to get citizenship at some point and that W7 is now being backlogged. So just be prepared. You may have to worry about an extension or filing some additional documentation, but it will come through and then we'll be able to file your taxes. Call me later.
Dr. Friday 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President abductive Friday tax and financial firm. To get more info go to www. Dr. friday.com. This is a one-minute moment.
Dr. Friday 0:12 And many of you are coming in and saying, "Should I file my 2021 because I still haven't received my tax refund from 2020." The IRS did come back and tell us back actually in late, late November, that they had about 6.8 million 2020 individual tax returns to still do and that was compared to about 7.8 a month earlier. So at this point, they're making a million a year a month, excuse me, then it's still going to be a while before. So my suggestion is to file your 2021 we can deal with your 2020 even if you'd haven't gotten it yet they will be paying interest. If you have money. Coming back to your pocket.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Charitable contributions. You guys are now in there preparing your taxes, you're getting ready to hit the send button. Don't forget that when I talk about charitable contributions, it has to be cash. If you're going to do above-the-line charitable contributions. That means you're taking the standard deduction, and then an additional 300 for single or 600 for married. It does not include if you went and gave clothes or you did food or those wonderful things. This only has to do with cash. Make sure that you're taking the tax law and doing it correctly. The last thing you want to do is get a few dollars now on your tax return and pay later with penalties and interest.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 My name is Dr. Friday. I'm an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. I've been doing this for 20 plus years. And the one thing about me is I'm a local guy. You can hear a lot of people on the radio and many of them when you talk to him, you'll find out there in other states, you'll never get a face to face. And if you're having IRS issues, you need someone that's going to be there when you need them, not have to leave a message and hope that you can do a FaceTime with them. If you need help, and you want to have an expert that's been doing this for quite a few years, you need to call my office at 615-367-0819 or check me out on the web, and you'll find out a lot more about Dr. Friday.
Dr. Friday 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Many of you may have found when you're preparing your own tax returns, that there's a new form also, really, it's more of an updated form an 8812, Is the credit for qualified children and dependents, it's going to be a bit longer, and they're going to ask you a bit more questions and also going to confirm information about who should be claiming this child. So if you're claiming a child that is not a direct descendant of yours or a child that you're not legally allowed to claim, you're going to be asking a lot more questions here that you might find a little bit harder to take a child that's not yours. Remember, if that child does not live with you for six months and one day by the IRS standards, that child is not your dependent.
Dr. Friday 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 If you're doing your own taxes, you may have found a couple of new forms. In 2021 partnerships and S corporations have a couple of new schedules, we have a K2 that now is going to show the distributions. We have a K3 on 1065. That's going to show additional deductions in income and credits. A K2 under 1120 S. Again showing ratios to deductions and we have the K3 that's also going to be showing deductions so this will be on 1065, the 1120s, and the form 8865. So if you perform or do taxes, make sure you notice we've got a few changes.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 The child independent deduction for 2021 was fully deductible. That means you get dollar for $1 deduction up to $3,000 per child, if they're over the age of six and 3500, if they're under. The limitations are that if a single person's AGI is over 80,000 or married couples, it's over 160 you will not qualify for those credits. So just make sure again, doing your taxes, make sure that if you're doing them yourself, read the questions make sure they apply if you've got a 17 year old that's filing their own taxes, even though they're only 17. It may not mean that you get any credit for them. Check your numbers.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:13 EIC, earned income credit without children. Did you realize that if you are someone that may not be making a lot of money, so if you're a single person without children and you make less than 21,000, or married person without children make less than $27,000 then you might qualify for the earned income credit. This is something that they will give you as an advance payment to help pay. It is a workout of about 15.3%, and that could give you up to $1,502 in additional funds. So if you're having a hard time and you're like, "I can't find a job I can't find a way at work." Maybe filing your taxes will put a few dollars in your pocket.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 The 2021 recovery rebate credit also thought of as the stimulus was something that they gave us an impact for the economic hardship people were facing. This is the third payment. It is $1,400 for a single, $2,800 for married filing jointly, and 14 for each dependents. No matter what that dependent was. It could have been an adult it could have been a grandparent. Either way what you have it might have been now the limitations is $80,000 for single 120 for head of household and 160 for married couples. So if you didn't qualify for that, because of your 2020 taxes, you will qualify possibly 2021.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Changes to the educational credits. The repeal of the CA under the 2200 deduction for qualified tuition and related expenses. Instead it increased the phase out limits to lifetime tax credits to 80,000 for head of household or single and 160,000 for married filing jointly. Again, this all started as a December 31, 2020. So in the year of 2021, even if you didn't qualify last year or the year before in the year of 2020, you might qualify in the year of 2021. Don't just think because you didn't qualify once that you won't qualify again. Check your taxes.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday Tax and Financial firm. To get more info go to www.drfriday.com.
Dr. Friday 0:10 Mortgage forgiveness debt relief. The maximum amount of discharge debt out of principal residents through foreclosure or debt reconstruction may be excluded from your income, up to the lowest is 2 million down to $750,000. And this was a limitation applied back in December 31, 2020 and it runs all the way through January 1 of 2025. So basically, you have the ability to basically think about. If you're upside down you need to reconstruct because 2020 was a really bad year 2021 didn't get a bunch better, take a look at what you can do, and that won't affect your taxes. Be smart.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Scams. There are so many different scams out there right now. So let me just basically say use common sense. There's been a big notice that came out and they basically are saying there are letters that come to that look like they're from the IRS. There are phone calls, they're saying that they're calling from the IRS. There are people from the Social Security Administration saying that your social security number has been hacked. You know the first thing you want to do is hang up on those people. I don't care if it truly is those and call the offices that are directly associated. Call the IRS to call the Social Security Administration. Talk to someone that knows your account. Don't fall for a scam.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 QBI. We've talked about it a lot. It's section 199 A, and this has been on the books since 2018. But it has made it much easier for people with rental properties. I've done many tax returns where I found out people weren't taking it in the past. You can qualify for this in many circumstances. Now if someone else is managing your properties, you don't qualify. There are some fine lines. But of course business owners, if you're part of a partnership or corporation and you're participating, you will qualify. And this is another way of getting a deduction on your tax return that can be quite substantial. Give me a call if you have questions.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 AMT tax is one of those hidden taxes it's a tax code within the tax code. Leave it to all of us to find ways that we can do something about taxing somebody twice. AMT is an exemption amount and phase-out limitations in the years of 2018 through 2025 are basically you're exempt up to a married file couple 114,600. Head of Household 73,600 and married filing separately in 57,300 and singles 73,600. But you guys, he this is a sneaky tax if you're selling things, especially if you've sold and made a good profit, make sure you understand the taxes.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Student loan forgiveness. From March 13 of 2020 through January 31, 2022, the interest rate was zero, and payments were suspended for federal student loans. Now, that doesn't mean they are today. Because as we know, they're going to be making them active. And the important thing is they are going to basically start taking some of these back on wage garnishments. After the first of February they basically we're going to start looking at student loans again. So if you've got a student loan, now be the time to make some phone calls. See if there's any way that you can either settle it, suspend it, or get it to refinance. Either way, you want to deal with it.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Discharged student loan debts. For the years 2018 through 2025, student loan debt that is discharged due to the total and permanent disability or death of a student is totally excludable from income. Very important to understand because sometimes what's going to happen is you're going to get a 1099 C, and then they're going to turn that so you got discharged but now it's income to you. The same thing can happen when people get credit cards discharged from their credit. It's important to understand that even though they're giving you a break on one side, they are going to make you pay taxes on the other side and the last person you want as a loan officer is the internal revenue service.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Gambling losses and expenses. Remember losses still stay on schedule A which is a little bit harder now for people to use. Because if you went gambling and you only have a $5,000 gain, and you might have had $5,000 in losses, you've already got the standard deduction of $25,100 as a married couple, you may not actually be able to claim those losses. And nowadays with the online sites for sporting, I am seeing more and more individuals reporting gambling gains and losses that they might not be able to claim on their tax return. So, really understand how these things work so that way you're not surprised when the IRS is billing you more money.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:10 Casualty and theft loss. Personal casualty and theft loss for individuals sustained in the tax year after 2017 are deductible only to the extent that the losses are attributed to the federal disaster. This is very difficult for people to understand because, for many, many years, we were able to take if you had a fire in your home, or if there was some sort of water damage, you could claim these losses. Now we only have it if the federal government clears that area as a disaster area. So if there was and we've had several in the last couple years right here in Tennessee, and you've had a home loss or home damage, and you haven't claimed those losses, maybe it's time for an expert to take a look at your taxes. Call me today.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Child Tax Credit. We all know there was an increase and there was an advance, but how much was that increase? So it comes down like this: If you have a child under the age of six in the tax year, so if the child was under the age of six in the year of 2021, meaning they don't turn six until 2022. They're going to re-qualify for $3,600. If you have a child that's between the ages of six and 17, again, not changing their age until the year of 18, you're going to get $3,000 This is really confusing for many people, because when they walk in, they're like, well, they were six for half the year so don't think you'd have the credit. The answer is no.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 We'd like to talk about capital gains, but there's also the extra tax on things like cryptocurrency. Is that really a collectible or antique? Is it more of a stock? What is it and how is it taxed? Great question. Well, the IRS has come down and said that they're going to treat it as capital gains. But you sitting out there listening to me as you're driving in your car, and you're saying, "Well, the IRS doesn't know if I own cryptocurrency." Guess what? The last two years they've asked that question right there on your tax return. And if you have said no, and then you find out that you've been buying and selling, they're gonna hit you with a 50% penalty for failure to report income. Make sure you do your taxes right.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Capital gains and qualified dividends tax rates. This is important. A lot of people last year sold homes. And if you sold a rental property a second home and investment property, you're going to be hit with capital gains rates. If you owned them for more than a year and a day very, very important. Because if it's been owned for less than a year in a day, guess what? Ordinary income rates but with capital gains you have 15% 20%, and then you also have the 3.8 that's added in so you need to understand, "Am I paying 15? Am I paying 18.8? Am I paying 20? Am I paying 24? How much do I have to pay? And you can call me and I can help you out.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Understanding tax rates. You know, we're always talking about taxes. And when people call me they're really wanting to figure out, "How much money do I own?" Remember, we're also in a progressive tax code. So when I say that we have tax rates of 10, 12, 22, 24, 32, 35, and 37. Does that mean as soon as the first dollar is going to be 12? And the first time I hit above that, it's going to mean immediately 22 and then 24? No, it doesn't. It means progressive, which means we're going to work our way up to those numbers as you're working through the system. So if you really want to understand how much money you're going to owe, you need to go to someone like myself and you can by calling.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:13 Defining the difference between a business and a hobby. This is kind of important because many times people will be doing something on the side. And they basically enjoy doing it, which could be a business or a hobby, but they're really not out there peddling that business trying to turn it into a profitable entity. And the IRS sits back and says, "Hey, if you're going to basically truly make a business work, then you need to be showing proof that you're making the effort." Not every business is going to be profitable in the first three years, but the IRS feels if you're not making a profit or making the effort to make one guess what you're a hobby and tax laws are different.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 So preparing your taxes means understanding what you have for deductions and credits. So let's just run through really quickly the standard deductions for the year 2021. You have a single person that's going to be 12,550, married filing jointly 25,100 and head of household 18,800 married filing separately is the same as single 12,550. If you are over the age of 65, you can also receive some additional credits of if you're married, it's going to be 1350 and single people will be 1700 If you understand where your money's going, you're going to save taxes.
Dr. Friday 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 The Advanced Child Tax Credit. This is something we haven't had to deal with. And now that we're into the 2021 tax season and we're preparing forms, people are getting a little bit of a surprise because we received advanced credits, correct? You know what you had going and you received this advanced credit. But wait, now they're taking it off your tax return and people are finding out that they either didn't qualify that they needed that money to actually cover their tax debt, or that they are getting much smaller refunds even though they increase the Child Tax Credit. Make sure that you understand how this is affecting you before you file your taxes.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And we talk a lot about 2021 getting prepared for our tax season. But remember, we're in 2022. This may be the time for you to also think about some of the things you might plan to do this year. So when you're in with your tax person, take a little extra time. Talk to them about conversions. If I give money to a Roth versus a standard IRA, make some list and make sure that tax person isn't just throwing numbers on a tax return for you but also helping you save tax dollars. That is part of their job is not just to put numbers on paper, people. It's about trying to keep more money in your pocket. If you need help, call me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Something that I find that a lot of people don't take advantage of, and is the Retirement Savers Credit. So in 2022, the brackets that come in this is for IRAs, 401 K's, 403 B's, SEPs. All them. There's a maximum credit. That means a total deduction of $2,000 for joint filers $1,000 for individuals, the cap of 50% 20%, or 10% of your contribution and it does means test out at 34,000 for a single person. 51 for the head of household and 68 for married, but you might want to think about putting a little money in savings could actually put a little money in your pocket.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 For all those that are taking Required Minimum Distributions. So this could be individuals that are 70 and a half or older. Depending on when you have it. Remember, there is a one really cool thing you can do. It's called a Qualified Charitable Deduction, you can theoretically take up to $100,000 dollar for dollar deduction and give it to a Qualified Charitable Deduction, which means that if you want to give out you know if you have to take out $10,000 And you want to give that all to your church for this year's tithing, you won't have to pay tax on that. RMD there are many ways that you can save tax dollars. If you need help, give me a call at 615-367-0819.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:13 Pay attention to the Required Minimum Distribution rules. We call them RMDs. Remember, the new law came out, and that said if you in the year you turn 72, you have to start taking distributions from your IRA or your 401k, your 503 B's. But remember last year in 2020, you didn't have to exclude it but for the tax year we're doing now 2021, you had to take out an RMD or the penalty is 50%. 50% of whatever you did not take out so if you didn't take out 10,000, you're going to owe the IRS 5000. If you need help, call me today.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 One of the changes that will probably help just about everybody out there is the Charitable Deduction. Nowadays I know we have the standard deduction, but remember above the line we had last year in 2020, a $300 deduction for pretty much everybody. Now it's 300 for single 600 for married couples, and it has to be a cash contribution. But if you gave the money to your church or you gave cash to some organization that is a 501 C3. Remember above the itemizing you'll be able to deduct up to 600 if you're married and 300 If you are single.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:13 Make sure that your W2 is correct. We're receiving quite a few emails this year. They're telling us that the information on the W2 isn't matching the final paycheck stubs. This is very important because what's on that W2 is what the IRS is going to be looking at and they do match tax returns and W2. It's the same thing with 1099 Ks. If you're doing something on the internet or you have a merchant account, remember the IRS gets a copy of that form. So if you're not sure again, if you need help, just give me a call. It's really really easy. Pick up the phone 615-367-0819.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 The IRS has stated that the 2022 tax starting date will be between January 15 And February 15. We don't have an exact date, but that doesn't mean you can't start preparing your taxes. If you haven't already made an appointment with my office or if you still need help, all you have to do to go to drfriday.com and click on the calendar. Remember taxes can be fairly straightforward. But if you're not sure what you've done, maybe you've sold some real estate maybe you've had some stock sales or you've changed jobs and you're not sure exactly how to proceed. Make sure you get an expert that's going to help you again, we won't be able to file your taxes until after January 15.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Limited partnership income may be subjected to self-employment tax. Listen up. I know a lot of you guys get talked into doing special types of entities LLCs, Sub S corporations, limited partnerships, and you're being told that you can take some of that money as dividends, which is no longer tax at self-employment and the rest of it if you take it as a draw maybe and so you try to keep it really small like I take 20,000, but I actually took 100,000 the company to live guess what the IRS is getting smart and they're gonna be changing the tax laws and this is one of the areas they are auditing, make sure when you do your taxes, you know the tax laws so you're not caught by the IRS.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Child Tax Credit and Advanced Child Tax Credit. We are wondering at this moment, will you be getting a payment come the 15th of this month since the Build Back Better plan had not passed by the end of 2021? We are still waiting to see if that information. If you want to know more about that. Listen to my radio show every Saturday at 2 pm right here on this station. And I will help and keep you updated on all the new tax changes in the laws that may affect your everyday life. And especially when they're giving you money then they're not giving you money. What do you do next? Again, this Saturday at 2 pm, I'm live to help you.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 My name is Dr. Friday. I'm an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. That's all I do, guys. You might be listening to my radio show every Saturday at 2 pm. I've been on the radio now for 12 years. And if you want to have help, or maybe you haven't filed taxes or you just don't know where to start when it comes to the Internal Revenue Service, let's make this your New Year's resolution. Let's go ahead and get started with the IRS and get on the right track and all you have to do is pick up the phone, call me at 615-367-0819 or go to my website drfriday.com. Send me a message and I can help you.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:13 We are getting ready to start our wonderful tax season for the tax year of 2021. And now we have to start thinking about documentation. When do we need to have it? How quickly can we get our taxes filed? And what's going to happen if we never received the stimulus money that was given to us in the year 2021? All these are wonderful questions and they're pretty easy to answer. And you know what, you need to do is pick up the phone and get an appointment with my office at 615-367-0819 or a faster way would go to my website, drfriday.com, and make an appointment today.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 We have made it through another crazy year. It is New Year's Eve and I know many of you are just sitting back saying, "Phew. I made it through 2021." Now we have to start thinking about taxes, start preparing, what do you need to have? Make sure you have that folder. Sit down tonight when you're making that New Year's resolution and let's make that resolution to be better at doing our taxes being more organized, getting out of IRS tax debt. This is possible people, we can do it this year. If you want to make that your New Year's resolution you need to call our office, 615-367-0819, or check us out at drfriday.com.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 For some of you, you may not have received the third stimulus payment. Keep in mind that on 21 there will be a rebate credit on there as well to make sure that you can claim that was $1400 for each individual in the household. That was a pretty big one. Now also double-check, triple-check that you did not receive it. Many people received it either direct deposit in a bank, they received checks. They also had old bank accounts that the money went in that were never closed. I've so many different stories. So before you put it on this year's tax return let's make sure that you never received it last year. I people just receive him recently. So check your tax records.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 We are wanting to try to find ways for you to be able to save tax dollars. But also keep in mind, sometimes people work so hard to find every single tax deduction that they kind of bite themselves because they're not able to go and borrow money. I had a situation recently where someone legally was deducting and taking everything they needed to take off on their tax return. But by doing it because they were a small home-based business the loan or the lending was saying, "Hey, we don't see where you make any money. How are you surviving?" So you need to make sure that you're also looking at the big picture if you need help. 615-367-0819
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And I am Dr. Friday. As you all know, I'm an enrolled agent licensed with the Internal Revenue Service. What does that really mean? It means I do taxes and representation it means I do not work for the IRS. It means that I can stand between you and the IRS. The representation part is going to help you understand what are they really looking for? Is there a way out? Do you have any way of helping to reestablish yourself so you can go and buy a house? Or worry that your main home might have to be sold to pay off IRS debt? Or can they take your car or your home? Or your 401k or retirement? I can help you straighten it all out. 615-367-0819
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Have you maximized your 401k which is $19,500 or the catch-up if you're over the age of 50 additional 6000? Have you maximized your health savings account? For single people, it's 3600 families 7200. It's still there, you may have time to actually do these to be able to put more money. Also, consider putting some money in a child's IRA if they have earned income. This is another way to help defer taxes. Start thinking guys! It's time. We're getting ready to go into a new tax season. And now's the last couple of days that you might be able to think of a few things that you can save taxes on now so that way you don't pay taxes on it next year.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Merry, merry, merry Christmas. I hope that you're getting to be able to spend time with family and friends. And maybe just not really worry about all the other little things that are happening in life. Be thankful for the things we have. Enjoy the family and the time especially after the whole COVID maybe you've been able to get together this year and enjoy just being with people. I mean, it's been such a quiet year, the year before. This year. I hope that all of you guys take the time to be thankful to enjoy the things that we have, and just this been the time happy loving, and I really appreciate all of you guys listening and I hope you have a very Merry Christmas.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Let's do a quick fact check-in in 2021. First, the marginal tax rates are 10 through 37. If you are, for example, 24% margin for tax bracket limits, a single person can earn up to $164,900. A joint filer $329, 850. That's going to be the margin for 24%. Child tax credit is 3000 for children over the age of 6. 3,600 for children underneath. Filers with AMT tax could start kicking in at 73 and joint filers at 114. I hope you guys have a very Merry Christmas Eve.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Charitable contributions. It's almost the end of the year. And if you've been giving money to charity, we want to make sure we save that least up to $300 for individuals and $600 for married couples. But also I want you to stay in the habit because the tax law we're working on right now will expire in 2025. That means that after that you may be needing to be able to bring those receipts back to your tax person. And if you stay focused on what you're always used to doing, it's a lot easier to do than having to retrain yourself. So make sure you start saving your receipts, tracking your miles for charity, medical and that will make it through.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Cryptocurrency. It is everywhere nowadays. And one of the Tax Questions on your tax return is, "Do you own cryptocurrency?" And many people will say, "No." And then I find out later they tell me, "Well, I had a little bit I've never done anything with it." The question is pretty simple. If you own it, you need to say yes, if you're buying, selling, trading, or bartering it is income. If you do not report it is tax fraud. It's that simple. So you need to make sure if you are using or buying into or holding cryptocurrency that you answer the question, "Yes," and if you're buying or selling it, treat it like a stock. Make sure you're reporting all of your gains and losses.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 One way to reduce your taxes and make sure you're maximizing your 401k you have not yet hit on the last day of this year is to put money into your 401k. Especially an employer 401k you have to have it come out of your paycheck. So if you haven't received your last paycheck yet, you might want to think about maximizing your 401k. Maybe you can put a little bit more in. It's a huge saving. Whatever your tax bracket, you're going to be able to save that deduction. So put more money aside for the rainy day and save taxes today. It's the perfect combination. And we're almost at the time where you won't be able to do it until next year. So if you got questions, call 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Business succession planning. It's not necessarily part of the tax picture. But to be quite honest, I think all business owners need to think a little bit about what's going to happen when you may not want to continue doing what you do. Many people will be able to sell their businesses, but some people cannot. What's going to happen to your business? Whenever you start a business, one of my professors always said the moment you started, you should already have an exit plan from it. So that's the kind of thing I think we want to start out. We're getting ready to go into a new year. Maybe now's the time to start planning. Not only that but making sure you have a will make sure your trust and other documents are all in order.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 I'm an Enrolled Agent licensed by the Internal Revenue Service to do taxes and representation which means now's the time. We're almost at the end of another year start the new year you can do 2022 without dealing with the IRS and all the love letters that come with it. If you need help or you know someone that needs help, all you have to do is pick it all at 615-367-0819. If you're not sure who Dr. Friday is go to my website, it's drfrday.com, or email that's sometimes the fastest and easiest way to get to me by my first name friday@drfriday.com.
Announcer 0:47 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 For all employers that deferred their Social Security tax from 2020, remember on December 31, 2021, you have to pay 50% of what you deferred. That is going to be a penalty if you don't file it on time and it does have to be paid separately. It cannot be part of any of your other 941 payments if you use EFTPS there is a special category now on there that you can use to pay 50%. Remember we have to pay 50% on December 31, 2021, and then the other on 2022. If you need help, call us at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Did you know the government can garnish a criminal 401k to pay recipe restitution, which basically means if they consider what you've done criminal, for example, if you are misclassifying your employees and you're not paying payroll taxes properly, that can be turned into a criminal act if it's done enough times? Guess what? That 401k that you think is safe and has always been safe from IRS collection can now become part of their collection. So make sure that you have the proper documentation when you're doing your taxes. Make sure that you're doing the best that you can to justify your expenses and that you're tracking everything legally.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Misclassified workers remain a priority for the IRS. They now have their own division within the IRS trying to identify misclassified workers. The reason is firms are trying to circumvent payroll taxes. They're treating them as independent contractors which means that they are not getting the payroll tax than they would if you're an employee. Employers have to pay tax employees to pay taxes. When you're self-employed only the self-employed pay one-half of that tax. It's a great way if you're truly self-employed to put more money in your pocket. But if you're caught, the penalties will not be worth the amount of money you have saved. Call me at 615-367-0819.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Many of you may have filed for the Recovery Rebate Credit on your 2020 tax return. And then you got a chance on that because the IRS came back and said, "No, no, no, you received that money." If you don't know or if you could find that you ever received that money, there is now a place where you can say you do not agree and there's a phone number 1-800-829-0922 That's right. 1-800-829-0922. I know we had several cases where people swore they did not get the recovery rebate, read it, then we went back and actually went through and audit their bank statements found many of them. But if you haven't received it, you need to call them today.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Now's another time to be thinking. Right now we have a charitable deduction: Single person is 300 and married couples are 600 above the standard deduction if you give cash. So if you haven't done it or you don't have proof of receipts, but you always mean to or I mean Christmas time, a lot of us give money anyways. Make sure you save those receipts. In 2020 I had many cases where the person basically came out and said, I can't prove I did it. So make sure you have those documents so that we can make sure we can put more money in your pocket or if you're doing your own tax returns. This is new. Married couples get up to $600 and single people get up to $300 call us at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And if you're thinking, "Now would be a great time to make an appointment with Dr. Friday to get started with her services," you're 100% correct. Right now it's a little quiet. We're not quite into the new season so if you're thinking about using our service or wanting to get on the list because you all know that basically come January I'll be booked up for all the way through April. It's just the way it is. I'm very very lucky that way. But if you want to get on our list or you need help getting organized or getting your taxes started, you need to call us today at 615-367-0819 or email friday@drfriday.com. Check me out on the web drfriday.com.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 I am an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. I'm kind of like Superwoman between you and the IRS. I do not work for the IRS. I really work for you. But you need that person sometimes because the IRS doesn't always explain exactly what they want. Sometimes they'll send a letter saying, "We've just changed your tax return" and you're sitting there going, "Oh my gosh, oh my gosh, what did I do wrong?" And maybe you did nothing wrong. So if you need help, explaining the IRS, getting things done, or just getting, you know, some communication started, that's what we're great at. We can help you do that. Call 615-367-0819 or drfriday.com.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Injured or innocent spouses. Married couples typically file joint returns. The good news is that they usually get a better tax rate and qualify for nicer credits. The bad news is, is that the taxpayer can find themselves significantly impacted by their spouse's financial problems. Meaning, maybe you're married to someone that has to guess what? IRS debt or back child support. Those are the huge ones that we run into. And the question is, do you or should you be filing separate returns? Or can you file for an injured or innocent spouse? These are big questions that can put a lot of money in your pockets. If you need help, all you have to do is give me a call at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And one of the calls we received on the radio a few weeks ago came in and they were talking about collectibles. This person had a baseball card that was apparently going to be worth over a million dollars. And what he was thinking was long term capital gains because he's owned it for six or seven years. And I had to correct him and say, "Hey, wait on collectibles, it goes up to 28%." That's right. So if you've got precious metals, you've got antiques, you have collectibles, the government looks at those differently than they look at stocks or other investments. So if you've got something that's collectible, and you're thinking about selling you better call us at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Employee or independent contractor. That seems to be a million dollar question. The state, the Federal, the IRS, almost every agency is now looking into this question. The government wants everybody to be employees. Not going to be possible because all of us run our own businesses and we have to be contractors, but the people that work for us, the question is, in most cases, are they truly employees? And if they are and the IRS finds out guys, the penalties are going up and up. So you need to make sure that if you have an employee that you're treating as a subcontractor, make this new year have one new start right or give me a call if you need help.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And we are into the last month of this year. It is time to start really seriously thinking, do a rough run through on your taxes. Did you have a large sale? Did you sell some real estate? Did you do an investment? Did you do a 1031 exchange? Where do you stand? Have you done a conversion? Don't forget many of you on your 2020 took out like $100,000 from your IRAs or 401 Ks so you're going to have that other third because every year we'll have 1/3 of that you're going to have additional taxes. Putting the money in aside in a bank or making an estimated payment is the trick. Call me at 615-367-0819
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And we still have a Section 199A deduction. It came back in 2017 part of the Tax Cut and Jobs Act. But remember under the new Section 199A, It enables the law allows you if a non-corporation taxpayer can deduct QBI up until December 31 for 10 years. So December 31 of 2017 for 10 years, we're going to have QBI and you're going to be able to deduct it as a tax deduction. This is going to put money in your pocket but understanding what QBI is you need to talk to your tax person. If you don't have one, call me 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And it's time to really start thinking. We've made it through the Thanksgiving time. Time to start thinking about taxes. We're down to almost the last 30 days? Are you going to be doing a Roth conversion? Are you going to be buying some sort of a piece of equipment that you're going to use to help pay down? You know, because we can do a section 179 these are the times you want to do it. You don't want to wait to the very last day the very last hour because the IRS could say, "Was it really put into service at that time?" So make sure you've given enough time so you don't have to worry about losing a tax deduction. Taxes is what I love and if you need help, give me a call 615-367-0819
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And today is Black Friday. So now's the time to think before you go out and spend a ton of money. Are you really spending it on the right things? I know it's a great deal. And it's a time where you want to think about all the Christmas times coming. But remember, if you're putting a ton of stuff on your credit card, and then you're building up credit card debt, and then you're going to be paying 18% interest. I know I'm not the happiest person when it comes to this time of the year but I really want to protect you. Think about paying cash this year. Think about how you'd be able to eliminate debt. Actually paying off debt would be a gift that you can give to yourself. If you've got tax problems or tax questions call me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And Happy Thanksgiving. I imagine this radio is on right now in the kitchen where you're basically getting that Turkey ready to go into the oven or the deep fryer. Oh my gosh, last year was the first year I actually had a deep-fried Turkey. And let me just tell you, it's going to happen again this year. Deep-fried Turkey is now the newest Burke tradition. If you have any tax questions, hopefully, today is not the day you're thinking about taxes. Maybe you're thinking about family, thinking about people that maybe aren't as fortunate as us. And hopefully, you're spending a little time just giving thanks for the things that we do have because it's so easy to look at all the negativity. But to be honest, many of us are extremely blessed. So give thanks and have a wonderful Thanksgiving.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 If you were in an installment agreement prior to the whole COVID and you haven't been able to get it to reset up, make sure that you have all the tax returns that you were supposed to have filed. They're rejecting a lot of them because they're saying people are not in compliance. I found one that was actually nothing to do with their taxes, but she had some back 941 and 940 situations that we have to deal with. So that way she was still out of compliance because she'd hadn't filed all the forms actually hadn't closed the business properly to handle that. So if you're not sure why you're not able to set up your payment plan or you just need help getting dealing with the IRS, I'm your girl 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 The Tax Cuts and Jobs Act of 2017 eliminated the deduction of child support and alimony. Alimony being the main one child support hasn't been a deduction for a while. So anyone that was divorced after the date of December 31, 2018, now if you're receiving alimony, it is not taxable. If you are paying alimony, you cannot deduct it from your tax return which I can be honest with you and tell you that has totally changed the way divorce has come down. Because it used to be we'd work out the numbers to make it the best tax advantage. Now we're looking at how we can save the most for the person's pain.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 And if you are operating or you're part of a nonprofit, listen up. The IRS is cutting down on people that are not filing 990s even this the 990-N which is basically a postcard. If you haven't filed that within three years you could not be or you may have lost your nonprofit status which means that your the work you've done everything you're trying to do, now you're turning yourself into a for-profit business. And they are doing this. They are making people pay taxes on nonprofits because you're not living up to the expectations. If you need help to make sure your nonprofit is in good standing. Call me 615-367-0819
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 I'm an Enrolled Agent licensed by the Internal Revenue Service to do your taxes and representation, guys. That's all I really do. So if you're having trouble or you're getting love letters from the state or the IRS, this is the person you want to call, Dr. Friday, me. Because that way I can help you not only get control of the situation but let's make an end let's find a way to stop all of the bleedings. Let's figure out a way for you to actually get out of tax debt and be able to then go back, buy a house, put your kids through college, stop those sleepless nights and be able to figure out what can you do to change and the money back in your pocket. All you have to do is call me at 615-367-0819.
Dr. Friday 0:47 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 What should you know about qualified and nonqualified retirement plans? A, let me put a caveat. I am not a financial planner. But by choosing if it's qualified or nonqualified, could make the difference between what is taxable at Capital Gains rates and what is taxed at ordinary income tax rates. That is when you want to basically be sitting down not only with your financial planner, but also include your tax person in some of those conversations. Because sometimes it could sound great that you're making all of this money. But if it's coming to you at a higher tax bracket, then maybe is not as much money as you think. if you need help, call me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 And for any of you that have applied for PPP 2 which is the Payroll Protection Plan, if you haven't already, you need to make sure you have filed for forgiveness. It's very important going from getting the money and basically being able to get it forgiven to being a loan is huge. I don't care Unless Unless you don't do this and you applied for it under they denied it. I would fight for forgiveness. This is money that you were able to use to keep employees or yourself alive during the COVID and you want to make sure that you're not going to end up putting your business or finance at risk. Call me at 615-367-0819.
Announcer 0:49 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 And I talk to a lot of clients about what's called a 1031 Exchange or Like-Kind Exchange. I will tell you at the time that I'm recording this moment, this could be gone by the first of 2022. But at this moment, as of 2021, 1031 Exchanges still exist. And if you have the ability to invest money that you haven't had to pay taxes on, it's like growing it in an IRA, it's a no-brainer. If you want to stay in real estate or whatever type of investments you're dealing with, then I'm always a firm believer, 1031 exchange is a direction to go. If you need help, call 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 What should you know about investing from a tax standpoint? One we've already covered. Make sure you hold your investment over one year, but also maybe invest in a small business. Because we all know that back in 2015, they actually have a new tax law that allows you if you invest in a small business and you hold that for at least five years, you could be excluded from the capital gains tax on that 100% exclusion. So maybe helping a small company investing in it in the right way, making sure it's set up properly that their stocks survive, but there is a way that you can get your money back and pay zero tax.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 How do you prepare for taxes? I mean, really. First thing, always has one place where you put all of the things that come in for you in your mortgage interest statements, your 1095 A's if you're part of the marketplace, your W2's, your stock 1099 B's, 1099 Rs, find one place where you can put it. My suggestion is also on the outside of that folder, to have a checkoff list because, throughout the year, things happen. We change, we get married, we lose jobs, we sell things. Make a note of all of that because sometimes as you get busy you'll forget and then you have to amend the tax return and that is never fun.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:10 And I want to put a big thank you out to all of you that have served or are serving this wonderful country. Happy Veterans Day. And to be honest with you, any of them as my nonprofit is Dr. Fridays foundation. If you're having tax problems and you have served under the government, you need to give us a call, we have the ability to actually help you free if you need help with filing or getting out of tax debt. We have helped many veterans get back on their feet. And this is our way of thanking you for doing all the things that you've done for our country. So if you're a veteran and you need help, call us at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 Year-end tax planning tips. Let's do it. Do a trial run on your taxes just to see if you have enough money coming out. Your W4 may need to be adjusted. One reason is married or divorced. If you expected income that is not subjected to withholding, like selling something or maybe inheriting something that you might have had a 401k or an IRA, make sure you make an estimated tax payment. Keep your eyes on what's happening in Congress because guys, these tax moments are updated as fast as we can. But right now we know there are several bills out there that could have a huge tax effect on you. If you want to have me help you, all you have to do is give me a call at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 And at this moment I want to tell you to try to hold your stock for at least one year. The reason I say this is because in there, we have what's called the capital gains tax rates. And guess what? Part of that is a 0% tax bracket. That's right. So if you're single, including the capital gains that you might have had, that would be $40,000 you can earn. Join $80,000 Head of Household $54,000. So if you actually add your income plus your capital gains and its long term, you can pay zero tax. The other rates are 15%, 20% plus 3.8%. So you may have up to 24% tax as well.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 Charitable contributions. It's a big thing. And nowadays, people are having a harder time trying to meet those exclusions. One thing I have found is that many people are great and I will tell you I have awesome clients that are very good about giving. But when saying that, giving a car can be a little bit tricky, because unless the charity sells that car, really the only exclusion that you can write off is $500. So if you have a charitable deduction like a car, and they are not going to sell, maybe they're going to use it or donate to someone else. Keep in mind the value of that car may be less than what you think the blue book value is. If you need help with your taxes, call me at 615-367-0819.
Dr. Friday 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:13 Remember I was talking about real estate sales? Well, here's something you need to know. Your primary home has a built-in exclusion. If you have lived in that home two out of the last five years, and you've been selling or maybe you've already sold or you're thinking about selling it, and you're single, whatever you paid for it, for example, you paid $200,000 and now you're selling it for 400, 000, you would have a zero tax you have a $250,000 exclusion. You have a $500,000 exclusion for married couples. So keep that in mind when you get ready to do your taxes. If you sold your primary home, you may not owe any zero taxes.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 We are starting to prepare for the 2021 tax year. And remember we still have the same tax rates which basically is 10% all the way up to 37%. And the tax rates can be a matter of if you're single, married, or filing jointly or filing separately as far as married or head of household so make sure you understand your tax bracket. And remember we're in a progressive tax code so it doesn't mean $1 over we jump immediately to the next tax rate. No, it goes up progressively. So if you need help trying to estimate or figure out, is this a time to sell something or buy something? Give me a call at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 Second-home deductions. I will tell you, I seem to have more people nowadays than there have been in the past that are actually living or actually purchasing second homes not as rental properties, but as a true second home. Your cabin on the lake, for example, may provide you with more than just the relaxation that we all like to do. It could be a deduction. For tax purposes, a qualified second home must have a place to sleep, a toilet, and a kitchen facility which could also, guess what? A camper so you may be able to write the interest off on a second home even on your camper. If you need help, call 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 Home equity loans. The Tax Cut and Jobs Act of 2017 was suspended from 2018 to 2025. The deduction of interest paid on a home equity loan or line of credit unless it was used to buy build or substantially improve the taxpayer's homes that secured the loan. Under the new Act, for example, interest on a home equity line used to build is typically deductible as part of the interest on that. But if you use it to pay off personal loans, credit cards, or maybe even use it to buy a second property, it is not a tax deduction under your personal loan interest. If you need help, give me a call at 615-367-0819.
Announcer 0:49 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 Employers that claim the Work Opportunity Tax Credit get welcoming ease because they've now extended it to November 8 to file for the requested work. Remember, this is a tax extension through Congress. And basically this is for people that may be kept people on, had a hardship and maybe you got PPP one and PPP two. You might even get some EDIL, but you will also qualify up to like $16,000 an employee. It's huge. So if you're an employer that has employees that work through the COVID time and you're not sure if you've taken advantage of this you need to call our firm at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 And for all of you that are getting ready for Halloween time, here's something really spooky. We're two months shy of tax season! That's right. It's time to start thinking about taxes, people. If you don't want to be scared straight, start planning today I'm an enrolled agent licensed with the Internal Revenue Service. My name is Dr. Friday and I can help you get on the right track. Don't be looking for all those little ghosts that keep jumping out of the closet are in your mailbox when Uncle Sam sends you a love letter. Let me help you start getting things straightened out now. Hopefully, you guys will have an awesome Halloween. Give me a call on Monday at 615-367-0819.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 Taxes and divorce, talk about a bad day. All we have to do is talk about those subjects. But sometimes we need to really talk about those. If you're in the process or maybe by the end of this year, you will be legally divorced, keep in mind that means that you're going from married filing jointly on most returns to single. So if you've had your withholding on your paycheck coming out as married, and now you're single, you're going to be short on paying taxes. Take a look now, prepare now. Don't be waiting until that tax return is prepared and then you're like, "Oh my gosh, I owe taxes. I've never had to deal with that before." If you need help, call 615-367-0819
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 IRA for kids. Let's say your kid goes out and starts cutting grass or doing something outside the household in which they are earning money. Remember they can start setting aside up to $6,000 which is in a deferred account and start growing for retirement, college, buying their first home, all kinds of things you can use an IRA for. Start teaching them now when they start earning money, a percentage of it should go towards retirement. Some of it's going to go towards taxes. Let's not live off a complete paycheck and have nothing saved at the end. Teach this generation to do a little better than ours. If you need help, call 615 36 70819
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 Do you support your parent? Do they maybe live in your house or live in a care facility in which you basically help support them? Remember there is a tax deduction. This is going to be the tricky part though because many of them claimed or have never been claimed and they received stimulus money. But now that there is no more stimulus, remember that that person could be a qualified deduction for you and it could put $500 back on your tax return. So if you are supporting an older sibling or parents, somebody that is not supporting themselves, and you have them as your dependent, you could get up to $500 on your tax return.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:13 In the past, we've always been able to find things like job-hunting expenses, maybe being able to take off a certain amount of miles, or all these different things. And many of those things fell off in the 2018 tax year. So just remember, I always tell people, even though things have changed a little bit, don't forget to start or keep tracking that information. Prime example, charitable contributions. Now we have something above the itemizing that we're writing off. Who knows when they're going to add back this other information. So, continue to track your miles or your medical or any of those things so that way you don't lose out on any tax deductions.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 For anyone that has had a large real estate sale maybe creating capital gains are all of my entrepreneurs, remember estimated tax payments. I know we all hate doing them. It's a part of life. But remember you have to file estimated tax payments to avoid penalties that are just as bad. So if you basically want to avoid, you need to pay in at least 110% of your 2020 taxes or 90% of what you owed in 2021. If you have had an unusual year again, I've had a lot of people selling real estate creating capital gains, you need to be making an estimated payment so you do not owe taxes.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 Kids are going to go to college, guys, at least we hope so. And what we want to be able to do is find out where are the exclusions for educational expenses. So you basically have a couple of things. When you get a loan, the maximum interest rate that you can claim is $2500. For student loan interest that is assuming that your head of household or single is less than 85,000. And if you're married, you're making less than 170,000. You also have employer tuition exclusions which can be up to 5250 in the year 2021. You need to exclude any scholarships or anything that may come along. If you need help, check me out at drfriday.com.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 If you have capital gains or dividend income and have investment interest expense, you may want to consider calculating the break-even point so you can optimize both the capital gains or dividends tax rates and the investment interest deduction. This is the kind of thing you need to be doing now before the end of the year. You can't really make these changes, guys, after the end of the year. Now you're in a new year. So now's the time to start thinking about your 2021 taxes and how and where you might be able to find ways of reducing your taxes or making sure you're maximizing all deductions. If you need help. Call me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 The Consolidated Appropriations Act of 2021 maintains and enhances the charitable contribution provision that was originally created by the COVID Aid and Relief Economic Security Act or the Cares Act, which we all know it as. This means that taxpayers who did not or do not itemize can still deduct up to $300 and in 2021 if you're married that will now become $600. Loophole, guys, you also have to do this in cash. It doesn't qualify if it's charitable contributions of clothing or other items. So make sure you're not leaving any money on the table when you do your taxes.
Announcer 0:51 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 Federal Tax Code encourages charitable contributions after the age of 70 and a half. You may be able to make this directly from your RMD or required minimum distribution of your IRA up to $100,000 or 30% of your AGI. Come on, guys. If you're over 70 and a half and many of you, I know, I do a lot of your taxes actually are extremely giving individuals. It is so much better to be able to give pre-tax than after tax. If you don't know what I'm talking about, you need to be calling me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 Student loan interest. This can be a tricky thing because a lot of times parents have actually gotten the loans for the kids because they wanted to help them out. But the parent's income is too high to truly qualify for the $2500 interest that you can deduct from your student loan. Did you know you could gift that money to your child and they can deduct it from their tax returns? This may be a little loophole that you haven't maximized. We don't want to leave any money on the table. So if you're not sure if you're maximizing your taxes, guess them you need to call me Dr. Friday at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 Interest expense. Keep in mind that back on the Tax Cut and Jobs Act of 2017, they reduced the amount of mortgage interest that you can have. Many people basically sold their homes and then they turned around and purchase the new home. Prior to that change, you could have up to a million dollars. But as of 2018, any home you've purchased moving forward or refinance $750,000 is the maximum mortgage you can have on your home. So if you have a mortgage for more than that, you cannot write off 100% of your mortgage interest, call me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 Again, for my entrepreneurs, remember health insurance premiums for the self-employed are 100% deductible for your insurance premiums on and above the line deduction. Meaning guys, it's going to reduce your income. I have reviewed many schedule C's and I have found that a lot of people think that they have to put that on a Schedule A they do not itemize it off of the Schedule C. It will not reduce your self-employment tax but it does reduce your ordinary income tax. Also, think about health savings accounts because those accounts actually reduce your income and you're spending money that is not taxed yet. If you need help, give me a call.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 Medical expenses. In 2021, all individuals may deduct a qualified medical expense that exceeds 10% of your adjusted gross income. Guys, this is the hardest part, because first to itemize medical you first have to meet the 10%. So if you make $100,000 a year, the first $10,000 of medical will not kick in. Then, whatever you have above that will start leading to the standard deductions. But as we know, the standard deductions have all went up in the last year. So it's going to be harder and harder for you to be able to truly itemize your medical. But if you can, it's a great deduction.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 We all know that the tax law changed back in 2017 when they pretty much eliminated, starting in 2018, the "2106" or expenses for employees. But if you are a self-employed individual or you receive 1099, remember mileage is still out there for all of you. You may be able to deduct your auto from what you do to make your income. So, for example, if you basically are driving miles back and forth, you have the ability to write off those miles at $0.56 cents a mile in 2021. Charity miles will be $0.14 cents a mile, and moving or medical is $0.16 cents a mile. If you need help, 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 I am Dr. Friday an Enrolled Agent, licensed with the Internal Revenue Service to do taxes and representation. I do not work for the IRS. I work for you. I'm more like a shield between you and the IRS. So if you're having IRS issues, you haven't filed back taxes, you need someplace to start. I am local so therefore you have someone that you can come in and actually talk with... not like some of these big companies that basically, pick up the phone and "oh, start sending us money"... maybe you're maybe not they'll help you. We'll be able to find a resolution that will help you and also get the IRS off your back. Call me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 This I like to think of is more of the hidden tax, the alternative minimum tax, or AMT tax. A lot of people don't really know about it until they actually have to pay it. The tax cut and jobs act of 2017 increased the AMT exemption amounts, which really hadn't changed in like 20 years. Now it will actually go with inflation. But remember, AMT can kick into higher income, interest income from private bonds, large capital gains, and exercising incentive stock options. That's a huge one when your company gives you stock and you may have to pay AMT which is higher than capital gains rates.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 Child tax credits on the American Rescue Plan we call the ARP act of 2021. They temporarily expanded the child tax credit for allowable families to claim the credit no matter on income level, they also increase the maximum amount you will receive for children under the age of six is $3,600. Children between six and through the age of 17 is $3,000. This is fully refundable and many people may have started to receive a portion of that starting back in July. So if you are having children or you're claiming this and you need help, all you have to do is call me at 615-367-0819.
Announcer 0:51 You can catch the Dr Friday call-in show live every Saturday afternoon from 2pm to 3pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday Tax and Financial Firm. To get more info go to www.DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 Adoption tax credit. For those who adopt a child, you can receive a credit of up to $14,440 that is qualified adoption expenses are required for the year of 2021. Or if you adopt a child with special needs, again $14,440 is what you can adopt. And, the perfect part about this guys, is if you don't need it in one year, it will roll over so you won't lose that adoption credit you will be able to use it throughout the next year or two. So for all those that do adopt, this is an awesome credit. You can reach me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12 People are always asking, "what's the difference between a tax credit and a tax deduction"? And one can be a lot more effective than the other. For example, if you take a tax credit that is a dollar for dollar deduction on your income... so if we say your tax liability is a tax credit of $1,000, you will reduce your taxes by $1,000. Whereas if I say you have a tax deduction of $1,000 that would depend on your tax bracket, which could mean that if you're in the 22% tax bracket, you may save $220. BIG difference. If you need help with taxes, call me at 615-367-0819.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.DrFriday.com. This is a one-minute moment.
Dr. Friday 0:13 We know in the last year we have had a lot of tax changes. We know that several tax acts have passed. And let's go through and see if we can figure out what some of them are. The American Rescue Plan was signed by President Biden back on March 11, 2021. That one was basically the COVID relief bill that we had. They had the Consolidated Appropriation Act that also passed in 2021. And many of these have a major tax effect on what you're going to be doing. So if you've got questions, call me at 615-367-0819 or go to DrFriday.com.
Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 It is April the 15th. Not everyone gets so excited about April the 15th. But you know, when you're a tax nerd like I am, it is a big day for us and it's a big day for almost everybody because if you have not filed, you need to be calling us right now at 615-367-0819 so we can file your extension for you. We will do it for free. We do not want people getting penalized for not filing their extensions. If you've already filed one or you filed your taxes, congratulations. One more year checked off. Hopefully, this year is going to be a much better, healthier, and safer year for all of you. I hope you guys all have a wonderful April the 15th.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Under the new Act that passed on the 21st of December 2020, many people started to qualify for additional unemployment benefits. That would have been a $300 additional weekly income for you. Remember, unemployment benefits are taxable. So you want to make sure that you're having withholdings come out unless that is the only income you're going to have for the whole year, which is a little hard to tell when it's only the first quarter. So I would always suggest having at least a minimum amount of tax come out so you don't end up having IRS issues just because you're trying to survive when you're unemployed. If you need more information, you could go to drfriday.com.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 This year, you're going to have $12,400 for a single filer and $24,800 for a married couple as our standard deduction. Now, if you haven't filed your taxes you already probably based your information, but if you've already filed you've got that covered. But that number is very important because if you have a lot of property taxes, of course, we're going to be locked into $10,000 in what we call the salt tax, right? So that's your property taxes and sales tax in many state income taxes. So you want to make sure that you're maximizing your taxes, but in some cases, you're gonna be stuck with the standard deduction no matter what. If you need help, go to drfriday.com.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:13 Interestingly enough, because you weren't able to work a full schedule in 2020, you may have received some 1099's for sick pay or money your employers paid you that came to you through a form called a 1099 NEC instead of your W2. Many people are asking is this actually going to be treated as earnings or is it just other income? It should be other income. This is usually a replacement for a family leave act or something like that that was paid through the COVID distributions. If you haven't found it or you haven't paid it, make sure you correct your taxes or call us at 615-367-0819.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 I love this question. I get asked this question at least a few times every time I prepare a tax return every month. "Can I deduct my dog as a security system?" And I love it because I mean, I'm a dog lover. You guys all know that. I've got two beautiful Great Danes. And no, they are nothing more than my babies. That's all they are. I would love to take their food bill off. Come on, guys. 180 pounds worth a dog isn't exactly a cheap thing to feed. But that being said, if your dog is not actually walking around the outside of your building securely, and it's not a family pet, then yes, it's security. But if it's your best buddy, sorry, you can't deduct your pets.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Maybe you filed your tax returns back in February and another form shows up. You didn't think you were gonna get it or maybe even it's a corrected form. Many times our brokerage statements will come early on, and then they made a correction. And that correction is enough where you need to file a 1040X. You need to be the one telling the government, "Hey, I just received this information and I am updating my taxes and paying my fees." So maybe that way they don't charge you or wait two years and penalties and interest is now doubled what you owed in the first place. If you need help correcting or filing taxes, call us at 615-367-0819.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12 Tax time is almost done. If you haven't filed your taxes you're probably in the midst of them right now and you're trying to figure out if you should be doing this. If you need help, you need to go to drfriday.com and set up a tax appointment if there's any available. If you can't, call us at 615-367-0819. Don't forget, there are some changes this year. One of the big ones is a $300 charitable contribution deduction right off of 1040. Also, you need to report how much you received in stimulus money because if you didn't get it last year, you'll be getting it on your 2020 tax return. So if you need help again, go to drfriday.com.
Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.