The Dr. Friday Radio Show

By Dr. Friday BurkeBusiness

The Dr. Friday Radio Show episodes

March 01, 2021Dr. Friday Radio Show – February 27, 2021
You won’t want to miss out on this episode of the Dr. Friday Radio Show! Dr. Friday talks about all things taxes, deadlines, and the following topics:
Can My Child Get a Stimulus Check If They’re My Dependant?
Do You Need Help With Your 2020 Taxes?
Do I Need To Tell The IRS I Own Cryptocurrency?
There Is More PPP Money Available
Should I Claim My College Child?
The Third Stimulus Coming March 15- April 15
Unemployment and 1099 G’s Payment Is Taxable Income
Do You Need Help With Tax Representation?
Have The Right Documentation For Filing Your Taxes
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 that season, guys when all of us get to go file our tax returns. Forms are coming in. I know more and more people have now received their unemployment form. I just want to make that a reminder that 1099 G’s are responsible to be filed on your tax return. You’re also going to be reporting, if you’re filling out your own tax return, you will be asked “Have you received both stimulus?” I have a lot of people that say, “Well, I received one of them in 2021.” it doesn’t make a difference they are reconciling the one you received in 2020, as well as the one you received in 2021. Both of them are being reconciled on this tax return. So it’s not taxable income, I want to reiterate that because a lot of times people think it’s taxable or not, it is not taxable income. But if you have not received it, you will be able to get it as a refund on your tax return or help pay for taxes, whatever it may be, as far as the situation is on that. So you do want to make sure that you’re filling that out.
Dr. Friday 1:35
Also, the last couple of years because of the tax change, we all know that charitable contributions in 2020 on this tax return, I don’t know if it’s going to extend past this year. But they’re asking us if you gave $3,000 to charity in the year 2020 above the standard deduction. Make sure you have receipts. I know a lot of people just love to throw a number in there. But you never know if you’re going to be asked for this. But when it comes down to it, I have great clients. Maybe you only gave $100 maybe gave $200. Whatever it is you gave, remember, fill in the charity section because that’s going to roll over to a separate deduction onto your 1040. So you want to make sure you have that information. It’s an additional deduction. So again, it’s not a credit, it’s a deduction, but it is going to help no matter what it’s always nice to get a few more dollars in our pockets. So and then this year, big decisions about college kids who are claiming them all that. I will say if you have a college kid, don’t just file it before you figure out who’s going to claim, and legitimately some of these kids have worked and taken care of, but they’re not maybe supporting themselves over the 50%. But you need to figure if they’re going to be a better deduction, what’s going to happen on that. So make sure you talk to your tax person when you’re agreeing to taxes or if you’re doing your own file your kids and yours altogether. Make sure you’re making the right decisions when it comes to your college kids. College credit could be $2,500, but some parents make too much money or don’t have
47 min
February 23, 2021Dr. Friday Radio Show – February 20, 2021
The Dr. Friday Radio Show is here, and you won’t want to miss it! In this show, Dr. Friday explains all the latest tax updates, including the following topics:
Partnership Form 1065 S and Corporation Form 1120S Due March 15, 2021
Available Forgiveness Without Documentation for PPP Loans Under $150,000
Need Help Preparing Your 2020 Taxes?
Can My Child Get a Stimulus Check If They’re My Dependant?
A 1099 Payment Is Taxable Income
Unemployment Is A Taxable Income
IRS Says It Will Take 21 Days To Get Tax Refunds
The Third Stimulus Coming March 15- April 15
Why You Should Get Help With Tax Representation
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. Yes, we are live today. You can reach us at 615-737-9986, is the phone number here. In case you want to reach us we have some great news from the SBA and Treasury. They have simplified anyone that received PPP loans for less than $150,000, they are going to be offering forgiveness without supporting documentation. So you can’t ask for anything easier than that, can you? So that will be something that’s going to be for the this is right now for first PPP. Forgiveness hasn’t been offered on number two, I don’t know very many people who have received PPP number two yet.
Dr. Friday 1:17
So that is the first thing and then they say portals remain open for PPP two, you can still register. So here’s the deal, guys. A lot of people I meet with quite often just see people that are self-employed individuals, they did not know how or what they should have been filing to get a PPP loan. Remember, if you’re a Schedule C individual, and you paid self-employment tax on the money, you can get your PPP and you can get around one, round two. Round two is open people. So if you missed the first window, it may be something that you need to do when it comes to getting ready to do that. So just a heads up, if you are having a hard time and you did not get the first PPP, you may be looking to be able to get the second. All right, mate, let’s go ahead and go to line five. Hello, Mitch.
Caller 2:10
Hi, I have a question about those stimulus payments. My wife and I received both of them, we received the first and the second. And we have two dependent children. We didn’t receive the payments for my two dependent children. I’m wondering if my Social Security has something to do with it?
Dr. Friday 2:28
Well, I have to ask, are your dependent children 16 and older or 16 and younger?
Caller 2:33
16 and younger.
Dr. Friday 2:35
Okay, well, that’s good news. It would have nothing to do with your ID being in all honesty, your Social Security because anyone on Social Security can receive stimulus as well. So it would be that, were they listed on your 2018 and or 19?
Caller 2:52
Both of them were and we received the earned income credit from my wife.
Dr. Friday 2:58
You would have gotten yours under Social Security sounds like you, you. I’m assuming you know, you weren’t working, you’re disabled, or whatever you might have in your situation. But it doesn’t make a difference. You should have received the extra, I think it was 500 for the first one for each child and 600 for the second one. The good news is
47 min
February 10, 2021Dr. Friday Radio Show – February 6, 2021
Welcome to the Dr. Friday Radio Show! In this show, Dr. Friday explains all the latest tax updates, including the following topics:
Haven’t Gotten Your Stimulus Check? Here’s How To Get It
IRS E-File Starts February 12, 2021
Why Some People Have Received Their Second Stimulus Check
Have The Right Documents For Your 2020 Tax Returns
Can My Child Get a Stimulus Check If They’re My Dependant?
IRS Is Not Processing Tax Returns Until February 12th
Don’t Forget Your Unemployment
Unemployment Is A Taxable Income
Do You Need Help Preparing Your 2020 Taxes?
Why You Should Get 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 0:31
Good day. I’m Dr. Friday and the doctor is in the house. We have some fun topics to talk about. Sounds like they’re gonna definitely be giving out some more free money, which is just absolutely terrifying for some of us because we’re not too sure where that free money is coming from. That being said, let’s figure out how we can make sure everybody that is entitled to actually truly I guess I don’t afford entitled but hasn’t received their stimulus money, we can talk a little bit about that. We’ll talk a little bit about some of the forms and things coming out on the new one. And we’re gonna go ahead and get to some of the calls that are coming in if you want to join the show you can call 615-737-9866, which is the phone number for the studio. So if you want to join the show, remember, there are no stupid questions. I mean, if you don’t know the answer, I bet a lot of other people don’t either. I might not even know the answer, but we will get the answer. So why don’t we hit Andrew first and see if we can help him out with a question on Social Security? Hey, Andrew.
Caller 1:36
Dr. Friday, I heard a spot on the radio and it was about social security. And it was actually one of my questions I asked you last week. I’m on Social Security, I’m over 70 total income of $25,900 of that 238 is Social Security. Do I file taxes?
Dr. Friday 1:59
No. You wouldn’t need to because the difference is only a couple of $1,000 that you’re making above Social Security. The provisional tax code takes half of your Social Security, adds your other income. And if it comes up to about 30,000, then you would need to file. So you are way below what you can earn. So you are a zero file. Now, the only time I’m telling individuals in your situation to file taxes in the year 2020 is if they haven’t received both of the stimulus checks because you could get that as a refund on the 2020 tax return. But in normal situations, Andrew, you should not be filing and don’t have to do anything.
Caller 2:39
Excellent call. Thank you very much.
Dr. Friday 2:42
Thank you and I appreciate you listening. Okay. Alrighty. My guy in the office. Yes. Go ahead and hit Calvin.
Caller 2:49
Yes, yes. Dr. Friday, I got a few questions. I’ll make them quick. Will the COVID change the filing date like it did last year and give us more time?
Dr. Friday 3:01
No, they basically came out and said as of right now there is no intention of moving the date. The date is going to be April the 15th.
Caller 3:10
Okay, and you said that 1099 is going to change thi
44 min
February 02, 2021Dr. Friday Radio Show – January 30, 2021
Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday shares all the updates on taxes and also the following topics:
Have Your Documentation For Your 2020 Tax Returns
The IRS Is Not Processing Tax Returns Until February 12th
Unemployment Is A Taxable Income
What To Do If You Haven’t Received Your 2020 Stimulus Check
Self-Employed Individuals Can Apply For PPP 1 and PPP 2
Do You Need Help Preparing Your 2020 Taxes?
Is Timing Really Important When Filing Taxes?
Small Business Money Is Available
Do You Need Help Preparing Your 2020 Taxes?
Why You Should Get Help With Tax Representation
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, I’m Dr. Friday and the doctor is in the house and are we having fun this season. I will tell you tax season, of course, has officially I guess you would say has opened but since the IRS is not processing any forms until after February 12, we are just accumulating them in a holding period until the IRS starts opening up e-file. But obviously we are getting them completed, making sure that we have everything we need. Don’t forget, some people get so excited about coming in. I know we’re excited people what can I say but you know, sometimes the mortgage statements, unemployment, the 1099 G’s, according to the Department of Labor, they weren’t going to be putting them out until as late as February 2. So you have time to get all your documentation together, make sure we have it all. So we can complete the tax returns 100% the way they are.
Dr. Friday 1:25
Also remember that it’s a little tricky with the $300 extra charitable contribution. So if you don’t qualify for itemizing, but yet you gave more than $300 to charity, make sure at least in our system, we have to complete the Schedule A even if you’re not itemizing, and then it will roll over that additional 300. If you don’t complete that it will not there’s no place to put it in, it’s rolling over from the Schedule A at least again in our software. So that way we have that information. You know, you don’t want to leave any money on the table, because a lot of people do give to charity, but they’re not getting enough to be able to get the you know, the rest of the view or whatever they have. So just if you have charitable contributions, maybe you only did $100-$200, whatever it might be, then you have what it takes to do what you need.
Dr. Friday 2:16
So if you’ve got questions, you can certainly join the show 615-737-9986. We’ve got callers on the line. You’ve been a busy boy in that studio, haven’t you? Alright, go ahead and hit the first one. Hey, Bob, what’s happening?
Caller 2:49
Good to talk to you. Hey, I have a question for you. There’s been a lot in the news lately about proposed tax changes by the Biden administration, one of which is to eliminate the step-up in basis on inherited property. Right. And what I wanted to ask you, are there any strategies that someone could take on right now to possibly get around that later on for their heirs down the road?
Dr. Friday 3:16
I mean, we are talking a lot about that too. And I find it hard to believe, because that wasn’t even something that was actually put into by the Trump administration, we’ve had the step-up in basis for a long time. But I know they’r
47 min
January 19, 2021Dr. Friday Radio Show – January 16, 2021
Welcome to the Dr. Friday Radio Show! Dr. Friday talks about all about taxes, new updates, and also the following topics:
You Need To File Your 2020 Taxes to Recieve the 2021 Stimulus Check
New Laws and Tax Changes
Is Timing Really Important When Filing Taxes?
Unemployment Is A Taxable Income
What To Do If You Haven’t received Your 2020 Stimulus Check
Small Business Money Is Available
Do You Need Help Preparing Your 2020 Taxes?
The Next Filing Date Is on February 12, 2021
Why You Need Help With Tax Representation
We Are Certified QuickBooks Advisors
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, I’m Dr. Friday and we are in the house. That means the phone lines are open if you want to reach us, call 615-737-9986. We are taking your calls and talking about my absolute favorite subject, taxes. Now there are a few things we were not going to touch much on what Biden said, I will tell you that. I had a lot of people emailing me, but you know, what he said isn’t law. So we’re gonna stick to what we know. So let’s talk a little bit about forms you might be receiving in the mail, and what forms you need to be watching out for or maybe not receiving what you thought would be coming in the mail. So we’ll start with the stimulus, probably because a lot of people are saying I didn’t get my stimulus money yet, what can I do? So we’re going to talk about a couple of things you’re going to do. One thing you’re going to do is probably not something that you’re used to doing if you’ve not been a filer, because this is going to be a completely different game than the first stimulus. If you have not received either of the stimulus checks. Sometimes, so my clients that are coming in now, it’s because they did not file 2018 and or 2019, that they’re working on some different situations there, and so you do need to have 2019 filed at least guys. And in most cases, you’re going to have to file your 2020 if you want to see that stimulus check. So making those payments and getting that done properly.
Dr. Friday 1:54
Why we go ahead and hit John real quick, and then we can let you keep the phone’s going because you’re a busy man in there. Okay, we’ll come back. My boy in the office, there is awesome. He is multitasking all the time trying to take phone calls as I’m talking to them. Alright, so stimulus really quick, let’s talk with the stimulus, you’re going to have to file a tax return, if you have not received your stimulus money, even if you’re social security only. If you haven’t received it January 15 was the last day they were sending it out. So it’s very important that you pay attention to what the next steps are going to be because it’s not going to be like the first one where you can go in and do a non-filer or anything like that. You’re going to need to file a tax return. All right, let’s go ahead and get John in Murfreesboro.
Caller 2:42
All right, Dr. Friday, thanks for taking my call today. I appreciate it. I operate a Subchapter S here in Tennessee, where I provide training. I have the opportunity a competitor approached me and said they’d like me to do work for them, which I agreed to, and they would pay me a flat fee on an ad need basis. Now they’re gonna provide 1099. My question is, is can I treat this just as a regular sale thr
47 min
January 13, 2021Dr. Friday Radio Show – January 9, 2021
Welcome to the Dr. Friday Radio Show! In this episode, Dr. Friday talks about all the new 2021 tax changes, and also the following topics:
New Laws and Tax Changes
Is Timing Really Important When Filing Taxes?
Small Business Money Is Available
The Second PPP Loan
What Happens If I Didn’t Get My 2020 Stimulus Check?
Unemployment Is A Taxable Income
Do You Need Help Preparing Your 2020 Taxes?
Why You Need Help With Tax Representation
We Are Certified QuickBooks Advisors
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 0:31
I’m Dr. Friday and I’m here live in the studio. So if you have questions, you can join us by phone at 615-737-9986. Have we have quite a bit to cover in just 45 minutes. Well, I guess they say it’s an hour, but we only have about 40 minutes or 45 minutes to cover. Probably one of the biggest things that are happening is Monday morning drawl two on PPP loans. Things that we might need to know, small business money is available. There’s money for areas in which maybe had been hit a little bit harder than others. But there are some twists. Some are great, some are going to be a lot easier to get a number to loan PPP versus people that may not have qualified for it or applied for it because a lot of self-employed individuals did not know that they could do it. The loans are opening basically, for places that were hit hard in certain economic areas, women, a business owned businesses, and a certain type of industries are opening Monday morning. So this is going to be very fast especially considering it is also tax time. So we’re gonna talk about some of the tax changes some of the new laws, and we’re gonna go ahead. I normally keep my guy busy today in the studio, but we’re gonna go ahead and hit Andrew if you have a second. Hey, Andrew, what can we do for you?
Caller 2:03
Okay, maybe a two-part question. Already given relative to relative an amount of money a check written for more than $10,000? Who pays taxes, that kind of a thing? And second, the second question is another relative is going to give a relative $25,000. Just gifting. Can you do that in increments of nine, nine, and seven over a period of a couple of months? And what will be the problems, drawbacks, and legalities of doing any of those?
Dr. Friday 2:39
Okay, so the first one we’ll just take it kind of comes into both. So the first one they had received $10,000, the person that gave the gift would be the person that would have to pay tax if there’s any tax. Normally, when people are gifting, they’re taking money from their own personal accounts on which they’ve already paid tax on. So they’re really just moving money from one bank account to another bank account. As long as it’s less than $15,000, there really is no place to report or to tax. Now, if the individual that gave the money took the money out of a 401k or sold stock, obviously, when they get ready to prepare their tax return, they would have tax forms that would tell them that they have taxes possibly due on those funds.
Caller 3:21
Okay, that was taken out of a personal checking account, and it was $18,000.
Dr. Friday 3:28
So 18 and 25. So is this individual married by chance that’s receiving the money, or are they single?
Caller 3:37
Receiving the money in the $18,000 is married.
Dr. Friday 3:42
47 min
December 23, 2020Dr. Friday Radio Show – December 19, 2020
Another episode of the Dr. Friday Radio Show is here! In this episode, Dr. Friday talks about all things taxes, and also the following topics:
Tax Advantages Because of Covid-19
What Happens If I Didn’t Get My 2020 Stimulus Check?
You Can Now Deduct Up To 7.5% of Your Adjusted Gross Income
Who Will Recieve PPP Forgiveness?
Unemployment Is A Taxable Income
1099 and W2’s need to be mailed by The End of 2020
Do You Need Help Preparing Your 2020 Taxes?
Why You Need Help With Tax Representation
Tax Deductions Will Expire By The End of 2020
IRA Conversion Deadline Before The End of 2020
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 0:32
We are live here. So if you want to join the show, you can at 615-737-9986. We are taking your calls talking about all things taxes. We had a big tax, Christmas giveaway. If Jimmy King Woodberry is listening or someone that knows him, please have him call the show the information we received did not go through or you can call me direct on Monday morning at my direct number, but we need to get your gift card to you. We didn’t quite get a good phone number apparently. So I’ll repeat that a couple of times. But as we’re going, let’s talk about a few things. We’re winding down guys, there’s only like a week left or so. And many of those days, people are not going to be around doing a lot of things when it comes to preparing or moving forward on tax planning. So you do want to go ahead and start looking at your options, what’s going to change. What decisions you might make today might change for next year, etc, etc. We all know that the standard deduction did go up. When we filed taxes last year single person was 12,200. When you file them this year for 2020, there’ll be 12,400. Head of household 18,350 up to 18,650. So those are important numbers. Because if you don’t have expenses to exceed those numbers as a single person, if you can’t itemize past $12,400 you’re not itemizing.
Dr. Friday 2:16
The same thing for basic married couple 24,800, you will not be itemizing there is a little bit of a change. In fact, this year is going to have a couple of different changes. So one of the changes is $300, up to $300 charity deduction will be on your 2020 tax return. So normally, that falls on the schedule a were files on to itemizing they added it as an extra deduction. So up to $300 above your standard deduction, you will be able to deduct the second part is the stimulus checks, which were actually advanced payments on a special 2020 tax credit, known as the recovery rebate credits, you will be filling that out as well. So, individuals that didn’t get their stimulus money, you will be getting it on your 2020 tax return. If you did get your stimulus money which would have been $2,100 or $2,400, for a married couple $500 for each child that was under the age of 17. So that means they were 16 or less, then you would have you’ll put that in there and it will count for that information. So it’s going to be a little tricky because of children and ages. If the children are over that age now how’s the system going to count for it? I don’t really know all the answers yet because it hasn’t come down from the IRS how they’re going to treat you if you were overpaid.
Dr. Friday 3:45
What’s going to happen if you were underpaid? What’s going to happen? We
48 min
December 08, 2020Dr. Friday Radio Show – December 5, 2020
Welcome to the Dr. Friday Radio Show! In this episode, Dr. Friday answers all the caller’s questions concerning taxes, tax deadlined, and also the following topics:
Tax Advantages Because of Covid-19
Do You Need Help Preparing Your 2020 Taxes?
Why You Need Help With Tax Representation
Will The Elected President Affect My Taxes?
Tax Deductions Will Expire By The End of 2020
IRA Conversion Deadline Before The End of 2020
Can I Take Money Out of My IRA Without Penalty?
Nevada Will Have A Short Term Tax Amnesty
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. Hopefully, you guys are having a great Saturday out there enjoying the weather. It’s a little nippy, but it is obviously December. Therefore we’re getting to some deadlines, some explorations. Now in some cases, it may or may not affect your taxes. But we do have some extenders, what we call extenders or tax deductions that will expire by the end of 2020. We’re going to cover some of those. If you’ve got questions, maybe you’re getting ready to prep for 2020 taxes. And we have to have all those done as far as your expenses are paying with exception of IRAs or SEPs, things like that. You need to do everything before December 31, which is sneaking upon us. Conversions of your into doing an IRA conversion, which is something that has to be done before the last day of the year. Also some of the tax advantages because of COVID, and the cares act, taking out money from the IRA without penalty, all have to be done before the end of the year. So we’re going to cover a few of those things as well. But you can join the show at 615-737-9986. We are taking your calls talking about taxes.
Dr. Friday 1:51
I’m an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. This basically means if you’re getting some love letters in the mail, and you’re not too sure what to do, you know, you haven’t filed or you just don’t have the money to pay them. But you’ve been ignoring them, which doesn’t usually lead to good things. It’s something that we probably need to deal with instead of just putting our head in the sand and hoping that they don’t catch us. That works for some people, not for many, many people. So just making sure that we have everything, we need to see what’s going to expire, and we’ll start with that. The exclusion for the income of a discharge or indebtedness on our principal residence. So if you had to do a short sale on your principal residence or something along those lines. Or you renegotiated your mortgage, and you ended up getting it reduced, in normally would become income because of the money that you put in your pockets. But if it’s to your principal residence, we were able to not have to pay tax on that. That expires as of the end of 2020. The ability to treat mortgage insurance also known as MIP, mortgage insurance premium, qualified residence, we can usually write that off on our taxes that expires. That has expired many different times. So far, they keep adding it back, a big one for individuals that have the ability to deduct medical, which is not easy under the current itemization. But they reduced it down to 7.5 of your adjusted gross before you get the first dollar onto your itemizing. That expires and it’s going to go up to 10% of your AGI. So that may m
48 min
November 24, 2020Dr. Friday Radio Show – November 21, 2020
Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday answers all the caller’s questions concerning taxes, including the following topics:
Is There A Minimum Distribution From An IRA?
Charitable Deductions on 2020 Tax Returns
Why You Need Help With Tax Representation
Tax Advantages
RMDs
Will There Be A Second Stimulus Check?
What Do I Do If I Didn’t Recieve My Stimulus Check?
Is Life Insurance Taxable?
and 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 in the house, and this is an awesome Saturday, come on, you have to admit the weather’s perfect. It’s a beautiful day outside. It’s that time of the year where we’re wanting to get ready. I mean, we have a family may be coming into town who knows? Thanksgiving this year, I think is going to be a completely unique situation. I have a friend that’s basically planning this whole huge Skype meeting, that is going to be all of her family. Everyone’s gonna is sitting with their own family or their own meals or whatever. They’re going to be taking it and doing their thing. So I think that’s interesting. They’ll have monitors, I guess on the table, and everyone’s gonna be able to look and watch and eat dinner together in a unique way. So if you’re doing some sort of celebration like that, and you want to kind of share it, I think it’d be really a lot of fun. I know, this year is going to be a lot harder for a lot of people. Maybe if we could show some unique ways that people could still be with their families, maybe not face to face, but still include them in the holidays, Christmas and Thanksgiving are going to be a lot different, I think it’d be a great idea.
Dr. Friday 1:38
So you can always share those on the radio by calling 615-737-9986. All right, we have a deadline today, November 21, by 3 pm Eastern Time, which of course is already passed because eastern time would be only 2 pm here. So hopefully you have already done this. The deadline for filing economic impact payments based on the file. If you’re a non-filer, you don’t have to file 2019. I had two people calling me yesterday, both of them were required to file tax returns, but they thought they could just file this nonfiler and still get their stimulus check. This is not for you. This was for individuals that may be live solely off social security and they never got their stimulus check, then this would have worked for you. Hopefully, you’ve already addressed this situation. We’ve had now about six months of being able to make sure your information has been filed with them to get your $1200 dollars. And a lot of people are preparing just in case another stimulus is on the way. I will tell you at this moment, there is no movement or anything else happening with that situation, but one never knows. So you want to make sure you have the current address again. So that was something that did end as of 3 pm Eastern Time, which would have been 2 pm here, which means we are now five minutes late for that one.
Dr. Friday 3:09
If you did not get your stimulus check, remember that when you file your 2020 tax return, you will be in good shape, because you will be able to get that money on that tax return. So they have now started issuing or showing at least some of the information forms and things that are will be available for the 2020 year. Another big
47 min
November 17, 2020Dr. Friday Radio Show – November 14, 2020
Welcome to the Dr. Friday Radio Show! In this episode, Dr. Friday answers all the caller’s questions concerning taxes and the following topics:
Need To Take Money Out of Your 401K?
Tax Advantages
How The USA President Will Affect Your Taxes
Charitable Deductions on 2020 Tax Returns
Changes to Retirement Plans Due to COVID-19
The Truth About Virtual Currency
Is PPP Money Taxable?
The PPP Loan Forgiveness Deadline
Are Quick Claim Deeds Safe?
Why You Need Help With Tax Representation
and other callers’ 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. We are talking about my favorite subject. You know what? Time is flying, we are in the middle of November, not a whole bunch of time to actually make a lot of changes. But if you’re thinking about doing conversions, or if you’re thinking about taking some money out, maybe you had a hardship from COVID, and you need to do or you want to take some money out of your 401k. We’re going to talk a little bit about some advantages that may come up for that. Again, I am not a financial planner. So I’m going to talk about tax advantages. You should always consult with your tax person as well as your financial planner, before making any of these suggestions I will put out there. But if you have questions, you can certainly join the show by calling 615-737-9986. All right, and you can join the show.
Dr. Friday 1:28
Let’s talk about a couple of different things. We all know that at this point, we’re going to be moving forward. We know what’s happened in 2020 as far as taxes, there’ll be no change, we don’t really know what to expect for 2021. Depending on the final numbers and the count, if Biden is President, I think we’re going to see some major changes in what Trump successfully did for some tax changes. I think we’re going to find that we may find that there’s gonna be some changes that we may need to preempt. The hard part of that conversation is, when will it happen? I mean, when he comes in, will they immediately try to change or reduce the taxes that we know, or will it be something that’s gradual, giving us enough time to make some changes to adjust our taxes? So we know what’s going to be there and what’s not going to be there. So we want to make sure that we understand what the best options are. If you’ve got questions about that, or want to join the show about any other questions you might have, you can join it at 615-737-9986. All right, and why don’t we go ahead and hit Gary. Hopefully, my buddy on the other side here is multitasking. So we’ll see if Gary can be joined the show here or if we need to give him a second to type because you know, he only has two hands. Alright, so let’s see if we can get Gary on the show. Thank you, buddy. Appreciate it. Hey, Gary.
Caller 2:56
Yes, the question I’ve got for you is two parts. The first part is if you receive money from [inaudible] injury, do you have to pay taxes on that money?
Dr. Friday 3:08
Well, if it’s for injury, meaning it’s not loss of income, but you had it for medical purposes, then the answer is going to be no. If it was partly for injury and partly for loss of income, because you may not be able to work or earn the same income that you did before then the answer is part of it will be y
47 min

About The Dr. Friday Radio Show

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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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