The Dr. Friday Radio Show

By Dr. Friday Burke

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 als... more

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How many episodes does The Dr. Friday Radio Show have?

The podcast currently has 269 episodes available.

The Dr. Friday Radio Show episodes:

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
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47min
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
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47min
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…<
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48min
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
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47min
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
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47min
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,
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47min
February 08, 2020Dr. Friday Radio Show – Feb 1, 2020
The “crazy lady on the radio” is back at it again! For this episode, Dr. Friday, an IRS-licensed tax agent, answers queries from listeners that are all about taxes. It’s an hour full of information and fun, covering topics such as the following:
Reminder to All Business Owners
Rolling CDs Over
Changes on the Tax Forms
How to Correct Errors on Child Claims
Taxes and Democratic Policies
Receiving 1099s After Serving Time?
Someone Pays Your Student Loans on Your Behalf
Private Assets Are Not Deductible
Claiming Tax Deductions From Hospital Bills
Tax Deductions on Medical Necessities
Exception in Selling An Estate Property
Taxes and Hobbies
My Daughter Just Got a 1099-ED Recently
Mutual Funds and Early Retirement
Retiring but Wanting to Take Part-Time Job?
Inherited a Rented Property
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! It is tax season, everyone! The ball is rolling. We’re filing taxes. It is time to actually start making this happen. So if you want to join the show, you got a question, maybe you’re thinking about filing your taxes on time, or maybe you’re actually filing them this weekend. 615-737-9986 is the phone number 615-737-9986 the number here in the studio. Big changes that have happened and just making sure especially if you have rental property, your sole proprietorship, a partnership, a Limited Liability Partnership, multiple anything pretty much besides a corporation if your trust their state, we all know that QBI came into effect in 2018. And let’s just all be honest, we did not have a lot of rags to go with. So we weren’t sure exactly how some of that happened. Many people I noticed they just completely did not take it in fear that they weren’t entitled to it, especially with rental properties. Or they took it where they were not entitled to it. So you just want to make sure that the person is doing the taxes if it’s you, that you understand. Don’t leave money on the table for fear of not understanding it. But on the other hand, don’t just keep clicking yes because you think that’s going to give you a better tax refund.
Dr. Friday 1:53
It is better to not get the refund today and not make the mistake in some ways. Then getting money that’s not yours. And then the government charges you interest penalties. You know, all kinds of wonderful little sidekicks on that to get you more than what you actually – it can be 100% more than what you actually receive in a refund. So just be really careful. But on the other hand, don’t leave money on the table. So if you’re not sure what QBI is, or if you’re basically saying, Hey, you know, I don’t have that kind of thing, but maybe you’ve just started a business, maybe you’re brand new to entrepreneurship or rentals, or maybe you’re flipping properties. Or having a beer in the hip business that seems to be very popular right this second, I have quite a few people that’s getting more and more interest in that kind of either byproduct of that or whatever. Whatever your interest is, just make sure most of it comes down to is this record-keeping especially on rental properties. It’s not that they don’t qualify, but it is the way that you track them especially if you’re an individual that may have residential and
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47min
February 08, 2020Dr. Friday Radio Show – Jan 25, 2020
And the doctor is in the house once again! For this episode, enrolled IRS agent Dr. Friday went overtime to accommodate all tax questions from callers. Dr. Friday also talks about the changes in the tax forms and other topics which include:
Updates of the Form 1099 for 2019
Married Filing Jointly When Spouse Is Deceased
Cd in Another State
Missed Taking a Required Minimum Distribution
Paying Tax for an Inheritance
Solving Tax Issues When Your Business Partner Disappeared
Canadian Pension
Why Some Businesses Require 1099s From Customers
Taxes When You’re Selling Your House
Self-Employment Tax
Tax Credit for Adoption
Injured Spouse and Innocent Spouse
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
All right, we are here live in the studio. So if you want to reach us, it’s 615-737-9986, 615-737-9986 And we’ll go right to the phones since Bryan’s holding. Hey, Brian!
Caller 0:44
Dr. Friday! Great intro music. My question is I didn’t file federal last year. I want to know if there are any changes. My total income is $255,234. That is social security.
Dr. Friday 1:00
No, I mean, you would still not be required to file.
Caller 1:03
Oh, you’re the angel. Thank you.
Dr. Friday 1:05
No worries. Thanks, mate. All right, now we’ve got that going. Has anyone seen the 1044 for 2019? Is anything kind of looking familiar? Well, as you know, they made a few more changes in December of 2019 for us. And they move some more income on the first page. And guess what, we are now signing the taxes on page two again. So it’s a little bit of a test. They’re trying to see if we’re actually paying attention, I think. So they’ve moved a lot of things around. They’ve moved some of the information so we have more income sections, IRAs, pensions, qualified dividends, all of that now on the front page. As you know, we had Form one through six last year, we now have one through three. Part one is going to cover income and allow for certain adjustments in your like alimony and tax cut jobs act and any of the important things. And then at number two is generally going to be your AMT. Tax insurance is different things, self-employment tax, unreported Social Security, Medicare contributions, pensions, etc. And then three covers all refundable credits. So just pay attention if you’re doing your own taxes because it’s different again, I mean, for many of us that’s been doing this 20 plus years, you know, for a while we actually knew every line that something was going to fall on, we knew how it’s going to come through the tax return.
Dr. Friday 2:27
And then in 2018, they changed the trying to make what they called a postcard. Obviously, that did not work, it never really was the size of a postcard, but there again, they were trying to simplify it by adding six new reports. I’m not too sure if their version of simplification and mine is the same. But then of course in December of 2019, they came in with the Security Act and in there they added some more things or took some things away and added some, right? So they move for more information to the front page, extending the tax return again on to the regular 1040, reducing the number of extra schedules we have, they also added the 1040 s are for only taxpayers that are 65 and older. So it’s basically the
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50min
January 28, 2020Dr. Friday Radio Show – Jan 18, 2020
A lot of ch-ch-ch-changes in tax laws recently. To learn more about these shifts in the taxation landscape, listen to this episode of the Dr. Friday Show. For this episode, IRS Enrolled Agent and tax consultant Dr. Friday sheds some light on the questions thrown at her by callers. She also talks about the following topics and more:
Changes in Divorce and Virtual Currency Taxes
Brand New W-4 Form
Penalty Rate Increased for Failure to File
Useful Tax Apps and Software
72 Years of Age and Required Minimum Distributions
Having Your Primary Residence in One State and Buying a New One in Another
1040 Forms Intended for Seniors 65 Years Old and Up
No More Schedule 4, 5, and 6
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! A bit nippy outside a little damp that you know what? It’s a perfect day to talk about my favorite subject, which is taxes. I’m an enrolled agent licensed with the Internal Revenue Service to do taxes and representation. No, I do not work for the IRS. What I do do is help represent you in front of the IRS. So if you’re dealing with an audit or if you’re dealing with, like, haven’t filed taxes in a number of years, I really am just trying to get back on my feet I’m trying to figure out, that’s what I do. Deal with the Fed and the state on helping you get back on your feet and trying to set up the right plan to hopefully keep you growing and going in the right direction but at the same time keeping the IRS satisfied. So we’ve had some changes as we know when we had the tax law come in to effect in 2018, a couple things didn’t really come in effect till 2020. The biggest one was as of -I’m sorry, until 2019, excuse me. So what came in effect was divorce, right? So if you got divorced in 2019, starting on January 1st, 2019 moving forward, the way alimony is received has changed or the taxes on alimony, I should be more specific.
Dr. Friday 1:41
So, up until I mean, if you divorce in 2018, 2017, any of those years, normally what would have happened, you received alimony, you pay tax, you paid alimony, you deducted it as a tax deduction. Starting in January of 2019, it became more likely Child Support. So if you paid someone alimony, it is not a tax deduction to you. Now, this is only for people that actually were divorced on January 1st, 2019 and on, right? So moving forward, not anything, so I don’t want to confuse anyone if you have alimony and you’ve been doing it for a number of years, none of that has changed. Only for new divorce cases that started in 2019. So it is a big step. Basically, you know, the person receiving alimony is no longer going to be responsible for the taxes and the person paying it will be responsible for all of the taxes that really has, I mean, to be quite honest, at least in our office. The blessing is we don’t deal with tons of divorces, but it has affected many of our clients on the way that they would approach divorce.
Dr. Friday 2:49
It becomes a much larger conversation than before because before it might have been you paid a little bit more out knowing that the person receiving was in a lower tax bracket and the person paying was in the higher. So, it gave them the benefit of actually doing that. So, just remember when you go in and if you have separated or you’re d
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47min
January 20, 2020Dr. Friday Radio Show – Jan 4, 2020
It’s the first Saturday of the new decade, but it’s always Friday for Dr. Friday! Welcome the new year with new tax issues and questions. And, to help you out, of course, we’ve got Dr. Friday of the Dr. Friday Tax and Financial Firm. For this episode, Dr. Friday talked to a number of callers and answered all their tax questions and woes, including the following:
It’s a New Tax Season!
Congress’s Extension for 2017 and 2018 Lapses
Roth IRA Payroll Deduction
New Tax Form for Seniors 65 and Up
Updated Tax Forms
Disability and Joint Return
How to Keep Accurate Records for Car Mileage
Getting Your Social Security for Seniors
Limited Earnings
Entrepreneurship and Tax
Company Match and 401K
Maximum Roth Contribution
Thinking About Doing Charity?
Receiving SCP Post Jail Time
Are Social Security Benefits Taxable?
What to Do When You’re in a Possible Tax Fraud Incident
Excess Roth IRA Contribution
Claiming Tax Without Legal Guardianship
Transcript
Announcer 0:01
No, no, no! She’s not a medical doctor, but she can sure cure your tech 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’s 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! It is the first Saturday of 2020 hope everyone had an awesome New Year’s, wonderful Christmas or other holidays and it’s time to start thinking about taxes. Tax forms will start be arriving next couple of weeks, you start getting them. Just a note of interest, most people do not have to have those tax forms to you until the last day of January and brokers like your Ameritrade and then have until February 15th and theoretically, they have to have them in the mail by February 15, which means they have 21 days to actually don’t ask why the mail is moving so slow, but 21 days to get it into your hands. So, you know, don’t be surprised if you don’t have everything by the first or second week of January. Employers do have till January 31 to get you a copy of your W-2.
Dr. Friday 1:24
Now I do know that there are some people that can take their final paycheck stub and prepare taxes. We’ve never been big on that in our office, but most of the time we don’t have to do that. The tax season officially opens as far as being able to get e-files accepted by the IRS on January 21. So again, you still have a couple more weeks before that’s going to happen. You can start getting your tax documents, right now’s a great time to kind of sit down on a quiet weekend. Get a pen and paper out or get yourself a manila envelope and put on there: Did you work multiple jobs? Are you looking for more than one W-2? Did you take any money out of the retirement account? Did you go gambling and get any W-2Gs? These are the things that you want to kind of list so you know when everything’s in there. Sure, it’s easy. If I worked one job, I didn’t take any money out of retirement. I didn’t borrow any money. I didn’t refinance. I didn’t do anything but just work one job. All I have is one W-2. Well, that envelope probably would not be necessary. But if you’re a husband and wife and you’ve got multiple jobs, you’ve got childcare, you’ve got college interests, all these different things happening. You are going to want to make sure that you don’t forget something because trust me, Uncle Sam will be more than glad to tell you when you miss it, and then charge you a penalty for failure to claim all
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46min

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