The Dr. Friday Radio Show

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:

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Welcome to yet another episode of the Dr. Friday Show. Guest host John Haggard takes on the show while Dr. Friday is on the phone answering queries from listeners with tax questions. In this episode, the two personalities tackle different tax topics, including:

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This episode on the Dr. Friday Show: We already know that October 15th is coming but did you know that Medicare open enrollment season is also coming? Thank goodness Medicare Insurance specialist Nathan Wright is in the house! Together with Dr. Friday, he discusses the following topics:

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Listen to this week’s episode of the Dr. Friday Show, broadcast live every Saturday at 2:00pm Central on 99.7 WTN! Dr. Friday is joined by real estate and financial expert/friend Hank Parrott. Together, they discuss the following:

Announcer: 00:01 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 Doctor Friday Show. If you have a question for Dr. Friday, call her now! 737-WWTN! That’s seven three seven nine nine nine eight six. So here’s your host, financial counselor, and tax consultant Dr. Friday.

Dr. Friday: 00:30 Good day! We’re Doctor Friday and the doctor is in the house! That’s right. We are here to talk about my favorite subject since it’s called the Doctor Friday Show. I have full control for this next hour and we’re going to have an awesome time talking about taxes, money issues. And I have my best mate in here, Hank Parrott, with estate and financial strategies out of Brentwood and we’re going to include him on some of the calls you might have. Remember if you’ve got questions on estate planning or you’re doing financial planning taxes, obviously my passion in life. And don’t forget, we only have less than three weeks – we have till October 15th to file all those procrastinated tax returns, which includes actually the people in the studio. So have to get ourselves done before that October 15th deadline as well. Exactly. We did make the September 15th deadline, so we’re batting a thousand here, you know.

Hank Parrot: 01:23 As long as you pay the tax by April 15th then when you file your paperwork…

Dr. Friday: 01:28 Exactly. As long as you’re pretty good at estimating, that’s the problem with some people. And I’m a big firm believer, even if you’re not paying the taxes, if you can get them prepared early so you know what’s due, even if there’s a penalty, be prepared. Don’t wait until it’s October 15th and then have that shock, “Oh my gosh, I owe this much money!” Get the number in there. Even if you have to wait to file it because you want to work a payment plan or have some sort of idea going on or whatever situation we have. All right. The phone lines are open. So if you want to give us a call, (615) 737 9986. Looks like we have some callers coming in. Alright! How are you doing Hank?

Hank Parrot: 02:08 Hey, you know, one of the things you’re talking about on that deadline is a SEP IRA. That’s a big deal.

Dr. Friday: 02:13 Absolutely. Why don’t you tell a few people what a SEP IRA is for those that might not know.

Hank Parrot: 02:18 So if you’re self employed, if you have a income, maybe you’ve got a business. I like me, I’ve got a C corporation and I have self-employed income in essence. So that combination, I’m able to take advantage of that and put up to 55,000 this year into my SEP IRA. So it’s one of the nice things about it. If you’re over age 50 you can put a nice chunk into your retirement, you can catch up and maybe if you’re a little behind on that this is a great time after age 50 to take advantage of SEP. Thinking about that 55,000 you know, 55 grand a year.

Dr. Friday: 02:52 And you know 55,000 you could add quite a bit. And also i

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Listen to this week’s episode of the Dr. Friday Show, broadcast live every Saturday at 2:00pm Central on on 99.7 WTN! In this episode, Dr. Friday gives advice to callers and discusses the following topics:

Announcer: 00:01 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 doctor Friday show. If you have a question for Dr Friday, call her now. (615) 737-9986, that’s (615) 737-9986. So here’s your host financial counselor and tax consultant Dr Friday.

Dr. Friday: 00:30 Good. Hey, I’m Dr Friday and the doctor is in the house. We are live here in studio today on this wonderful Saturday. The weather is nice outside, no rain, and inside at least so a better enjoy it based on what I just heard. It’s going to get pretty hard again next week. So, and we’re going to get pretty hot in the next couple of weeks because September 15th is a huge deadline for anyone that has a business return. 1120 1120s 1065 this is assuming of course you already filed an extension. So if you have an extension, it is time to make sure that your business tax returns. And then it’s only another 30 days after that where we have October 15th and it actually is gonna fall on September 16th this year guys. But it’s easier just to keep everyone consistent. And then on October 15th we have the deadline for everybody’s individual returns.

Dr. Friday: 01:22 So these deadlines are coming up within the next six weeks. We will be done with a 2018 taxes and we should be full fledge into 2019. So a couple emails have come in this week and if you want to join the show, maybe call a question. If you haven’t filed taxes for a number of years or maybe you filed and have some questions about what came, a love letter, something actually came back to you. (615) 737-9986 is the number here in the studio. (615) 737-9986. For all you that don’t know who this crazy lady is. I am Dr Friday and enrolled agent with the Internal Revenue Service, a licensed to do representation and taxes, so that’s what I’ve been doing for the last 20 years. Pretty much that particular thing, taxes and representation. So if you’ve got tax issues and I will tell you I’ve had three cases in the last two days that came in and many of them have called national organizations.

Dr. Friday: 02:16 There is nothing wrong I suppose with the national organization, but if I have a tax issue I want to do a face to face. I want more than just getting some representation over the phone. You might want to get a second opinion as Dr Electric always likes to say because you might find that we are also a little bit easier on the pocket book. At the same time, you’re getting a face to face representation, which means if there’s a love letter that comes in, you have the same person, me that will be representing you, dealing with the IRS issues and taking care of your IRS problems. And I’ll be honest, probably more of an honest approach because in most cases if you’re calling one of those numbers you see if you owe more than $10,000 and you, and you call that number, the first thing they’re going to do is talk money.

Dr. Friday:

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Listen to this week’s episode of the Dr. Friday Show, broadcast live every Saturday at 2:00pm Central on on 99.7 WTN! Radio personality John Haggard takes over the show while Dr. Friday is on the line. In this episode, they cover the following:

Announcer: 00:01 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!

John Haggard: 00:30 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 the Dr. Friday. And right here she is live. Hey Dr. Friday.

Dr. Friday: 00:48 Hey John. How’s life?

John Haggard: 00:49 Life is good. But sure is hot here in Nashville. I gotta tell you what. But down about 10 degrees. So I think things are things are going better. How about you?

Dr. Friday: 00:57 Things are looking up. I’m actually in Knoxville and it’s hot here too.

John Haggard: 01:01 Yeah, you’re up there. Of course they get to, they get a lot more snow and sorta ice and cooler weather. Have the tree started turning yet there in Knoxville or is it a little bit early for that?

Dr. Friday: 01:09 Yeah, it’s still a little early for that. It would’ve been nice. I’ve always loved coming up to Dollywood and seeing the changing of the leaves, but nope, it’s pretty much the same. They’re expecting a little rain later but other than that, it’s a bit toasty. It’s about 92 here, so…

John Haggard: 01:26 Alright about 92. Well folks, you’re listening to the Dr Friday show. By the way, if this is the very first time you have tuned in, you just happened to glance in cause that happens every week, what is this show? Well, this is the place where you get all the tax advice that you need. Trying to fill out a tax return or maybe you’ve got some love letters, Dr. Friday calls it from the Internal Revenue Service or it could be any type of a problem. Just a general question. Dr. Friday says, you know, there are no dumb or stupid tax questions. I mean, you know, the answer is to get the answer. Why give the IRS any more money than they are entitled to. And one thing. Just very quickly, I want you to know about Dr. Friday, especially if you’re new and have not heard the show before.

John Haggard: 02:08 She is an enrolled agent with the Internal Revenue Service. No, she doesn’t work for the IRS. It’s kind of confusing when you heard enrolled agent with the IRS. No, she can represent you like an attorney would represent you in a court of law. One of the cool things about being an enrolled agent with the Internal Revenue Service is if you don’t want to talk ever again or do the internal revenue service, you don’t have to cause she can work on your behalf, talk on your behalf, speak on your behalf, do everything on your behalf. That’s Dr Friday. We’re g

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Listen to this week’s episode of the Dr. Friday Show, broadcast live every Saturday at 2:00pm Central on on 99.7 WTN! For this episode, Dr. Friday tackles on the following topics:

Announcer: 00:01 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: 00:30 Good day! I I’m Dr. Friday and the doctor is in the house. This is going to be a fun Saturday. Let’s talk about one of my favorite subjects, which is taxes. And there’s been a few changes. Some of the things that’s been passed down from the White House and from the Senate and all of them telling us different things that they’re going to be looking at, especially from the Internal Revenue Service. Some new rules and who they might be looking at to push these rules upon. So if you’ve got questions, (615) 737-9986 (615) 737-9986. I’m an enrolled agent license with the Internal Revenue Service to do taxes and representation, which basically means guys, that’s all I do. I do tax preparation for individuals and businesses. Trust me, pretty much any type of tax returns. As long as I do not get into foreign tax returns. And then we also have representation. So if you haven’t filed taxes or maybe you have an issue with the IRS or maybe things have happened and you need to get back on track with the IRS and you’re just not sure where to start.

Dr. Friday: 01:32 That is kind of my expertise. We’re pretty good at getting deals going, but mostly just getting everybody on the same page because most of the time the IRS has no idea what’s happened in your life and you don’t really know what the IRS is looking for. So getting everyone going in the right direction is a huge step. So if you need to do that, keep listening and we’ll be good. Now our phone number and then you can set up a free consultation. Our initial meetings are always free because, let’s be honest, we never know what we’re going to be able to do for each other in any company immediately. One of the biggest pet peeves I have is there are companies that advertise all over the world and basically all they say is, “Well, if you have more than $10,000, we’ll, you know, we can help you.”

Dr. Friday: 02:12 And the first thing you do is to get on the phone with them. And the first thing they want to talk about is how much money you’re going to owe them before they even know if they can do anything. Sure, they can delay, they can communicate, they can put on. But I mean is it really what you need or is it just delays, tactics or even just getting power of attorney with them. So, you need to have a plan, you need to know that. And most of the time it takes getting a power of attorney, pulling transcripts for anyone to really know what the situation is. So if you want to join the show, (615) 737-9986 (615) 737-9986. You can join the show. All right, so let’s talk a little bit about a few of the things that’s coming down the line.

Dr. Friday: 02:54 One of the biggest things going on is sub S corporations. Now, I operate or one of my companies is a sub S comp, a corporation, which basically means small business. It’s a pass-through company. One of the biggest rules that changed in the 2018 tax was that we now have to provide basis on our indi

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Listen to this week’s episode of the Dr. Friday Show, broadcast live every Saturday at 2:00pm Central on on 99.7 WTN! Aside from Dr. Friday, real estate and finance strategist John Parrott is in the house! Together they discuss the following topics:

Announcer: 00:01 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: 00:30 I am Dr. Friday and the doctor is in the house. It is a hot Saturday so let’s just keep that fire burning. I’ve got one of my best friends in the office here. I guess this is considered an office, right? The radio station for us it is, it feels like a little bit of an office. Anyways, Hank Parrot Estate and Financial Strategies out of Brentwood, Tennessee. We’ve been working together for 20 plus years. I used to try to keep that number lower and it’s just over it now. So, we have to keep moving anyways, 20+ I have to go with now. Just let that slide at that moment. But we’ve been working together because Hank is a financial strategist that basically he’s awesome. He can look at your financials and if you’re ready to retire, are you gonna have enough money? And he always says, to continue the lifestyle you have today, not something that you’re going to be sacrificing. I have to retire and then we’ll have to downsize and I have to do this. His whole plan is a whole different plan. Huh Hank?

Hank Parrot: 01:25 That’s right. We want to have fun in retirement. We want to thrive, not just survive. It’s not about getting by. It’s about how to enjoy your life. I mean you worked all your life, to build up and be able to have more time, more things that you can do. And so, when we do financial planning with my clients, one of the things we always add in there is fun money. That’s different for each person as far as how much but …

Dr. Friday: 01:50 Absolutely. Depends on their thing, but assuming that someone earlier should come visit you versus waiting until two years before retirement, a little hard to really build up that nest egg at that point. Sooner versus later would be a great time to come in and have that consultation to find out. Are they on track with inflation? Medical costs? Because I know those are two big concerns a lot of people have.

Hank Parrot: 02:14 Most of my clients are boomers, and the most asked question is… Can I retire when I want and be able to at least maintain my current lifestyle? And then add in some things like fun money and then be able at the same time to add. Basically the fun money piece I talk about, Is this. It differs for every person. Do you want to travel? Do you have certain leisure activities that you enjoy? Is it about family things? Maybe you want to do more things around your church. You want to volunteer.You want to be able to give more and maybe go on mission trips. So for every client that comes in, it’s a little different in terms of how it works. But the big question is, Can I do it when I want to do it and not worry about running out of money? This is one of our biggest fears for all of us.

Dr. Friday: 03:04 That’s a concern I think all of us have, no matter what age we’re at, but while we were working, a lot of times we get so wound up I th

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Listen to this week’s episode of the Dr. Friday Show, broadcast live every Saturday at 2:00pm Central on on 99.7 WTN! For this episode, Dr. Friday hands out advice to callers and discusses topics such as:

Announcer: 00:01 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 doctor Friday show. Do you have a question for doctor Friday? Call her now. Seven three seven WWTN that 737-9986. So here’s your host financial counselor and tax consultant Dr Friday.

Dr. Friday: 00:29 Good Day. I am Dr Friday and the doctor is in the house. It’s been nice. I’ve been a kind of remote around the office the last couple of weeks it seems like. So it is great to be back here in the studio. So if you’ve got questions, maybe you’re getting ready to think about preparing your 2018 extensions for businesses will expire on September 15th, individuals by October 15th. So it’s very important to go ahead and start getting them prepared in case you owe money and get prepared to how you’re going to get ready to pay that if it’s an add on to your existing payment plan or setting up a payment plan or just paying them outright. So that’s very important. Over the July 26 that actually came out. So basically it was updated on the 27th, the internal revenue services announced Friday that they are beginning to send out letters to tax payers who own crypto currency, advising them to pay back taxes they may owe, to file amended tax returns regarding their holdings.

Dr. Friday: 01:30 Some information that has been being submitted through bitcoin and some of the other companies. Big, big news for a few, if you’re one of those that follow or invest into that. There’s been quite a bit of conversation about how the IRS will even know who actually has money in this since it’s very difficult. They have more than 10,000 tax payers at this point. By the end of this month, they say they’ll have at least 25,000 letters going out. So, hey, just a heads up. If you’re one that has nephews that have invested, or if you’re an investor into crypto currency and at this point you’ve been in it for a number of years and you haven’t filed anything on your tax returns, just keep in mind that the IRS is getting more and more information from different sources about cryptocurrency. And if you have made money, and that does not mean that you’ve actually converted it back into US dollars.

Dr. Friday: 02:30 But if you have sold bitcoins for other types of currency or if you’re mining and you’ve sold money from one to the other, that’s a step up or a change or a new purchase. So when you sold it from one to the next, theoretically that should have been reported just as if it was buying one stock, selling it to buy another stock. Every time there’s a transaction, unless it’s being held in a tax deferred account like an Ira or something similar where we don’t have to report it. Until we actually take the out, if it’s being invested with after tax dollars, don’t be surprised if you get a love letter from the Internal Revenue Service talking about those kinds of situations.

Dr. Friday: 03:08 We also want to talk a little bit about scams. So if you do want