Welcome to the Dr. Friday Radio Show! In this episode, we have tax expert Dr. Friday take on the latest tax updates, answer the caller's questions, and talk over the following topics:

and much more!

Announcer 0:00 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the how-to girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:25 Good day. I'm Dr. Friday, and the doctor is in the house. It's a beautiful Saturday we're having outside. And we're going to talk about a couple of things. Many of you guys probably heard some of it, but let's see how it's going to apply. We don't always get a lot of good news, some people are a little confused about the tax changes the IRS came up with, it's for the 2023 tax updates. We'll be going into those as we all know, inflation rates for 2022 had some major big changes.

Dr. Friday 0:58 And finally, someone seems to be making some adjustments, at least in the tax code to help offset some of this information. So married couple filing jointly in the year of 2023, you'll have a 27.7 100 standard deduction, that would be up from our 2022 numbers that we'll be filing very soon, of 259 so that's a 7.1 increase. So we're going to have that across the board. Standard deductions have went up head of household, individual dependent care credits, and individual standard deductions for individuals have went up, versus $400.

Dr. Friday 1:36 Additional which these are big, big jumps. So you know, if you're, if you're looking to do some tax planning, maybe you've thought about doing some small conversions, I would never suggest I'm not a financial planner. But if you've been thinking about doing a few things, 2023 may be the year to look at some of those, they also increase the tax margins. So the 10%, the 12, the 22, all of those have had some fairly decent adjustments, you know, in the 22%, for a single bracket has increased more than $5,000.

Dr. Friday 2:12 So what you would be paying tax in 2022, you could earn 5000, more in 2023, and stay in the same exact tax bracket. So these are the kinds of things you need to know if you're going to do some tax planning. And also just make sure that you're following and understanding one of the big ones, of course, in 2023, we we still have guys the 0% capital gains rates for everybody. And so if you add the standard deduction plus the 0%, capital gains rates, you would be in the ballpark of about $57,000 for a single person. That's going to be pretty much double for a married person.

Dr. Friday 2:51 And so that would be that if you take your ordinary income, and then you turn around and you add the capital gains along with that, and if it stays as a married person under $57,000 on long term capital gains, you would pay zero tax on that capital gains. Same thing for a married couple if you take all of your money, and then you add also in the long term capital gains to it, you might find that it's all adds up to a little less than $108,000 or there abouts, you would basically have a 0% capital gains.

Dr. Friday 3:28 Again, in doing tax

Welcome to the Dr. Friday Radio Show! In this episode, we have tax expert Dr. Friday take on the latest tax updates, answer the caller's questions, and talk over the following topics:

and much more!

Announcer 0:00 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the how-to girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

John Haggard 0:28 Live from America's Music City. It may be Saturday where you are, but it's Friday, all day, every day all the time with the tax doctor, the tax lady, the doctor of accounting known in these parts of America including Nashville, Tennessee, the Dr. Friday and right there she is. How are you Dr. Friday?

Dr. Friday 0:51 That is a heck of an introduction. I don't get that kind of introductions when I started my show. You just said something like, "the doctors in the house, start calling!" You know, not all that. You're always so much better at that. I love it, John, love it.

John Haggard 1:05 It's so much fun to bring the truth to the radio audience. I gotta tell you. And speaking of truth, oh, my goodness, right here the midterms coming up in what is it a couple of weeks or three weeks or something like that. But there's also another truth, Dr. Friday, and we know that you have it or what's available. I think the big thing on people's minds with the way the economy is the you know, we're in a recession, it's just a question of how bad is it?

John Haggard 1:33 You know, it's either depression for some people, which is really bad or a recession for some that is not quite as bad. But here's the deal, I think what we're all wondering is what is going to happen if you have any forecast on this or sort of, you know, you're in the business. So this is what you live in.

John Haggard 1:52 Is there any type of projection what's going to happen over all to the tax code, how we're going to get hurt, or, you know, what's in any, any direction there you can give us at this point?

Dr. Friday 2:05 Well, I think there's a couple of things we have to keep our eyes open for. As we know, in the Inflation Reduction Act, they did do a few small tax changes. But in the last two years, there's been quite a few tax acts that have come in effect that has a small amount of change. But I think the biggest was in the last one was the 85,000 new employees to the Internal Revenue Service, depending on which way you heard it, armed and ready to come collect.

Dr. Friday 2:35 But to be honest with you, A, I don't I don't see that as a major issue or problem. What I do see is in the last, I mean, I've been doing this 20 plus years, let's just do that 20 plus years. And you know, many times in the earlier days, we didn't have a problem reaching the IRS, we had resolution in the same day. We were able to reach a revenue person and find out about collections or deals. The last two to three years, we've waited on hold for three, four or five hours get hung up on couldn't get their computers to work, but there's just not been any way of really getting resolution.

Dr. Friday 3:12 And that's

Welcome to the Dr. Friday Radio Show! In this episode, we have tax expert Dr. Friday take on the latest tax updates, answer the caller's questions, and talk over the following topics:

and much more!

Announcer 0:01 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the how-to girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:29 Good day, I'm Dr. Friday and the doctor is in the house on this absolutely gorgeous Saturday, I will wish to tell you I can be outside all day, which I would love. But we are still in the midst of the final tax period. So if you haven't filed your 2021 taxes, obviously you have until the 17th of October, that's assuming that you filed an extension, if you did not file an extension, well, you're late, you need to file it now versus never. Because you know there was a and unfortunately, we were really busy because anyone that hadn't filed 19 and 20. In fact, some of you have gotten some love letters for the years of 19 and 20.

Dr. Friday 1:09 And maybe you accidentally or maybe for some reason you filed a tax return late in one of those two years, the IRS waived late filing fees as long as you had filed as of yesterday for 19 and 20. We tried to get that out as much as possible. And we did get a managed to get a few more returns in on time trying to get people back into that particular situation. So if you have a question, you can join the show at 615-737-9986. And let's go ahead and hit the phones. We got dawn in my town Spring Hill. Hey, Don, Hi, how are you? I am good. What can I do for you, sweetie?

Caller 1:48 I am getting watches that say my wife is getting an inheritance. Father and all passed away. And what we want to do is pay off a house. Both of us are on social security. And I have a pension. And I'm just wondering, what's the tax? Or how does that tax even work?

Dr. Friday 2:12 Well, there's a couple of different ways. So if she inherited a home, or cash out of the bank, there is no tax unless as long as you sell the property within the 90 days are there about from the time that person passed away. So the basis is as of the date of passing real estate's kind of coming down for a couple of years there.

Dr. Friday 2:33 I mean, to be honest, people were passing away in the home was selling for more than they actually had it valued at at that time. But so if it's that if she inherits an IRA, or a pension or 401k, any of those, those will be taxed at the rates of ordinary income that you guys might be at, which obviously is a lower income bracket at this point in life, which is always nice to have. But so that's you know, normally people either have stocks, you'll get a step up and basis on a stock. So whatever the stock was worth at the day of passing, that will be your basis.

Dr. Friday 3:08 And if you sell it, there could be a slight gain or loss depending on the situation home same thing basically going to break even the only ones we really worry about are not worried, but we have to manage more our 401 K's mutual funds, things that may have taxable dollars still in them that we'l

Welcome to the Dr. Friday Radio Show! In this episode, we have tax expert Dr. Friday take on the latest tax updates, answer the caller's questions, and talk over the following topics:

and much more!

Announcer 0:00 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the how-to girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:29 Good day Dr. Friday and the doctor is in the house. So if you have some tax questions, and remember, October 15 final filing for anyone that has not filed their 2021 with a legitimate extension, if you haven't filed, then you don't have an extension? Well, you're late, not much we can do about that.

Dr. Friday 0:46 So finally, more earlier, faster is always better. You know, I was doing some reviewing of corporate tax returns this last day will do with an extension. Again, I always say with extension, because if you didn't file an extension, you're late on any of the tax returns. But if you filed an extension, your 1065 was due on the 15th, which was last Thursday. And in reviewing a couple of them, I noticed a few people hadn't been filing, some people are now required to file K 2's and K 3's.

Dr. Friday 1:16 And what you're going to find that if one of it is the partner share of income deductible credits, some is for international won't apply to many, many people. But some of it has to do with examination of extension and failure to if you don't file it, you can get failure to file penalties even if you file the tax return on time.

Dr. Friday 1:39 So you need to make sure if you're a Sub S or a partnership, and beginning in 2020, partnerships, returns should also include the K 2 which is the partners distribute distribution shares, international and K 3 for shares, deductions and credits, etc. For international some, again, this doesn't apply to everyone. But it does apply to many people, they don't always think about what they're you know what's going on. And so it's very important that you make sure that whoever is doing your corporate tax returns.

Dr. Friday 2:09 I'm sure many people have very, very good edits. But I was like I said, I had a situation that we had to rush to do something on it because the K 2 was not attached. And it should have been. Also remember, if you're prepared that we also have to include bases with all 1065 and 1120. SS, again, because if you have a loss, and you continuously take the loss, you may not be entitled to it based on the basis that you have in that company.

Dr. Friday 2:39 So making sure that you understand how that works. Because I had a situation with people that came in and they had someone filed the taxes and then the IRS came back and had sent them some love letters and some changes. And next thing you know, they're sitting there going, "Wait a second, why are we getting in trouble because we didn't file these taxes this guy did." And the fact you have to remember, you know, you get a good reputable tax person that will stand behind their work.

Dr. Friday 3:06 And I've always tried

Welcome to the Dr. Friday Radio Show! In this episode, we have tax expert Dr. Friday take on the latest tax updates, answer the caller's questions, and talk over the following topics:

and much more!

Announcer 0:00 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the how-to girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:27 Good day, I'm Dr. Friday, and I'm here live. So if you've got questions, I know there's a lot of things happening. The biggest thing is if you have a Sub S Corporation or a LLC partnership or a 1065, then you know that tax day is 9/15, assuming you filed an extension, which is why it's really crazy around here at my office at the moment, only have about five days left to finish up a number of tax returns.

Dr. Friday 0:32 So if you have not filed your taxes for those types of entities, remember they are due on the 15th of September, there are no more extensions. Often though, other questions I've been getting this week, "Can I file another extension?" Nope, no more extensions out there for you guys, you have to file those tax returns, or you will be filing for late fees.

Dr. Friday 1:16 And those can be pretty hefty $300 per month for each shareholder up to I think it's like $1,000 or something per shareholder. So you can end up with multiple 1000s of dollars very quickly. I had a guy that had 60 shareholders and they had not filed on time. And you can imagine it was a very hefty building. Goodness, it was a first time offense, and we were able to get it waived.

Dr. Friday 1:38 But my point being you rather do it on the right time at the right place versus waiting for something like that to happen. So if you want to join the show, if you've got a question about filing your taxes, because we all know October 15 is the deadline for individuals. This is for the tax year of 2021.

Dr. Friday 1:56 And if you haven't filed like myself, and you've got PTO taxes that are due, then you need to go ahead and start making sure you've got that information. If you want to join the show, you've got a question maybe one of the reasons you haven't filed this because some things come up like sale of real estate and inheritance.

Dr. Friday 2:10 Those are often some of the big ones this last year, or maybe change of jobs or something along that line and you're not sure how to handle it, I can at least head you in the right direction. You can reach us here in the studio at 615-737-9986. The number here in the studio for the show. And you can you don't have to leave your name or number anything special you can call yourself Joe Schmo as far as I'm concerned, just ask your question.

Dr. Friday 2:39 And hopefully, the whole purpose of doing the show for the last 13 plus years is really just to get people on the right track to realize there are other ways sometimes in doing things. And I guess today's show I want to bring in I had a really unusual situation where, you know, the fact is, I've been doing taxes for 25 years, some of you guys have been with me just as long and totally appreciate that.

Welcome to the Dr. Friday Radio Show! In this episode, we have tax expert Dr. Friday take on the latest tax updates, answer the caller's questions, and talk over the following topics:

and much more!

Announcer 0:01 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the how-to girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:27 Good day, I'm Dr. Friday, and I'm here live on the radio. You can join us if you want at 615-737-9986. Hopefully, the background noise won't be too bad you can. Today we're going to talk a little bit about the Inflation Reduction Act, I know there are quite a few different things happening. This one obviously did pass back on, I think the 12th or 14th of the month. And so we're gonna cover a few of the things that we all need to know there's good and bad, in some of this.

Dr. Friday 1:06 Obviously, one of the biggest concerns is they're going to increase corporate taxes, which I know everyone thinks is a great idea for those big bad corporations in the bad times, that is I've never seen a corporation yet pay taxes. So if they're going to increase, that means it's going to cost us more for the product that we're buying. And we're already in a big inflation situation. So I don't see how that is actually fitting for an inflation Reduction Act. But either way, you look at it. That is one.

Dr. Friday 1:33 One of the other things that may or there depends on your choice of cars and vehicles, but they are going to increase energy efficiency. So they're trying to give people some incentives. While I was reading up to $14,000, it looks like a lifetime. And then they're going to bring back some of the energy efficiency that we didn't have. So you know, smaller ones like refrigerators, all of those had expired, or most people have met their lifetime, dollar amounts, and now they're going to be able to actually be able to use some of those credits on your tax return.

Dr. Friday 2:08 So going back to clean fuel, clean energy, heat pumps, solar, all of them are back on the table as far as being able to possibly take off. Of course, a big part of this is the increase in tax enforcement, I think it's like $124 billion, 85,000 new people. I would say if you are an individual that is behind on taxes, or a person that is trying to deal or wanting to get better acquainted with getting yourself straightened out in taxes, this would be a time to do it now possibly vs, they're going to be doing a lot of training at some point, they've already said that a big number of these are going to be auditors.

Dr. Friday 2:51 So if they're going to be auditing, that means you and I all of us are going to be potentially on the table. So sooner you get yourself caught up and your resolution was taken care of they can't go back if they've accepted your resolution. So one of those situations where you really do want to try to deal with this the best that you can.

Dr. Friday 3:10 So if you haven't obviously, I'm an enrolled agent licensed with the IRS. It

Welcome to the Dr. Friday Radio Show! In this episode, we have tax expert Dr. Friday take on the latest tax updates, answer the caller's questions, and talk over the following topics:

and much more!

Announcer 0:01 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the how-to girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:30 All right, I'm Dr. Friday, and we're here live this wonderful Saturday; I don't know what part of town you're in. But if you're in Spring Hill, we just had some nice little rain showers. I think every day we're getting a bit of rain, it always makes it a bit exciting for all of us. But hopefully, you are staying dry. I know my nephew is here in town, and he is playing in the baseball tournament up in by the Vanderbilt and all that area.

Dr. Friday 0:53 And so obviously, hopefully, the rain will stay away from those tournaments. So if you want to join the show, you can look at 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday. So I am an enrolled agent licensed with the Internal Revenue Service to do taxes and representation. That's all I'm really good at. And so if you haven't filed your taxes in a number of years, maybe you're getting some of the love letters from the internal revenue or from the state of Tennessee or other states.

Dr. Friday 1:26 Or you're just you know, wanting to get straight with the IRS, maybe we've not really done anything. I mean, the sad thing is, I have many cases that come in where someone just hasn't filed taxes for a number of years, many reasons why simply is just never happened. And so they want to get caught up, and they want to be able to maybe go buy a house, or their kids are getting ready to go to college. And they need to do Pfeiffer and those kinds of things.

Dr. Friday 1:51 So you know, whatever it might come up to being, but whenever you don't file taxes, sometimes there are a couple of things. One, you have the limitation where you can only go back three years to get your refunds right. So, 19, 20, and 21 pretty much is what you have as far as getting refunds. So anything prior to 18, you may you will not get your refund. Now, if there's already an IRS assessment, and they're taking money out and paying earlier years, and it's been done in the last few years, then you may be able to collect some of those monies even though they're for older years.

Dr. Friday 2:24 That being said, you also have the situation where you're dealing with stimulus money, right? I mean, there's still a large number of individuals that did not get stimulus money because they did not file 19, 20, and 21 taxes. And those are still available. So if you did not receive the $1,400, or you did not receive the $2,800 if you're married, or you know the advanced child credits and all this, those will come to you if and when you file your 20 and 21 taxes.

Welcome to the Dr. Friday Radio Show! In this episode, we have tax expert Dr. Friday take on the latest tax updates, answer the caller's questions, and talk over the following topics:

and much more!

Dr. Friday 0:00 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the how-to girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:29 Good day. I'm Dr. Friday, and the doctor is in the house right now here in the Spring Hill area. We are not seeing any rain, but according to my phone, it's supposed to be raining anytime. So hopefully, you guys are staying dry and not too humid outside for you guys. So if you want to join the show, it's easy. Call 615-737-9986.

Dr. Friday 0:54 We are live here on this beautiful Saturday. So if you've got questions, we are getting closer to the tax deadline. So if your business is a corporation, or unless you're on a fiscal year, LLC, anything like that, sub S corporations, you do have a deadline of 9/15, September 15. And then individuals that did file extensions, and this is only for individuals that have filed extensions or businesses, the deadline is 10/15.

Dr. Friday 1:21 We are already at the first of August, guys. So if you haven't started working on your numbers, preparing that information, you're going to need to make sure that you are dealing with that I do want to also open the show explaining that I don't know about other tax people. And if you're listening, I always appreciate the fact that you guys do listen, I'm going to say I'm running into issues where people we file back in March and April on time and do not have their refunds yet.

Dr. Friday 1:50 When we go online, the IRS just has this whole apology sorry, it's taking longer than normal to process your return blah, blah, blah. And in no, no letters coming to the taxpayer saying that there was some issue, they couldn't prove the W two or your federal withholdings, or you know that they change the tax return for some reason. It's just sitting out there in limbo.

Dr. Friday 2:12 So would be great to hear if anyone else has had that problem because hopefully, it's not just my clients. It's not that many, but in comparison, but still, any one client that's been waiting for months and months, you know, to get your money is supposed to take 21 days on most basic tax returns, then, you know, we're always wondering, and if anyone has had any success, calling the IRS now I haven't had a call them last week, but the week before I did, and it took me two days, pretty much straight calling to get through to somebody that at that time, was having computer issues, and they weren't really able to help out wasn't the IRS issue.

Dr. Friday 2:52 But you know, when you're you're spending 12 hours, on and off, you know, getting hung up on and everything else, it becomes that person's problem, because you're sitting there basically saying, "I understand you're having computer problems, you know, totally can relate to that. But this is like 12 hours, and I'm tr

Welcome to the Dr. Friday Radio Show! In this episode, we have tax expert Dr. Friday take on the latest tax updates, answer the caller's questions, and talk over the following topics:

and much more!

Announcer 0:01 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the How-To Girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

John Haggard 0:27 Live from America's Music City. It may be Saturday where you are but it's Friday, all day, every day all the time with the tax doctor, the tax lady, the doctor of accounting known in these parts of America as the Dr. Friday. Ladies and gentlemen, right here she is Dr. Friday. Hello there, Dr. Friday.

Dr. Friday 0:50 Hello, John. And thank you as always for stepping into the studio for us sometimes when I can't get in. So I appreciate it.

John Haggard 0:58 Always glad to be here we like to talk about money because you know, money is the number one cause of divorce, they say and there's so much going on with money. It's a great topic. So I'm always glad to be here, because you know if I can get it if I can get a tip from you. Because why do I want to pay more when I can pay less?

John Haggard 1:16 So Dr. Friday's here to give us all the answers to those types of questions. So that's a good deal. And folks if you are tuning in for the very first time because we have so many new people moving into Nashville from Chicago and San Francisco and New York and Philadelphia and Oregon and parts all over the place.

John Haggard 1:34 This is the Dr. Friday show. And the cool thing about Dr. Friday is she's an enrolled agent with the Internal Revenue Service. And some of you say, "Let me run, I don't want to run into the Internal Revenue Service!" No, she does not work for the Internal Revenue Service. But she can represent you like an attorney would in a court of law. So if you're in some trouble, or you haven't filed in the last 10 years, and I've met the dream person in my life and this person is making a lot of money and I don't want to get him or her thrown into jail or something like that.

John Haggard 2:06 Anyway, Dr. Friday can get you out of so many jams and you would never have to talk to the Internal Revenue Service again. So when we say live, that means you can jump on the phone and ask any question at all. Dr. Friday's got the answers here. Anything about taxes, stuff that's been bugging you.

John Haggard 2:22 Like for example, you know, how long does the IRS have to collect money? I owe them if I have not ever received a, as Dr. Friday calls it love letter, that, "Hey, you owe this." So we'll answer all kinds of questions. Here's the number to call right now only here until three. So you know don't say, "I'll call in a minute" because a minute becomes an hour and then you don't get an answer.

Welcome to the Dr. Friday Radio Show! In this episode, we have tax expert Dr. Friday take on the latest tax updates, answer the caller's questions, and talk over the following topics:

and much more!

Dr. Friday 0:00 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the How-To Girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:29 Good afternoon, this is Dr. Friday, and moving along here. It's a crazy Saturday for me, I imagine all of you guys are probably out there working, it's a pretty day outside. But anyway, today we're going to talk a lot about what I love talking about, which is taxes. Also a little bit about the offer and compromise process. Because we've had a lot of individuals that are getting to a point, I think, you know, 2020 was a very difficult year for many people. But people are now getting back on their feet, and they're wanting to deal with the IRS.

Dr. Friday 1:05 And they're like, I don't know where to start, I don't know how to start. And just for everyone that's maybe never heard of who I am Dr. Friday, or just tuned into the radio show. I'm an enrolled agent licensed by the Internal Revenue Service to be represented in taxes. So basically, it's all I do.

Dr. Friday 1:21 So if you have received the love letters, or if you have, you know that you have unfiled tax returns, you know, there are issues that need to probably be dealt with. This is what we have to start with when we talk about doing an offer in compromise is not just a matter of filing a 433 A or B depending if your business or not.

Dr. Friday 1:42 It really comes down to first and foremost getting you in compliance, it is so important that you are in compliance because the first thing the IRS really is looking for everyone always thinks it's the money. But that's not true. What the IRS is really wanting is for people to start filing their taxes on time.

Dr. Friday 1:59 And yes, of course paying their taxes. But if you have gotten behind, a lot of times divorce, other things have happened in life, and you ended up getting yourself behind, it happens. And what the IRS would want you to do is to file back up to six years, sometimes further in that, depending on if they have assessed your taxes already for you. If they filed, the IRS can file taxes on your behalf, never probably a good thing.

Dr. Friday 2:25 But sometimes they will go back usually for the entrepreneur, at least in my world, it's usually people that have received 1099s, you haven't filed your taxes yet. So they'll be nice enough to file you as single zero and no deductions. And then they'll send you a collection notice saying, "This is what happens, this is where you're at."

Dr. Friday 2:43 So, that being said, what you basically need to make sure y