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.

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.

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.

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.

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.

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.

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.

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.

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 [email protected].

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.

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.

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 [email protected].

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.

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.

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.

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.

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.

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.

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.