Dr. Friday Tax Tips

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.

G’day, I’m Dr. Friday, 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.

G’day, I’m Dr. Friday, 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 afternoon

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.

G’day, I’m Dr. Friday, 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.

G’day, I’m Dr. Friday, 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

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.