Dr. Friday demystifies capital gains tax and the often-overlooked net investment income tax. While many know the capital gains rates of 15% or 20%, she explains how the additional 3.8% net investment tax applies at certain income thresholds, making the actual rates 18.8% or 23.8%. Get clarity on these rates and avoid surprises in your tax bill.

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 and, more importantly, net investment income tax. So often, you hear people talk about capital gains tax—15%, 20%—but very rarely do they also mention the net investment income tax, which is 3.8% and falls in between the 15% and 20%.

If you’re a single person with up to $200,000 in income, your capital gains rate is 15%. Beyond that, it’s actually 18.8% until you reach the highest rate of 23.8%. There really is no standalone 20% capital gains rate, people!

If you need help or clarification, call us at 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 introduces her tax and financial firm, highlighting three decades of expertise in tax preparation and representation. As an enrolled agent licensed by the IRS, she offers personalized advice on saving tax dollars and resolving IRS issues. Discover how her team in Brentwood, Tennessee, can provide second opinions and practical solutions for your tax needs.

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 Tax and Financial Firm, Inc., here in Brentwood, Tennessee. We have been in business here for almost 30 years. What we do is taxes and representation. As an enrolled agent, I am licensed by the Internal Revenue Service to do representation and tax preparation.

If you have issues, need help, or want someone to give you a second opinion, we’re here to ensure you’re saving tax dollars and handling IRS matters properly. Two ways to get us: go to the web at drfriday.com and make an appointment there, or pick up the phone and 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.

Dr. Friday warns about the implications of receiving a 1099-C for debt cancellation. While forgiving debt might feel like a relief, it can lead to unexpected tax liabilities, turning your debt into a bill from the IRS. Learn how to navigate the deadlines and tax consequences of canceled debts, and avoid trading one financial burden for another.

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.

1099-C, cancellation of debt—be very careful about these. First, they’re going to come out by January 31st if you have done this, and they’ll get them to the IRS by February 28th. That being said, cancellation of debt sounds great. You call the credit card company, they say, “Sure, we’ll forgive $10,000.” Next thing you know, that year or the following year, you now have a 1099-C, and you’re paying tax to the IRS. And if you don’t have the money, you’ve gone from owing a creditor that couldn’t really do anything to owing the IRS.

Call us if you need help at 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 essential tax planning tips to start 2025 right. While there’s little you can do for 2024 taxes now, it’s the perfect time to prepare for the new tax season. Set a New Year’s resolution to file your taxes on time and start planning contributions to accounts like IRAs. Make 2025 the year of tax preparedness!

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 happy 2025! Now is tax season, people. It’s time to start thinking about what you’re going to do in 2025. With the exception of a few small things, like maybe making a contribution to an IRA, there’s not much we can do about 2024—it is over. But you can start planning, start doing, and start preparing for 2025 while also getting ready to prepare your 2024 taxes. I hope you guys are having a fabulous New Year’s Day and make a wonderful New Year’s resolution: “I’m going to file my taxes on time.” Catch 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.

Dr. Friday emphasizes the power of early savings with a Roth IRA. A 15-year-old earning $2,000 annually and contributing to a Roth IRA could amass over $700,000 by retirement with consistent saving. This episode highlights how to instill strong financial habits in the next generation.

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Fund. To get more info, go to www.drfriday.com.

This is a one-minute moment. This is a great way for you to teach your children to save. Think about this. You have a 15-year-old daughter that makes $800 babysitting. She puts that money into a Roth IRA. Doesn’t put any more money in there at 8% growth. At the age of 65, she will have over $35,000 in that account.

Better yet, let’s teach them really how to do this, right? So at 15, she starts babysitting. She makes $2,000 a year. She puts every year after that $2,000, $2,000, $2,000 at 8%. By the time she hits full retirement, she has over $700,000. She puts that $2,000 a year for the rest of her life.

This is a great way. 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 the 2024 phase-out ranges for tax credits like the Child Tax Credit and Adoption Credit. She highlights the income thresholds for singles and married couples, shedding light on the impact of marriage penalties in the tax code. Learn how to navigate phase-outs and maximize your credits this tax season.

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. 2024 income tax phase-out ranges are going to be Child Tax Credit. It starts phasing out for a single person at $200,000, completely gone at $240,000. If you’re married, double it, $400,000, $440,000. Doesn’t quite double, does it?

Adoption Credit. If you’re single, you get Adoption Credit. It starts phasing out at $252,000. It’s completely gone at $292,000. Same as a single person. So sometimes you think, hey, if I’m married, I’m just going to double everything in tax code. There is marriage penalties, people. Sometimes it is not pretty.

So making sure when the phase-outs are, puts more money in your pocket. Go to drfriday.com if you need an 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.

Dr. Friday shares tax tips for baby boomers supporting their parents. While dependent exemptions are unavailable, you may qualify for a $500 credit. Explore other deductions, like medical expenses, to maximize your return. Plan wisely to reduce your tax burden while caring for loved ones.

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. Are you supporting your parent? Growing numbers of baby boomers are supporting their parents. If you’re among that group, you may qualify for some valuable tax brackets. As part of the law eliminating dependent exemptions in 2018 through 2025, taxpayers will no longer have to be able to claim their parent as a dependent.

However, the Tax Cuts Jobs Act does allow you to get a $500 credit for your parent on the tax return, assuming that they’re not being claiming themselves on their own personal taxes. There are medical ways that you help them. There are other ways. So make sure you’re looking at that when completing your taxes. Need help? 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 FM. Thank you. WTN.

Dr. Friday breaks down how Medicare premiums are affected by IRMA (Income-Related Monthly Adjustment Amount). From real estate sales to large withdrawals, your taxable income can significantly impact Medicare costs. Plan wisely to save on premiums and avoid unexpected expenses.

G’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Fund. To get more info, go to www.drfriday.com.

This is a one-minute moment. When you’re thinking about retiring, one of the big things we all think about is Medicare. How is Medicare going to kick in? When do you need to take Medicare? I know that there’s going to be, at some point here, the big donut hole everyone talks about and the re-signing up.

But the important thing from the tax standpoint, and when you’re looking at your taxes, is basically thinking about IRMA. IRMA is what they use to figure out how much money you’re going to pay tax on when dealing with Medicare. So if you sell a piece of real estate, if you take a big, large distribution, or you have some other source of income that comes in through yours, you could end up with paying thousands of dollars a year extra.

If you need help, 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon. afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Dr. Friday shares a heartwarming holiday message, encouraging listeners to give back during Christmas. Whether donating to a local cause or helping those in need, the season is the perfect time to make a difference. Enjoy your holidays and spread kindness!

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Fund. To get more info, go to www.drfriday.com.

This is a one-minute moment, and it’s Christmas, people, so we’re not talking taxes. We’re going to talk about all the good things that could be happening. Maybe you’re out there helping people that are homeless. Maybe you’re thinking about ways that you can do something for someone else. I hope you are.

I always try to do something myself because we all get so wound up in our own lives. And as a single person, let’s be honest, we don’t have a lot of things that we have to do for ourselves on Christmas. But it is always nice to think about the angel tree, which I am a big advocate for, and other ways that we can give back.

So hopefully you’re enjoying the day, you’re giving back, or you’re getting something that you always wish for. And as we always like to say in Australia, hey, cop 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.

Dr. Friday takes a festive break to remind listeners about itemized deductions. With thresholds at $14,600 for singles and $29,200 for married couples, many won’t need to itemize. Enjoy your holiday while keeping this simple tax tip in mind for future planning.

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 Christmas Eve, and I know none of you are sitting around thinking about taxes on this day. Most likely you’re wrapping presents, putting together toys, or just basically chilling because you know tomorrow you don’t have to go to work.

No matter how it works out, hopefully you’re going to enjoy it. But let’s talk a little bit about itemized deductions. This is an easy one. You’re not going to have to do anything because most of you are not going to meet the itemization. A single person is going to be $14,600, married $29,200, and head of household $21,900. You have to exceed that before it even kicks in for itemizing.

So hopefully you’re going to enjoy the night. 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.