The Dr. Friday Radio Show

By Dr. Friday BurkeBusiness

The Dr. Friday Radio Show episodes

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
47 min
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
50 min
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
47 min
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
46 min
January 20, 2020Dr. Friday Radio Show – Dec 21, 2019
Welcome to the Christmas Special Edition of the Dr. Friday Show! In this episode, Dr. Friday plays Santa Claus and, together with her sister Sydney, gives out gift cards to the lucky callers of her show. In addition, she also talks about the following topics:
New Mexico Tax Fact
Is Uber Schedule C?
Taxable Illegal Drugs
Tax on Athletes
Filing for Capital Gains
Submitting a Tennessee State Income Tax Form
Got Veteran Affairs but Still Getting CDs?
Tax on Beards
The First-Ever Income Tax
When to Stop Contributing to IRA
When You Bring a Person to Your Home to Take Care Of
Tax Implications on Divided Estate
Employees Non-Reimburse Expenses
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. Yes, we are live today, the last Saturday before Christmas. Santa is going to be packing his sleigh really soon. And so we thought we’d help out. We’re going to have some giveaways today. Also, we’re going to share some really unique and strange tax laws. Some that are in existence, some of them that are only in certain states, but you know, taxes can be fun and exciting and, you know, a little bit odd and I think so at least. So, if you want to join the show, the got questions about taxes because we all know tax season is around the corner for the 2019 tax year, or maybe you haven’t filed for 2017 or 2018 or many many years behind, 615-737-9986. 615-737-9986. I thought this is an interesting fact. A resident of New Mexico who is over the age of 100 does not have to pay New Mexican or New Mexico personal income tax. So if you make it to 100, guess what? You don’t have to pay income tax. Tell me that it is pretty cool. At least something comes with age because we all know that when you know you hit 65 and you think about Oh, should I take social security or should I do that? Different things? Alright, so in New Mexico over 100, interesting fact, no state income tax. Let’s go to the phones, we got Mac. Hey Mac.
Caller 1:56
Hi, this is Mark, how are you?
Dr. Friday 1:58
Oh, hey Mark. Sorry, my mouse is over the thing, it’s all my fault. What can I do for you?
Caller 2:05
Great. So I appreciate what you’re doing here publicly. I recently started driving for Uber. Will that be a Schedule C? And how much can I pick up?
Dr. Friday 2:15
Yes, that will be considered a small business and you can deduct miles, that’s gonna be your largest. You’re also going to have some of the other fees that Uber charges you depending on. I have some people that actually are buying their car through Uber and all kinds of different things, phones and different things, but it’s mainly going to be your miles. Now, the question is going to be marked on the miles is the IRS basically stipulates from your home to your first place of pickup is commuting, not miles. So but from that point, while you’re on the clock, theoretically, sometimes let’s say someone takes someone from Nashville down to Spring Hill, they can’t get another trip, so they’re gonna have to drive back to Nashville before they get the next pickup. That would be considered miles.
Caller 3:02
Okay, great. Thank you so much.
Dr. Friday 3:0
47 min
December 21, 2019Dr. Friday Radio Show – Dec 13, 2019
Welcome to the Dr. Friday Show! A few days left and it’s Christmas Day, but we’re still the gift that keeps on giving – especially to all your tax questions. In this episode, host John Haggard is on studio while Dr. Friday is on phone while at the annual Christmas Parade in Gallatin. Together, they talk about pressing tax issues as well as answer questions from callers live. Topics include:
Dr. Friday Live on the Annual Christmas Parade
Who Has the Better Tax Advantage Between Non-Married Couples?
Virtual Currency and IRS
Whistleblower Allowance
Filing Jointly or Filing Separately for Newly Married Couples
Tax Credits on Home Renovations
Will You get in Trouble for Developing Your Will-Be Inherited Property?
Tax Advantages for Military Personnel
Tax Credits and Homelessness
Capital Gains from Selling Rental Properties
Should You Keep or Withdraw Your 401k Before You Die?
Early Retirement Questions from Two Different Callers
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. 737 WWTN, that’s 737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.
John Haggard 0:29
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 Dr. Friday and live from the parade scene. There she is. And here she is Dr. Friday. Hello, Dr. Friday!
Dr. Friday 0:50
Hello John sounds like you guys had an awesome show going there. I totally missed it this year.
John Haggard 0:55
Well, we missed you. I gotta tell you it’s a wild of just a great hour. I got to talk to some people. One guy called in and he said, I’ve been trying to win that venison, that deer meat for four years, or at least a couple of years or whatever.
Dr. Friday 1:08
It always shocked me on how many people, well, I mean, we get the ton of phone calls when he gives away that deer meat every time.
John Haggard 1:14
It’s really something and he’s a deer hunter. And so Joe said, as you probably heard, you want the left side of the deer the right and you said the left. Now, I don’t know the difference between the left and the right side. Do you?
Dr. Friday 1:24
No, I was curious when he asked that, I was like is meat better on one side of the deer vs the other? I mean, I don’t know the big difference, you know? I’m sure there’s one side of it that may have more… I don’t know, better meat, apparently. Who knows?
John Haggard 1:38
I’ll tell you what, if anybody says anything to me about deer meat and they ask I’m gonna say left side. I don’t know why. But if Joe said left side, I’m going left side.
Dr. Friday 1:49
Better side, we’re all gonna go with that. This is a little bit – next week, we’re having our big giveaway. First time in eight years. We did do it together. Next year we will be back together here. But this next week we’re going t
47 min
December 09, 2019Dr. Friday Radio Show – Nov 30, 2019
Welcome to the Dr. Friday Show! Hoping your Thanksgiving weekend went well like my Thanksgiving weekend did! For this episode, I focused more on planning for retirement. That’s why I have Hank Parrott of Estate and Financial Strategies, Inc. in this episode. Hank, aside from being a good friend of mine, is an expert when it comes to planning your retirement. Together we talk about:
Risk Being in Retirement
How to Get Hank Parrott’s Free Consultation
What to Do to Protect Your Money for Retirement?
Required Minimum Distributions for Couples
Social Security During Retirement
Why Roth Conversions Is Not a Do-It-Yourself Process?
Tax-Efficient Income in Your Retirement
Using Capital Gains Tax Rates to Your Advantage
Sunset Provision
Why Having a Second Opinion Is Better When Talking About Taxation
Is There a Way out of Annuity?
Different Types of Annuity
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. 737 WWTN, that’s 737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.
Dr. Friday 0:29
All right. We’re here in studio today with Hank Parrott with the Estate and Financial Strategies. How are you, mate?
Hank Parrott 0:36
All right, another good day.
Dr. Friday 0:38
Another good day in the neighborhood. We’re going to have an awesome day. And we’re going to talk a little bit about some of the risks of being in retirement, how that might affect people’s taxes, Social Security benefits. All those kind of things because it’s that time of the year where I think people also need to be making some pretty major decisions as far as are they on track or do we need to make a final adjustment before year-end.
Hank Parrott 1:02
Yeah, good time. I mean, we’re talking this is Roth conversion time, this is a great time before the end of the year, would meeting with clients here recently and have found some great opportunity for them to do Roth conversions and then doing the Roth conversion, we’re clearing out some taxes, take advantage of the really low tax rates that we have right now. And in many of these instances, when we’re doing the analysis, we’re saving, I mean, we’re talking about tens of thousands of dollars in tax savings and money. They’re not going to have to write checks to the IRS.
Dr. Friday 1:34
Well, and that’s why I love having you on the show to a point because my job is really to do taxes. I’m an enrolled agent. I’m licensed with the IRS, but I do taxes and representation which basically means instant gratification, in most cases. Sure, put some money in an IRA, if it’s a good thing, and I don’t know their final tax plan. So I’m just looking at a standard IRA because that’s going to help me tax-wise may not be a great approach because of Roths or whatever. So that’s why I think people have to have that plan to have a bigger picture, then going to your tax person every year and say, here’s my portfolio, which of course, I have absolutely really no idea if that’s a good fund or bad fund. It’s not my background, right? I mean, so all I’m gonna say is, well, if you take money out, this is what you pay in taxes, if you leave it here, you don’t pay taxes, you know, and that’s kind of the extent. You need a bigger picture.
Hank Parrott 2:20
Yeah, it&
44 min
December 09, 2019Dr. Friday Radio Show – Nov 16, 2019
Before your tax woes become TAX-ic, come and take a listen to this yet another insightful episode of Dr. Friday Show. For this episode, Dr. Friday takes calls, answers questions, and talk about anything under the taxation sun. Here are the following topics touched today:
New Tax Season Is Coming
Complete Everything Before January 1st
Selling Your Property as a Land or Commerical Property?
Property Exchange Defined
Taxing Charitable Gift-Giving
What Is Recapture of Depreciation?
Wholesale License – What Is That?
Reminder for Those Who Have Health Flex Spending Account
Property Tax from Another State
Inherited IRA from a Family’s Trust
When to Start Taking the 401k?
Got Tax Issues? Ask a Tax Person Before Doing Them!
How to Do Itemization
When Can You Get Something off Your Medical?
Are There Any Mds on Roths?
Allocating Investment Money to Spouses
Deducting Residence Space as an Office Space
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’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 an awesome Saturday out there and I know it’s just about that time for Turkey day. So you know, it’s also that time that we have to start thinking about a new tax season, right? We got through October 15th. It’s time for us to start thinking about what are we going to do for the 2019 tax season? Is there something we should be thinking about? Because once we hit Thanksgiving, you have a couple of weeks that you might be able to do something and then you start hitting the holidays for Christmas. And it’s very difficult to get a hold of people to get things done. So if you’re thinking about a Roth conversion, or you’re thinking about doing something even setting aside the money for an IRA, remember, you can only contribute an IRA up to April the 15th. So you just need to make sure that you have it all worked out, you want to plan in advance what you’re going to do, is it really worth putting your money in a regular deductible IRA? Or should you really think a Roth IRA for the next few years? Because I mean, let’s be honest, tax brackets are really low right now.
Dr. Friday 1:32
And if you’re a married couple making $100,000 or less, in my humble opinion, I’m not your financial planner, but saving 12% if I put it into an IRA and deferring it paying the 12% now and then when I retire, it’s grown tax free and I will probably be in possibly the 12% or even higher now there’s no guarantee I don’t know your financial situation. So but think about it, talk to somebody, but business owners. Let’s take a talk and see what we have. We’ve caught very soon, we’re going to be getting ready to do 1099 and W-2s. We have to have them done, completed out the door by January 31st, which basically means as soon as we’re back from the holidays of New Year’s, we are starting to obtain that. all through the year though, you need to be making sure that you’re obtaining the information for your subcontractors, you hire somebody. And this also includes you with rental properties. If you hire somebody to do a repair and it’s over $600, that handyman, that AC company, because many of them are LLC, which means we still have to 1099 them any kind of that roofing company if it’s not a corporation, we were supposed to be issuing 1099s for those jobs done. So t
47 min
November 14, 2019Dr. Friday Radio Show – Nov 9, 2019
Alrighty! The Doctor is in the house yet again with another exciting episode! In this episode, Dr. Friday singlehandedly answered interesting questions from callers and discussed the topics listed below. Also, don’t forget to listen to Dr. Friday’s Tax Tips – One Minute Moment that can be found on this website by clicking on the link.
Deduction for the Cost of Modification for Senior Proofing a Home
Medical Expense and Deduction
Filing Taxes for Someone Who’s in Assisted Living
Taking Taxes out of Social Security or Pension While Working
Are There Any Tax Deduction If You Pay Your Children or Grandchildren’s Bills?
How to Start Having a Filing Relationship with the IRS for a Self-Employed Individual?
Filing Taxes with No Permanent Address
Recent Glitch in the Electronic Federal Tax Payment System (EFTPS)
Child Care Credit
Taxing a Crowdfunding Situation
The Problem with Preparing Taxes Too Early
Mistake for Not Filing Your Taxes Electronically
Issues with Not Paying Your Taxes Quarterly
Penalties on Required Minimum Distribution
Deducting Musical Instruments and Tutoring – Is It Possible?
Getting a Rmd Late in the Year
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’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! We are live here in studio so if you’ve got questions pick up the phone (615) 737-9986. (615) 737-9986. A big hi out to all those that did the hike for the homeless this morning down in Nashville. For Safehaven. It was a lot of fun. My two Great Danes and my big sister and I did that this morning and it had a wonderful turnout. So it was a great day outside. News Channel Five was out there and many others representing it and so it was a wonderful morning for that kind of walk. I will tell you, my big boys are, well, most you guys know I have Great Danes, and one of them’s about 185. The other ones closer to about 145. But the 185 was thinking two miles may have been just about a little too long, apparently. My sister got them home and their sound asleep. So if you’re out there enjoying this Saturday, I hope you well. It’s a beautiful day. I know a lot of people think it’s a little nippy, especially you guys coming from California. But after a few years, guys, trust me you will start loving with the weather when turns like this. If you do want to have some questions, may we’re talking about taxes.
Dr. Friday 1:39
I’m an enrolled agent license with the Internal Revenue Service to do taxes and representation. So if you have questions about tax preparation, maybe you haven’t filed taxes for a number of years, maybe you have an issue maybe you’ve received some love letters from the IRS and you’re really just not sure what they’re wanting or you know, do I open that can of worms, do I even start the conversation. So you want to get some answers, this is the show you want to join (615) 737-9986. (615) 737-9986. Taking your calls talking my favorite subject, all things taxes. So let’s talk about few things that people will get close in the year may so we’ll put you guys thinking caps on and deduction for the cost of modification for senior proofing a home. I think sometimes we have to think a l
47 min
November 06, 2019Dr. Friday Radio Show – Nov 2, 2019
Financial advisor Hank Parrott of Estate and Financial Strategies is this week’s guest for the Dr. Friday Show. If you have questions about Social Security or if you want to have a sound financial strategy for your life, Hank is the man. Together, the two experts answer questions from callers and talk about the following topics:
Should You Be Selling Stock This Time of the Year?
Land Sales Contract
What Hank Parrott Can Offer to His Clients
Preparing Pension for Retirement
Social Security and Pension Talks Between Spouses
Claiming a Dependent as a Foster Parent
Can You Put Your Spouse on Your HSA When You Change Jobs?
How HSA Works and How to Get the Most of It
What You Need to Know About NUA
Facts About the Qualified Charitable Distribution
What to Do When Having Difficulties Due to CPA Neglect
What Is Capital Gains?
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. 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! That’s right. We are ready to rock. Well, I mean, it’s taxes. Come on. There’s no more exciting than that, you know. And today, we’ve got one of my best friends here in the studio. Hank Parrott. You guys know who Hank is.
Hank Parrott 0:46
There we go. Just to make it really exciting today. We can talk about taxes. We can talk about finances, we can talk about investing…
Dr. Friday 0:54
Numbers! We can talk about numbers people. Yes! Alright, well, and probably Hank and I are totally two people really totally enjoying this, but that’s one of the reasons I think we’ve been friends for over 20 years. Because we both the… So if you’ve got a question, let’s say you’re looking at the end of the year, this is the time you really need to do that evaluation. You need to say, should I be selling stock? If I sell it now, is there really just because you’re saving tax dollars this year, is that really a smart move? Should you be doing conversion? Should you… And remember, there’s been some new tax laws. So if you decide to do the conversion, then you’re like, oops, I shouldn’t have done that, oops, is no longer an answer. It’s done. You gotta live with it. We got the required minimum distributions we need to talk about. There are some advantages to doing things with charitable contributions through that. Also, if you don’t take… if you know, and I’m saying the words required minimum distribution, you have absolutely no idea and you are in your late 60s, or 70s, or 80s. And you have no idea then either you do not have a retirement account or you’ve missed the boat, and there’s some serious penalties that we could be getting hit with. So we’re gonna talk all of that. Be prepared!
Hank Parrott 2:02
Yeah, this is the end of the year. So if you, if you turned 70 and a half this year, you’ve got until December 31st to get that required minimum distribution out of that retirement account. Of course, we’re talking traditional, not Roth, unless it’s an inherited Roth. And then you may even have…
Dr. Friday 2:19
Well, if it’s inherited for individual other than a spouse, you’ve got the requirement of distributions, no matter if it’s a Roth…
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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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