The Dr. Friday Radio Show

By Dr. Friday BurkeBusiness

The Dr. Friday Radio Show episodes

April 25, 2020Dr. Friday Radio Show – April 21, 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:
Will I Get the Stimulus Check?
Help Getting Your Taxes Filed
Is the Stimulus Check Taxable Money?
Can I Refuse the Stimulus Check?
Does the IRS Know If My Address Changed?
Will I Get the Stimulus Check Electronically or Mail?
SBA Bridge Loans
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, and I’m here to take your calls at 615-737-9986. It has been a busy week. Let me tell you. Obviously, April the 15th really did not hold the same impact as it has in the last 25 years of me preparing taxes. So you know we are still preparing taxes, making appointments as soon as everyone is able to get back out and start moving around and doing things. We are seeing clients still right now. If you need Tax Help, or if you’re trying to get things filed, we have quite a few people trying to get their 18th and 19th filed because they know things happen, and you don’t always get your taxes filed on time. But now, with the stimulus check, things have become quite interesting. I do want to put people at ease. I do realize that 80 million people have received stimulus checks. But just as a point of interest, not everybody has received their stimulus check. So you will still probably be getting a stimulus check coming to that direction.
Again, the website, pros, and cons. Maybe some people can share their thoughts on that if they want, but the website is not working wonderfully as far as giving everyone the information they need. So if you’re having some troubles with the website, I do know it’s up, I do know you can put your banking information in so that you can get your check electronically. Just keep in mind, if you don’t get electronically, it will come through the mail, it’s not lost, it’s not like you’re not going to get it. It will just take a little bit longer for you to get it. So, you know, again, some people really have not had a lot of change during this time. And many people have been living on the same exact income prior to this. So if you were on Social Security, then that’s all you were living off of. This is a bonus check. It’s not changing your lifestyle, and the check will be coming. We just haven’t gotten the date of that. So and some people that are on social security and file taxes may have already received that information, but I don’t think people solely on Social Security have received it. I can be wrong. I have quite a few clients that have not. Alright, why don’t we have Jerry and then we can go to some other calls. Jerry, what can I do for you?
Caller 2:55
Yes, Dr. Friday, thank you for taking my call. I’m calling on behalf of a relative of mine that I’ve always heard that she didn’t make enough money to file. She’s elderly, and she’s in her 80s. She never filed out because she didn’t make enough money to make it worth filing because she didn’t know anything. She has since come down with Alzheimer’s for several years and was so acute that she finally had been admitted to a nursing home. Unfortunately, there were no beds, but she had to go into what they call assisted living. So that was over $65,000 in nursing home costs, plus they had to have private healthcare sitters for another $65,000 in the last year. Can she file for so
46 min
April 15, 2020Dr. Friday Radio Show – Apr 11, 2020
You don’t want to miss this episode of the Dr. Friday show! She talks about all the latest updates about tax filing, tax forms, as well as the following topics:
Should I File For the Payment Protection Program?
New Tax Filing Date
New Tax Payment Deadline
“I’m A Non-Filer, Can I Get The Stimulus Check?”
Need to Update Adress For IRS?
How To Know If You Qualify For Small Business Loan
What Is the Best Way to Contact the IRS Now?
Do I Pay Tax For The Stimulus Check?
Are You Qualified For The Stimulus Check?
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, and we are here. Hopefully, you can hear me well. We are working on trying to make sure that we can take your calls. There is so much going on. I do want to make sure we’re getting a lot of emails, and I want to make sure that you are actually all understanding that the new filing date is actually July 15. They have now extended both of our estimated tax payments. So the one that would normally be due April 15, as well as the one that is due June 15 to the July 15 deadline. So that is important news because for a while there they had extended the April but not June. So now we have both of those extended through till July 15 for both of the filings. There’s also a lot of questions about individuals who maybe you don’t file a tax return. Maybe you don’t make any income, but you’re not on Social Security or disability. There is now on the irs.gov for non-filers. There is a place where you can fill in the information so that you could still qualify for the stimulus check even if you are not filing taxes. So that is something. Again, on the irs.gov, there is also the ability to update your address and your banking information. I believe that updated just on Friday or Saturday or today’s Saturday. I guess time flies when we’re having fun. So there’s that information as well. If you want to join the show, you can 615-737-9986 taking your calls and questions about business owners. Of course, we have three different types of loans that we can be doing, or possibly receiving money on the 10th. They open the one up, and I will tell you there has been a lot of confusion coming down from who should be filing for the PPP. We call on the PPP (Paycheck Protection Program), who should be filing for the disaster funds for the COVID-19 on just directly on the SBA. I have been told by some of the local people here that they are starting to release funds at least for the ones that did go the ten thousand dollar hardship ones under the COVID-19 economic impact loans. I haven’t heard anything yet. So if anyone’s listening and you have received money from the paycheck protection, it’d be nice to know. So that way, a lot of listeners that are filed for it and we can if you’ve got a question again 615-737-9986. The bottom line is this, the first band of PPP loans or the paycheck protection loans is really for people that had 941-940 W2’s. So for employers, that was the first line they were trying to get money out to people that had payroll, so they could keep those employees still on paychecks and not have to worry about having them all hit the unemployment lines. The second line, which again really just opened up now, is going to be for the entrepreneur. Keep in mind if you have your own Corporation, and maybe you’re your only employee, so you have one paycheck, you would have qualified or will qu
47 min
April 08, 2020Dr. Friday Radio Show – Apr 4, 2020
Another episode of the Dr. Friday show is here, and she is ready to help you answer all your questions! She gives you all the new tax information updates as well as the following topics:
How to Protect Your Credit
The Paycheck Protection Program
Tax Filing Deadline
The Economic Impact Payments
Is Your Dependant Eligible for Stimulus?
Construction Loan Deductibles
Information on Quitloans
Are You Eligible to File for Unemployment?
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
All righty. We are here doing our bit to try to stay out of the way but still try to help educate and prepare people for some of the things that are coming down the line. The economic impact payments, stimulus payments, I referred to them as are supposed to start coming out as early as next week. I just want to kind of go over that really quick just like maybe answer a few of the phone calls before they start coming in. Who are eligible individuals making $75,000 up to $99,000? Married people 150-198,000. Head of the household is going to be like $110,000 up to 140- 150,000 you will get 1200 dollars as an individual, $2400 as a married couple, $500 for qualified children that are children that are 16 and under in the year of 2019. This will be being reconciled on your 2020 tax return. So I don’t know if they give you too much money. I have cases where the ex-wife claims the children and in odd years the ex-husband claims to children. So if they haven’t filed their 19 yet, but they are basing them on the 18, who’s going to get the $500? I don’t know the answer to some of these guys. They haven’t given us that information. “The IRS does not have a direct deposit.” That’s been something that’s been sent to me probably a good 20,000 times, no not quite that many times, but they will be actually getting there. They’re supposedly going to be updating the IRS website. I’ve checked today I did not see any place you can change your address, you can update your address, and your name, I did not see where you could update your electronic payments. So most of the people if you had it on your 19, or if you had it on your 2018 or 19, if that information is wrong, then the money will bounce back if it is your ex-wives or girlfriends account that you had on there because you wanted them to get that particular refund and not get the stimulus, then you’re going to need to contact the IRS. Here are the funny parts. And I’m saying funny because the IRS specifically has a phone number on the website and it pacifically says that at this time, they are not available, they do not have anyone answering the phone. So there is no easy way to contact the IRS. But let’s go ahead and hit the phone lines. We look like we have john on the line from Spring Hill. Hey, john, how can I help you?
Caller 3:21
I’ve been seeing commercials for, and this is maybe not in your field, about a person who has lost their home due to some crook got their title information for their home?
Dr. Friday 3:37
Oh, I’ve heard those commercials myself. I have not had any hands-on personal experience with them. I would hope that that would be something that’s somehow covered under insurance. I have seen those commercials and it sounds like there’s not a lot you can do. I’m assuming there are lawsuits. They can get you your house back. But what’s your question? Or has that happened to you gosh forbid?
47 min
April 01, 2020Dr. Friday Radio Show – Mar 28, 2020
Welcome to the Dr. Friday show! In this episode, Dr. Friday answers all your questions about the updated stimulus check and the who, what, where, and why of these checks. She also answers the following questions:
Should You File Your 2019 Taxes?
How To Know If You’re Getting The Stimulus Check
Do Your Dependants Get a Check?
If You Owe Income Taxes, Will You Receive Your Check?
What File You Should Use If Your Address Has Changed
Is Filing For Unemployment Taxable Income?
If I’m On Disability Social Security, Do I Need To File My Taxes?
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
All righty. We are here live in-studio I guess I should say remotely because the boss is still running this stuff from the board there. So, we can take live calli-ins so if you want 615-737-9986 taking calls. We have had a ton of changes, especially since the final or maybe not even the final stimulus from the President was signed on Friday. We’re going to talk a lot about who, when, why and what we’re going to have to go with those checks. I’m sure a lot of people are wanting to know which ones are which and how it’s going to work and who’s going to get the check and etc, etc. So we’ll take a look and see what we have going there. Should you even file your 2019 and we’ll get into who should file who shouldn’t file and what happens if you have children that are 17, 18, 19, 25 whatever, living at home and they are your dependents. What needs to be done about that because under this new stimulus, things are going to be a bit different and they’re looking at a dependent just as the tax law does, which is children 16 and under are legitimate dependence children in college or moving on going to have different situations so I know the phones are gonna be fun today and that is awesome. I will do my best to keep you informed and let you know what going on. Of course, my business owners. Hey guys, we have the Cares Act, who should be filing for the payroll, things like that. Awesome. Thank you for moving that over so I can actually see. Appreciate it. Alright, so let’s go ahead and go to line one. I believe it’s Mark. Mark, what can I do for you?
Caller 2:20
I turned my taxes in on February the second and I had a couple of small part-time businesses. And every time I pulled my thing out it says it is still processing. Should I start getting worried that maybe I did something wrong, but I haven’t heard with the IRS.
Dr. Friday 2:37
I would not. I would probably make sure I have a copy of E-file that has been processed. We have had the same situation here where some of the people haven’t received their refund yet then I have other people that within 10 days are getting their refunds. It may be a match situation. Do you have children or are you married?
Caller 2:58
No, all single. Just me.
Dr. Friday 3:00
All right. So my suggestion is I wouldn’t get overly worried. I will tell you that there was a news release from the IRS that was sent to my office on Friday that the IRS right now has closed their helplines. So life again is going to be a little bit more challenging on how do we even get the information out. They’re going to be still taking some calls, but I know for a fact I was on hold for over three hours and then they hung up on me. So my suggestion at the moment, make sure you have confirmation that it’s been f
47 min
March 29, 2020Dr. Friday Radio Show – Mar 21, 2020
Another episode of the Dr. Friday Radio Show is HERE! This week, Dr. Friday gives you the latest updates on any tax information questions you might have as well as:
The New Tax Exception Date
Advantages For Small Business Owners
Should You File Your Taxes Now?
What To Do If You Can’t Pay Your Mortgage
Difference Between Furlough and Lay-off
Is The Government Issuing Checks?
Best Tax Form For Small Business
Is Now The Time to Invest In Stocks?
Transcript
Announcer 0:01
No, no, no, she’s not a medical doctor, but she can share 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. 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… I can’t really say in the house, I guess live on Skype. This is a new experience for the radio for Friday. So after 10 years, I guess it’s good to have new experiences. So if you want to join the show, you can 615-737-9986. Okay, so we have a lot of new things to talk about.
Probably the number one thing people are asking about, and I can’t say I got less than 100 phone calls yesterday, as did the tax extension deadline get moved? The answer is yes. New tax date as of the 21st, which was I guess today they actually posted this is July 15th. You can get that information right at irs.gov but July 15. So April 15, is no longer so if you can’t get to your tax person, you’ve had to reschedule. They basically have pushed everything. So if you owe money on or before normally April 15, right, we have to play well, now it is July 15. I will tell you that many people that were in the tornado area, you already had this extension, but now the entire state of Tennessee or basically all of the United States to my knowledge has the same extension date. So we are extending to July 15th. That would be if you own less than a million dollars as an individual if you owe more than a million dollars, and I did get a question on this, you want to pay it down. So they will waive the penalties and interest up to $1 million as of July 15th. So if you pay it down, then you don’t owe that much, and you will actually still be within compliance. So you just want to make sure you’re meeting those criteria. I have in many cases in our office because we had no idea where this was going to go what kind of people were going to turn up or not turn up. We’ve been in the office the whole time. You know, people have to take their own situation on it. I will say that in this situation, rescheduling. We’re not even sure when to reschedule so in many cases we’re kind of just putting it on hold till we have a better idea of when the extension and deadlines are going to be. If you if you’re going to get a refund. Keep in mind this is really for people that owe money. Because if you don’t owe money, an extension makes no difference. It’s only for individuals that owe money that we fall extensions for. It’s not to extend the money but a lot of times it’s because they basically don’t have the paperwork to finish their taxes as well. So we make an estimated payment in hopes that we’re covering the total tax bill. If you have a refund, feel free to go ahead and file at your own time. Many of you file if you file from home, I am working myself this weekend and a lot of people have emailed their information to me so I’m sure other tax people are working very similar to me. If you’re needing help or doing that.
I can’t tell if anyone’s calling in so I’m not sure if we can get a count or not. I think we should be able to but if no one h
47 min
March 21, 2020Dr. Friday Radio Show – Mar 14, 2020
To support those who have been affected by COVID-19, the IRS has provided an extension for the filing of tax returns. Learn more about that here with Dr. Friday and host John Haggard at the Dr. Friday Show. They also covered topics such as the following:
New Tax Scams
Process of IRA Distribution of an Inherited Estate
Medical Miles
Proving Your Identity After Filing A Return
How Accurate Are Tax Preparation Programs?
What to do When You Have Something On Your 1099-R’s Box 5
Itemized Deductions on Installing Elevators for Medical Purposes
When You Get A “Warrant” from IRS
Is It Better to Spread Your Tax Bill Out?
Transcript
Announcer 0:01
No, no, no! She’s not a medical doctor, but she can 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! 737-WWTN that 737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.
John Haggard 0:29
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 and right here she is. Hello Doctor Friday.
Dr. Friday 0:46
Hello John and no I do not have the coronavirus. I just got a tax virus. I have a lot of taxes today.
John Haggard 0:53
Oh man, I bet that you do have a tax virus, I can only imagine. Speaking of that, there has been so much information and let me say, misinformation and misunderstandings that people have about what’s happening with the tax situation, extensions, and this and that. So this is a program folk that I encourage you to pay very, very, very, very close attention to so that you don’t get caught having to pay a bunch of penalties and things because well, I thought so. And so doctor Friday here with all of the answers. And I think the first thing we have heard about, and I know you’ve got all the details, but as it impacts the Nashville, Tennessee area, I’m understanding that the IRS is extending the April 15 and possibly some other upcoming deadlines for tax relief for victims. How does that work?
Dr. Friday 1:44
Yes, since we are a federal disaster area zone, a federal disaster area, the IRS stepped up knowing a lot of people were having to really focus on, you know, clean up, you know, especially the ones, anyone in the counties where these hits. So Davidson, Rutherford, and Cookeville, I can’t remember the counties therein. All of those counties that were initially affected with the tornado then have an extension until July 15. And so that way that’s your normal extension. So if you don’t make your payments by April 15, if you can’t get an extension filed on or before April 15, you now have till July 15 to do everything you need to do. That would even be theoretically making your IRA payment which you normally make on the 15th of April. All of that would be extended, but those individuals, also individuals that are business owners, maybe you weren’t able to make your tax payments. Back when it was due on March 18. March 3, they extended those individuals out to the 18th of March which is coming up a lot of business owners have a march 15 deadline if you have a corporation and LLC, I should say 16th. Because the 15th on Sunday, six, you know anything that’s a separate entity. LLCs, partnerships, corporations, all of those are due on March 15. They have not yet totally announced. Oh, they have allowed Yes, I’m sorry business returns that were due or other things that mean their effective tax will be July 15, as well. So this is great news because there’s just a l
47 min
March 11, 2020Dr. Friday Radio Show – Feb 22, 2020
Another episode of the Dr. Friday Radio Show is LIVE! This week, Dr. Friday discusses many tax issues with her callers, including:
Receiving a 1099-R
Contributing to a GoFundMe Campaign
Paying Taxes for Portioned Inheritance
Putting up a Roth IRA for Adult Son/Daughter
Alimony Deductions
Virtual Currency
Interesting IRS Facts
How The IRS Is Doing With Chasing the “Tax Cheaters”
Taxes on Social Security Disability
Charitable Gifting to Children
How to Get Tax Returns With Little to No Proper Documentation
What to Do When You Receive a 1098T
Paying Taxes on a $50,000 Annuity
Standard Deduction for College
And More!
Transcript
Announcer 0:01
No, no, no! She’s not a medical doctor, but she can 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! 737-WWTN that 737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.
Dr. Friday 0:29
Good day. I am Dr. Friday and the doctor is in the house. So if you’ve got questions, it is February 22nd, which means we’re getting close to the end of the tax season. We’re actually about halfway I guess, but it just seems like time Is flying. Tax forms, most of the tax forms are available, I just had an update this morning. I saw that they finally got some depreciation on there that we were working with. So you should be able to get most of your taxes done. We’ve got someone that’s called the show already so if you want to join it 615-737-9986 and We’ve got Chris on the line. Hey, Chris.
Caller 1:02
Hey, Dr. Friday, how are you? Thank you so much for taking my call. So this is, I kind of have a unique situation this year. My first year receiving a 1099-R. It was associated with an injury that I received. I’m a retired police officer, I got hurt in the line of duty. And I received a tax-free pension as a result of that. And the 1099-R on it says that the income that I received has zero taxable income. However, when I’m plugging it into the software that I’m using, which is like one of the freebase software’s online, it’s flagging it that I need to be reporting taxes on and it’s actually saying I owe a bunch of money based upon the 1099 R.
Dr. Friday 1:52
So are you putting any number and, I don’t know how you feel about your software, but when I put mine in it, I completed 1099 R. There’s a box one which would show the total amount of distribution and then box two, which you should be putting a zero in, which would then show, you know, not taxable. Box two is the taxable amount. And then you should also have a code in box four or five, that’s like a code seven or when I guess you’re probably gonna code two for disability, something like that. What does it say?
Caller 2:23
Yeah, I know what you’re saying it and it does say it’s a disability pension. The box that it has there is number three. The code I’m sorry, box seven is code three.
Dr. Friday 2:34
Oh, gotcha. So that would that should tell them on a 1099 R what that is, as well as the most important one is box two. Yeah, but code three is disability pay. So that should be perfect. And what’s it? What’s in box two on yours?
Caller 2:55
I’m sorry, what’s in box two?
Dr. Friday 2:57
I mean, yeah. Did you put a zero or did you just leave it empty?
Caller 2:59
No. It’s them. I mean, I received it from the…<
48 min
March 06, 2020Dr. Friday Radio Show – Feb 29, 2020
We’re getting very to the tax return deadline! And with that, Dr. Friday says you need to do what you need to do; finish up or file an extension. If you have tax questions, this is the show for you! In this episode, Dr. Friday talks and answers queries from callers with topics such as:
Children on Your Tax Return
Taxes When Taking Custody of Grandchildren
Daycare Expenses
How To Handle a Hobby-Type Business with Taxes
Do You File Jointly or Separately After a Divorce?
Installment Sale Form
Your Kid’s First 1099
Taxing “Early Inheritance” Money
What Is The Hall Tax?
Filing Tax Returns With Another Person’s Information
Irrevocable Trust Tax
Transcript
Announcer 0:01
No, no, no! She’s not a medical doctor, but she can 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! 737-WWTN that 737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.
Dr. Friday 0:29
Good day! I’m Dr. Friday and the doctor is in the house. I will tell you, I was in the midst of working on taxes and debt – I almost did not make it. It was like, “Oops, I’ve got to get to the studio.” So if you’re thinking about or you are actually working on your taxes, and you’ve got some questions, this is the show you want to call at 615-367-0819, 615-367-0819. Taking your calls about taxes, maybe you’re working on 2019 tax returns, or you’re planning for something in 2020. Remember, every year doesn’t always match up. Sometimes, you know, your children get older. So a big thing for a lot of my clients is in the year in which my child or the child on the tax return turn 17, we’ve lost a $1500 tax credit and many of the cases of my clients, maybe a child’s going to college maybe they’re not that they’re still living in the house. Are they truly dependents or not? Sometimes, a question who should be claiming the child, we have a situation sometimes and we do with every year. I’ve always respected divorce parents that actually look at the situation from what is the best tax advantage not just what’s on the divorce decree. Because I had a case where this is a $2489 – I remember the dollar money because there’s not quite $2500.
Dr. Friday 1:56
But, there was a difference that legitimately the wife was a lower income, had a situation or the ex-wife would be able to claim a child that was actually could have been claimed by the husband and had always. But because they started college this credit was available. It’s a huge credit, it didn’t make a difference. And in this case, the husband was like, “No, no, no, that $500 wasn’t enough to worry about.” That’s all he was entitled to. If he had claimed the child, she would have gotten all $2500. Again, you know, this is where it comes into play, knowing the tax law, working with the tax law, who should be claiming, who not just what the divorce decree says but who’s really going to get the best benefit. Because otherwise, the person that’s getting the best benefit is the Internal Revenue Service. So if you don’t want them to be a part of the conversation, then sometimes having one with the ex is a good you know option. And I say I have some pretty cool clients because we do this often from year to year when it comes to what is the best tax advantage, what is going to get the largest reach funds, and then taking it from there – not so much on who, who is entitled to take them. So if you want to join the show 615-737-9986, 615-737-9986 taking your calls here in studio.
Dr. Friday 3:17
47 min
February 20, 2020Dr. Friday Radio Show – Feb 15, 2020
Did you have a great Valentine’s Day? Love was in the air, indeed, but there’s one “love” you don’t want to get – a love letter from the IRS. Luckily, Dr. Friday and host John Haggard are here to talk about tax issues and answer queries from callers. In this episode of the Dr. Friday Show, John and Dr. Friday talk about the following topics:
Tax Changes for This Year
What an Enrolled Agent Does
Will Closing out Your CD Affect Your Social Security?
When Does One Not File a Tax Return
Higher Medical Deductions for 2019
Affordable Care Act
Filing a Tax Return for a Deceased Loved One
Is Life Insurance Taxable Income
Does Electronic Accounting Software Commit Mistakes?
Can You Pay Estimated Tax in Advance?
How Out-Of-State Occupations Are Taxed
Why Opening up an Audit Is Important to Business
Having a Grandson as a Dependent
Is Alimony Considered Income
The Difference Between an Audit, a Review, and a Compilation
How to Avoid Tax Scams Over the Phone
How to Fix Errors When You Do Tax Using Accounting Software
Taxing People With Permanent Disability
Itemizing deductions with your medical expenses more than your taxable income
Limited Partnerships Inside IRAs
QuickBooks Online
Taxes on Electric Vehicles
Provisional Tax Code
Transcript
Announcer 0:00
No, no, no! She’s not a medical doctor, but she can 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! 737-WWTN that 737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.
John Haggard 0:26
Live from America’s Music City, ladies, and gentlemen! 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 becoming known in these parts of America as the Dr. Friday. And right here, she is. Hello Dr. Friday!
Dr. Friday 0:44
Hello, John, and thank you for sitting in on this, which makes my life a little bit more convenient. So I appreciate you very much.
John Haggard 0:51
Glad to be here and you haven’t any sleep in the last four weeks…
Dr. Friday 0:56
It has been a bit challenging, let me tell you. And for our office, it truly has just started. So for about the next eight weeks is the busy season for us. So it’s going to be, people have finally received W-2s and 1099s. So there, you know, I think my complete month of February is already fully booked and there are limited openings in March at this point. So we’re doing great in our office, no complaints.
John Haggard 1:23
Gotcha. Any breaking news in the tax front in this past week or two? Anything that’s going on or about to go on or anything folks should know about? Maybe a radical departure or somewhat different than last year?
Dr. Friday 1:37
Well, probably not a ton. I think really what more people need to be paying attention to and I’m driving as we talked but, in my opinion, will be is this is an election year. So people need to be listening to the people that we might be voting into office and making the decisions do we really want, you know, a different tax code. Are we looking, you know what changes, what are the big changes that some of them are bringing to the table? Are taxing things like Roth IRAs, bringing back the excise tax. You know, taxing certain elements of Social Security instead of having a cut off of where it is now, taxing 100%. These are major tax issue
47 min
February 14, 2020Dr. Friday Radio Show – Feb 8, 2020
Taxation is never an easy subject. But, Tennessee is lucky that we have Dr. Friday to show her listeners the way! In this episode, John Haggard takes over the studio while Dr. Friday is on the line taking phone calls from listeners who have various tax questions. For this week, the topics include:
Taking Distributions to Two Life Policies
What to Do Tax-Wise Before Remarrying?
Where to Listen to the Dr. Friday Show?
California’s Landmark Labor Registration – What Is It?
Higher Medical Deductions for 2019 and 2020
Are Home Health Care Providers Taxable?
Other Tax Filing Surprises That Might Trip You Up?
Taxes for Recently Divorced, Separated, Married and Widowed
How to Tax Lottery Winnings?
Helpful Tips to Avoid Tax Scams
Limitations on Expense Report
Tax Credits Post Retirement
Income Limits for Social Security Withholding?
Taxing Clients From out of State
Taxing Miscellaneous Income
Transcript
Announcer 0:01
No, no, no! She’s not a medical doctor, but she can 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! 737-WWTN that 737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.
John Haggard 0:29
And now live from America’s Music City, ladies, and gentlemen! 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 the doctor Friday. And right here she has everybody, Dr. Friday. Hello, Dr. Friday.!
Dr. Friday 0:49
Good afternoon, John. How is life for you?
John Haggard 0:52
Well, life is pretty good considering my age, income, and attitude. But I do know this; I do know this, this is a trying part of the year for anybody that has anything to do with the tax business. And you must be knee-deep in it probably got papers all over the place and computers that are busting at the seams on their hard drives with information. Would that’d be kind of accurate?
Dr. Friday 1:15
That is totally accurate. If you saw me right now, your picture would be awesome because, yes, I am buried in papers. Everyone’s wanting to get something done so they can find out how much they owe good old Uncle Sam or if they’ve estimated or some of the new tax changes has any of this affected some of them even though 2018 we did have the new tax law with the exception of possible divorce that people get divorced in 2019. They may have had different effects, but, all in all, I think a lot of people are now feeling some of the changes if that makes sense. Like in 2018 they’re like okay, I didn’t get the refund I expected or I did, now when they’re looking at 2019 is it going to be the same refund, did I make an adjustment that was too much? Some people don’t like a large refund, so they try to adjust their W-4s, their offset of what they were getting. So yeah, it’s, it’s been a good year, so far. No complaints on my side. I have wonderful clients that like to return. So I am very blessed on that side. But I will tell you; they keep me busy.
John Haggard 2:13
And before we go to the phone lines, folks here’s something very important you should know about Dr. Friday because you might be one of those who has not filed a return in three years, five years, ten years, maybe 15 or 20 years. And now you’re saying, man, it’s time to come clean. Dr. Friday, especially for those of you who do not know her, you need to know this. She’s an enrolled agent with the Internal Revenue Service. And when we say with no,
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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