The Dr. Friday Radio Show

By Dr. Friday BurkeBusiness

The Dr. Friday Radio Show episodes

August 06, 2020Dr. Friday Radio Show – August 1, 2020
Welcome to another episode of the Dr. Friday Show! In this episode, Dr. Friday talks all about tax filing and the following questions:
What You Can And Can’t Use The PPP Loan For
The EIDL Loan Eligibility
What You Can And Can’t Use The EIDL Money For
Update On The Heroes Act
Can I Get Both Unemployment And PPP Money?
Will There Be A Second Stimulus Check Coming?
Why You Need Help With Tax Representation
Talking About Capital Gains
and other caller’s questions!
Transcript
Announcer 0:01
No, no, no, she’s not a medical doctor, but she can share cure your 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 but we’re going to have an unusual show today. So if you have a question, you can either text 615-367-0819 or you can just email [email protected]. Both lines are down so we won’t be able to take your calls directly but again throughout the hour I will give out those phone numbers and email so that you can if you have questions, even if they Don’t make it on the air, I will do my best to make sure that you get the answers that you need to make good tax decisions, because that’s what this show is all about. As an enrolled agent licensed by the Internal Revenue Service, what we are trained to do and what I’ve tested for 20 plus years is to make sure that people have the information at their fingers to make good decisions because sometimes one decision sounds really good. “I should pay off my house. Oh, shoot, now I owe taxes on the money I took out of my retirement account. ” or things like that. Sometimes one hand doesn’t always go with the other. So making the right decisions with the right tools is what I want to be able to give people. But if it is that I want to make sure you have the information now to make the decisions. Especially now, we are in the middle of something that many of us have never dealt with in the past.
Dr. Friday 1:53
One of the big questions I’ve had we’re going to start the show out with today is self-employed individuals. So in most situations, for example, my business is a corporation. I can’t go get unemployment under my Corporation. But the employees that worked for me if for some reason they weren’t able to continue working may have been able to apply. We’ve been blessed, and that hasn’t happened. But as a self-employed a 1099 person. Many people applied for both the PPP Program and Unemployment. And so now they have the money on both, which means you’ve been paid twice for your time, right? Because if you went and got Unemployment, and maybe it didn’t cover the full income you normally have it doesn’t make a difference. It was covering you were saying you were unemployed during that time the unemployment kicked in, but at the same time you applied for what we refer to as PPP loans. That is also supposed to be 2.5% of your income, and you had them at the same time, you cannot push the PPP out, saying, “Well once Unemployment ends, I’m going to use the PPP money to pay me,” because it will no longer be forgiven. And kind of what you’ve done is double-dip on the same amount of salary. So you’ve been paid for the same time twice. So they’re really, really looking at this. Now many people have not gone into forgiveness yet, some have. If you’ve gone in under the PPP and did the forgiveness, and got forgiven on the PPP, but you also took unemployment you will have at some point, they’re saying that there is going
46 min
July 24, 2020Dr. Friday Radio Show – July 18, 2020
Another episode of the Dr. Friday show is here! In this episode, Dr. Friday talks all about tax filing and the following questions:
Will There Be A Second Stimulus Check Coming?
It’s Not Too Late To Apply For The PPP Loan
When The Federal Unemployment Ends
Do You Need Help With QuickBooks?
What To Do If You Haven’t Filed Your Taxes Yet
Do You Need Help With Tax Representation
Can I Call The IRS About My Stimulus Check?
and other caller’s questions!
Transcript
Announcer 0:01
No, no, no, she’s not a medical doctor, but she can share cure your 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, good day. I’m Dr. Friday and the doctor is here live on the air. If you want to join the show you can at 615-737-9986. I realize we’ve made it through the big tax deadline of July the 15th. Sounds weird to actually say after 20 plus years of doing taxes. And then of course we were able to file extensions for many of you that may not have been able to file taxes, just as we would have done on April 15. Those extensions are good for individuals through October 15. So hopefully now, I just want to reiterate that that does not extend the money you owe. So if you didn’t file the taxes because you knew you didn’t have the money and right now you have no idea where you’re going to get the money from. Just be prepared that the money is charging penalties and interest on that money as it grows. There is a failure to pay but as long as you filed an extension, at least you won’t get the failure to file extension on top of everything else. I do want to just put out some good news for a few of you that are thinking about maybe doing some shopping, just don’t forget next weekend, Friday the 31st through Sunday, the second is our sales tax holiday. So there’s a lot of things that are exempt like clothing, but some apparel that is priced at more than $200 per an item. Those things are exempt, you don’t get sales tax holiday on those but anything that’s under the $200 per an item, those will actually get school supplies, obviously, computers, but there’s you know good things. So if you’re a small business owner and maybe you’ve been meaning to purchase a printer, something maybe this in this state, you know that can be 9.75 almost the 10% savings, just not having to file sales tax.
Dr. Friday 2:31
I will tell you again if you are a small business owner, there is some tax relief coming our way for TNTAP if you file your sales tax or your business license, franchise excise tax, all of those are filed liquor taxes, all on that account. Some businesses won’t be every business but there are some businesses that will qualify for eligibility through the Tennessee business Relief Program. Barbershops, beauty shops, nail salons, a lot of them that were been forced to close. People in the museum park or bowling alleys, gyms, fitnesses, restaurants, bars, hotels, theaters, agents of any athletes or independent artists, writers, performing artists. All of those are going to fit in. There is some additional relief that is available now. So my suggestion is if you’re in those criteria, or you want to know more about it, just go to Tennessee Department of Revenue, website or revenue.support.tn.gov. Alright, so if you want to join the show, you can 615-737-9986. A lot of talk on the news. In the areas of which we’re always listening to is there going to be a second stimulus?
Dr. Friday 3:49
It really does look like there is going to be a second stimulus. I cannot say at this t
47 min
July 15, 2020Dr. Friday Radio Show – July 11, 2020
The Dr. Friday show is here! The tax filing deadline is coming up, and Dr. Friday talks all about taxes, tax filing dates, and the following questions:
It’s Not Too Late To Apply For The PPP Loan
Do You Need Help With Tax Representation?
When Stimulus Checks Will Be Done Sending Out
Will Filing An Extention Help You Or Hurt You?
Can I Still Apply For EIDL Loan?
Will There Be A Second Stimulus Check?
Get Help With QuickBooks
Why Have I Not Received My Stimulus Check?
and so much more!
Transcript
Announcer 0:01
No, no, no, she’s not a medical doctor, but she can share cure your 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 in the studio. I keep saying in the studio because for 10 years we are physically but we are still live on the radio. Now I’m in my home studio I guess they keep everything safe and sound. If you want to reach us at 615-737-9986 is the number here in the studio. We are on the last weekend before taxes are due. They are due this Wednesday coming on the 15th of July. So either does an extension. Remember extensions do not extend the amount due or file your taxes. So we have someone that called in early and they’ve been on hold for a little while. So why don’t we go talk to Brian and see what his question is? Hey Brian.
Caller 1:23
Dr. Friday, my daughter may come into a house, irrevocable trust, or a will. My question is, can she Give that to me? Can I live in it? Will she be paying taxes on it? How can we get that situation to where she owns it? But I am the one who lives in the house.
Dr. Friday 1:49
Well, there are a couple of options that you would have. I mean, since she’s inherited it, she already owns it. So that’s not really a question and when she inherits there should be no tax because there should be a step-up in basis that the date that she received it, so whatever date the value is, would be what she would inherit it. So that would be what she would later use for if she eventually sells it. She could do a perpetual agreement where you have a lifetime lease on the house so that it can’t be sold if part of the agreement of her inheriting is that you are able to live there for the rest of your life. There is the ability to have that kind of leases where someone can’t just sell it out if there’s something that happened to her. What would happen to the house if you’re still living, those are the kinds of considerations you might need to have. Theoretically, she doesn’t have to rent it to you, you could live in it and you maintain it or she maintains it and it’s an investment into her home, she didn’t have to consider it a rental because she’s not charging a fair rent to you. Or if she is then you could just treat it as a regular rental. I don’t know the whole situation but you do have some options.
Caller 3:00
So simply, she gets the house I’m allowed to live in and I pay all the bills all the taxes, upkeep it. It’s still her house. But I’m the one who lives in it just free and clear. Right?
Dr. Friday 3:13
Exactly, exactly. That would be the simplest, but I would make sure, God forbid something happened to her and whoever inherits the house after her that same agreement rolls if that’s the agreement in the existing will. I’m just saying, you might want to make sure you have something in writing and notarized so that you know, there’s a backup plan just in case.
47 min
July 11, 2020Dr. Friday Radio Show – July 4, 2020
Welcome to another episode of the Dr. Friday show! Don’t miss out on this episode where Dr. Friday talks all about taxes, tax filing dates, and the following questions:
Do I Have To Pay Back TNTAP?
Do I Qualify For TNTAP?
Can I Still Apply For PPP and EIDL Loans?
Will There Be A Second Stimulus Check?
How Filing An Extention Will Help You
Do You Need Tax Representation?
When Will Stimulus Checks Be Done Sending Out?
and so much more!
Transcript
Announcer 0:01
No, no, no, she’s not a medical doctor, but she can share cure your 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 here live so if you want to reach me You can call me at 615-737-9986. Hope you guys are having a wonderful Fourth of July. I know that there’s going to be some fireworks around town so hope everybody will enjoy it. In my opinion, one of the fun parts of the day hopefully enjoys the fireworks this evening. It used to be one of the days we actually spent time as a family. But now a lot more people are spending more time together than they might wish sometimes. So hopefully you are going to enjoy this day and have a fun picnic or something. The weather, at least here is actually in a really good place. It’s overcast mostly. So it’s a pretty decent day out. So if you’ve got questions, we’re down to the wire here, we’re only going to have until 7/15/2020 and then you either need to file an extension or file your personal tax returns. Remember, if you were a business, you did have to have your extension filed by the 3/15/2020 deadline. So if you haven’t filed your business and you haven’t filed an extension, sooner versus later would be the answer to that question. So if you’ve got questions, call 615-737-9986 and it looks like we’ve got someone already on the line, so let’s hit Barry. Hey Barry.
Caller 1:51
Dr. Friday, thank you. How much money Cash Money can a Father give to the Daughter in whatever period of time and is it taxable?
Dr. Friday 2:06
So theoretically you can give them $11 million and that would be your lifetime allowance at this point assuming that you pass away while this law is current, this so you would have to file a gift tax return. Otherwise, it’s $15,000 per year that has no effect on your lifetime allowance and it is not taxable. The person giving the money is going to pay the tax it has to be after-tax dollars that you then pass on to a child or a spouse or whoever you’re gifting it to. So they don’t have to pick it up. The person that gives the money would pay taxes on it before it is actually gifted.
Caller 2:44
Okay, so it’s money already earned. It’s in the bank and we’ll say a safe deposit box. It’s just $15,000 a year?
Dr. Friday 2:54
$15,000 a year per spouse or parents so if you’re married, you and your spouse can give your daughter 15 each, so a total of 30. But if it’s just you and your daughter, then you could give them $15,000 a year.
Caller 3:07
A year. Okay, and it’s just like it never happened. Right?
Dr. Friday 3:10
Exactly.
Caller 3:11
Well, that’s good info. Thank you so much. I appreciate it.
Dr. Friday 3:14
Appreciate the call. Thank you. That was a great phone call. It’s something that you do and you can I mean, sometimes giving. I know a lot of times people will help their children maybe give down payment for their house, or something like th
47 min
June 25, 2020Dr. Friday Radio Show – June 20, 2020
Welcome to the Dr. Friday show! In this episode, Dr. Friday talks all about taxes, tax representation, and the following questions:
Is A 401K Or Roth IRA better?
Why Have I Not Received My Stimulus Check?
How To Do Taxes As A Small Business Owner
How Much Of Social Security Is Taxed?
Do You Need Help With Tax Preparation?
Will The Stimulus Check Be Taxed?
Get Help With QuickBooks
Do You Need Help With Tax Representation?
And so much more!
Transcript
Announcer 0:01
No, no, no, she’s not a medical doctor, but she can share cure your 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, this is Dr. Friday and the doctor is in the house and we are talking about my favorite subject which is taxes and that day is coming quickly. Have we ever thought that we’d be saying July 15 as our filing date? I can guarantee you, no, that was never something that I wanted to extend as far as I was concerned. I think anytime we do we just extend the whole thing but it has happened. We are working on it and so if you need you might want to go ahead and make sure your tax appointment if you’re using all services or anyone else’s, I’m assuming that they’ve opened their calendars up again. So just make sure that you have an appointment to get your taxes completed, make sure they are done or an extension is filed. Again, extensions do not extend the amount of money that you owe, but they do extend the time that you can file the taxes, which sometimes is necessary, especially if we’re working with multiple entities and having to wait for other tax returns to be completed before we can complete your individual tax return. The Internal Revenue Service has come out with for any of you and a lot of people I know that we have about 200 individuals that receive PPP money through our firm, our systems I should say we don’t offer PPP money. But one of the questions that we’ve been going back with is, is PPP money the forgiveness? So the IRS has basically answered the question in public guidance saying to prevent double taxation, the expenses are not deductible. So if you get forgiveness for the PPP loan, whatever money that was forgiven, which most likely is going to be payroll, rent, and utilities, that you would then have to claim that you will not be able to claim those expenses. So it’s going to be a little interesting with individuals that are sole proprietors.
Dr. Friday 2:16
As you know, Schedule C individuals are able to get a percentage that is now based on line 31 of your 2019. schedule C. So the problem is, let’s say you get two and a half percent of that and you pay yourself now you’re going to have to pick that up as income because you did not pay somebody else that money, you paid it directly to yourself. I will tell you that there are many firms that have pledged to reverse this with Congress and we are waiting to see if that is going to be reversed. Otherwise, Schedule C individuals that did not pay other individuals through forms of payroll or rent. Now if you paid rent or utilities, you won’t be able to claim those but your actual payroll which is always based on total profits will have to somehow be reversed and that’s going to be the interesting part of that conversation. Now I have many people that are facing a dilemma and you may or may not be but they were unemployed. So they went to collect unemployment and then they also a Schedule C individual went to collect PPP money. So the question is going to come back as if you’re paying yourself a full wage, are you actually allowed to
47 min
June 18, 2020Dr. Friday Radio Show – June 13, 2020
Another episode of the Dr. Friday show is here! In this episode, Dr. Friday talks about taxes, representation, and the following questions:
New Changes To The PPP Loan
How To Do Taxes As A Small Business Owner
Get Help With QuickBooks
Is It Too Late To Apply For A PPP Loan?
Why It’s Important For Someone To Represent You
Is The Stimulus Check Taxable Money?
Help With Tax Preparation/Representation
Will There Be A Second Stimulus Check Out?
And so much more!
Transcript
Announcer 0:01
No, no, no, she’s not a medical doctor, but she can share cure your 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 here today to talk about my favorite subject as an enrolled agent licensed with the Internal Revenue Service. What I do is taxes, top taxes, live taxes, love taxes. So if you have questions concerning your tax preparation, remember July 15 is the new deadline. So if it comes to time and you need to be able to do something with your taxes, you need to be able to go in there and see what you can do to make it happen for you. But otherwise, the phone number here in the studio 615-737-9986. We are taking your calls and let’s go ahead and hit Joe since he was nice enough to call. Hey, Joe.
Caller 1:13
Hi Dr. Friday. Thank you for taking your time on Saturdays to come in here and help us out. Here’s my question. We have terminated about 10 days ago at my job. The new company came in and gave us positions now. I’m going to need to do a 401 rollover. My old 401 daily access in the new one is like fidelity. Do you do 401 rollovers for people? Should I come in and see you?
Dr. Friday 1:52
I don’t sweetheart, thank you for even asking. No, I did the tech side. So thank goodness you’re not taking the money out. As a rollover, there’s really not a lot of things to worry about to the extent that they’re going to re-ask you to reallocate, possibly. Are you going to take plan one plan to plan three? I’m not sure how old you are and what your situation is, but I’m assuming they’re going to have you when you do the rollover reevaluate since you’re going to a new company. Other than that, as long as you’re not taking any money out, there shouldn’t be any tax situation.
Caller 2:27
Excellent. One more thing, Dr. Friday. I snail mail my taxes every year and sent them in on April the 14th. I haven’t seen anything was about eight weeks ago. So they’re probably that far backed up. Would you agree?
Dr. Friday 2:44
Yeah, I’m getting quite a few phone calls on this to be quite honest with you. Thanks for bringing it up because it’s probably other people listening to asking that same question and the answer is yes. I am working with the idea that especially with snail mail, as you know, I love to say but if You mailed it, it can take 60-90 days for that to actually get processed. But even people that are filing they’re finding delays longer than the 21 days. So just be prepared to wait a few a bit longer as my suggestion.
Caller 3:14
Dr. Friday, have a blessed day. Thank you again.
Dr. Friday 3:18
Thank you appreciate the phone call very much. All right, let’s go ahead and continue this with Dallas.
Caller 3:25
Hey, Dr. Friday. I just helped a mother in law redeem some stock price, and she got capital gains and I looked online and I got some confusing information abo
47 min
June 11, 2020Dr. Friday Radio Show – June 6, 2020
Welcome to another episode of the Dr. Friday show! In this episode, Dr. Friday talks all about taxes, upcoming dates, and the following topics:
Do I Have To Pay Back The Stimulus/ Pay Taxes On It?
How Much Of Unemployment Is Going To Be Taxed?
Do You Need Help With Tax Preparation/Representation?
How Entrepreneurs Need To Do Taxes
Will There Be A Second Stimulus Check Coming Out?
What To Do If You Need Help With Tax Preparation/Representation
What To Do If You Don’t Need/Want Your Stimulus Money
I Owe The IRS Money, Will I Get The Stimulus?
And so much more!
Transcript
Announcer 0:01
No, no, no, she’s not a medical doctor, but she can share cure your 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 I am all set to have a wonderful show today. Hopefully, you guys are too. We’ve had a few chances for individuals that may be small business owners. The President didn’t sign in and additional change. So instead of having the eight weeks we now have 24 weeks to spend the money for the PPP. Instead of some of them expiring in July it’s going to go through December. We’re going to have five years to pay back if you can’t meet forgiveness instead of two. There’s going to be some additional things with the extension of a company paying portions of their payroll taxes, they are going to be able to be forgiven. So they’re really working hard to find ways to be able to help small business owners to continue to try to figure out how to get their doors open with all the people and things stopping and doing things. It’s very difficult when you can’t get the employees because, in my opinion, they’ve maybe over thought unemployment. The Federal the cares act, unemployment expires on July 31. I know many people who really need that money. In statistically in a large number of cases, people are making more money on unemployment than they were making when they were working, and that is a problem, which they are trying to address in the Heroes Act, which is now at the Senate. They’re trying to figure out possibly another stimulus check, that’s on the table. But we don’t know for sure what or where that’s going to lead. The president’s office has basically said nothing’s going to be done until after July and now with many people protesting, rightfully, some of the things going on, they’re wondering if that’s going to slow down what’s happening in the Senate and Congress because they’re going to be trying to figure out additional things that need to be done with that situation.
Dr. Friday 2:34
So if you’ve got questions, if you’re a small business owner, especially maybe dealing with PPP, or EIDL loans. At this point, I don’t think there’s a lot of ideal loans going out. But if there’s either those you have questions on along with what we’re going to do to move forward. Don’t forget July 15, we have to file our taxes or we file an extension. Now, it used to be the extension was six months after the due date. That has changed, obviously, unless something changes from now, it used to be six months from April 15. So if you choose to file an extension in July, it will still be due in October for individuals, and in September for business owners. Either way, you can join the show 615-737-9986 if you have questions concerning taxes, or maybe something that’s going on as far as the PPP or additional small business loans that are out there. 615-737-9986 talking about things mainly about
47 min
June 01, 2020Dr. Friday Radio Show – May 30, 2020
Welcome to another episode of the Dr. Friday show! In this episode, Dr. Friday answered all the caller’s questions about taxes, stimulus checks, and the following topics:
I’m On Social Security and I haven’t Gotten My Stimulus Check. Why?
How Entrepreneurs Need To Do Taxes
How Much Of Unemployment Is Going To Be Taxed?
Is There A Second Stimulus Check Coming Out?
What To Do If You Don’t Need/Want Your Stimulus Money
Do You Need Help With Tax Preparation/Representation?
Why Have I Not Received My Unemployment Paycheck Yet?
Documentation For Employer’s With PPP Loans
Why It’s Important For Someone To Represent You
And so much more!
Transcript
Announcer 0:01
No, no, no, she’s not a medical doctor, but she can share cure your problems or your financial woes. She’s the how-to girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now at 615-737-9986. So here’s your host financial counselor and tax consultant, Dr. Friday.
Dr. Friday 0:26
Good day, I’m Dr. Friday and the doctor is in the house. We are here talking about my favorite subject, which is taxes, taxes, and more taxes. It can’t be taxed when it comes to this kind of thing. So we will be able to move along and do what we need to do. If you want to join the show, call 615-737-9986 which is the number here. Maybe you’ve started to do your tax return. That would be something that people need to think about doing maybe a little bit. We have a situation where we have taxes due and they’re gonna be here before you know it. July 15 is the new April 15, just for this year. So don’t think every year that’s going to be the situation. But we do need to start preparing taxes getting ready to start figuring out if you owe money do you need to be able to pay it? What you’re going to do maybe making payment plans if you haven’t worked and you have some situations, things you need to deal with. So if you want to join the show, 615-737-9986. I’m doing a lot of reading on a couple of different things. One of the things we all have to deal with, of course, as business owners are the PPP Fund, the Payroll Protection Program, and many are getting letters now. It’s getting close to that eight weeks. So instead of being looking to achieve getting the money Now we’re looking to see if there’s forgiveness. Then there’s another element to that for many of us, we’re trying to figure out if they forgive the loan, does that mean they forgive the expenses? So in the tax or the accounting side of the situation, are they going to also say that you can’t claim the payroll expenses that you paid out if they have forgiven the expenses? So we’re still waiting to hear exactly how the IRS is going to rule on that question. We’re not too sure. But I will tell you keeping really good records this year is going to be essential. We need to know about how we’re going to get the PPP how the money’s been spent if we get forgiveness if we do not the 1% loan over 24 months, how we’re going to pay that what we’re going to do with it. So it’s really, really important that people, you know, do what they need to do. I know a lot of people are like, “The economy hasn’t really fully bounced back” even though the markets doing pretty good if you’re in the stock market side of thing. When it comes down to it, we still have to figure Figure out what we’re going to do with the rest of it. So looks like we might have a caller. Can’t tell if it’s actually ready. If Sue’s ready to go ahead and hit it, we’ll go for that one. Hey, Sue, what can I do for you?
Caller 3:14
Yes, I have a question. I make 166
46 min
May 21, 2020Dr. Friday Radio Show – May 16, 2020
Welcome to another episode of the Dr. Friday show! In this episode, Dr. Friday answered all the caller’s questions about taxes, stimulus checks, and the following topics:
I’m On Social Security and I haven’t Gotten My Stimulus Check. Why?
Will I Get The Stimulus Check If I Owe The IRS Money?
Reasons Why Some People Won’t Get The Stimulus Check
Are Medical Bills For A Dependant Deductable?
What Part Of Unemployment Is Going To Be Taxable?
When Are Estimated Tax Payments Due?
Do I Have To Pay Back The Stimulus/ Pay Taxes On It?
Does My Child Qualify For The Stimulus Check If They Have A Job?
Transcript
Announcer 0:01
No, no, no, she’s not a medical doctor, but she can share cure your 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 can hear me. I am ready to go. We got some conversation to go after. We’re going to be talking about the stimulus check because that is on everyone’s mind about where your refunds might be. If you have some issues with the IRS which direction we need to go. If you want to join the show, you can at 615-737-9986. Why don’t we go ahead and go right to the phones, we’ve got Tony that’s called before the show started. So let’s start with Tony.
Caller 1:06
Dr. Friday, you stated my call. I’m on Social Security, don’t file income tax, I get direct deposit for my Social Security. I haven’t seen any money. I went online, and they say there’s not enough information about me. Do you have any insight as to what’s happening?
Dr. Friday 1:27
Well, I do. It’s probably not what you wanna hear but thank you for calling because this is a question that is on a lot of people’s minds, not just yours. We probably get at least 10 phone calls a day. So here’s what we’re hearing from Social Security. You’re not getting your check directly from the IRS. It’s going to be going through the Social Security the same way you get your monthly checks. Those checks were delayed waiting for non-filers with children in their homes. So they started issuing them about a week and a half, two weeks ago to them. The IRS is issuing 5 million checks a week. Obviously like I said, Social Security and IRS are both issuing these. They’re going to be issuing all the way up until September. So I know everyone’s like, “Oh, everyone else got one, but I didn’t get one.” There are millions of people yet haven’t gotten them, Tony. So you are on the list. Unfortunately, I can’t tell you when. The website is more confusing to individuals, in my opinion, in some ways than helpful because getting a thing saying there’s not enough information or the information you’re putting in doesn’t match is more frustrating than helpful. So, again, Social Security doesn’t issue the checks themselves, but they’re using the same banking information. So keep an eye out. I can tell you that as of about 10 days ago, several of my own personal clients called me and said that they had received and these are people that are only on Social Security non-filers that and they did receive them. So I know that it has started with Social Security. I don’t know how many people are on Social Security, but a large number, so I’m assuming it’s going to spread out, Tony.
Caller 3:07
I get direct deposit, will I get it direct deposit or check?
Dr. Friday 3:10
Absolut
47 min
May 12, 2020Dr. Friday Radio Show – May 2, 2020
Welcome to another episode of the Dr. Friday show! In this episode, she answers all your questions about the tax filing as well as the following topics:
Can I File for a PPP Loan?
If I’m Still Working, Do I Qualify for the PPP Loan?
I Still Haven’t Received My Stimulus Check
Do I Qualify For Unemployment?
Is The Stimulus Check Returnable?
What Taxes Do to File to Qualify For the Stimulus Check
When Are Estimated Tax Payments Due?
Can I Claim a Home Office On My 2020 Tax Return?
And so much more!
Transcript
Announcer 0:01
No, no, no, she’s not a medical doctor, but she can share cure your 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, so if you want to join the show call 615-737-9986. I know there are many of you still listening to the show that has not received your stimulus check. At this time, all I can tell you is the website is not necessarily giving all the information that you’re needing. Obviously those situations where people are talking about details and it’s coming back that they can’t match it. If you have your adjusted gross income and you’re putting it in for 2018, it doesn’t match what the IRS is showing. Many times that is happening, do not get too stressed over it. I do realize that money is getting tight for many people. So you’re really needing that extra assistance. But to be honest, I do have good news, at least people that are on social security and VA I will say as of this last week, I have received calls from many of the listeners that are keeping me in the loop and they are starting to receive their stimulus money. Again, not everyone has received it so you’re not the only person out there that hasn’t received their stimulus. If you have questions, the easiest or the only place the absolute only place I can suggest you going to is IRS.gov and go to the stimulus check to see your status. If it’s not giving you a good status, I am under the understanding that the IRS phone numbers are working. It’s just that again, there are millions of people that still haven’t received the money or trying to get answers to other questions. Therefore, the phone lines are backed up for hours if not hanging upon you as soon as you call, which is what happened to me. So I’m just making the assumption.
Now, if you’re a small business owner, a self-employed individual that receives 1099, there was still as a Friday at least PPP money out there for all entrepreneurs and small business owners. You can use your schedule C which had to be prepared, at least prepared for 2019. If you have received your PPP money or your EDIL money that’s forgiven. Remember, there are some steps we must take from the date of receiving it, you must prove that 75% or more was used on payroll and that does not include the payroll that you have for your company portion of the payroll tax, it is only the employee portion health insurance for the employees. I can’t see on my monitor just in case I don’t see the screen. If there’s any callers or anything, I don’t see the screen there. So maybe you can help me put that on there. I’m not sure how to do it usually comes up on my screen. So we have that and then forgiveness. We want to make sure that forgiveness is forgiven. We do not want to have a situation where the forgiveness is sitting out there, and then the next thing you know you have a 1% loan for two years. The reason they’re not forgiving the company portion is that there is already forgiven
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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