The Dr. Friday Radio Show

By Dr. Friday BurkeBusiness

The Dr. Friday Radio Show episodes

June 01, 2021Dr. Friday Radio Show – May 22, 2021
Another episode of the Dr. Friday Radio Show is here! In this episode, Dr. Friday shares all the latest tax updates, and talks over the following topics:
File An Extention With A 4868 Form
Why You Should Be Paying Quarterly Taxes
How Can I Find My Tax Refund?
Who Does The Government Want To Audit
Tax Extensions Expires October 15, 2021
How To Find Your Stimulus Check
What Can I Deduct From Charitable Contributions?
How To E-File Your Tax Returns
Do You Need Help With Tax Representation?
Should I Rent or Rent to Own My Home?
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 0:29
Good day, I’m Dr. Friday and the Dr. Friday show and we are here live today. So if you want to join us you can at 615-737-9986. We are talking about my absolute favorite subject which is taxes. Now a lot of you may already think that you know what taxes are done, we don’t need to worry about them anymore, which is completely wrong. Some of you have managed the file but many of you have still not received your refunds today, even though I was traveling and I’m on basic vacation thanks to Dr. Electric. I am here in sunny Florida and there are at least six people I spoke to on the way here and they all are asking me why they didn’t get their refund, and the answer is the same for everyone guys, the IRS is running slow. Now for some of you procrastinators you do have if you live in Campbell, Cannon, Clay, Davidson, Decatur, Henderson, Hickman Jackson, Madison, Murray, McNair, Moore, Overton, Scott, Smith, Wayne, Williamson, and Wilson counties. I’m not repeating all those. If you live in one of those counties, if you’re not too sure, you can certainly text me and I will let you know what those counties were, you have an automatic extension if your primary home and or businesses in those counties, you have an automatic extension to August 2, for a few of you that may not have been able to make the May 17 deadline for one reason or another, you may have a get out of jail card for free here because August 2 will automatically extend those people in those counties. Those are for anybody. It’s for victims of severe storm damage, wind damage, tornadoes, and floods. That happened back in March. But it’s anyone that lives in those counties, not necessarily you been directly affected by those storms.
Dr. Friday 2:31
So that may give a few of you a little bit of a way out. Louise, I cannot see the screen. So just text me if you can, if anyone’s calling that way, we can just do it that way. It’s no big deal. I appreciate it. So again, if you are an individual that is doing something with your taxes, and maybe you didn’t get a chance, or maybe we had to file extensions, it’s been a bit of a crazy year with not only dealing with 2020, and its issues, but the PPP loans, the EIDL, the SBA loans, all of those coming out in the 7500s for payroll, employee retention forms, I should say. All of those are on top of our normal tax season. So it’s been a crazy year, trying to help all of our small businesses try to stay open to take advantage of any of the funds available for them to keep their doors open and doing that.
Dr. Friday 3:25
So if you’ve got a question, you can join the show at 615-737-9986. We’ll take your calls. So again, that’s one of the big things I know a lot of people and I will tell you, I wasn’t really pushing the August 2
47 min
June 01, 2021Dr. Friday Radio Show – May 15, 2021
Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday gives all the newest tax updates and answers the caller’s questions:
Why You Need To File An Extention
Do I Report My Stimulus Check As Income?
Tax Extensions Expires October 15, 2021
Go To Irs.gov To Find Your Stimulus Check
What Can I Deduct From Charitable Contributions?
Tax Filing Deadline Is May 17, 2021
Where can I Find My Tax Refund?
How To E-File Your Tax Returns
File The 4868 Form for A Extension
Unemployment Is Taxable Income
Do You Need Help With Tax Representation?
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 in the house. It is the last weekend before tax day, a lot of people thought Friday was tax day, our phones went crazy. But it is actually Monday, so of all of you that may have procrastinates that last or didn’t get ahold of somebody, or me, hopefully, I’ve returned everyone’s phone calls or text texting at this point is probably the fastest. But extensions can still be made IRA payments can still be done on Monday. So you have until Monday to hit the button, pay the taxes. And remember, if you’re filing an extension, it only extends the paperwork. So just means that if you owe money, filing an extension isn’t going to stop that from happening. It’s going to basically continue and if you don’t file an extension and you owe money, you’re going to have 5% per month. If you file an extension and owe money, then it only points to 5% per month. So there’s a huge difference no matter what. So filing that extension.
Dr. Friday 1:34
Let me clarify the extension doesn’t last for years, it does expire come October 15, 2021. So, people that come in a lot of times, they’ll say, “Well, I file extensions every year,” but they never filed taxes for the last 5, 10, 15 years. So you know you were good up until you pass the October 15 deadline. At that time, you just kind of fell off the radar. So very, very important to file an extension, you can go to irs.gov. There are some free ones on there. The 4868 is the form you’re looking for. So if you have a tax form, and you’re looking to file something, you can do that 4868 you can also go to irs.gov, click on pay, and you can either make a payment with a credit card or your bank account. That is now just kept in mind, if you’re filing money and you file it under the 48 extension, that doesn’t mean an extension has been filed. All it means is that you’re making a payment with an extension. So you need to make sure you have electronically filed ideally, the 4868. If you owe money, put some of it towards it. Anything’s going to be better than nothing. I understand it’s difficult, but it is crazy. Alright, let’s go ahead and hit the phone lines. We got Jim in my town of Smyrna. What’s happened in Jim?
Caller 2:52
Hey, thank you for taking the call. Here’s my question. My wife inherited an annuity from her aunt who passed last year. As far as filing tax, we took it and rolled it into another. I don’t even know exactly what it was, but in the Merrill Lynch and they took it and put it into basically a tax-deferred product. So my question is when we’re filing taxes, do we put this into our income tax?
Dr. Friday 3:29
Great qu
47 min
June 01, 2021Dr. Friday Radio Show – May 8, 2021
Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday gives all the newest tax updates and answers the caller’s questions:
How To Find Your Tax Refund and Your Stimulus
Tax Filing Deadline Is May 17, 2021
The PPP Applications Closed on May 4, 2021
You Can E-File Tax Returns
Who Qualifies For A PPP Loan?
If You Haven’t Filed Your Taxes, File The 4868 Extension
Unemployment Is Taxable Income
Reasons Why You Haven’t Received Your Stimulus Check
and other caller’s questions!
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
Hey, this is Dr. Friday. I’m live here in the studio. So if you want to join us, call 615-737-9986. So, obviously, we’re working on the last few days, you have until May 17, which is Monday, about a week from this Monday, coming up. If you haven’t, you need to make sure you file your extension. If you haven’t received your refund, and I am getting a lot of emails and phone calls. The only answer I can tell you is to check the IRS website if you’ve checked it, and it’s been more than 21. I would even say like 30 days, and it’s been more than 30 days since it e- filed, I would then take the time on a day that you have the ability to do that, I would have them call and see if they can tell you the status update on that situation. That’s gonna be something you’re going to have to figure out.
Dr. Friday 1:28
Unfortunately, I have had quite a few people when they do call, they have found out that they have to prove their identity. So I think the IRS is working very hard to make sure that we don’t have as much identity theft as we’ve had in the past. So that may be a good thing, but a little time-consuming in the middle of everything else. All right. Let’s go right to the phones. We got Melissa on the line. What do we have for you, Melissa?
Caller 1:51
Hey, Dr. Friday, glad to get to talk to you finally. My father passed away about three and a half weeks ago, and he had left my sister and I both an annuity. That was wired into my account on Friday. It’s about $90,000 roughly. I am just needing some advice on where to place that?
Dr. Friday 2:21
Two things. An annuity is usually taxable. So some of that income that came in maybe taxable income to you. So you are going to within 90 days of receiving it make an estimated payment.
Caller 2:37
I had them withhold on it. I had them my whole 10%. I think that’s okay for our tax bracket. I’m not quite sure. I’m guessing I’ll figure that out next year.
Dr. Friday 2:48
The biggest thing is you don’t want to put the money into an investment that if you find out next year that it is short because the lowest tax bracket is 12%. Now we all know there are effective tax brackets was so it could be less. If you’re adding and I’m assuming all of it wasn’t taxable income, you only have to pay tax on the growth assuming that you’re following that into this with after. So it’s only a percentage of what went into your account, that would be taxable, but on top of your ordinary income. You know, if your family makes less than 100,000, I’d say you’re fine with that annuity added in with the taxable portion. If there’s more than 100,000 with that taxable portion of the annuity, it does go from 12 to 22 overnight, basically.
47 min
June 01, 2021Dr. Friday Radio Show – May 1, 2021
Another episode of the Dr. Friday Radio Show is here, and you won’t want to miss it! In this episode, Dr. Friday talks all about taxes, new tax updates, and answers the caller’s questions:
Tax Filing Deadline Is May 17, 2021
Why Haven’t I Received My Tax Return?
The SBA Has New Grants For Small Business Owners
The PPP Is Open Until the End of May 31, 2021
How Are Taxes Going Up?
Who Is Going To Be Audited?
Will There Be A Penalty For Early Withdrawal From My 401K or IRA?
You Can E-File Tax Returns
How To Find Your Stimulus
Who Qualifies For A PPP Loan?
and so 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 I’m live here in the studio. So if you have a question, the phone lines are open at 615-737-9986. We are taking your calls talking about my favorite subject only a couple of weeks left guys. Today is May 1, and we all know the deadline is May 17. So it is time to make sure if you haven’t filed taxes file an extension. Just a reminder, extensions are not extending the amount due, it only extends the paperwork required. So if you think you’re going to owe money, and you have the ability to pay some of it, my suggestion is to send a little of it along. Also, I’ve gotten quite a few phone calls this week, so I thought I’d go ahead and start the show out. For any of you that might be still in the marketplace, you have to file the 8962. Usually, many of you may have already done that early because you filed your taxes like we did. A lot of people with unemployment, if you did pay a penalty, if your income was exceeded the apt, then you usually file the 8962 to balance that out. Then you have to pay a portion of that back, they did waive that for the year 2020. It was a part of the American RescueAct that came in March 11, or 12th, of 2021. If you did already pay or you have it in the system to make a payment the IRS will be correcting. They’re asking people not if you have unemployment, and you filed early, or if you have 8962 or the repayment of the credits, do not file amended tax returns, they will be getting those corrected.
Dr. Friday 2:24
I also want to kind of put a little ear out there. I know a lot of people are looking for their refunds or looking for their stimulus checks their website is doing I’m assuming the best that they can do. Since I’m not a programmer, I don’t know how that all works very well. I will say that it seems like sometimes it doesn’t work really very well. But that being said, it is something that if you’re on the site, the IRS is running a little slow in doing the refunds. Some people seem to get it within 10 days, other people have been out 30-35 days. Keep in mind that the IRS now has to be matching for all these other things. If you have any unemployment if you’ve been on the marketplace, and you have 1095 and if you had stimulus money that you never received, all of these things are being added to the already extremely busy season for the IRS. So they’re having to make adjustments to make sure they’re not refunding money that is not entitled to that individual.
Dr. Friday 3:23
On the other hand, also making sure you’re not paying tax or not getting the refund that you should be getting with these adjustments. So my suggestion is to just keep watching, keep following. It may take a little bit longer than the usual 21 days. But the IRS is w
46 min
April 28, 2021Dr. Friday Radio Show – April 24, 2021
Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday talks all about taxes, new tax updates, and answers caller’s questions:
Tax Filing Deadline Is May 17, 2021
Itemizing Charitable Contributions
Make Sure To Have All Your Tax Documents
You Can E-File Tax Returns
How To Find Your Stimulus
Why Haven’t I Received My Tax Return?
PPP Extended Until May 31, 2021
Who Qualifies For A PPP Loan?
What Is the New Tax Law?
Unemployment Is Taxable Money
Do You Need Help With Tax Representation? Call Dr. Friday
and so 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. It’s Friday and the doctor is in the house on this kind of gloomy and possibly really nasty weather. Hopefully, you guys are all staying safe in there. But we’re going to have a good hour of talking about my favorite subject, which is taxes. That’s right, taxes, taxes, taxes. We are still in the 2020 tax season, even though it’s 2021, we’re still doing taxes for the year 20. So if you haven’t filed your taxes, you still need to do that or file an extension. Extensions are going to be required on or before May 17, which is the deadline date. Remember, an extension does not extend the money due. So if for some reason, you don’t like the numbers on your tax return, and you’re thinking, “Hey, I’ll just wait and see if I can do something.” Or if you’re waiting still for forms, because I still have several cases where K1’s and things like that are not received. You need to make sure when you file your estimated tax amount when you file your extension, go ahead and send in an estimated tax form. That would be the best or smartest way to handle that. So if you’ve got Tax Questions, this is the show to do. Call 615-737-9986. We are taking your calls.
Dr. Friday 1:44
I’m an enrolled agent licensed with the Internal Revenue Service, which means it’s all I really do guys is taxes and representation. So if you’ve got IRS issues, you’ve got problems that you’re trying to deal with. I’m the person, you least want to take the first call to. Our initial meetings are always free, because we want to make sure that we’re all on the same page and how and what we’re going to do to try to help some sort of resolution to your situation. So if you need help, you can call the office on Monday and they will set up an appointment for you. I know many of you have probably sent in or I know we get quite a few through our websites, I will let you know that we’re going to be responding to those. It’s been a little crazy. We’ve had a lot of tax clients come in last minute that was from last year. So we always try to get the same clients done. And so it’s just been a little bit busier considering procrastination is probably the middle name for many, many of my clients. So again, if you want to join the show, you can at 615-737-9986.
Dr. Friday 2:44
All right, so making sure that a lot of people when I’m looking and reviewing taxes, and they’re trying to itemize again, itemizing is only required if you’re spending more money on interest, or if you’re a very giving person, you have a lot of charitable contributions. Because the average person that has less than $12,400 is not going to itemize with those deductions, which are basically made up of property taxes
47 min
April 20, 2021Dr. Friday Radio Show – April 17, 2021
Another episode of the Dr. Friday Radio Show! In this episode, host John Haggard talks with Dr. Friday about all the updates on taxes and the following topics:
New Tax Filing Deadline Is May 17, 2021
First Quarterly Taxes and Other State Taxes Due April 15, 2021
“I Haven’t Filed Taxes In Years. Why Did I Receive My Stimulus Checks?”
What Qualifies For a 179 Deduction?
“Under What Conditions Does a Driver Qualify as an Independent Contractor?”
Tax Extention Date Will Be Extended
If You Didn’t Recieve Stimulus 1 or 2, You Can Claim Them On 2020 Tax Return
Do You Need Help With Tax Representation? Call Dr. Friday
and answers 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.
John Haggard 0:30
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 Dr.Friday. Right here she is. Hello, Dr. Friday.
Dr. Friday 0:47
Hello, John. What an intro. I always love when you host my show. You’re so enthusiastic about my name.
John Haggard 0:53
Well, we’ve had such a fun time, and boy, do we need you more than ever? What’s getting ready to come up here a lot of activity they’ve extended. You know the tax filing deadline. Is there any breaking news doctor Friday, anything that you’re hearing on the inside about what might happen with the tax code for 2021? Does anybody have an idea?
Dr. Friday 1:15
I don’t think anyone has a good idea. But I did want to jump in because I know they extended obviously till May 17, the 2020 tax filing. But they did not extend making your estimated tax payments for 2021. It was due on the 15th. So a lot of people did not realize they thought everything got extended. Also business license, franchise excise tax, anything that had a deadline pretty much for April 15. On the state side, many of those did not get extended. So you want to be very careful about thinking that you made things on time. If you haven’t filed your first quarterly for example, John, you’re self-employed, I’m assuming, like myself, and so we have to pay those. Those were due on the 15th. They did not extend them out to May 17.
John Haggard 2:04
Well, folks, now did you hear that? Because most people or a lot of people would have thought, well, “I’ve got until May!” Well, no you don’t. Based on what Dr. Friday said. You know what’s interesting, the government always wants their money on time. They’ll take the paperwork a little bit later.
Dr. Friday 2:23
Correct. They want their money early, not late. They definitely, I think it’s a great way to explain, anything we do most of the time, from the tax standpoint, we’re really just following up with paperwork. They want people to be paying their taxes on a monthly or quarterly basis.
John Haggard 2:37
Early and often. Right?
Dr. Friday 2:41
So true.
John Haggard 2:42
Folks, you’re listening to the Dr. Friday show. Every single week someone will be tuning across the dial or on the internet or something. So what is this? What are you listening to? Well, this is an advice show and not only advice, but you can actually get work done and get a consultation don
47 min
March 29, 2021Dr. Friday Radio Show – March 27, 2021
Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday gives all the updates on taxes and the following topics:
New Tax Filing Deadline Is May 17, 2021
What To Do If You Haven’t Received Your Tax Refund
The New Proposed Inheritance Tax and Estate Tax Changes
The third Stimulus Coming March 15- April 15
Stimulus Check for All Dependants On Tax Return
Tax Extention Date Will Be Extended
The IRS Won’t Take Taxpayers Refund Money To Pay Off Federal Debts
If You Didn’t Recieve Stimulus 1 or 2, You Can Claim Them On 2020 Tax Return
Do You Need Help With Tax Representation?
Stimulus Check for All Dependants On Tax Return
and answers 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 in the house. It is a stormy, kind of not a very happy outdoor Saturday. But we are still working taxes, guys. For all of you procrastinators, you do have another almost 30 days, it will go till May 17 is the new April 15 deadline, I guess if that makes sense. We usually file on April 15, they’ve extended it out to May 17. So you do have a little bit of time where you can go and make sure you’ve got all of your records, make sure you understand all the forms coming in. For small business owners make sure that you’re getting those tax grants in your tax numbers. Because we don’t want to have to come back later and have to amend those tax returns or you know deal with those.
Dr. Friday 1:17
If you want to join the show, you can 615-737-9986. As an Enrolled Agent, I’m licensed by the Internal Revenue Service to do taxes and representation. So that means guys, this show is about taxes or tax issues. So if you are working on your own tax return, or maybe you’re trying to figure out what’s going on with your refund. This morning, I’ve had a couple individuals texting and emailing me saying they haven’t received their refunds yet, and what can be done about it. So we’ll talk a little bit about that. Or if you’re just trying to complete your tax return, and you’re a little confused about some of the new things going on. We do want to reiterate out there for all of you that might have filed your taxes. I know I have about 40 returns who filed your taxes before the March 12 signing of the American Rescue bill. Do not amend your taxes if you have a change due to the $10,200 waiver. Now, I want to reiterate that there is a $10,200 waiver for people on unemployment but only for those individuals that earned $75,000 or less as an individual or a married couple making $150,000 or less. So if you did get unemployment and you made more money throughout the year on those, you are not going to be able to take the waiver for the $10,200. It’s supposed to only be helping those particular individuals. But if you have questions about that, or something else going on, this is the show be interesting and also helps all the listeners. So let’s go ahead and get to the phone lines. Let’s go hit Larry. Hey, Larry, what’s happening?
Caller 3:03
Quick question about IRA. Actually, cashed one out last year, about 160,000, and took out 418 taxes for that made a mistake by doing that. So I’ve opened another one for [inaudible] trying to offset some of the penalties and interest that I took. But I don’t see how to claim that on my taxes. How does that wo
46 min
March 23, 2021Dr. Friday Radio Show – March 20, 2021
Welcome to the Dr. Friday Radio Show! Dr. Friday gives all the updates on taxes, deadlines, and the following topics:
New Tax Filing Deadline Is May 17, 2021
Tax Extention Date Will Be Extended
Free Unemployment For Those Making Under $75,000 Single and $150,000 Couples
The IRS Won’t Take Taxpayers Refund Money To Pay Off Federal Debts
If You Didn’t Recieve Stimulus 1 or 2, You Can Claim Them On 2020 Tax Return
Do You Need Help With Tax Representation?
The third Stimulus Coming March 15- April 15
“I Got Custody of my Niece and Nephew, But I Never Received Stimulus Checks For Them.”
Stimulus Check for All Dependants On Tax Return
Can My Stimulus Money Be Applied To Debt?
and answers 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 in the house and are we having another wild ride of it when it comes to tax season. People think sometimes my job is probably a little boring, all I do is taxes. But look at the last two years it has gone crazy. So just for all you that may have just tuned in, let’s remember that they have done an extension to May 17. Let’s start with that. May 17 is our new deadline for your 2020 tax filing for your tax returns on May 17, 2021. That will be an important date. Because if you have a need or something happening, then you need to make sure that you have done that which also means extensions will be extended. Right? We’ve always had April the 15th. I know last year was unique. We did it in July, this year, we’re doing it in May. And there are some really good reasons I have to give credit where credit is due. I know the American Association of CPAs, as well as the Enrolled Agents associations, have been ones that help push or encourage the IRS to take this into consideration. Because there are quite a few changes that have happened. And we need to make sure we know what’s going on. Because I know myself, I thought I was going to have to amend like 40 different tax returns. But we’re gonna talk about people that might have filed and then the changes affected them. Let’s go ahead and hit John about a loss of job unemployment limits. Hey, John.
Caller 2:02
Hey, Dr. Friday, thanks for taking my call today, I really appreciate it. I was unfortunately caught up in the COVID 19 turmoil like everybody else, and I lost my job because of that. So I’m now running a combination of like unemployment and gig work. I do realize like you just spoke about unemployment, it’s going to be treated a little bit differently because of that stimulus plan. But what’s the limit, when I have to start to be concerned about paying estimated taxes to the IRS? Is it the is worth using that standard deduction number that you get? Is there just no minimum? Or is there a maximum?
Dr. Friday 2:47
There is. It sounds like that you you work under as a musician or something along those lines, because it sounds like when you say gig work, I’m making that assumption. But anyway, so if you’re self-employed, or a combination of W2 and 1099 work, obviously all W2’s assuming that withholding is coming out, you don’t have to worry too much about those. But as subcontractors are 1099, anything over any money that we owe more than $500. So the standard deduction doesn’t come into play for our self-employment tax. So theoretically, you could have a negati
45 min
March 16, 2021Dr. Friday Radio Show – March 13, 2021
Welcome to the Dr. Friday Radio Show! Dr. Friday gives all the updates on taxes, deadlines, and the following topics:
The American Rescue Plan Passed
Make Sure Your Tax Software Is Updated
Do You Need Help With Tax Representation?
The third Stimulus Coming March 15- April 15
Child Credit Increased To $3000
Stimulus Check for All Dependants On Tax Return
Additional Money To The PPP Program
Can My Stimulus Money Be Applied To Debt?
Have The Right Documentation For Filing Your Taxes
Unemployment and 1099 G’s Payment Is Taxable Income
and answers 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 in the house. Oh, boy do we have fun to talk about now. They did pass the American rescue plan, and it’s going to make changes for any of you that were on unemployment, we may have to be doing amended tax returns, because they’re going to allow the first $10,200 to be tax-free. Obviously, if we’ve already filed your taxes, we’re going to have to get that amount back. Also, if we’ve got issues with getting the next stimulus check if you haven’t filed. Let’s go ahead and hit Dave from Colombia, he may actually open that conversation about some of the problems people are having. Hey, Dave.
Caller 1:17
Hello Dr. Friday, thanks for taking my call. Earlier this week, I prepared my 2020 with the fillable form provided that the IRS online. I went ahead and transmitted that to the IRS at the same time I owed about $350 in tax on that forum. So I went ahead and direct paid it to the IRS so they have $350 of my money. The next day, the IRS got back to me and said they will not accept the E filing because they couldn’t verify my 2019 AGI. That’s because they haven’t processed my 2019 return yet for some reason. So my question is this, I can mail in 2020. I know that’s the fallback. But for the 350 that I’ve paid, do I reflect that as a credit on the 2020 return or I just leave the taxes owed showing 350?
Dr. Friday 2:10
Well, once you can confirm that the money I would probably wait, make sure you know the money has come off. Because if you did it through the form, and they didn’t accept the form, it’s possible that they didn’t accept the direct payment. But if you went to the IRS separately, then yes, it would be a credit. I would correct the return to show that the payment was there, and then zero would be due.
Caller 2:33
Okay, now they did get the money, I’ve confirmed that. So the question is there a tax owed? I sent it to either one address that you are paying taxes on or another address, you’re getting a refund, which address do I send it to? If it’s zero taxes owed?
Dr. Friday 2:48
It would go to the one where the refund.
Caller 2:51
Okay. All right. Okay, that’s what I’ll do.
Dr. Friday 2:55
No worries. Thanks, mate. Appreciate the call. And yes, we are going to be running in all kinds of those situations where some of the programs do require. And this is often a problem people have is if you haven’t filed or for some reason you file but you did it by mail in 2020 for the year of 2019. To this day, we are processing are still getting information on people that we filed in this was as late as October, and we’re just getting letter
47 min
March 08, 2021Dr. Friday Radio Show – March 6, 2021
Another episode of the Dr. Friday Radio Show is here! Dr. Friday talks about all things taxes, deadlines, and the following topics:
Make Sure to Have The Right Documentation For Filing Your Taxes
The third Stimulus Coming March 15- April 15
When Will I Get My Tax Refund?
Need Help Preparing Your 2021 Taxes?
Is My Social Security Taxed?
Corporations Taxes Due March 15th
Charitable Contributions Deductibles
Do You Need Help With Tax Representation?
Unemployment and 1099 G’s Payment Is Taxable Income
Do I Claim My College Child As A Dependant of Mine?
and answers 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 morning, I’m Dr. Friday, and I’m living here in the studio. It is all-season taxes that are going everyone is needing to get those taxes filed on time. Remember, if you haven’t filed taxes for 2018 or 2019, you probably haven’t seen the stimulus. You will be able to get that stimulus money if you file your 2020s. So you can go ahead and file 2020, even if you haven’t filed 18/19. So just keep that in mind that you can go in different orders, I’ve done it more than once. Just do what you need to do, make sure you’re filing your taxes get back on track because it’s never easy. Once you get off track to be able to do things you want. If you’ve got questions, and you want to join the show, you can we’re live today at 615-737-9986. The number here in the studio. We’ll take your calls. I’m an enrolled agent licensed with the Internal Revenue Service to do taxes and representation, which basically means that what I do all the time are taxes and representation. And I know that many of you guys have been if you haven’t used our services in the past, you will find right now that we’re kind of full. As far as getting clients in unless you’re willing to file an extension, then we’ll do our best to try and do something for all my returning clients. Of course, we still have more than enough time on the calendar to get you squared away, and taking care of we’ll be working our ways through these weekends as we go.
Dr. Friday 1:58
If you do want to join the show, and you can at 615-737-9986. Time to ask your questions. It looks like the phone lines are lighting up really well. So my big guy over there in the studios is having fun. You want to go hit line one, and I’ll take that while you work. Hey, Lynn, this is Dr. Friday.
Caller 2:21
Hi, Dr. Friday. We have a rental that we’ve had losses on for a couple or three years due to the fact that we make too much money to claim it. I was wondering if we sell that rental and make a profit, can we offset those losses that we weren’t able to claim?
Dr. Friday 2:42
100%. Yes. So sometimes it’s nice when we’re unable to claim all of our losses, because then when we actually do do the sales, we can offset those losses directly you get 100% of whatever you haven’t been able will automatically come in because obviously that rental is no longer in existence. So they will be able to wash all of that against that at that time.
Caller 3:03
Okay, and then one other quick question. Is the profit that you gain on that is that taxed the same as capital gains tax or is that taxed as regular income?
Dr. Friday 3:14
So there are two sides to anytime we have ren
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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