The Dr. Friday Radio Show

Welcome to the Dr. Friday Radio Show! In this episode, Dr. Friday answers all the caller's questions concerning taxes, tax deadlined, and also the following topics:

Tax Advantages Because of Covid-19

Do You Need Help Preparing Your 2020 Taxes?

Why You Need Help With Tax Representation

Will The Elected President Affect My Taxes?

Tax Deductions Will Expire By The End of 2020

IRA Conversion Deadline Before The End of 2020

Can I Take Money Out of My IRA Without Penalty?

Nevada Will Have A Short Term Tax Amnesty

and other caller's questions!

Transcript

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.

Good day, I'm Dr. Friday and the doctor is in the house. Hopefully, you guys are having a great Saturday out there enjoying the weather. It's a little nippy, but it is obviously December. Therefore we're getting to some deadlines, some explorations. Now in some cases, it may or may not affect your taxes. But we do have some extenders, what we call extenders or tax deductions that will expire by the end of 2020. We're going to cover some of those. If you've got questions, maybe you're getting ready to prep for 2020 taxes. And we have to have all those done as far as your expenses are paying with exception of IRAs or SEPs, things like that. You need to do everything before December 31, which is sneaking upon us. Conversions of your into doing an IRA conversion, which is something that has to be done before the last day of the year. Also some of the tax advantages because of COVID, and the cares act, taking out money from the IRA without penalty, all have to be done before the end of the year. So we're going to cover a few of those things as well. But you can join the show at 615-737-9986. We are taking your calls talking about taxes.

I'm an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. This basically means if you're getting some love letters in the mail, and you're not too sure what to do, you know, you haven't filed or you just don't have the money to pay them. But you've been ignoring them, which doesn't usually lead to good things. It's something that we probably need to deal with instead of just putting our head in the sand and hoping that they don't catch us. That works for some people, not for many, many people. So just making sure that we have everything, we need to see what's going to expire, and we'll start with that. The exclusion for the income of a discharge or indebtedness on our principal residence. So if you had to do a short sale on your principal residence or something along those lines. Or you renegotiated your mortgage, and you ended up getting it reduced, in normally would become income because of the money that you put in your pockets. But if it's to your principal residence, we were able to not have to pay tax on that. That expires as of the end of 2020. The ability to treat mortgage insurance also known as MIP, mortgage insurance premium, qualified residence, we can usually write that off on our taxes that expires. That has expired many different times. So far, they keep adding it back, a big one for individuals that have the ability to deduct medical, which is not easy under the current itemization. But they reduced it down to 7.5 of your adjusted gross before you get the first dollar onto your itemizing. That expires and it's going to go up to 10% of your AGI. So that may make a difference. Above the line deduction for qualified tuition and related expenses for continuing education for college courses and things t

Another episode of the Dr. Friday Radio Show is here! In this episode, Dr. Friday talks about all things taxes, and also the following topics:

Tax Advantages Because of Covid-19

What Happens If I Didn't Get My 2020 Stimulus Check?

You Can Now Deduct Up To 7.5% of Your Adjusted Gross Income

Who Will Recieve PPP Forgiveness?

Unemployment Is A Taxable Income

1099 and W2's need to be mailed by The End of 2020

Do You Need Help Preparing Your 2020 Taxes?

Why You Need Help With Tax Representation

Tax Deductions Will Expire By The End of 2020

IRA Conversion Deadline Before The End of 2020

and other caller's questions!

Transcript

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.

We are live here. So if you want to join the show, you can at 615-737-9986. We are taking your calls talking about all things taxes. We had a big tax, Christmas giveaway. If Jimmy King Woodberry is listening or someone that knows him, please have him call the show the information we received did not go through or you can call me direct on Monday morning at my direct number, but we need to get your gift card to you. We didn't quite get a good phone number apparently. So I'll repeat that a couple of times. But as we're going, let's talk about a few things. We're winding down guys, there's only like a week left or so. And many of those days, people are not going to be around doing a lot of things when it comes to preparing or moving forward on tax planning. So you do want to go ahead and start looking at your options, what's going to change. What decisions you might make today might change for next year, etc, etc. We all know that the standard deduction did go up. When we filed taxes last year single person was 12,200. When you file them this year for 2020, there'll be 12,400. Head of household 18,350 up to 18,650. So those are important numbers. Because if you don't have expenses to exceed those numbers as a single person, if you can't itemize past $12,400 you're not itemizing.

The same thing for basic married couple 24,800, you will not be itemizing there is a little bit of a change. In fact, this year is going to have a couple of different changes. So one of the changes is $300, up to $300 charity deduction will be on your 2020 tax return. So normally, that falls on the schedule a were files on to itemizing they added it as an extra deduction. So up to $300 above your standard deduction, you will be able to deduct the second part is the stimulus checks, which were actually advanced payments on a special 2020 tax credit, known as the recovery rebate credits, you will be filling that out as well. So, individuals that didn't get their stimulus money, you will be getting it on your 2020 tax return. If you did get your stimulus money which would have been $2,100 or $2,400, for a married couple $500 for each child that was under the age of 17. So that means they were 16 or less, then you would have you'll put that in there and it will count for that information. So it's going to be a little tricky because of children and ages. If the children are over that age now how's the system going to count for it? I don't really know all the answers yet because it hasn't come down from the IRS how they're going to treat you if you were overpaid.

What's going to happen if you were underpaid? What's going to happen? We do not know for sure. Another thing that has changed a little bit or maybe not. You can now deduct up to 7.5% of your adjusted gross income. For c

Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday talks all about taxes, new tax updates, and answers caller's questions:

Tax Filing Deadline Is May 17, 2021

Itemizing Charitable Contributions

Make Sure To Have All Your Tax Documents

You Can E-File Tax Returns

How To Find Your Stimulus

Why Haven't I Received My Tax Return?

PPP Extended Until May 31, 2021

Who Qualifies For A PPP Loan?

What Is the New Tax Law?

Unemployment Is Taxable Money

Do You Need Help With Tax Representation? Call Dr. Friday

and so much 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. It's Friday and the doctor is in the house on this kind of gloomy and possibly really nasty weather. Hopefully, you guys are all staying safe in there. But we're going to have a good hour of talking about my favorite subject, which is taxes. That's right, taxes, taxes, taxes. We are still in the 2020 tax season, even though it's 2021, we're still doing taxes for the year 20. So if you haven't filed your taxes, you still need to do that or file an extension. Extensions are going to be required on or before May 17, which is the deadline date. Remember, an extension does not extend the money due. So if for some reason, you don't like the numbers on your tax return, and you're thinking, "Hey, I'll just wait and see if I can do something." Or if you're waiting still for forms, because I still have several cases where K1's and things like that are not received. You need to make sure when you file your estimated tax amount when you file your extension, go ahead and send in an estimated tax form. That would be the best or smartest way to handle that. So if you've got Tax Questions, this is the show to do. Call 615-737-9986. We are taking your calls.

Dr. Friday 1:44

I'm an enrolled agent licensed with the Internal Revenue Service, which means it's all I really do guys is taxes and representation. So if you've got IRS issues, you've got problems that you're trying to deal with. I'm the person, you least want to take the first call to. Our initial meetings are always free, because we want to make sure that we're all on the same page and how and what we're going to do to try to help some sort of resolution to your situation. So if you need help, you can call the office on Monday and they will set up an appointment for you. I know many of you have probably sent in or I know we get quite a few through our websites, I will let you know that we're going to be responding to those. It's been a little crazy. We've had a lot of tax clients come in last minute that was from last year. So we always try to get the same clients done. And so it's just been a little bit busier considering procrastination is probably the middle name for many, many of my clients. So again, if you want to join the show, you can at 615-737-9986.

Dr. Friday 2:44

All right, so making sure that a lot of people when I'm looking and reviewing taxes, and they're trying to itemize again, itemizing is only required if you're spending more money on interest, or if you're a very giving person, you have a lot of charitable contributions. Because the average person that has less than $12,400 is not going to itemize with those deductions, which are basically made up of property taxes, sales tax, interest, and contributions this year only so far. I don't know if it's going to roll into 2021. But in 2020, they did add an additional $300 worth of contributions. Now that is the same no matter if it's a single person or married couple $300. So if y

Welcome to another episode of the Dr. Friday Radio Show! In this show, Dr. Friday shares the latest tax updates, answers callers questions, and talks over the following topics:

What Is the Best Business Type for Taxes?

The Difference Between Each Business Tax

Why Have I Not Received My Tax Return?

Reasons Why You May Not Have Received Your Stimulus Check

How Many Years of Taxes You Need To File To Get Back Into Compliance With the IRS

Do You Have An IRS Issue That You Need Help With?

Where To Find the Best Social Security Advice

What Taxes Payments To Make If You've Sold Property or Inherited Property

Second Quarter Payments Due On June 15, 2021

Do You Need Help With Tax Representation?

The Best Way To Convert To A Roth IRA From An IRA

and much 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 0:29

Good day, I'm Dr. Friday and the doctor is in the house. We are here live on this wonderfully warm, boy is it warm, Saturday. And life is definitely getting interesting. I'm sure some of you guys may even have some questions. Maybe you've gotten some of the letters from the IRS. We've been really busy here with either IRS or state. A lot of times people haven't done quite everything, like renewed their annual reports or their business licenses. And they're getting those notices. So if you've got a question on those or anything else, all you have to do is give me a holler. Meanwhile, it looks like we have Mike on the line. Let's go ahead and hit Mike.

Caller 1:08

Thank you for taking my call.

Dr. Friday 1:10

Thanks for calling. What can I do for you?

Caller 1:13

I'm an executor of a will and the deceased person died in February 2020. And only had ten months of taxable income of $1,027. I have an employer ID number for that account. Do I need to file since it was only $1,027?

Dr. Friday 1:36

Well, I will tell you that normally when I'm handling them, I'll always filed the last year no matter what. It will most likely be a zero effect, you know, obviously, unless there was some withholding on that money. But more just because on the tax return, it will ask you for the data passing and you can put that on there and close those forms off.

Dr. Friday 1:55

I know that the IRS is, you know, Social Security and everything has already been turned off if they hadn't even, but they've been probably notified. But it's just part of my process, I always just file a final. And if they were receiving any kind of Medicare benefits, maybe they were in a nursing home or something if there was a Medicare, I always get a waiver from them as well with filing that so that way I make sure that I can close those off. And then you know, I don't know the size of the estate or anything, just those but it's not mandated. You don't have to with that small dollar amount, you know.

Dr. Friday 2:27

Unless it was 1099 miscellaneous would have been the only time that I can think of where there may have been taxes due if they were working self-employed. Otherwise regular income coming in ordinary income or capital gains income, there would be no reason that you have to file it.

Caller 2:43

Okay, thank you. I had closed everything off, you know, a couple of weeks after she had passed away, so.

Dr. Friday 2:50

Yeah, and then that's typical most the time, you know, that is the case. As I said, it's probably more on my side. You know, obviously I do living for taxes. So I just make sure all those things are closed off. But again, f there's nothing, if there's no tax liability, there's no mandate for you to

Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday gives all the updates on taxes and the following topics:

New Tax Filing Deadline Is May 17, 2021

What To Do If You Haven't Received Your Tax Refund

The New Proposed Inheritance Tax and Estate Tax Changes

The third Stimulus Coming March 15- April 15

Stimulus Check for All Dependants On Tax Return

Tax Extention Date Will Be Extended

The IRS Won't Take Taxpayers Refund Money To Pay Off Federal Debts

If You Didn't Recieve Stimulus 1 or 2, You Can Claim Them On 2020 Tax Return

Do You Need Help With Tax Representation?

Stimulus Check for All Dependants On Tax Return

and answers other caller's 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. It is a stormy, kind of not a very happy outdoor Saturday. But we are still working taxes, guys. For all of you procrastinators, you do have another almost 30 days, it will go till May 17 is the new April 15 deadline, I guess if that makes sense. We usually file on April 15, they've extended it out to May 17. So you do have a little bit of time where you can go and make sure you've got all of your records, make sure you understand all the forms coming in. For small business owners make sure that you're getting those tax grants in your tax numbers. Because we don't want to have to come back later and have to amend those tax returns or you know deal with those.

Dr. Friday 1:17

If you want to join the show, you can 615-737-9986. As an Enrolled Agent, I'm licensed by the Internal Revenue Service to do taxes and representation. So that means guys, this show is about taxes or tax issues. So if you are working on your own tax return, or maybe you're trying to figure out what's going on with your refund. This morning, I've had a couple individuals texting and emailing me saying they haven't received their refunds yet, and what can be done about it. So we'll talk a little bit about that. Or if you're just trying to complete your tax return, and you're a little confused about some of the new things going on. We do want to reiterate out there for all of you that might have filed your taxes. I know I have about 40 returns who filed your taxes before the March 12 signing of the American Rescue bill. Do not amend your taxes if you have a change due to the $10,200 waiver. Now, I want to reiterate that there is a $10,200 waiver for people on unemployment but only for those individuals that earned $75,000 or less as an individual or a married couple making $150,000 or less. So if you did get unemployment and you made more money throughout the year on those, you are not going to be able to take the waiver for the $10,200. It's supposed to only be helping those particular individuals. But if you have questions about that, or something else going on, this is the show be interesting and also helps all the listeners. So let's go ahead and get to the phone lines. Let's go hit Larry. Hey, Larry, what's happening?

Caller 3:03

Quick question about IRA. Actually, cashed one out last year, about 160,000, and took out 418 taxes for that made a mistake by doing that. So I've opened another one for [inaudible] trying to offset some of the penalties and interest that I took. But I don't see how to claim that on my taxes. How does that work?

Dr. Friday 3:34

Okay, so you're gonna go and when you put it on, there's going to be an 8606. And on that there is a new one for just this year, where a lot of people took money out for the COVID situation,

Another episode of the Dr. Friday Radio Show is here! In this episode, Dr. Friday shares all the latest tax updates, and talks over the following topics:

File An Extention With A 4868 Form

Why You Should Be Paying Quarterly Taxes

How Can I Find My Tax Refund?

Who Does The Government Want To Audit

Tax Extensions Expires October 15, 2021

How To Find Your Stimulus Check

What Can I Deduct From Charitable Contributions?

How To E-File Your Tax Returns

Do You Need Help With Tax Representation?

Should I Rent or Rent to Own My Home?

and other caller's 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 0:29

Good day, I'm Dr. Friday and the Dr. Friday show and we are here live today. So if you want to join us you can at 615-737-9986. We are talking about my absolute favorite subject which is taxes. Now a lot of you may already think that you know what taxes are done, we don't need to worry about them anymore, which is completely wrong. Some of you have managed the file but many of you have still not received your refunds today, even though I was traveling and I'm on basic vacation thanks to Dr. Electric. I am here in sunny Florida and there are at least six people I spoke to on the way here and they all are asking me why they didn't get their refund, and the answer is the same for everyone guys, the IRS is running slow. Now for some of you procrastinators you do have if you live in Campbell, Cannon, Clay, Davidson, Decatur, Henderson, Hickman Jackson, Madison, Murray, McNair, Moore, Overton, Scott, Smith, Wayne, Williamson, and Wilson counties. I'm not repeating all those. If you live in one of those counties, if you're not too sure, you can certainly text me and I will let you know what those counties were, you have an automatic extension if your primary home and or businesses in those counties, you have an automatic extension to August 2, for a few of you that may not have been able to make the May 17 deadline for one reason or another, you may have a get out of jail card for free here because August 2 will automatically extend those people in those counties. Those are for anybody. It's for victims of severe storm damage, wind damage, tornadoes, and floods. That happened back in March. But it's anyone that lives in those counties, not necessarily you been directly affected by those storms.

Dr. Friday 2:31

So that may give a few of you a little bit of a way out. Louise, I cannot see the screen. So just text me if you can, if anyone's calling that way, we can just do it that way. It's no big deal. I appreciate it. So again, if you are an individual that is doing something with your taxes, and maybe you didn't get a chance, or maybe we had to file extensions, it's been a bit of a crazy year with not only dealing with 2020, and its issues, but the PPP loans, the EIDL, the SBA loans, all of those coming out in the 7500s for payroll, employee retention forms, I should say. All of those are on top of our normal tax season. So it's been a crazy year, trying to help all of our small businesses try to stay open to take advantage of any of the funds available for them to keep their doors open and doing that.

Dr. Friday 3:25

So if you've got a question, you can join the show at 615-737-9986. We'll take your calls. So again, that's one of the big things I know a lot of people and I will tell you, I wasn't really pushing the August 2 because I think almost if you have the ability to have filed by the May 17 deadline, it was trying to make that happen for most of our tax clients. Again, that also extended individua

Welcome to the Dr. Friday Radio Show! In this episode, Dr. Friday talks about all the new 2021 tax changes, and also the following topics:

New Laws and Tax Changes

Is Timing Really Important When Filing Taxes?

Small Business Money Is Available

The Second PPP Loan

What Happens If I Didn't Get My 2020 Stimulus Check?

Unemployment Is A Taxable Income

Do You Need Help Preparing Your 2020 Taxes?

Why You Need Help With Tax Representation

We Are Certified QuickBooks Advisors

and so much more!

Transcript

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.

I'm Dr. Friday and I'm here live in the studio. So if you have questions, you can join us by phone at 615-737-9986. Have we have quite a bit to cover in just 45 minutes. Well, I guess they say it's an hour, but we only have about 40 minutes or 45 minutes to cover. Probably one of the biggest things that are happening is Monday morning drawl two on PPP loans. Things that we might need to know, small business money is available. There's money for areas in which maybe had been hit a little bit harder than others. But there are some twists. Some are great, some are going to be a lot easier to get a number to loan PPP versus people that may not have qualified for it or applied for it because a lot of self-employed individuals did not know that they could do it. The loans are opening basically, for places that were hit hard in certain economic areas, women, a business owned businesses, and a certain type of industries are opening Monday morning. So this is going to be very fast especially considering it is also tax time. So we're gonna talk about some of the tax changes some of the new laws, and we're gonna go ahead. I normally keep my guy busy today in the studio, but we're gonna go ahead and hit Andrew if you have a second. Hey, Andrew, what can we do for you?

Okay, maybe a two-part question. Already given relative to relative an amount of money a check written for more than $10,000? Who pays taxes, that kind of a thing? And second, the second question is another relative is going to give a relative $25,000. Just gifting. Can you do that in increments of nine, nine, and seven over a period of a couple of months? And what will be the problems, drawbacks, and legalities of doing any of those?

Okay, so the first one we'll just take it kind of comes into both. So the first one they had received $10,000, the person that gave the gift would be the person that would have to pay tax if there's any tax. Normally, when people are gifting, they're taking money from their own personal accounts on which they've already paid tax on. So they're really just moving money from one bank account to another bank account. As long as it's less than $15,000, there really is no place to report or to tax. Now, if the individual that gave the money took the money out of a 401k or sold stock, obviously, when they get ready to prepare their tax return, they would have tax forms that would tell them that they have taxes possibly due on those funds.

Okay, that was taken out of a personal checking account, and it was $18,000.

So 18 and 25. So is this individual married by chance that's receiving the money, or are they single?

Receiving the money in the $18,000 is married.

Okay, so the person that gave the money to the person that has the 18,000 theoretically could give it to the hus

Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday shares all the updates on taxes and also the following topics:

Have Your Documentation For Your 2020 Tax Returns

The IRS Is Not Processing Tax Returns Until February 12th

Unemployment Is A Taxable Income

What To Do If You Haven't Received Your 2020 Stimulus Check

Self-Employed Individuals Can Apply For PPP 1 and PPP 2

Do You Need Help Preparing Your 2020 Taxes?

Is Timing Really Important When Filing Taxes?

Small Business Money Is Available

Do You Need Help Preparing Your 2020 Taxes?

Why You Should Get Help With Tax Representation

and so much more!

Transcript

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.

Good day, I'm Dr. Friday and the doctor is in the house and are we having fun this season. I will tell you tax season, of course, has officially I guess you would say has opened but since the IRS is not processing any forms until after February 12, we are just accumulating them in a holding period until the IRS starts opening up e-file. But obviously we are getting them completed, making sure that we have everything we need. Don't forget, some people get so excited about coming in. I know we're excited people what can I say but you know, sometimes the mortgage statements, unemployment, the 1099 G's, according to the Department of Labor, they weren't going to be putting them out until as late as February 2. So you have time to get all your documentation together, make sure we have it all. So we can complete the tax returns 100% the way they are.

Also remember that it's a little tricky with the $300 extra charitable contribution. So if you don't qualify for itemizing, but yet you gave more than $300 to charity, make sure at least in our system, we have to complete the Schedule A even if you're not itemizing, and then it will roll over that additional 300. If you don't complete that it will not there's no place to put it in, it's rolling over from the Schedule A at least again in our software. So that way we have that information. You know, you don't want to leave any money on the table, because a lot of people do give to charity, but they're not getting enough to be able to get the you know, the rest of the view or whatever they have. So just if you have charitable contributions, maybe you only did $100-$200, whatever it might be, then you have what it takes to do what you need.

So if you've got questions, you can certainly join the show 615-737-9986. We've got callers on the line. You've been a busy boy in that studio, haven't you? Alright, go ahead and hit the first one. Hey, Bob, what's happening?

Good to talk to you. Hey, I have a question for you. There's been a lot in the news lately about proposed tax changes by the Biden administration, one of which is to eliminate the step-up in basis on inherited property. Right. And what I wanted to ask you, are there any strategies that someone could take on right now to possibly get around that later on for their heirs down the road?

I mean, we are talking a lot about that too. And I find it hard to believe, because that wasn't even something that was actually put into by the Trump administration, we've had the step-up in basis for a long time. But I know they're trying to find ways. I mean, they're spending trillions of dollars, and they're needing to find ways to get that money back into their pockets. So the

The Dr. Friday Radio Show is here, and you won't want to miss it! In this show, Dr. Friday explains all the latest tax updates, including the following topics:

Partnership Form 1065 S and Corporation Form 1120S Due March 15, 2021

Available Forgiveness Without Documentation for PPP Loans Under $150,000

Need Help Preparing Your 2020 Taxes?

Can My Child Get a Stimulus Check If They're My Dependant?

A 1099 Payment Is Taxable Income

Unemployment Is A Taxable Income

IRS Says It Will Take 21 Days To Get Tax Refunds

The Third Stimulus Coming March 15- April 15

Why You Should Get Help With Tax Representation

and answers other caller's 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. Yes, we are live today. You can reach us at 615-737-9986, is the phone number here. In case you want to reach us we have some great news from the SBA and Treasury. They have simplified anyone that received PPP loans for less than $150,000, they are going to be offering forgiveness without supporting documentation. So you can't ask for anything easier than that, can you? So that will be something that's going to be for the this is right now for first PPP. Forgiveness hasn't been offered on number two, I don't know very many people who have received PPP number two yet.

Dr. Friday 1:17

So that is the first thing and then they say portals remain open for PPP two, you can still register. So here's the deal, guys. A lot of people I meet with quite often just see people that are self-employed individuals, they did not know how or what they should have been filing to get a PPP loan. Remember, if you're a Schedule C individual, and you paid self-employment tax on the money, you can get your PPP and you can get around one, round two. Round two is open people. So if you missed the first window, it may be something that you need to do when it comes to getting ready to do that. So just a heads up, if you are having a hard time and you did not get the first PPP, you may be looking to be able to get the second. All right, mate, let's go ahead and go to line five. Hello, Mitch.

Caller 2:10

Hi, I have a question about those stimulus payments. My wife and I received both of them, we received the first and the second. And we have two dependent children. We didn't receive the payments for my two dependent children. I'm wondering if my Social Security has something to do with it?

Dr. Friday 2:28

Well, I have to ask, are your dependent children 16 and older or 16 and younger?

Caller 2:33

16 and younger.

Dr. Friday 2:35

Okay, well, that's good news. It would have nothing to do with your ID being in all honesty, your Social Security because anyone on Social Security can receive stimulus as well. So it would be that, were they listed on your 2018 and or 19?

Caller 2:52

Both of them were and we received the earned income credit from my wife.

Dr. Friday 2:58

You would have gotten yours under Social Security sounds like you, you. I'm assuming you know, you weren't working, you're disabled, or whatever you might have in your situation. But it doesn't make a difference. You should have received the extra, I think it was 500 for the first one for each child and 600 for the second one. The good news is when you file your 2020 because let's be honest, the IRS was never set up to really be doing stimulus checks. I mean, they're there for collecting, not necessarily forgiving money back.

Caller 3:30

There was a portion on the filing on Tax Act where you click if you were missing it.

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Transcript

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.

Good day, I'm Dr. Friday and we are in the house. That means the phone lines are open if you want to reach us, call 615-737-9986. We are taking your calls and talking about my absolute favorite subject, taxes. Now there are a few things we were not going to touch much on what Biden said, I will tell you that. I had a lot of people emailing me, but you know, what he said isn't law. So we're gonna stick to what we know. So let's talk a little bit about forms you might be receiving in the mail, and what forms you need to be watching out for or maybe not receiving what you thought would be coming in the mail. So we'll start with the stimulus, probably because a lot of people are saying I didn't get my stimulus money yet, what can I do? So we're going to talk about a couple of things you're going to do. One thing you're going to do is probably not something that you're used to doing if you've not been a filer, because this is going to be a completely different game than the first stimulus. If you have not received either of the stimulus checks. Sometimes, so my clients that are coming in now, it's because they did not file 2018 and or 2019, that they're working on some different situations there, and so you do need to have 2019 filed at least guys. And in most cases, you're going to have to file your 2020 if you want to see that stimulus check. So making those payments and getting that done properly.

Why we go ahead and hit John real quick, and then we can let you keep the phone's going because you're a busy man in there. Okay, we'll come back. My boy in the office, there is awesome. He is multitasking all the time trying to take phone calls as I'm talking to them. Alright, so stimulus really quick, let's talk with the stimulus, you're going to have to file a tax return, if you have not received your stimulus money, even if you're social security only. If you haven't received it January 15 was the last day they were sending it out. So it's very important that you pay attention to what the next steps are going to be because it's not going to be like the first one where you can go in and do a non-filer or anything like that. You're going to need to file a tax return. All right, let's go ahead and get John in Murfreesboro.

All right, Dr. Friday, thanks for taking my call today. I appreciate it. I operate a Subchapter S here in Tennessee, where I provide training. I have the opportunity a competitor approached me and said they'd like me to do work for them, which I agreed to, and they would pay me a flat fee on an ad need basis. Now they're gonna provide 1099. My question is, is can I treat this just as a regular sale through my Subchapter S? Or am I going to be subject to having to also pay the Social Security tax withholding the 15.3%?

Well, I mean, if that's wh