The Dr. Friday Radio Show

By Dr. Friday BurkeBusiness

The Dr. Friday Radio Show episodes

September 15, 2021Dr. Friday Radio Show – September 11, 2021
Welcome to 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
Returns for C corporations That Are On a Calendar Year Have Now Been Extended to October 15, 2021
Apply For Forgiveness For PPP Loan
How To Verify Your Identify With the IRS
Why You Need To Adjust To Your W4
What Are 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?
Tips On How To Lower Your Taxes
and much more!
Transcript
Announcer 0:01
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 0:30
Good day, I’m Dr. Friday and the doctor is in the house and we are here live. So if you do want to join the show, you can pick up the phone at 615-737-9986. That’s a number here in the studio. Many of you are probably working this weekend possibly like I am because this is the last big weekend before tax season.
Dr. Friday 0:53
For businesses, it’s going to be here on September 15, which is next Wednesday is the final day. If you filed an extension on a corporation and LLC, trust in some cases 1120, 1120 S, and 1065 are the main ones. And if you file any of those, and you follow the extension, this coming Wednesday, 9/15 will be the deadline and so many of us are working on tax returns this weekend to make sure that they get filed on time.
Dr. Friday 1:22
And if you’ve got a question or if you’re in the process of filing one and you’ve come across something you need to ask feel free to give us a call again here in the studio at 615-737-9986.
Dr. Friday 1:35
I have been taking quite a few appointments this week, talking to people that are trying to figure out 2021, we’re already three-quarters of the way through almost. And there’s a lot of talk of what’s happening back in the House and the Senate.
Dr. Friday 1:50
Just to bring up to date for some of the people that may not follow everything happening there is that you have the ability to Secure Act that passed in 2019. And then there, of course, they changed a few things for IRAs and workers. But now there are some more proposals in front of the House and the Senate that will even go further than what happened on the Secure Act.
Dr. Friday 2:13
Of course, one of the proposals is raising the age for taking minimum distributions from 72, which is what happened in the Secure Act up to the age of 75, which means you can leave your money longer in an IRA, let it grow. And then that way you would be able to sorry about that guys, let it grow longer. And that means your mandate to take it out of an IRA would be longer.
Dr. Friday 2:39
So it was 70, it went to 72. And now they’re trying to approach the age of 75. Also allowing more part-time to participate in 401 K’s enhancing tax credits for small business owners that had the workplace and letting people age 60 and older to contribute still to a 401k. And expanding the charitable contribution.
Dr. Friday 3:03
The qualified charitable deduction or distribution, I think is a pretty well unknown text to break for people that are taking RMDs. Mo
47 min
August 31, 2021Dr. Friday Radio Show – August 28, 2021
This is 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
Apply For Forgiveness For PPP Loan
How To Verify Your Identify With the IRS
Why You Need To Adjust To Your W4
What Are 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?
Tips On How To Lower Your Taxes
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 0:29
Good day. I’m Dr. Friday and the doctor is in the house and we are live here on Saturday, this wonderfully sunny, I guess is the proper term. It’s a really nice Saturday outside, I’ve been working all day. But I did get a chance to go out earlier. And it’s very nice.
Dr. Friday 0:44
So hopefully you guys are enjoying your Saturday. And if you have any tax questions, we all know we’re coming up on another deadline here. Now, most of us already hit the, I guess you would say, one deadline of August 2. Now the next one is going to be the true extension deadline date, which is October 15. For individuals, all operating businesses are going to be on September 15. So those are coming up. And you know, before you know it, you’ll also have your third estimated payment, which is going to be due on September 15, unless something changes. So making plans.
Dr. Friday 1:16
You know, there’s a lot of changes every year. And I think this year, maybe more than some because of the real estate market here in Tennessee, I have had an out rageous number of individuals that have decided to sell either a rental property or second home, a primary home. And so you’re going to be looking at some tax changes that you might not normally have in your situation. So that would be one of those times when it’s between the crazy seasons, to talk to your tax person, and make sure that you’ve set enough money aside for the potential of capital gains. So that way we know.
Dr. Friday 1:58
Right now capital gains rates are zero if you’re in the 15% tax bracket, which is kind of now the 12th. Then it goes to 15%, then it’ll go to 18.8%, and then it’ll go to 23.8. And that pretty much when you hit over 400 and some up 460,000s when you’re maximizing that for a married couple.
Dr. Friday 2:21
So that will be something you need to be looking at making sure you understand. And if you have questions about that, or maybe you’re just getting ready to start thinking about changes that might be happening, changing of jobs, many people are relocating to different areas, it seems like. These can also cause some tax changes if you get a job that makes more money. It’s a good problem to have, but it can’t happen.
Dr. Friday 2:44
And you can reach us here, the radio phone number is 615-737-9986. And we can take your calls here live. Again, if you’re dealing with any of those. I took a meeting earlier this week with someone that was– another thing. When you’re selling real estate a lot of times in some cases, you might have a lot of leftover furniture goodwill, per se, items. And how do you track that? And is it even going to be a tax deduction
47 min
August 24, 2021Dr. Friday Radio Show – August 21, 2021
Welcome 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
Do I Have To Claim Child Tax Credit?
Current Capital Gains Rates
Is the $300 Charitable Deduction for 2021?
If You Did Not Receive A Stimulus Check, Claim It On Your 2021 Tax Return
Do You Have An IRS Issue That You Need Help With?
Do You Need Help With Tax Representation?
Apply For Forgiveness For PPP Loan
Tips On How To Lower Your Taxes
and much more!
Transcript
Announcer 0:01
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 0:30
Hey, I’m Dr. Friday and the doctor is in the house on this really, really stormy Saturday. I don’t know if any of you, I know a lot of my clients actually have pets. And as you guys all know, I have Great Danes, and my biggest, Zar, my largest one is six and he does not like thunderstorms. So he is all buried in his blankets and underneath his head. It’s hilarious. But he is definitely not the one for the thunder. So every once in a while, it rumbles through, he is looking at me like, “What is going on Mama?” So just feel for you guys, if you’ve got pets because obviously there’s not much they can do, they can only look at us and say “Keep me safe.” And so we try.
Dr. Friday 1:11
So if you’ve got questions, you can call 615-737-9986. And Lavidious, if you can get that other screen, so I can see my callers, that would be great. Um, you can also join the calls and move forward on that one. If you’ve got some questions, this will be the easiest way to do it. But you can also email [email protected].
Dr. Friday 1:39
This week has been even though I know lately, there have been quite a few different people, as of 7/15 or July 15, individuals have been getting the child credit. I’ve received a ton of calls from the individuals that either should be getting it that aren’t or individuals that don’t want to get it but they’re not able to get online and actually turn it off. One reason is they actually have to both the husband and wife to do it. Or they can’t even get access online for that. So there isn’t at this moment, there is not a telephone number that allows you to do it. This is what I will tell you and what’s been coming down, you know, down the line from the IRS.
Dr. Friday 2:24
If you are not entitled to the child tax credit, you can either return it to the IRS. And I would make sure you keep very good records on how you do that so that the IRS doesn’t try to turn around and make you pay it on your tax return. Because whoever is receiving it, when it comes time to actually do your taxes, you are going to be claiming that on your tax return. So if you do not have a child and you’re getting it because, in 2020, you did have a child that qualified you. Or if keep in mind, this is an advance on the child tax credit. It is not like a person, you either need to give the money to the correct person and/or you need to have that conversation because I know what’s going to happen.
Dr. Friday 3:14
Come tax season I’m going to have the head of household parents that did not receive it, and they’re going to claim it on their tax return. And then the individual
45 min
August 10, 2021Dr. Friday Radio Show – August 7, 2021
Welcome to 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
Current Capital Gains Rates
Are The Latest Tax Changes Permanent?
How To Sell Real Estate Without Paying Taxes
What Are The American Rescue Plan Act and the Consolidated Appropriations Act of 2021?
Apply For Forgiveness For PPP Loan
Tips On How To Lower Your Taxes
Tax Extension Deadline Oct. 15 To File Your Tax Return
The Latest Biden Campaign Tax Changes
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 0:29
Good day, I’m Dr. Friday and the doctor is in the house and we are live here on Saturday, this wonderfully sunny, I guess if this properly term. It’s a really nice Saturday outside. I’ve been working all day. But I did get a chance to go out earlier. And it’s very nice. So hopefully you guys are enjoying your Saturday. And if you have any tax questions, we all know we’re coming up on another deadline here.
Dr. Friday 0:50
Now, most of us already hit the I guess you would say the one deadline of August 2. Now the next one is going to be the true extension deadline date, which is October 15 for individuals. All operating businesses are going to be on September 15. So those are coming up. And you know, before you know, you also have your third estimated payment, which is going to be due on September 15 unless something changes. So making plans.
Dr. Friday 1:16
You know, there’s a lot of changes every year. And I think this year, maybe more than some because of the real estate market here in Tennessee. I have had an outrageous number of individuals that have decided to sell either a rental property or a second home, a primary home. And so you’re going to be looking at some tax changes that you might not normally have in your situation. So that would be one of those times when it’s between the crazy seasons, to talk to your tax person. And make sure that you’ve set enough money aside for the potential of capital gains, you know, so that way we know.
Dr. Friday 1:58
Right now capital gains rates are zero, if you’re in the 15% tax bracket, which is kind of now the 12 and then it goes to 15%, then it’ll go to 18.8%, and then it’ll go to 23.8%. And that is pretty much when you hit over 400 and some up 460, 000s when you’re maximizing that for a married couple. So that will be something you need to be looking at making sure you understand. And if you have questions about that, or maybe you’re just getting ready to start thinking about changes that might be happening changing of jobs.
Dr. Friday 2:33
many people are relocating to different areas, it seems like these can also cause some tax changes if you get a job that makes more money. It’s a good problem to have, but it can’t have.
Dr. Friday 2:44
And you can reach us here, the radio phone number is 615-737-9986. And we can take your calls here live. Again, if you’re dealing with any of those. I took a meeting earlier this week. With someone that was–another thing– when you’re selling real estate a lot of t
47 min
August 03, 2021Dr. Friday Radio Show – July 31, 2021
Another episode of the Dr. Friday Radio Show is here! In this podcast, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:
What Are The American Rescue Plan Act and the Consolidated Appropriations Act of 2021?
Apply For Forgiveness For PPP Loan
Tips On How To Lower Your Taxes
Tax Extension Deadline Oct. 15 To File Your Tax Return
When Can I Apply For Forgiveness for Second PPP Loan?
The Latest Biden Campaign Tax Changes
Do You Have An IRS Issue That You Need Help With?
Do You Need Help With Tax Representation?
Can I Make A Deal With the IRS?
and much more!
Transcript
Announcer 0:01
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 0:30
Good day, I’m Dr. Friday and the doctor is in the house. We are live here on this beautiful Saturday. And if you want to join the show, all you have to do is pick up the phone and call 615-737-9986. We are taking your calls live.
Dr. Friday 0:49
Maybe you’re thinking about taxes. You’ve probably heard me on either here or even on NewsChannel 5 talking about the August 2 date, which is Monday for anyone that lives in most of the surrounding counties, Williamson, Maury, Davidson, all of these counties would have been on a federal extension, which means that if for some reason you did not file an extension back in April, or you did but you owe money, now would be the time to make sure that payment is posted by Monday. So that way, you may find that your penalties and interest will be quite a bit lower than what you would have had if you wait till October at this point. So think about that. So that way you have something to possibly save.
Dr. Friday 1:35
And you probably heard but they did not extend the extension for landlords for, I should say renters, actually. So now landlords will be able to start doing evictions, which I’m sure there are people on both sides, that table but being a landlord and people, you know, having had people live in your home without paying rent or getting very minimal amounts from the government not to offset your own mortgage. So many landlords at this moment have had to put their home mortgages on hold, which means they’re not moving forward. And in some cases, the banks have actually caused, you know, because the money’s in the landlord’s name, not the renter’s name, that house could become jeopardized for that. So I think that was a good move.
Dr. Friday 2:21
So if you have renters that are not paying, and I have been extremely blessed, that I would suggest getting out there as soon as possible, because they may change that rule again. But for the next six weeks, since they’re not in the office, I would say that you have time to make sure that your renters are actually paying rent.
Dr. Friday 2:41
Alright, so if you’ve got questions. Again, we have taxes, and we’ve had quite a few tax laws that have changed in the last year, we had the American Rescue Plan Act and the Consolidated Appropriations Act of 2021. And those are both under Biden, and many of them have temporary situations that will only affect the year 2021.
Dr. Friday 3:07
One of the biggest ones because I know come July, or you know what you guys all received, or many of you that have children, would have received your first installment for the Child Tax Credit or the Dependent Care Credit. And that is just for most people, that is a temporary situat
47 min
July 28, 2021Dr. Friday Radio Show – July 24, 2021
Welcome to another episode of the Dr. Friday Radio Show! In this podcast, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:
How To Audit and Proof Your Business Documentation
Tax Extension Deadline Oct. 15 To File Your Tax Return
Tax Deadline Extension to Aug. 2 for Victims of Tennessee Disasters
Why You Should Pay Quarterly Taxes as an Entrepreneur
Can I Make A Deal With the IRS?
When Can I Apply For Forgiveness for Second PPP Loan?
The Latest Biden Campaign Tax Changes
Tax Returns Are Beginning to be Distributed
Reasons Why You May Not Have Received Your Stimulus Check
Do You Have An IRS Issue That You Need Help With?
Do You Need Help With Tax Representation?
and much more!
Transcript
Announcer 0:01
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 0:29
Good day, I’m Dr. Friday and the doctor is in the house. So if you’ve got questions, remember, if you haven’t filed your taxes yet, and you have a balance due, we have until, many counties I should say not every county in Tennessee, but most of the ones surrounding us, Davidson, Williams, and Murray all of us had till August 2, as a federal exclusion because of storm damage and things.
Dr. Friday 0:50
So if you haven’t, now’s the time to really try to prepare those taxes. Don’t wait until October, which is when your extension is good. Get it done early. So maybe you can actually waive some penalties and not get hit as hard as it is. People are always so shocked by how much money can cost. I mean, I do a lot of people’s taxes that we’ve done for six, seven years back most of the time, a minimum of six years, we have to go back. And you know, if you owe $3,000, you might as well figure in six years, you’re likely to owe $6,000 with penalties and interest.
Dr. Friday 1:25
There is some possibility of waiving some penalties, but in most cases, there isn’t a legitimate reason, you know, lifeless, difficult things happen. But there’s really no reason why back six years ago, you couldn’t have filed within the last six years. And so that’s what the IRS is looking for. If there were some reasons that there’s an explanation, otherwise, they may waive one out of the six years. But other than that, they may not because you may not have been actually even a good filer prior to that. So they’re looking at people that you know, “Hey, you know, I made a mistake once I did this or whatever.”
Dr. Friday 2:00
And yeah, they’re looking at that history. But otherwise, they’re looking at the fact that you might actually owe that money. And they’re like, “Well, you have it, you paid it.” And so often people come in and you know, I love the ads that are often running on the radio shows and things. And many of them turn around and they say things like, “Well, we can negotiate you 10 cents on the dollar.”
Dr. Friday 2:21
Well, that is true, we’ve made some awesome deals, I’ve had people that are owed hundreds of 1000s of dollars, and paid minimally, I mean, like 1%, you know, I mean, less than $10,000 or $1,000. Um, but it’s not the everyday situation. If you’re sitting with a house, and this is fairly new, the last couple of years, the IRS has gotten a bit smarter. But if you’re sitting on a house with equity, even if you can’t get the e
47 min
July 15, 2021Dr. Friday Radio Show – July 10, 2021
Welcome to the Dr. Friday Radio Show! In this episode, you’ll get to listen to Dr. Friday talk about the latest tax updates, answers callers questions, and talks over the following topics:
How To Audit and Proof Your Business Documentation
Tax Deadline Extension to Aug. 2 for Victims of Tennessee Disasters
The Latest Biden Campaign Tax Changes
Why Have I Not Received My Tax Return?
Biden’s Top Federal Tax Rates For Long-Term Capital Gains
Why You May Not Have Received Your Stimulus Check
Do You Have An IRS Issue That You Need Help With?
Do You Need Help With Tax Representation?
and much more!
Transcript
Announcer 0:01
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 0:29
Good day, I’m Dr. Friday and the doctor is in the house. Hopefully, you guys are staying safe there in the area. And if you’ve got questions about taxes, I’m an enrolled agent licensed with the Internal Revenue Service to do taxes and representation, which basically means, guys, all I do is taxes or dealing with the Internal Revenue Service.
Dr. Friday 0:50
So if you haven’t filed taxes in a number of years, if you’re trying to figure out where to get started. And I know many, many, many of you are listening right now and you’re just trying to figure out, “Hey, I filed my taxes on time, I get everything I’ve done every other year, and yet I still have not received my stimulus or my refund.” If that’s the case, we’ll see if we can give you a little bit more help.
Dr. Friday 1:13
I’m not going to say it’s going to be a ton because I’m going to be quite honest with you guys, the IRS is not giving us any response on what we should be doing. I’ve been giving out phone numbers. Some people have been able to get through, but they’re being told very similarly to what is on the website. So we’re gonna have to see what we can do to help you out.
Dr. Friday 1:33
If you want to join the show, you can call 615-737-9986. We are taking your calls talking about all of my favorite subjects, taxes. If you’re trying to figure out if you may be inherited or should you or should you not sell something. Right now I know there’s a big conflict going on in my world as far as when I say my world with taxes and things because Biden is talking about increasing capital gains taxes. And then we’re also talking about a lot of people getting some pretty good deal on selling things. So if you’ve got questions, call 615-737-9986. Let’s get to Ann. Ann’s on the line. What can we do for you, Ann?
Caller 2:23
Hi, my mother-in-law is 93. We had to move her to nursing assisted living. She lived on a farm got 35 acres of farmland. Bought it in 1963 for $1,000. Gonna sell it for about $150,000. She didn’t pay taxes in many years because there’s been no income. Now, how much money will she owe on this when we sell it?
Dr. Friday 2:48
Well, I would do one of two things. I don’t know if she has the ability to do it in a split sale. I mean, theoretically, she’s looking at basically 15% that’s what her tax is going to be. And since she pretty much had no real cost to it. There may be a small step up in basis with her lived there with her husband, but he may have died many years ago. I mean, she’s living a nice age.
Caller 3:18
He died 11 years ago.
Dr. Fri
46 min
June 22, 2021Dr. Friday Radio Show – June 19, 2021
Welcome to another episode of the Dr. Friday Radio Show! In this show, Dr. Friday shares the latest tax updates, answers callers questions, and talks over the following topics:
How To Audit and Proof Your Business Documentation
What To Do If You’re Receiving Letters From the IRS
How You Can Make A Deal With the IRS
How the IRS Decides If You Can Afford To Pay Them
Why Entrepreneurs Should Be Paying Quarterly Taxes
Why Have I Not Received My Tax Return?
Reasons Why You May Not Have Received Your Stimulus Check
How Many Years of Taxes You Need To File To Get Back Into Compliance With the IRS
Do You Have An IRS Issue That You Need Help With?
Are There Advantages To Spreading Your IRA of 401K?
Do You Need Help With Tax Representation?
What Changes Is The Biden Campaign Making?
and much more!
Transcript
Announcer 0:01
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 0:29
Good day, I’m Dr. Friday, and the doctor is in the house. We are live here today. So you can join us at 615-737-9986. I am an enrolled agent licensed by the Internal Revenue Service to do representation and taxation. So guys, that’s pretty much what I do. So if you haven’t filed taxes, or you’re getting all those love letters, there’s liens, levies, and you’re tired of it. Guess what, there’s someone local here in town, not one of those national advertisers. There’s someone here you can sit down face to face, and we can find a resolution.
Dr. Friday 1:09
I’m gonna be honest, I’m always straightforward with my clients. This just basically means if you can make a deal with the IRS, we will make a deal with the IRS. But if you’re not able, because of Home Equity, 401k equity, you have the money you’re inheriting or you have a second house, then the logic is you can pay someone all you want, but they’re not going to ever get a true offer and compromise through. But we could resolution in other ways. So if you’re interested in doing that, or you’ve got questions about letters you may have received, and I’m sure we’ve got listeners right now that have some questions about where in the good book is my stimulus money and or refund?
Dr. Friday 1:50
And I’m gonna be honest with you guys, there is no easy answer on that particular one. But if you want to join the show, or if you have received, you know, your refunds and you have been waiting for a long time, it might be reassuring for other people to hear and say, “Hey, I waited 60 days, but I finally got my stimulus money.” That would be awesome. You can reach us here at 615-737-9986. And let’s go to Pat in Marshall’s. Nashville, sorry. I’m like reading that sideways. You had to be there. Hello, sweetie.
Caller 2:23
Hey, how are you? My husband and I are having a complication. My husband had changed his job last year, his job ended in March and because of COVID and everything he went and you know, be he was going to turn full retirement age in July of last year. So he went and applied, didn’t enroll. But I mean, he applied to get his full benefits four months down the road. He went and applied for Social Security and they forced him to take Medicare Part A causing the last seven months of his HSA contributions to be eligible.
Caller 2:59
So we had to back out of everything, the employer wouldn’t contribute to the fix in the first ye
47 min
June 17, 2021Dr. Friday Radio Show – June 12, 2021
Welcome to another episode of the Dr. Friday Radio Show! In this show, Dr. Friday shares the latest tax updates, answers callers questions, and talks over the following topics:
What Is the Best Business Type for Taxes?
The Difference Between Each Business Tax
Why Have I Not Received My Tax Return?
Reasons Why You May Not Have Received Your Stimulus Check
How Many Years of Taxes You Need To File To Get Back Into Compliance With the IRS
Do You Have An IRS Issue That You Need Help With?
Where To Find the Best Social Security Advice
What Taxes Payments To Make If You’ve Sold Property or Inherited Property
Second Quarter Payments Due On June 15, 2021
Do You Need Help With Tax Representation?
The Best Way To Convert To A Roth IRA From An IRA
and much more!
Transcript
Announcer 0:01
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 0:29
Good day, I’m Dr. Friday and the doctor is in the house. We are here live on this wonderfully warm, boy is it warm, Saturday. And life is definitely getting interesting. I’m sure some of you guys may even have some questions. Maybe you’ve gotten some of the letters from the IRS. We’ve been really busy here with either IRS or state. A lot of times people haven’t done quite everything, like renewed their annual reports or their business licenses. And they’re getting those notices. So if you’ve got a question on those or anything else, all you have to do is give me a holler. Meanwhile, it looks like we have Mike on the line. Let’s go ahead and hit Mike.
Caller 1:08
Thank you for taking my call.
Dr. Friday 1:10
Thanks for calling. What can I do for you?
Caller 1:13
I’m an executor of a will and the deceased person died in February 2020. And only had ten months of taxable income of $1,027. I have an employer ID number for that account. Do I need to file since it was only $1,027?
Dr. Friday 1:36
Well, I will tell you that normally when I’m handling them, I’ll always filed the last year no matter what. It will most likely be a zero effect, you know, obviously, unless there was some withholding on that money. But more just because on the tax return, it will ask you for the data passing and you can put that on there and close those forms off.
Dr. Friday 1:55
I know that the IRS is, you know, Social Security and everything has already been turned off if they hadn’t even, but they’ve been probably notified. But it’s just part of my process, I always just file a final. And if they were receiving any kind of Medicare benefits, maybe they were in a nursing home or something if there was a Medicare, I always get a waiver from them as well with filing that so that way I make sure that I can close those off. And then you know, I don’t know the size of the estate or anything, just those but it’s not mandated. You don’t have to with that small dollar amount, you know.
Dr. Friday 2:27
Unless it was 1099 miscellaneous would have been the only time that I can think of where there may have been taxes due if they were working self-employed. Otherwise regular income coming in ordinary income or capital gains income, there would be no reason that you have to file it.
Caller 2:43
Okay, thank you. I had closed everything off, you know, a couple of weeks after she had passed away, so.
Dr. Friday 2:50
45 min
June 08, 2021Dr. Friday Radio Show – June 5, 2021
Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday shares all the latest tax updates, and talks over the following topics:
Updates On Tax Return Status
The IRS Is Holding Refunds for EITC
What To Do If You Haven’t Received Your W2 From Your Employer
Get Forgiveness For Your PPP Loan
What Taxes Payments To Make If You’ve Sold Property or Inherited Property
How To Flip A Home Without Paying Taxes
Second Quarter Payments Coming Up On June 15, 2021
What’s The Difference Between EIDL and PPP Loans?
Do You Need Help With Tax Representation?
Tax Extensions Expires October 15, 2021
How To Find Your Stimulus Check
and other caller’s questions!
Transcript
Announcer 0:01
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 0:30
Good day, I’m Dr. Friday and the doctor is live-in house. So if you’ve got questions you can join us today at 615-737-9986 is the number here in the studio, you can give us a call, let you know what’s happening. Probably the biggest thing that’s been happening more than anything is phone calls to my office asking about updates on tax return statuses. You know, once a day, at least you know everything. I have a guy that says, “Every day I check once a day at 6 a.m.” He emailed and said no status change just says that they’re processing.
Dr. Friday 1:11
I am going to say the IRS is holding refunds for the EITC, which is the earned income which some people isn’t always available to them, they may have claimed them in the past, maybe they’re not supposed to. Also, for the EIDL loan or the stimulus money that you may have been requesting. Again, they have to match it up because in some cases, maybe the money was provided to an ex-spouse and was received in cash. In some cases, children that were claimed in one year, and then claimed by another spouse or person in the next year, the person that reclaims in the first year got the money the other person filed on their tax return said they never received the money. So who’s supposed to get it and when? You know, and the IRS is kind of coming back and saying if this happened if for some reason your spouse playing the children.
Dr. Friday 2:07
And some of my clients claim every even year and then their spouse does every odd year. And if you didn’t file your taxes as fast as possible, or even if you have the money came out like on March 12, or 15th was when they started issuing the third stimulus. And then the second one was like December 29, or something like that. So they base them on the prior year. Even though a lot of people think of the second stimulus as a 2021 stimulus, it was still based on 2019 tax returns is still based on 2019 tax returns. And then 2020, which we filed on or before May 17, was then moved on to that section. So it really just comes down to the government’s basically not going to get between husbands and wives or people that have divorced and have children. They’re pretty much coming up straight out saying, “This is the situation, this is how we’re going to deal with it. We’re not going to if the money is already been cashed to provide it to for those children.”
Dr. Friday 3:17
And then I’ve got other people that say, “Yeah, my husband got it, and then I got it again.” So I don’t know how that’s going to come back. If there’s going to be any recourse aga
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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