The Dr. Friday Radio Show

By Dr. Friday BurkeBusiness

The Dr. Friday Radio Show episodes

December 22, 2021Dr. Friday Radio Show – December 18, 2021
Another episode of the Dr. Friday Radio Show is here! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:
Dr. Friday’s Tax Tips For the End of the Year
Taxes for Married Couples
Charitable Contributions for Married and Single People
Cryptocurrency and Taxes
Start Preparing for Tax Season
What You Should Consider Before Selling Your Home
RMD’s Are Back for 2021
How To Know If You Are Paying Penalties and Interests
Getting Back on Track With the IRS
and much more!
Transcript
Announcer 0:01No, 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 0:30Good day. I’m Dr. Friday, and I'm here live in the studio. So if you want to join the show, if you've got a question, now's the time to get on the line 615-737-9986. And I've got Will that's on the road. And why don't we go ahead and get him on the line? Hey, Will, what's happening?
Caller 0:54I enjoy your show. Question. Giving cash to dependents, how does the IRS know how much cash you're giving your dependents unless they audit you?
Dr. Friday 1:06Well, I think you answered your own question in all reality, unless you or your dependents or somebody that paid. And sometimes it can be wonky. I've had a gentleman that he had done something where he given a large chunk to his son, his son then turned around and purchase something.
And that person that he purchased from got audited, and it backtrack to the child and then the child said, “Well, my dad gave it to me,” kind of thing, nothing was illegal about it, it wasn't going to change anything for his father's taxes or his son's taxes, really, because in theory, right now, you can give the most what a million dollars or something to your family just have to file a gift tax return, which was the only thing that wasn't filed.
So in all honesty, it's not a huge area that the IRS is usually looking for in the normal everyday working family, we would never be able to give that kind of money away. But theoretically 15,000 per child per parent or whatever. So if the child's married, you could give 15 to him and 15 to his wife, or theoretically, if you have a wife and they can each give 15. But the only way that the IRS really knows is by auditing or back tracking through the someone else's finances to get to that number.
Caller 2:19Okay, I understand. I appreciate it.
Dr. Friday 2:21No worries, thanks for the call. I appreciate it drive safe. Alrighty, we are here live in the studio. And that was a great question. Because you know, right now, a lot of times parents are often thinking about, you know, I mean, it's estate planning, what should I do to help maybe a child is trying to buy a house, there are ways of helping and there are legal ways of just doing a gift tax return, it doesn't cost really anything all the way down the line, unless you're giving millions away but normal family, you want to give your daughter a $50,000 deposit for her home.
And you can do that, and you'll have to probably write a gift letter anyways, becaus
46 min
December 07, 2021Dr. Friday Radio Show – December 4, 2021
Another episode of the Dr. Friday Radio Show is here! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:
Dr. Friday’s Tax Tips For the End of the Year
Charitable Contributions for Married and Single People
Cryptocurrency and Taxes
The Build Back Better Act
Why You Should Start Preparing for Tax Season
What You Should Consider Before Selling Your Home
RMD’s Are Back on the Table for 2021
What Is a Step-Up In Basis?
Should You File Married or Jointly?
How To Know If You Are Paying Penalties and Interests
How to Get Back on Track With the IRS
and much more!
Transcript
Announcer 0:01
No, no, no, she’s not a medical doctor, but she can share a cure for 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 are living here in the studio. It’s a beautiful Saturday. Actually, it’s a little overcast. Hopefully, some of you guys will be going out to some of these Christmas parades. This year, I didn’t actually do afloat, we have decorated the house. But it’s a bit crazy, I got serious lights going on. But hopefully, everyone will enjoy the holidays and keep them safe for everybody.
Dr. Friday 0:53
But if you want to join the show, we are getting close to the time where we’re going to be getting ready to think about taxes again. And so I want to make sure that everyone if you’ve got questions if you haven’t filed your taxes now is a great time to try to set up an appointment in the next week or two before the holidays to see if we need to be getting some transcripts or if we need to be moving forward.
Dr. Friday 1:12
So that way we can try to make sure and if you have something different that happened this year, maybe you’ve done some sale of real estate or, you know, inherited or whatever, this is the time we need to double-check and make sure because January 15, I mean, that’s the last time to make your quarterly estimate for the year of 2021. And from that point on, we’ll go from where we have.
Dr. Friday 1:34
But if you want to join the show, you can at 615-737-9986. And we will take your calls online here live. So if you’ve got questions about that, we’re going to talk about some of the things you did.
Dr. Friday 1:53
Just covering a few of the things that maybe you know we’ve every year, it seems like in the last couple years, we’ve had some changes, some different things that have happened with tax law, some major ones, some smaller ones. And every year they like to add a few things or take a few things away.
Dr. Friday 2:07
So I just want to make sure one of the big things obviously in 2021, that changed directly from 2020 is the charitable contributions for everyone that does not itemize, we still have the line deduction of 300 per single and this year 600 for married. So again, that’s something that you have to deal with.
Dr. Friday 2:26
And RMDs, you do have to do your required minimum distribution. That’s kind of important, because a lot of times, especially last year with COVID, they did remove those you did not have to take your RMDs. And then we’ll talk a little bit about qualified charitable deductions using your RMD. And getting a dollar for dollar deduction by giving to charity, especially considering a large number of you guys do it all the time.
Dr. Friday
47 min
December 02, 2021Dr. Friday Radio Show – November 27, 2021
Welcome to the Dr. Friday Radio Show, where Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:
Dr. Friday’s Tax Tips For the End of the Year
Cryptocurrency and Taxes
What Is the Build Back Better Act
Why You Should Contact Dr. Friday Before Selling
Apply for PPP Forgiveness
RMD’s Are Back on the Table for 2021
Should I File Married or Jointly?
How To Know If You Are Paying Penalties and Interests
The Capital Gaines Tax Changes
How to Get Back on Track With the IRS
and much more!
Transcript
Announcer 0:00
No, no, no, she’s not a medical doctor, but she can share a cure for 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 the doctor is in the house and we are live today on this beautiful Saturday after Thanksgiving. I know many of you guys have probably enjoyed Black Friday a bit differently than when I was a child.
Dr. Friday 0:40
But then again, everything seems to change as we keep going. So we had some good time shopping, as well as then obviously, now we’re going to be doing a lot more on the internet, right cyber. So making sure one of the big things I want to touch on a little bit is every one of my clients, I promise you are many of them almost are all great people they give, especially during the season, and many people are buying things for like Angel trees, buying food for families that maybe aren’t able to have the same kind of Christmas or Thanksgiving that you were able to have.
Dr. Friday 1:14
So they’re giving and sharing those things. Now keep in mind that under the new tax law that the $600 for married couples and $300 for single individuals that’s above the standard deduction has to be cash. And that doesn’t include if you go out and buy clothing, gifts, whatever for Angel Tree that is not going to be qualified for that type of charitable deduction. Just put it out there nothing wrong.
Dr. Friday 1:44
I know myself, my sister, and I, we’ve probably got four or five bins for the angel trees that we’re working with. But just putting that out there that that is still a charitable contribution, but it would be considered non-cash because you’re actually buying something for them not giving cash. Same way as if you go out and you buy a lot of food for a food bank helping to make Thanksgiving or Christmas baskets.
Dr. Friday 2:08
Again, you are using cash for but you are yourself you are not a nonprofit yourself. And so you’re buying the food with after-tax dollars. And then giving that to the charity, the charity is claiming the food or the clothing. So therefore the money did not go through a 501 C three.
Dr. Friday 2:25
So just as a point and go fund me accounts kind of want to touch on those a bit. Because I know I have many clients especially at this time of the year, a lot of times they will go in and do a GoFundMe for different families in the neighborhood ones that are having health or medical issues. I have a client a case right now where one of my client’s significant others, set up a GoFundMe account for someone in their church that was having a really hard time.
Dr. Friday 2:55
And they were trying to get money for treatments. Long story short, she raised, I don’t know somewhere, I think it was around $25,000 on her GoFundMe. She physically wrote a check to those people. But she did not set it up as a nonprofit or ch
47 min
November 16, 2021Dr. Friday Radio Show – November 13, 2021
Welcome to the Dr. Friday Radio Show, where Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:
Dr. Friday’s Tax Tips For the End of the Year
What You Need To Know About Cryptocurrency and Taxes
What Is the Build Back Better Act
Why You Should Contact Dr. Friday Before Selling
Apply for PPP Forgiveness
How You Could Qualify for College Credits
RMD’s Are Back on the Table for 2021
How Much Money Can I Gift My Child?
Should I File Married or Jointly?
How To Know If You Are Paying Penalties and Interests
The Capital Gaines Tax Changes
How to Get Back on Track With the IRS
and much more!
Transcript
Announcer 0:01
No, no, no, she’s not a medical doctor, but she can share a cure for 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
Good day, I’m Dr. Friday and the doctor is in the house. So if you have questions concerning taxes or money issues, mainly taxes, I do love my taxes. And there are so many things going on. We keep hearing about some of them are just the Build Back Better plan, which we haven’t really had passed yet. But many things in that plan are going to have some major tax changes for us. So we will stay on top of that.
Dr. Friday 0:53
Talking a lot more about the cryptocurrency and the tax policy that’s going to follow along with that. So for all of us that might own cryptocurrency, how we’re going to make the bookkeeping practice, you know, education, how are we going to take certain credits on that, making sure we understand and know what’s going on is very, very important. So we just want to follow through with all of that.
Dr. Friday 1:16
And if you have any questions at all you can during the show. We are here live on this wonderful Saturday. 615-737-9986, we are taking your calls, talking about again, my favorite subject and soon to be your favorite subject because tax season is going to be here before you know it.
Dr. Friday 1:40
And so let’s talk a little bit about cryptocurrency. I have a large number of clients now more than I used to have. Well, I think there are a lot more people that are into cryptocurrency than used to be into the cryptocurrency and I have a whole number of you that are listening right this second saying, “Hey, I don’t want to tell anyone I have cryptocurrency it’s top-secret.”
Dr. Friday 2:00
It’s like when I was younger people would buy gold or silver. And they caught up, hid that away because that was going to be their emergency stash in case something happened in the world. And we were going to have to go back or lose our currency and what was going to happen. So it’s somewhat the same kind of thing because there wasn’t as much tracking done, especially in the beginning, right?
Dr. Friday 2:22
I mean, let’s be honest, if you lost your account number and cryptocurrency, you lost your entire fortune, it was not something that was going to be able to stay with us or do with us. But that is not necessarily the case any longer. Many of us have Bitcoin wallets, many of us have some other software that we can actually convert crypto into other types of currency or convert US dollars into crypto. So we have software.
Dr. Friday 2:47
And to be quite honest, I don’t think it’s as hidden or as unknown as it was at least 10 years ago. So if you’re a person that is big into cryptocurrency, k
47 min
November 09, 2021Dr. Friday Radio Show – November 6, 2021
Another episode of the Dr. Friday Radio Show is here! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:
Dr. Friday’s Tax Tips For the End of the Year
What You Should Know About the Consolidated Appropriations Act
What You Need To Know About the Advanced Child Credit
Does the IRS Know How Much Money I’ve Gifted Someone?
Certain Limitations Contributing to A Roth IRA
Standard Deduction Changes for 2020 Tax
The New Charitable Contribution Deduction
How To Know If You Are Paying Penalties and Interests
The Capital Gaines Tax Changes
How to Get Back on Track With the IRS
and much more!
Transcript
Announcer 0:01
No, no, no, she’s not a medical doctor, but she can share a cure for 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
I’m Dr. Friday, and the doctor is in the house, we are here live. So if you want to join the show, you can 615-737-9986. We are taking your calls talking about my favorite subject taxes and money. We all know that there was a new bill passed for infrastructure just well, it’s on the President’s desk, I guess you would say it hasn’t fully passed. But it did go through the house, and the Senate and $1.9 trillion. Not a lot about taxes in there. Thank goodness, they didn’t put anything major.
Dr. Friday 1:06
There’s a few things but nothing that’s going to be on the day-to-day things that many of us are watching for, they’re still hoping to pass another bill, because they couldn’t agree on the total thing. So we’ll see if they’re going to pass a larger bill coming soon. But under this particular one is more for utilities and infrastructure, per se versus some of the other concepts.
Dr. Friday 1:30
So we’ll have to follow and stay in tune with that and see what we do have moving forward some of the things we do know, that have passed in the Consolidated Appropriations Act, and some of the other well, the three different bills that we had passed in the last year. And one of them was, of course, I was talking to one of my clients. And we were saying he’s saying, Well, I couldn’t write off any of my meals in the last year. So because you kept saying, well, Friday’s not tied to this.
Dr. Friday 1:57
And I will say under the newest tax law, they have extended meals for people that are entrepreneurs and business owners, this has nothing to do with individuals, but people that take their clients to lunch or to dinner, they are allowing 100%, which we’ve never had before, it used to be 50%. Because either way, they always said that the owner would have had to eat one way or the other.
Dr. Friday 2:21
But right now they’re using a 100% for 2021-2020 to one of the few things we’ll be looking at when we’re looking at reconciling people’s urine, paperwork, but you may have other questions, tax changes, or things that we’re looking to, maybe you’re looking at your 2021 tax bill, and you’ve sold real estate or even inherited some property, or money and you’re not sure what you need to use or pay for at that time, we need to be ahead of this. We don’t want to be waiting until tax season.
Dr. Friday 2:51
And then you turn around and you say, “Oh, wait for a second, I did have this” and “Oh, you do oh, this, we really would like to get that money paid earlier versus later.” If
47 min
October 28, 2021Dr. Friday Radio Show – October 23, 2021
Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:
Dr. Friday’s Tax Tips For the End of the Year
What You Should Know About the Build Back Better Act
How To Be Prepared for the Advanced Child Credit
Does the IRS Know How Much Money I’ve Gifted Someone?
Certain Limitations Contributing to A Roth IRA
Standard Deduction Changes for 2020 Tax
Am I Being Audited By the IRS?
The New Charitable Contribution Deduction
How To Know If You Are Paying Penalties and Interests
The Capital Gaines Tax Changes
How to Get In Touch with the IRS
Dr. Friday Talks About How to Get Back on Track With the IRS
and much more!
Transcript
Caller 0:00
No, no, no, she’s not a medical doctor, but she can share a cure for 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 0:28
Good day, I’m Dr. Friday and the doctor is in the house. We are all working on our last big weekend for the final numbers for the individual and corporate. If you’re less than 20, your due date is 10/15, which is next Friday. So now’s the time to hopefully sit in front of that computer, when it’s a little bit quiet, I hope, and make those numbers sing for you.
Dr. Friday 0:52
So that way, and I have quite a few people to be quite honest with you, I am in the process of working with many people or you know, my clients at least will email me things that are coming up with things that have changed. And there, you know, we have quite a few people that sold real estate, it’s that simple.
Dr. Friday 1:11
So quite a bit of real estate. And in doing so you may have created some tax situation, especially if it was rental real estate because rental real estate can usually have recapture of capital gains along with recapture of depreciation sorry, which is ordinary income plus the capital gains.
Dr. Friday 1:30
So we might need to make sure that you’re covering both of those so that you are ready when it comes few more months, and we get ready to start looking at doing taxes, that we’re not telling you that you owe another, you know, $50,000 in taxes.
Dr. Friday 1:45
I know in the last just today alone, I’ve had three people I’ve been working with clients that have sold real estate that has been rental real estate, and all of them have had some pretty good tax bills, one of them only paid like 40,000 and sold it for like 410,000. So obviously in those situations, you’re looking at some pretty big capital gains.
Dr. Friday 2:06
So if you’ve got questions because it’s not just straight across the board 15% If you’ve got questions, give me a call, you can do it here in the studio at 615-737-9866. Taking your calls, talking about pretty much all things when it comes to taxes.
Dr. Friday 2:25
So if you’re in the process of finishing your 2020s, or prepping for your 2021, you know that there’s going to be certain things like some changes, the standard deduction in 2021 is going to be 25,100 for married filing jointly 12,550 for single and 18,800. For the head of household. This is including inflation, so every year will go up a little bit, I do want to make sure individuals that are receiving the advanced child tax credit that you have prepared that information.
Dr. Friday 3:01
Especially, it’s just go
46 min
October 12, 2021Dr. Friday Radio Show – October 9, 2021
Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:
Tax Extension deadline Oct. 15 to file your tax return
Tax Tips For the End of the Year From Dr. Friday
FBAR Extention Until Oct. 15, 2021
How To Be Prepared for the Advanced Child Credit
Certain Limitations Contributing to A Roth IRA
Standard Deduction Changes for 2020 Tax
Does the IRS Know How Much Money I’ve Gifted Someone?
How To Know If You Are Paying Penalties and Interests
Tax Changes Done to the Capital Gains
The New Charitable Contribution Deduction
How to Get In Touch with the IRS
Get Back on Track With the IRS
and much more!
Transcript
Announcer 0:00
No, no, no, she’s not a medical doctor, but she can share a cure for 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 0:21
Good day. I’m Dr. Friday and the doctor is in the house. We are all working on our last big weekend for the final numbers for the individual and corporate.
Dr. Friday 0:38
If you’re level 20, your due date is 10/15 which is next Friday. So now’s the time to hopefully sit in front of that computer when it’s a little bit quiet, I hope and make those numbers sing for you so that way. And I have quite a few people to be quite honest with you I am in the process of working with many people or you know, my clients at least will email me things that are coming up things that have changed.
Dr. Friday 1:05
And there, you know, we have quite a few people that sold real estate. It’s that simple. So quite a bit of real estate. And in doing so you may have created some tax situation, especially if it was rental real estate because rental real estate can usually have recaptured capital gains along with recapture of depreciation sorry, which is ordinary income plus the capital gains.
Dr. Friday 1:30
So we might need to make sure that you’re covering both of those. So that you are ready, when comes few more months and we get ready to start looking at doing taxes, that we’re not telling you that you owe another, you know, $50,000 in taxes. I know in the last just today alone, I’ve had three people I’ve been working with clients that have sold real estate that has been rental real estate, and all of them have had some pretty good tax bills, one of them only paid like 40,000 and sold it for like 410,000. So obviously in those situations, you’re looking at some pretty big capital gains.
Dr. Friday 2:06
So if you’ve got questions because it’s not just straight across the board 15% if you’ve got questions, give me a call, you can do it here in the studio at 615-737-9986, taking your calls, talking about pretty much all things when it comes to taxes.
Dr. Friday 2:25
So if you’re in the process of finishing your 2020s, or prepping for your 2021, you know that there’s going to be certain things like some changes, the standard deduction in 2021 is going to be 25,100 for married filing jointly, 12,550single and 18,800 for the head of household. This is including inflation. So every year, well go up a little bit.
Dr. Friday 2:51
I do want to make sure individuals that are receiving the advanced child tax credit that you have prepared that information. Especially, it’s just going to be a little confusing in my mind, because maybe I deal with a lot of peo
47 min
October 06, 2021Dr. Friday Radio Show – October 2, 2021
Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:
Tax Extension deadline Oct. 15 to file your tax return
How To Know If You Are Paying Penalties and Interests.
Have There Been Tax Changes Done to the Capital Gains?
The New Charitable Contribution Deduction
Can I Get My Child Into College If I Haven’t Paid My Taxes?
How to ensure your Stimulus Status
FBAR Extention Until Oct. 15, 2021
New Tax Increase In ETax and Cigarettes
How the Increase of Labor
Earned Income Credit for taxpayers with Non-Qualifying Children
How To Get Back on Track With the IRS
and much more!
Transcript
Announcer 0:00
No, no, no, she’s not a medical doctor, but she can share a cure for 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 0:28
Good day, I’m Dr. Friday and the doctor is in the house. So if you’ve got tax questions, we all know that October 15 is just around the corner. And it is time for all of you procrastinators, which usually includes me this year, I did manage to get mine done before October 15.
Dr. Friday 0:44
But been there done that, you need to be able to get your taxes filed on time. And remember, it doesn’t extend the money you owe. So one of the hardest thing is always to, you know, explain to people, “You owe this and there’s going to be penalties.”
Dr. Friday 0:59
Your money is due on or before April 15. Normally in the normal worlds where we don’t have all these extensions and things. And then if they do give us an extension, an actual federal extension like we had one because of storm damage and things like that many people in Nashville, Williamson County, Davidson had until August 2, right?
Dr. Friday 1:20
And there wasn’t going to be a penalty if you hadn’t paid like normally in April. But at this point, anything you haven’t paid after that August 2, assuming that you were not in that extension, you are now paying penalties and interest. Assuming you have a legitimate extension, you will not pay a late failure to file a penalty until after October 15.
Dr. Friday 1:43
They’re still going to get you to fail to pay on time failing to make quarterly estimates all kinds of other failures to do. But that one is one that you really do want to have. Because most of the other ones are like point 5%, when you get a failure to file, it is 5% per month up to 25%. So that was really, really painful.
Dr. Friday 2:05
So just wanted to put that out there. If you’ve got questions, or maybe you’ve been following a little bit about what’s happening in the news as far as what’s kind of passed the house, and now they’re looking at some proposals of what they’re going to do. They keep calling these changes that they’re doing that they’re not going to affect the middle class, which is obviously what Biden ran on.
Dr. Friday 2:27
And the thing is, he ran on he wasn’t going to do proposals that were going to be over, it wasn’t gonna affect anyone unless you make $400,000 or more. But yet, a couple of things that are now on the table, of course tax unrealized capital gains, some other ideas of mainly the capital gains tax.
Dr. Friday 2:49
They’re also going to hit some new taxes that they have out there raising cigar
48 min
September 27, 2021Dr. Friday Radio Show – September 25, 2021
Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:
Tax Extension deadline Oct. 15 to file your tax return
The Infrastructure Bill being debated in Congress and the IRS monitoring bank accounts
Letter 6470 from the IRS about the Recovery Rebate Credit
The New Charitable Contribution Deduction
The IRS Using Collection Agencies
How to ensure your Stimulus Status
Tax advantages and disadvantages of inheriting a home vs buying a home from an elderly parent
Changes in the tax law for Real Estate Professionals
Donating a commercial property and how to appraise
Cryptocurrencies and how to track for tax purposes
Cryptocurrencies and wash sales
Veterans and Taxes
Capital Gaines in the sale of Motorcycle, Airplane or Boats
Earned Income Credit for taxpayers with non-qualifying children
Using the taxpayer’s prior year income for the purposes of EIC
Catching up if you’ve fallen behind in your taxes
and much more!
Transcript
Announcer 0:00
No, no, no, she’s not a medical doctor, but she can share 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. So if you’re working on your tax return, remember October 15 is our deadline. So many of us are working through the weekends, trying to make sure everybody’s taxes are done and completed. So if you haven’t done your taxes yet, probably now would be the time to start thinking about them. You don’t want to wait to the very, very last minute, you know. You can always wait until the last second to hit the send button. But you do want to get them prepared. So you can at least see what you have or what’s going on.
Dr. Friday 0:56
So there you go. So you want to make sure so if you’ve got questions, you haven’t filed your 2020 taxes yet… this is the show you want to call 615-737-9986.
Dr. Friday 1:10
I thought I’d start off the show a little bit with some new information about what’s coming down the line from Congress. The infrastructure bill, excuse me, is being debated. Obviously, we all keep hearing about it. 3.5 trillion something along that line. Interestingly enough, I got this from my bank. And they’re basically saying that part of this bill will be that the United States Congress contains a proposal that would require financial institutions to report to the Internal Revenue Service, the IRS, the amount that flows through account holders that have more than $600. So now we’re going to start reporting… this kind of reminds you of Greece when they started charging the tax on people that held money in the bank. They’re now going to have the IRS be notified if anyone has more than $600 in their bank at any given time. Now, I mean, let’s be honest, that’s would be a very large number of people in society. So it says money that flows through an account for more than $600. Paychecks. You know, a lot of things would be over $600. So this is part of that infrastructure bill that they keep trying to say isn’t going to do anything but give us a better type of roads, better internet. You know, they keep trying to sell us, but what kind of personal information are we losing, by having this pe
47 min
September 22, 2021Dr. Friday Radio Show – September 18, 2021
Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:
Tax Extension Deadline Oct. 15 To File Your Tax Return
Operating Businesses Tax Extention Deadline September 15, 2021
Quarter Estimates due September 15, 2021
Apply For Forgiveness For PPP Loan
Returns for C corporations That Are On a Calendar Year Have Now Been Extended to October 15, 2021
How To Verify Your Identify With the IRS
The Current Capital Gains Rates
Is the $300 Charitable Deduction for 2021?
Do You Have An IRS Issue That You Need Help With?
Do You Need Help With Tax Representation?
and much more!
Transcript
Announcer 0:00
No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your 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 at 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.
Dr. Friday 0:26
Good day, I’m Dr. Friday and the doctor is in the house. We’re having a wonderful Saturday around here. All kinds of things getting finished and completed. As we know, if you had an 1120 S or a 1065, you were now late if you have not filed your 2020 returns, those were due on 9/15.
Dr. Friday 0:45
So not single members, or LLC or sole proprietorships, or individual tax returns. Those are now due October 15, along with normal 1120 tax returns. So all of that being said, if you haven’t filed your 2020 tax return, you need to get an appointment fast if you’re trying to get in with my firm. Or if you do it yourself, you need to get them ready and file don’t wait till the very last minutes because there’s a likeliness that you will not get them filed on time. And then the penalties can even be worse than not filing in the first place.
Dr. Friday 1:17
So you know, I mean, it’s like a 25% penalty if you actually don’t file on time. So filing with an extension, if you do not have an extension you’re already late. So sooner you file better it’s going to be so if you have a question and you need it, maybe you’re working on that, or maybe you’re actually pre-empting, your 2021 taxes, what a concept.
Dr. Friday 1:39
You can join the show 615-737-9986. We are taking your calls here in the studio. If you have some questions concerning taxes, or maybe something that’s come along, maybe you’ve inherited property and you’re selling it or you’ve sold rental properties, you want to sell your primary home and you’re not too sure what your taxes may or may not be, this would be the time to try to get at least the right basic answer which direction to go, everybody’s got a slight difference.
Dr. Friday 2:08
But that is all based on percentage of income so we can get you pretty close to what you need. So again, the phone number here in the studio is 615-737-9986. All right, so we’re going to talk a little bit about, as I’ve told you, in the last couple shows.
Dr. Friday 2:25
The fact is we’ve had several taxes, we’ve got the American Rescue Act and the consolidated appropriation act of 2021. We also had the Families Act, the economics for Families Act are going to be as follows. One of the reasons this is kind of important is there are some big changes that affect people with children, obviously.
Dr. Friday 2:46
So the child tax credit will be fully refundable under this new Act, which came in effect for 2021. And the amount would increase from $3,000 per child to 3600 for children under t
47 min

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The Dr. Friday Radio Show is a weekly radio show broadcast live on 99.7/WWTN every Saturday from 2PM-3PM CST. If you are outside of the listening area of the radio station (Nashville, TN), you can also download the iHeart App on your smartphone and search WWTN to hear the LIVE show.

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