Dr. Friday Tax Tips

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.

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.

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.

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 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.

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.

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.

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.

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.

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 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.

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 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.

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 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.

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 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.

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 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.

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 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.