The Dr. Friday Radio Show

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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 is at the helms, taking over the show while Dr. Friday is on the phone. 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 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 to financial counselor and tax consultant Dr. Friday.

John Haggard: 00:29 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 the Dr. Friday and right here she is. Hey, Dr. Friday.

Dr. Friday: 00:47 Hey John. What an intro. The Dr. Friday. I liked the way you play that. You know there’s only one.

John Haggard: 00:55 The only one. You are totally unique. Absolutely. Well you know it’s kind of hard to believe here we are. You know, of course we’re talking taxes all the time because there issues of things that are going on all the time. But we’re really a little under six months to go before we close out 2019. And I guess some people ask, well. When did all that tax stuff that Trump got passed kick in? So, Are we going to see more benefit overall this year if our business is the same or a person’s… You know, tax return pretty much the same as it was last year. Is there going to be like more goodies, more money back this year? Or we’ve already seen what we want to see.

Dr. Friday: 01:38 I think you’re going to see what you want to see. I think the biggest thing is it went through in December of 2017 effective basically 18. Which means a lot of people really couldn’t make any change by the time 18 happened. So I think 18 might’ve been a surprise. Even the tax code itself didn’t actually change the W2 I want to say until March or April. So 18 was definitely a transition year for lack of a better term. So I think in 19 more people are going to have it, really won’t change the tax law, but I think we’re more prepared. You’ve had a whole year of withholdings at the new rates. You’ve had the ability to make adjustments if your 18 was filed and you found out that you didn’t have enough paid in or whatever. I would hope that people have made those adjustments to take care of the shortfall or if you’ve gotten too large of a refund to make the adjustments so you’re not getting such a large refund.

John Haggard: 02:33 Gotcha. So pretty much the same story minus, you know, some sort of minor adjustments there, like you talked about. We’re pretty much set in concrete if you will. We pretty much have a good idea of what we’re going to look forward to this year.

Dr. Friday: 02:45 Right. And I think one of t

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Announcer: 00:01 No, no, no. She’s not a medical doctor, but she can share to your attached 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 down. Seven three seven WWT in that 737-900-987. So here’s your host to financial counselor and tax consultant doctor Friday.

Dr. Friday: 00:29 Good Day. I, I’m doctor Friday and the doctor’s in the house. I am live here in studio. So if you’ve got one of those wonderful tax questions, maybe you’re dealing with a new business entrepreneurship, thinking about going into business and you’re not sure what type of business entity to go with, you know, this is the show to get started on those questions. All you have to do is pick up the phone. (615) 737-9986, (615) 737-9986. We also have introduced our new website. So, hey, if you haven’t been to the web for a while and you want to see some of the services we offer as well as learn more about me, we have just brought out the big guns. We’ve got a brand new website out there, so it’s Drfriday.com. Feel free to check it out. Even email me if you see something different or something that we need to, to, you know, spice up or correct.

Dr. Friday: 01:20 I mean, you know, we really are trying to make it the perfect website as best we can. So if you’ve got advice, please feel free to email me on the site again. That’s Drfriday.com. Okay. So one of the things I’ve noticed, I’ve gotten a couple emails and, we all know that, there are times when, let’s say your kid goes to school and you offer maybe your home as a vacation rental for something, maybe a fundraiser of some sort, and somehow you, your home or maybe one of your rentals, maybe you have a house in Florida and you offer up that time. As a way of raising money for the fundraiser, I would think twice, several cases have come down, but the most important part of that conversation is it is not considered charity. It would be considered actually personal use of your rental, even though you were not in it. And the cost factor according to the current tax law would be that, that you would not be able to write any of that off as actual rental. So, you know, unless it’s your private home and it’s within two weeks of the time that you’re there and you can, well it still would not be a legitimate tax deduction cause there was no money paid out of your pockets. So, even for the utilities and things on the rental, if it was your own rental and you give it to charity, the government of the IRS ruling has come down saying that is not a legitimate rental and therefore it’s going to be considered part of that personal use or limited part of use that we actually have to claim. So think twice about, using that as a possible write off for your stay, and obviously we know if we spend more than 14 days at any one rental, then we have to start to excluding certain costs on that unless it’s for additional repairs or maintenance that you’re doing. So really, really important that you’re moving forward on that

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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!

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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! Hank Parrot joins the fun and together they talk about tax an money 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. If you have a question for Dr Friday, call her now. 7370-WWTN, that’s 737-9986. So here’s your host financial counselor and tax consultant. Dr Friday.

Dr. Friday: 00:30 Good day! I’m doctor Friday and the doctor is in the house. It is so awesome outside driving around in my convertible. Yeah, life is tough. Someone’s got to live this life and I am volunteering so it’s a beautiful day. And you know what, I’ve got one of my best buds showing off his sexy legs. We’ve got Hank Parrott.

Hank: 00:52 Hi there! Speaking of sexy legs, yes indeed.Any anybody’s legs look good on the radio. So you got, you got that going for you, right?

Dr. Friday: 01:02 That’s right. I mean what does it, the doctor John Haggard always says about Dr. Electric. He’s got the face for radio. So I’m sure Joe, you appreciate that comments and we’ll let that go from there. Cause I know you and you will get back. All right, so we are alive here in studio, obviously talking about some of my favorite subjects, taxes. And since my bud Hank is here, we’re going to talk about estate planning. Not just the planning, but what will happen if you decided to retire today? What’s your plan? Retire today, retire five years from now, 15, whatever it is. Can you really afford to retire? Especially with the current marketplace, you know, we’re looking at our cost of living seems to be continuously going up. Yet, I don’t know if my retirement account is keeping up with the cost of living of things. So, Hey, talk a little bit about this. What’s snugly, what do we need to do?

Hank: 01:51 The markets have been a, it’s been very volatile but in a good way of late. So we’ve had, if we look over the last, say 18 months, approximately, so over 2018 the the markets were down about 4.59%. So if you’re looking at the SND 500 index was down just under five, well a little over four and a half percent for 2018, then since that time it’s up about 17%. I think it is now year to date with some, you know, again, we had a nice little run, then it flattened out then and down and then back up again. So volatility, we don’t mind that. Positive volatility, we love in fact getting those big high years. It’s those negative ones we don’t like. So we want to, we want to balance out the volatility by the way that we construct our portfolio.

Hank: 02:36 So the biggest determinant of what kind of volatility, what kind of risk you’re going to have in your portfolio. And of course, what type of return you’re going to have, how much you’re going to get is about asset allocation. That’s the biggest determinant. So if you’ve got your asset allocation models down correctly, you’re going to be able to get the best return with the least amount of risk. And we’ve got 60 years of Nobel prize winning academic research showing us how to do that starting with Dr Markowitz back in 1990 and Doctor Fahmy here most recently. So the models that we have that we utilize for the portfolios, that’s our goal is to m

[audioplayer]

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

Announcer: 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 doctor Friday. Call her now 737-WWTN that’s 737-9986. So here’s your host financial counselor and tax consultant doctor Friday.

Dr. Friday: I am doctor Friday and the doctor is in the house. If you want to join the show, it’s really easy (615) 737-9986 (615) 737-9986 taking your calls. All my favorite subjects, talking about money, talking about taxes. Maybe you’ve received a couple of the love letters and you don’t know what you’re doing. The IRS, why are they sending you these notices? You don’t have any idea. The letters are so confusing. Sometimes you’ll get these that say we’ve changed your tax return, right? We’ve changed something on it, but you don’t understand why they’ve changed it. What the letter doesn’t give you is all the details that you were hoping for. So if you need to know more about how to handle those, or maybe you have a generic question, maybe you’re starting a company and you’re like, should I be an LLC? Should I start out with being a sole proprietorship, subcorporation? I keep hearing so much about the corporations and things like that. Maybe it’s a better taxes. We’ve got a whole new tax law on the table guys, so if you want to join the show, (615) 737-9986 (615) 737-9986. So as we always say, I’m an enrolled agent, licensed with the Internal Revenue Service to do basically two things, representation and taxation. So when I talk about things like that, it basically just means if you haven’t dealt with IRS, maybe you haven’t filed taxes for a number of years, maybe you’ve gotten divorced and you were kind of stuck with some of the tax bill from being when you were married. Is there anything that can be done? Maybe we talk about collections, offering compromises. Really, What are they? How do they work? What is the purpose of an offer and compromise? Because everyone’s like, well. Can’t I just make a deal with the IRS? That sounds so great! Let’s just make a deal with the IRS. I love the concept, but you know what? If you have assets, if you have equity in your home, if you have the ability to borrow from a 401k, maybe you have multiple cars in your house or collectibles or many different things. The IRS isn’t just going to turn around and say, Hey, they have this much money. Let’s just say you owe him $100,000 and you’ve got $25,000 accessible, but yet you make enough money where you could be paying them $500, $600, $700 you might not think so because you’re like, we’re living paycheck to paycheck. The government has a different story. They basically look at certain things. You have a limited life style as far as how much do you spend on utilities and rent? How much do you spend on food, entertainment, clothing, all of those are locked in. So you might think that it’s great to be able to go out and eat every night, or you’re able to go out and do things every night. But the IRS basically says you only have $150 a week for food, clothing, you know, all those different types of things, everything and anything, utilities, all of that. And so if you only have that kind of situation, what’s next? If you’re spending $300 and they say you spend $150 guess, what. They expect you to change your life. That’s what it comes down to. They say that you can’t have more than a mortgage of $1,700 in the basic numbers, statistics of things normally before you utilities a

[audioplayer]

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

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 doctor Friday. Call her now 737-WWTN that’s 737-9986. So, here’s your host financial counselor and tax consultant Doctor Friday.

Dr. Friday: 00:30 Good day. I am doctor Friday and the doctor is the house. It’s been little dry out there right this second, but coming in it was raining so hopefully you guys are driving safe if you’re listening. But if you want to join the show, (615) 737-9986 (615) 737-9986. I’m an enrolled agent licensed with the Internal Revenue Service to talk about taxes, money issues. Maybe you’ve received some love letters, maybe you’re not sure what you need to be doing because you really haven’t done much in the last couple of years and you’re like, well, if I do something now, is the IRS just going to come knocking and take everything I own? It doesn’t really quite work that way. What the IRS is really looking for guys. And you know, you can talk to many experts. The bottom line, what they want is really for you to get back in the game. You know, pay in taxes, getting yourself caught up, start paying quarterlies. You know, I’m talking to my entrepreneurs because let’s be honest. We are the ones that have most likely a bigger or more important time of doing things. Entrepreneurs have a tendency to be a little bit more, you know. We want to get 100% of our money right? So that way we can deal with the situation and we have to move forward and make sure we have what we need. But if you don’t pay your quarterlies, what really happens? How does it work? So if you want to join us, it looks like the phone line (615)737-9986 line up (615)737-9986. We are gonna take your calls and talk about other issues that are kind of coming up in the news. What do you do if you have a love letter? And you’re not sure what’s the best way to respond. I will tell you this last couple of weeks, I have been handling two separate different audits. One of the best things I can tell you, number one thing, don’t represent yourself. I have more than once had to step in the middle of an audit and it never goes well. If you can start with a rep and enrolled agent, someone that actually knows what to do, what to provide, how to organize the documents. You will find that the stress on yourself is so much less than when you actually try to do it all yourself. I’m just being honest. Sometimes it can be overwhelming and you know, they’re threatening that they’re going to charge you this much money and how this works and you need to really know how that’s going to go forward. All right, we’ve got Charles on the line. Let’s go right to the phones. Hey Charles.

Caller: 02:52 Hi, good afternoon. Question for you. I’m 68 years old on social security and I’ve started a little bit as a sole proprietor. Can I contribute into a SEP? I don’t have any employees but it’s my understanding on a SEP I can contribute. I think it’s up to $55,000 of my net?

Dr. Friday: 03:20 Well, You have to be making like $200,000. It’s based on a percentage of your income, but you can defer up to 54. Are you at your full retirement age?

Caller: 03:31 I’m 68. I started drawing close to 66.

Dr. Friday: 03:34 All right. So, you can contribute to a SEP up until the age of 70 and a half at that time you have to start taking distributions are required minimum distribution unless you

[audioplayer]

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

[audioplayer]

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

[audioplayer]

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