Welcome to yet another episode of the Dr. Friday Show! Halloween is right around the corner but Dr. Friday will never get tired of dispensing wise tax advice for free each week! Dr. Friday, together with media personality John Haggard, answers great tax-related questions from callers and listeners and also talked about the following pivotal topics, including:
Federal Department of Labor’s New Tax Laws for Small Business OwnersAdvice on Handling IRAs in a DivorceHow to Inform IRS That You’ve Moved StatesIRS Is Simplified per Diems – What Is It?The Responsibility of the ExecutorLarge Real Estate LossesCan Car Mileage Apps Help?When Do Tax Accountants Charge?What to Do When You Owe IRS a Million Dollars?Claiming Your DaycareIs Newspaper Subscription Tax Deductible?Is Charitable Contributions Tax Deductable?What an IRS Enrolled Agent Does?Is Alimony No Longer a DeductionWhat’s an IT IN Number?Nashville’s Real Estate Market Boom and Tax AdviceCan You Borrow Against a Rental Property to Purchase Another Property?It’s Your Job to Tell the IRS Where You’re at When You MoveCertified Return ReceiptThe Obamacare TaxTranscript
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 737-9998. So here’s your host, financial counselor, and tax consultant Dr. Friday.
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. We know her in these parts of America is the Dr. Friday and right here she is live. Hey, Dr. Friday!
Hey, John! Thanks for sitting in. I appreciate it!
We always have a lot of fun here just telling the truth and helping folks get out of trouble. And anytime you can do that’s a good thing or to stay out of trouble, right?
That’s a good thing, too. I like to stay out of trouble.
Staying out of trouble is always a good thing. So we always like to open the show with any breaking news from Washington other than the impeachment thing, and then listen to that and all this other stuff that has to do with tax accounting in any way or is that all been shoved to the back for now?
Is he also have federal Department of Labor has come down with some new tax laws which, if you’re an entrepreneur, you know, we have to comply with state and federal laws. And it’s a small group, but for me, many of my clients have employees that are on salary. And there is a minimum that you have to pay and the certain criteria that they have now settled saying that if you have a person that you don’t want to worry about overtime that they have to basically make. Right now, the law up until December 31st is 400 and, I believe, it’s 75 dollars. They can be as long as their supervisors, they have control over two or more employees, they can hire fire. There are some rules that you can not have to worry about tracking overtime in everyday situations. Well, they’ve just changed the law that that same employee now has to be $684 as of January 1st. So that’s a big jump for people that were making less than $500. Now making $684. So it’s almost $200 jumps per week. So that’s going to be a big change for small business owners. They have not passed the minimum wage increase yet, but that is still very strong on the table.