The Dr. Friday Radio Show

The Dr. Friday Radio Show

By Dr. Friday BurkeBusiness
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The Dr. Friday Radio Show episodes

  • Dr. Friday Radio Show – Feb 9, 2019

    [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!

    Transcription

    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. Seven three seven WWTN. That’s 737-9986. So here’s your host financial counselor and tax consultant Doctor Friday

    Dr. Friday: 00:30 Good day, I’m Doctor Friday and the doctor is in the house. It is that season. You know, I get excited anytime I’m on the radio, but let’s be honest, it’s Tax season. It is so great. I know many of you are probably sitting there going, okay, this girl’s a crazy b… Let’s be honest, I have absolutely no idea where I’m finding some of the forms that you might be looking for. Why is it when I look at my 1040 I don’t see my E, my schedule E entry and why don’t I see my loss on my profit and loss and for my schedule C. And why are these things all lumped into somewhere on a schedule one? What in the heck is a schedule one. If you’re looking at your tax returns or you’re preparing your tax returns and you’ve got questions or maybe you’re just preparing for your 2019 because let’s be honest, some people have already done their taxes and we are actually planning for 19 I brought one of my best friends in the office here, Hank Parrot, Estate Financial Strategies.

    Dr. Friday: 01:21 Many of you guys have heard him in the number of years we’ve been working together on here and he always brings some pretty good offers. So if you’ve got questions, not only about taxes but maybe about a state planning or should you be doing an IRA or a Roth IRA or should I contribute to my 401k? When should I take my social security? All those kinds of things that you guys are throwing at me sometimes and I don’t always have the answer. In fact, I don’t normally have any of those answers. Um, this is the day, you know, (615) 737-9986. So if you’ve got tax questions or financial questions today, we got them both right here in the house. All right, so we’re gonna hit Howard. Hey Hank. I didn’t even say hi. Hi. Hey. . Exactly. A little too much coffee going on here. It’s my second cup or third. Who knows? Um, this a multiple numbers. All right, let’s go to Howard now. Hey Howard.

    Caller: 02:13 Yes. My son has a daughter that turned 19 and she’s in college and he couldn’t [uninteligible]. Can he still count her as a dependent?

    Dr. Friday:

    47 min
  • Dr. Friday Radio Show – Feb 2, 2019

    [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!

    Transcript

    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. Do you have a question for doctor Friday? Call her now. 737-WWTN 737- 9986. So here’s your host financial counselor and tax consultant doctor Friday.

    Dr. Friday: Good day! Hey, I’m doctor Friday and the doctor is in the house. We are live here in the studio, so if you have questions concerning taxes or if you’re getting ready to prepare your taxes and we’ve got a friend that you know, maybe they need a little help with some tax questions. This is the show you need to listen to and I’m an enrolled agent licensed with the Internal Revenue Service to do taxes and representation, which basically means guys, that’s all I really do. So if you haven’t filed taxes for a number of years of you have IRS issues and maybe been avoiding them. Maybe you’re not even sure where to start. Remember we don’t take your name and number down on the show. So there is no way of us knowing who’s really calling us. So feel free to use whatever name you prefer. Hopefully when I can pronounce, if you want to join the show, (615) 737-9986 (615) 737-9986.

    Dr. Friday: As we know the 2018 tax season has started. I guess some people refer to as the 2019 because the year in which it’s happening but we’re doing 18 tax returns. So in doing those tax returns you have a lot of things that you need to get started and doing a many of you are going to find that it’s not quite as maybe as good as you thought or people are not remembering that they actually got a little bit more on each of that paycheck. So if you’ve got questions again (615) 737-9986 we gonna go right to the phone lines if we can hit Tee. Hey Tee, thanks for calling.

    Caller: Yes, thanks for taking my call. I am trying to buy a house and I had 2009-2010 and a non collectible status. Still is, and I guess they only go back for up to four years for transcript.

    Dr. Friday: No, you can usually. I mean you can get your transcripts. We go back to 99, so I know that as far as, I mean now. As far as getting copies of the fiscal tax returns, that’s true. You can only go back three years. But as far as getting your transcripts, you should be able to go back to like I say 99 and get the basic information. 10 years we can get all the WTS and 10 99 and stuff.

    Caller: But for a underwriter, they only want the last three years?

    Dr. Friday: Well the underwriter, yes. I guess they only need two or three years for that’s the mortgage interest. I’m not to sure . But normally whenever I’ve gotten a mortgage, they’ve only really need the last two years plus the current year, year end.

    Caller: Okay.

    Dr. Friday: But now if you’ve got a lien or Levy, I mean there could, you know, against your credit, even though you’re in a non collectible. They could still have, you know, a lovey against your credit number, your social security number. You know, that may be an issue. And also I would advise that even though you’re a non collectible, if you buy a house, while that’s still out there, they can put a levy against that house.

    Caller: Yeah, yeah.

    Dr. Friday: Okay. Just wanna make sure because some people like, oh, you know, I haven’t had to really worry about it. But yeah, once you get an asset, then they may decide to become a little bit more aggressive.

    Caller: Yeah. But they’re not in the business of making people homeless.

    Dr. Friday: Oh, no, no, no. Yes, no, that’s. They don’t want the real

    47 min
  • Dr. Friday Radio Show – November 14, 2020
    Welcome to the Dr. Friday Radio Show! In this episode, Dr. Friday answers all the caller's questions concerning taxes and the following topics:
    • Need To Take Money Out of Your 401K?
    • Tax Advantages
    • How The USA President Will Affect Your Taxes
    • Charitable Deductions on 2020 Tax Returns
    • Changes to Retirement Plans Due to COVID-19
    • The Truth About Virtual Currency
    • Is PPP Money Taxable?
    • The PPP Loan Forgiveness Deadline
    • Are Quick Claim Deeds Safe?
    • Why You Need Help With Tax Representation
      • and other callers' questions!
      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 at 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 in the house. We are talking about my favorite subject. You know what? Time is flying, we are in the middle of November, not a whole bunch of time to actually make a lot of changes. But if you're thinking about doing conversions, or if you're thinking about taking some money out, maybe you had a hardship from COVID, and you need to do or you want to take some money out of your 401k. We're going to talk a little bit about some advantages that may come up for that. Again, I am not a financial planner. So I'm going to talk about tax advantages. You should always consult with your tax person as well as your financial planner, before making any of these suggestions I will put out there. But if you have questions, you can certainly join the show by calling 615-737-9986. All right, and you can join the show.
      Dr. Friday 1:28
      Let's talk about a couple of different things. We all know that at this point, we're going to be moving forward. We know what's happened in 2020 as far as taxes, there'll be no change, we don't really know what to expect for 2021. Depending on the final numbers and the count, if Biden is President, I think we're going to see some major changes in what Trump successfully did for some tax changes. I think we're going to find that we may find that there's gonna be some changes that we may need to preempt. The hard part of that conversation is, when will it happen? I mean, when he comes in, will they immediately try to change or reduce the taxes that we know, or will it be something that's gradual, giving us enough time to make some changes to adjust our taxes? So we know what's going to be there and what's not going to be there. So we want to make sure that we understand what the best options are. If you've got questions about that, or want to join the show about any other questions you might have, you can join it at 615-737-9986. All right, and why don't we go ahead and hit Gary. Hopefully, my buddy on the other side here is multitasking. So we'll see if Gary can be joined the show here or if we need to give him a second to type because you know, he only has two hands. Alright, so let's see if we can get Gary on the show. Thank you, buddy. Appreciate it. Hey, Gary.
      Caller 2:56
      Yes, the question I've got for you is two parts. The first part is if you receive money from [inaudible] injury, do you have to pay taxes on that money?
      Dr. Friday 3:08
      Well, if it's for injury, meaning it's not loss of income, but you had it for medical purposes, then the answer is going to be no. If it was partly for injury and partly for loss of income, because you may not be able to work or earn the same income that you did before then the answer is part of it will be yes. Anything that's for injury is no but anything for loss of income, you do have to pay taxes on.
      Caller 3:34
      The second part, even though
      47 min
    • Dr. Friday Radio Show – October 31, 2020
      Another episode of the Dr. Friday Radio Show is here! In this episode, Dr. Friday answers all the caller's questions:
      • Check The SBA If You're Selling A Business That You Received PPP Money On
      • Cares Acts Deadline
      • Who You Vote For President Will Affect Your Taxes
      • Why You Need Help With Tax Representation
      • If I Gift A House, Do I Pay Taxes On It?
      • Get Forgiveness For PPP Loan
      • Can Entrepreneurs' Taxes Be Forgiven After 10 Years?
        • and other callers' questions!
        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 at 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. It is an awesome Saturday here at two o'clock on this wonderful Saturday and the weather. It's Halloween people, this is a great time of the year. But you know what, we have to talk about a few different things. One, PPP. I had a situation that came into my office for all of you that may have applied or received PPP money, this may be something you may have to face. This particular person was in the process of wanting to sell the business. But they had received PPP money. So actually the SBA did release and we found out some pretty interesting information. So if you're in the process of selling a business that you did get PPP money on, very important that you go and you check out the SBA, what you need to do, because it's not just a matter that you can now sell that business because you want to, there are some rules and even possibly pay back that loan, because it's not going to be with the same owner. So very, very important that we do that. All right. Well, we've already got somebody on the line, and I believe it's Steve in Cooksville.
        Caller 1:44
        Yes, I was gonna ask I have a couple of annuity. They use of term qualified nonqualified. Just wondering, about the one that's not the right base type of annuity. What would be the difference in having an annuity that you could have just a regular life savings account? You know, if it's one that they talk about free money? On the statement, I could take out so much money, cash before the penalty. And I thought as long as I stay below it Is there much different than withdrawing as far as tax-wise?
        Dr. Friday 2:21
        As you said, Steve, if it's not in an IRA situation, but it's with an after-tax investment, you're allowed once a year to take the money out a certain dollar amount without penalty from the annuity, you will pay on the tax first, most annuities take out the growth of the annuity first, leaving the original investment in there. So later on, you'll eventually if you take it all out, we'll eventually have that. So the biggest difference will be is that if you've had, let's just say you're taking $5,000 out and it's and you've had 5000 in that year of growth, you're gonna pay tax on all $5,000.
        Caller 3:02
        I know I'm sounding stupid here. But, when I get my statement ready to file for IRS, does it show how much or if that's something totally taxable all the way or?
        Dr. Friday 3:14
        Right, they're gonna give you that information, to be honest. You're gonna receive a form called the 1099 R and in box one, it's going to show the total distribution and in box two, it's going to show the taxable amount, doesn't mean they're going to match. Theoretically, box five would be the difference. So just as a point of interest, yeah, you'll find out from them what they're going to consider taxable and what's not taxable.
        Caller 3:35
        But I'm still glad I called because I definitely learned something there because I did. I wondered how that worked. An
        48 min
      • Dr. Friday Radio Show – November 21, 2020
        Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday answers all the caller's questions concerning taxes, including the following topics:
        • Is There A Minimum Distribution From An IRA?
        • Charitable Deductions on 2020 Tax Returns
        • Why You Need Help With Tax Representation
        • Tax Advantages
        • RMDs
        • Will There Be A Second Stimulus Check?
        • What Do I Do If I Didn't Recieve My Stimulus Check?
        • Is Life Insurance Taxable?
          • and more!
          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 at 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 in the house, and this is an awesome Saturday, come on, you have to admit the weather's perfect. It's a beautiful day outside. It's that time of the year where we're wanting to get ready. I mean, we have a family may be coming into town who knows? Thanksgiving this year, I think is going to be a completely unique situation. I have a friend that's basically planning this whole huge Skype meeting, that is going to be all of her family. Everyone's gonna is sitting with their own family or their own meals or whatever. They're going to be taking it and doing their thing. So I think that's interesting. They'll have monitors, I guess on the table, and everyone's gonna be able to look and watch and eat dinner together in a unique way. So if you're doing some sort of celebration like that, and you want to kind of share it, I think it'd be really a lot of fun. I know, this year is going to be a lot harder for a lot of people. Maybe if we could show some unique ways that people could still be with their families, maybe not face to face, but still include them in the holidays, Christmas and Thanksgiving are going to be a lot different, I think it'd be a great idea.
          Dr. Friday 1:38
          So you can always share those on the radio by calling 615-737-9986. All right, we have a deadline today, November 21, by 3 pm Eastern Time, which of course is already passed because eastern time would be only 2 pm here. So hopefully you have already done this. The deadline for filing economic impact payments based on the file. If you're a non-filer, you don't have to file 2019. I had two people calling me yesterday, both of them were required to file tax returns, but they thought they could just file this nonfiler and still get their stimulus check. This is not for you. This was for individuals that may be live solely off social security and they never got their stimulus check, then this would have worked for you. Hopefully, you've already addressed this situation. We've had now about six months of being able to make sure your information has been filed with them to get your $1200 dollars. And a lot of people are preparing just in case another stimulus is on the way. I will tell you at this moment, there is no movement or anything else happening with that situation, but one never knows. So you want to make sure you have the current address again. So that was something that did end as of 3 pm Eastern Time, which would have been 2 pm here, which means we are now five minutes late for that one.
          Dr. Friday 3:09
          If you did not get your stimulus check, remember that when you file your 2020 tax return, you will be in good shape, because you will be able to get that money on that tax return. So they have now started issuing or showing at least some of the information forms and things that are will be available for the 2020 year. Another big change for many people is the $300 charitable contribution above the standard deduction that will be deductible for individuals. So th
          47 min

        About The Dr. Friday Radio Show

        From the publisher's feed

        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.