The Dr. Friday Radio Show

Welcome to the Dr. Friday Radio Show! In this show, Dr. Friday explains all the latest tax updates, including the following topics:

Haven't Gotten Your Stimulus Check? Here's How To Get It

IRS E-File Starts February 12, 2021

Why Some People Have Received Their Second Stimulus Check

Have The Right Documents For Your 2020 Tax Returns

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

IRS Is Not Processing Tax Returns Until February 12th

Don't Forget Your Unemployment

Unemployment Is A Taxable Income

Do You Need Help Preparing Your 2020 Taxes?

Why You Should Get Help With Tax Representation

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. We have some fun topics to talk about. Sounds like they're gonna definitely be giving out some more free money, which is just absolutely terrifying for some of us because we're not too sure where that free money is coming from. That being said, let's figure out how we can make sure everybody that is entitled to actually truly I guess I don't afford entitled but hasn't received their stimulus money, we can talk a little bit about that. We'll talk a little bit about some of the forms and things coming out on the new one. And we're gonna go ahead and get to some of the calls that are coming in if you want to join the show you can call 615-737-9866, which is the phone number for the studio. So if you want to join the show, remember, there are no stupid questions. I mean, if you don't know the answer, I bet a lot of other people don't either. I might not even know the answer, but we will get the answer. So why don't we hit Andrew first and see if we can help him out with a question on Social Security? Hey, Andrew.

Dr. Friday, I heard a spot on the radio and it was about social security. And it was actually one of my questions I asked you last week. I'm on Social Security, I'm over 70 total income of $25,900 of that 238 is Social Security. Do I file taxes?

No. You wouldn't need to because the difference is only a couple of $1,000 that you're making above Social Security. The provisional tax code takes half of your Social Security, adds your other income. And if it comes up to about 30,000, then you would need to file. So you are way below what you can earn. So you are a zero file. Now, the only time I'm telling individuals in your situation to file taxes in the year 2020 is if they haven't received both of the stimulus checks because you could get that as a refund on the 2020 tax return. But in normal situations, Andrew, you should not be filing and don't have to do anything.

Excellent call. Thank you very much.

Thank you and I appreciate you listening. Okay. Alrighty. My guy in the office. Yes. Go ahead and hit Calvin.

Yes, yes. Dr. Friday, I got a few questions. I'll make them quick. Will the COVID change the filing date like it did last year and give us more time?

No, they basically came out and said as of right now there is no intention of moving the date. The date is going to be April the 15th.

Okay, and you said that 1099 is going to change this year. I'm a sole proprietor. And I've just worked myself, but I've had to change the way I do business because of COVID. I'm doing all 1099 instead of working for in

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

How To Find Your Tax Refund and Your Stimulus

Tax Filing Deadline Is May 17, 2021

The PPP Applications Closed on May 4, 2021

You Can E-File Tax Returns

Who Qualifies For A PPP Loan?

If You Haven't Filed Your Taxes, File The 4868 Extension

Unemployment Is Taxable Income

Reasons Why You Haven't Received Your Stimulus Check

and other caller's questions!

Transcript

Announcer 0:00

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

Hey, this is Dr. Friday. I'm live here in the studio. So if you want to join us, call 615-737-9986. So, obviously, we're working on the last few days, you have until May 17, which is Monday, about a week from this Monday, coming up. If you haven't, you need to make sure you file your extension. If you haven't received your refund, and I am getting a lot of emails and phone calls. The only answer I can tell you is to check the IRS website if you've checked it, and it's been more than 21. I would even say like 30 days, and it's been more than 30 days since it e- filed, I would then take the time on a day that you have the ability to do that, I would have them call and see if they can tell you the status update on that situation. That's gonna be something you're going to have to figure out.

Dr. Friday 1:28

Unfortunately, I have had quite a few people when they do call, they have found out that they have to prove their identity. So I think the IRS is working very hard to make sure that we don't have as much identity theft as we've had in the past. So that may be a good thing, but a little time-consuming in the middle of everything else. All right. Let's go right to the phones. We got Melissa on the line. What do we have for you, Melissa?

Caller 1:51

Hey, Dr. Friday, glad to get to talk to you finally. My father passed away about three and a half weeks ago, and he had left my sister and I both an annuity. That was wired into my account on Friday. It's about $90,000 roughly. I am just needing some advice on where to place that?

Dr. Friday 2:21

Two things. An annuity is usually taxable. So some of that income that came in maybe taxable income to you. So you are going to within 90 days of receiving it make an estimated payment.

Caller 2:37

I had them withhold on it. I had them my whole 10%. I think that's okay for our tax bracket. I'm not quite sure. I'm guessing I'll figure that out next year.

Dr. Friday 2:48

The biggest thing is you don't want to put the money into an investment that if you find out next year that it is short because the lowest tax bracket is 12%. Now we all know there are effective tax brackets was so it could be less. If you're adding and I'm assuming all of it wasn't taxable income, you only have to pay tax on the growth assuming that you're following that into this with after. So it's only a percentage of what went into your account, that would be taxable, but on top of your ordinary income. You know, if your family makes less than 100,000, I'd say you're fine with that annuity added in with the taxable portion. If there's more than 100,000 with that taxable portion of the annuity, it does go from 12 to 22 overnight, basically.

Dr. Friday 3:35

So 10 may be on the low sides only thing I'm thinking because I would have probably went with 15 just to be on the safe side. But you can always still set aside some, you know, in a money market or something that you use just you know, put it somewhere well earn interest. Then you know if you need it, you

Welcome to the Dr. Friday Radio Show! In this episode, you'll get to listen to Dr. Friday talk about the latest tax updates, answers callers questions, and talks over the following topics:

How To Audit and Proof Your Business Documentation

Tax Deadline Extension to Aug. 2 for Victims of Tennessee Disasters

The Latest Biden Campaign Tax Changes

Why Have I Not Received My Tax Return?

Biden's Top Federal Tax Rates For Long-Term Capital Gains

Why You May Not Have Received Your Stimulus Check

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

Do You Need Help With Tax Representation?

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. Hopefully, you guys are staying safe there in the area. And if you've got questions about taxes, I'm an enrolled agent licensed with the Internal Revenue Service to do taxes and representation, which basically means, guys, all I do is taxes or dealing with the Internal Revenue Service.

Dr. Friday 0:50

So if you haven't filed taxes in a number of years, if you're trying to figure out where to get started. And I know many, many, many of you are listening right now and you're just trying to figure out, "Hey, I filed my taxes on time, I get everything I've done every other year, and yet I still have not received my stimulus or my refund." If that's the case, we'll see if we can give you a little bit more help.

Dr. Friday 1:13

I'm not going to say it's going to be a ton because I'm going to be quite honest with you guys, the IRS is not giving us any response on what we should be doing. I've been giving out phone numbers. Some people have been able to get through, but they're being told very similarly to what is on the website. So we're gonna have to see what we can do to help you out.

Dr. Friday 1:33

If you want to join the show, you can call 615-737-9986. We are taking your calls talking about all of my favorite subjects, taxes. If you're trying to figure out if you may be inherited or should you or should you not sell something. Right now I know there's a big conflict going on in my world as far as when I say my world with taxes and things because Biden is talking about increasing capital gains taxes. And then we're also talking about a lot of people getting some pretty good deal on selling things. So if you've got questions, call 615-737-9986. Let's get to Ann. Ann's on the line. What can we do for you, Ann?

Caller 2:23

Hi, my mother-in-law is 93. We had to move her to nursing assisted living. She lived on a farm got 35 acres of farmland. Bought it in 1963 for $1,000. Gonna sell it for about $150,000. She didn't pay taxes in many years because there's been no income. Now, how much money will she owe on this when we sell it?

Dr. Friday 2:48

Well, I would do one of two things. I don't know if she has the ability to do it in a split sale. I mean, theoretically, she's looking at basically 15% that's what her tax is going to be. And since she pretty much had no real cost to it. There may be a small step up in basis with her lived there with her husband, but he may have died many years ago. I mean, she's living a nice age.

Caller 3:18

He died 11 years ago.

Dr. Friday 3:19

Sorry, when did he die? 11 years ago. Ann, did they live together on that property? And did they live together?

Caller 3:29

Yes, they did. Now there's still a house there with four acres. My husband is power of attorney. And there's still a house with four acres that they're not selling yet. Just the farmland. The guy that's been farming it wan

Welcome to the Dr. Friday Radio Show! Dr. Friday gives all the updates on taxes, deadlines, and the following topics:

New Tax Filing Deadline Is May 17, 2021

Tax Extention Date Will Be Extended

Free Unemployment For Those Making Under $75,000 Single and $150,000 Couples

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?

The third Stimulus Coming March 15- April 15

"I Got Custody of my Niece and Nephew, But I Never Received Stimulus Checks For Them."

Stimulus Check for All Dependants On Tax Return

Can My Stimulus Money Be Applied To Debt?

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 and are we having another wild ride of it when it comes to tax season. People think sometimes my job is probably a little boring, all I do is taxes. But look at the last two years it has gone crazy. So just for all you that may have just tuned in, let's remember that they have done an extension to May 17. Let's start with that. May 17 is our new deadline for your 2020 tax filing for your tax returns on May 17, 2021. That will be an important date. Because if you have a need or something happening, then you need to make sure that you have done that which also means extensions will be extended. Right? We've always had April the 15th. I know last year was unique. We did it in July, this year, we're doing it in May. And there are some really good reasons I have to give credit where credit is due. I know the American Association of CPAs, as well as the Enrolled Agents associations, have been ones that help push or encourage the IRS to take this into consideration. Because there are quite a few changes that have happened. And we need to make sure we know what's going on. Because I know myself, I thought I was going to have to amend like 40 different tax returns. But we're gonna talk about people that might have filed and then the changes affected them. Let's go ahead and hit John about a loss of job unemployment limits. Hey, John.

Caller 2:02

Hey, Dr. Friday, thanks for taking my call today, I really appreciate it. I was unfortunately caught up in the COVID 19 turmoil like everybody else, and I lost my job because of that. So I'm now running a combination of like unemployment and gig work. I do realize like you just spoke about unemployment, it's going to be treated a little bit differently because of that stimulus plan. But what's the limit, when I have to start to be concerned about paying estimated taxes to the IRS? Is it the is worth using that standard deduction number that you get? Is there just no minimum? Or is there a maximum?

Dr. Friday 2:47

There is. It sounds like that you you work under as a musician or something along those lines, because it sounds like when you say gig work, I'm making that assumption. But anyway, so if you're self-employed, or a combination of W2 and 1099 work, obviously all W2's assuming that withholding is coming out, you don't have to worry too much about those. But as subcontractors are 1099, anything over any money that we owe more than $500. So the standard deduction doesn't come into play for our self-employment tax. So theoretically, you could have a negative or breakeven on the if you're single, 12,800 or, or 400, or the married 24,800, you could still owe self-employment tax on less amount. So you're supposed to make quarterly based on how much money yo

Another episode of the Dr. Friday Radio Show is here, and you won't want to miss it! In this episode, Dr. Friday talks all about taxes, new tax updates, and answers the caller's questions:

Tax Filing Deadline Is May 17, 2021

Why Haven't I Received My Tax Return?

The SBA Has New Grants For Small Business Owners

The PPP Is Open Until the End of May 31, 2021

How Are Taxes Going Up?

Who Is Going To Be Audited?

Will There Be A Penalty For Early Withdrawal From My 401K or IRA?

You Can E-File Tax Returns

How To Find Your Stimulus

Who Qualifies For A PPP Loan?

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 0:29

Good day, I'm Dr. Friday and I'm live here in the studio. So if you have a question, the phone lines are open at 615-737-9986. We are taking your calls talking about my favorite subject only a couple of weeks left guys. Today is May 1, and we all know the deadline is May 17. So it is time to make sure if you haven't filed taxes file an extension. Just a reminder, extensions are not extending the amount due, it only extends the paperwork required. So if you think you're going to owe money, and you have the ability to pay some of it, my suggestion is to send a little of it along. Also, I've gotten quite a few phone calls this week, so I thought I'd go ahead and start the show out. For any of you that might be still in the marketplace, you have to file the 8962. Usually, many of you may have already done that early because you filed your taxes like we did. A lot of people with unemployment, if you did pay a penalty, if your income was exceeded the apt, then you usually file the 8962 to balance that out. Then you have to pay a portion of that back, they did waive that for the year 2020. It was a part of the American RescueAct that came in March 11, or 12th, of 2021. If you did already pay or you have it in the system to make a payment the IRS will be correcting. They're asking people not if you have unemployment, and you filed early, or if you have 8962 or the repayment of the credits, do not file amended tax returns, they will be getting those corrected.

Dr. Friday 2:24

I also want to kind of put a little ear out there. I know a lot of people are looking for their refunds or looking for their stimulus checks their website is doing I'm assuming the best that they can do. Since I'm not a programmer, I don't know how that all works very well. I will say that it seems like sometimes it doesn't work really very well. But that being said, it is something that if you're on the site, the IRS is running a little slow in doing the refunds. Some people seem to get it within 10 days, other people have been out 30-35 days. Keep in mind that the IRS now has to be matching for all these other things. If you have any unemployment if you've been on the marketplace, and you have 1095 and if you had stimulus money that you never received, all of these things are being added to the already extremely busy season for the IRS. So they're having to make adjustments to make sure they're not refunding money that is not entitled to that individual.

Dr. Friday 3:23

On the other hand, also making sure you're not paying tax or not getting the refund that you should be getting with these adjustments. So my suggestion is to just keep watching, keep following. It may take a little bit longer than the usual 21 days. But the IRS is working on them. I've had some that were filed back in February in the website cell says the return has been received but they're still processing. So I'm assuming they're trying to match up

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

Why You Need To File An Extention

Do I Report My Stimulus Check As Income?

Tax Extensions Expires October 15, 2021

Go To Irs.gov To Find Your Stimulus Check

What Can I Deduct From Charitable Contributions?

Tax Filing Deadline Is May 17, 2021

Where can I Find My Tax Refund?

How To E-File Your Tax Returns

File The 4868 Form for A Extension

Unemployment Is Taxable Income

Do You Need Help With Tax Representation?

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 0:30

Good day, I'm Dr. Friday and the doctor is in the house. It is the last weekend before tax day, a lot of people thought Friday was tax day, our phones went crazy. But it is actually Monday, so of all of you that may have procrastinates that last or didn't get ahold of somebody, or me, hopefully, I've returned everyone's phone calls or text texting at this point is probably the fastest. But extensions can still be made IRA payments can still be done on Monday. So you have until Monday to hit the button, pay the taxes. And remember, if you're filing an extension, it only extends the paperwork. So just means that if you owe money, filing an extension isn't going to stop that from happening. It's going to basically continue and if you don't file an extension and you owe money, you're going to have 5% per month. If you file an extension and owe money, then it only points to 5% per month. So there's a huge difference no matter what. So filing that extension.

Dr. Friday 1:34

Let me clarify the extension doesn't last for years, it does expire come October 15, 2021. So, people that come in a lot of times, they'll say, "Well, I file extensions every year," but they never filed taxes for the last 5, 10, 15 years. So you know you were good up until you pass the October 15 deadline. At that time, you just kind of fell off the radar. So very, very important to file an extension, you can go to irs.gov. There are some free ones on there. The 4868 is the form you're looking for. So if you have a tax form, and you're looking to file something, you can do that 4868 you can also go to irs.gov, click on pay, and you can either make a payment with a credit card or your bank account. That is now just kept in mind, if you're filing money and you file it under the 48 extension, that doesn't mean an extension has been filed. All it means is that you're making a payment with an extension. So you need to make sure you have electronically filed ideally, the 4868. If you owe money, put some of it towards it. Anything's going to be better than nothing. I understand it's difficult, but it is crazy. Alright, let's go ahead and hit the phone lines. We got Jim in my town of Smyrna. What's happened in Jim?

Caller 2:52

Hey, thank you for taking the call. Here's my question. My wife inherited an annuity from her aunt who passed last year. As far as filing tax, we took it and rolled it into another. I don't even know exactly what it was, but in the Merrill Lynch and they took it and put it into basically a tax-deferred product. So my question is when we're filing taxes, do we put this into our income tax?

Dr. Friday 3:29

Great question. I get it. So here's the deal. The year which we inherit something like an IRA or a 401k. I'm not too sure about an annuity, if it's in essence, it's in a tax-deferred account, she will have, I believe the law is 10 years to empty that out, she has to ta

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

Updates On Tax Return Status

The IRS Is Holding Refunds for EITC

What To Do If You Haven't Received Your W2 From Your Employer

Get Forgiveness For Your PPP Loan

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

How To Flip A Home Without Paying Taxes

Second Quarter Payments Coming Up On June 15, 2021

What's The Difference Between EIDL and PPP Loans?

Do You Need Help With Tax Representation?

Tax Extensions Expires October 15, 2021

How To Find Your Stimulus Check

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 0:30

Good day, I'm Dr. Friday and the doctor is live-in house. So if you've got questions you can join us today at 615-737-9986 is the number here in the studio, you can give us a call, let you know what's happening. Probably the biggest thing that's been happening more than anything is phone calls to my office asking about updates on tax return statuses. You know, once a day, at least you know everything. I have a guy that says, "Every day I check once a day at 6 a.m." He emailed and said no status change just says that they're processing.

Dr. Friday 1:11

I am going to say the IRS is holding refunds for the EITC, which is the earned income which some people isn't always available to them, they may have claimed them in the past, maybe they're not supposed to. Also, for the EIDL loan or the stimulus money that you may have been requesting. Again, they have to match it up because in some cases, maybe the money was provided to an ex-spouse and was received in cash. In some cases, children that were claimed in one year, and then claimed by another spouse or person in the next year, the person that reclaims in the first year got the money the other person filed on their tax return said they never received the money. So who's supposed to get it and when? You know, and the IRS is kind of coming back and saying if this happened if for some reason your spouse playing the children.

Dr. Friday 2:07

And some of my clients claim every even year and then their spouse does every odd year. And if you didn't file your taxes as fast as possible, or even if you have the money came out like on March 12, or 15th was when they started issuing the third stimulus. And then the second one was like December 29, or something like that. So they base them on the prior year. Even though a lot of people think of the second stimulus as a 2021 stimulus, it was still based on 2019 tax returns is still based on 2019 tax returns. And then 2020, which we filed on or before May 17, was then moved on to that section. So it really just comes down to the government's basically not going to get between husbands and wives or people that have divorced and have children. They're pretty much coming up straight out saying, "This is the situation, this is how we're going to deal with it. We're not going to if the money is already been cashed to provide it to for those children."

Dr. Friday 3:17

And then I've got other people that say, "Yeah, my husband got it, and then I got it again." So I don't know how that's going to come back. If there's going to be any recourse again, my understanding is the IRS is not going to come back and ask for additional money that is paid to people that didn't qualify. So if you're looking for your refund, and if you have earned income credit and/or stimulus money, then I will say that in th

Another episode of the Dr. Friday Radio Show! In this episode, host John Haggard talks with Dr. Friday about all the updates on taxes and the following topics:

New Tax Filing Deadline Is May 17, 2021

First Quarterly Taxes and Other State Taxes Due April 15, 2021

"I Haven't Filed Taxes In Years. Why Did I Receive My Stimulus Checks?"

What Qualifies For a 179 Deduction?

"Under What Conditions Does a Driver Qualify as an Independent Contractor?"

Tax Extention Date Will Be Extended

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

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

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.

John Haggard 0:30

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 Dr.Friday. Right here she is. Hello, Dr. Friday.

Dr. Friday 0:47

Hello, John. What an intro. I always love when you host my show. You're so enthusiastic about my name.

John Haggard 0:53

Well, we've had such a fun time, and boy, do we need you more than ever? What's getting ready to come up here a lot of activity they've extended. You know the tax filing deadline. Is there any breaking news doctor Friday, anything that you're hearing on the inside about what might happen with the tax code for 2021? Does anybody have an idea?

Dr. Friday 1:15

I don't think anyone has a good idea. But I did want to jump in because I know they extended obviously till May 17, the 2020 tax filing. But they did not extend making your estimated tax payments for 2021. It was due on the 15th. So a lot of people did not realize they thought everything got extended. Also business license, franchise excise tax, anything that had a deadline pretty much for April 15. On the state side, many of those did not get extended. So you want to be very careful about thinking that you made things on time. If you haven't filed your first quarterly for example, John, you're self-employed, I'm assuming, like myself, and so we have to pay those. Those were due on the 15th. They did not extend them out to May 17.

John Haggard 2:04

Well, folks, now did you hear that? Because most people or a lot of people would have thought, well, "I've got until May!" Well, no you don't. Based on what Dr. Friday said. You know what's interesting, the government always wants their money on time. They'll take the paperwork a little bit later.

Dr. Friday 2:23

Correct. They want their money early, not late. They definitely, I think it's a great way to explain, anything we do most of the time, from the tax standpoint, we're really just following up with paperwork. They want people to be paying their taxes on a monthly or quarterly basis.

John Haggard 2:37

Early and often. Right?

Dr. Friday 2:41

So true.

John Haggard 2:42

Folks, you're listening to the Dr. Friday show. Every single week someone will be tuning across the dial or on the internet or something. So what is this? What are you listening to? Well, this is an advice show and not only advice, but you can actually get work done and get a consultation done with Dr. Friday. I mean there are a lot of people out there that do that type of work. Now there's one thing you might not know about Dr. Friday, especially if you're a new listener, and you're here for the very first time, so you want to listen to this.

John Haggard 3:13

Dr. Friday is an enrolled agent with the Internal Revenue Service. No, she does not w

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:

How To Audit and Proof Your Business Documentation

What To Do If You're Receiving Letters From the IRS

How You Can Make A Deal With the IRS

How the IRS Decides If You Can Afford To Pay Them

Why Entrepreneurs Should Be Paying Quarterly Taxes

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?

Are There Advantages To Spreading Your IRA of 401K?

Do You Need Help With Tax Representation?

What Changes Is The Biden Campaign Making?

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 live here today. So you can join us at 615-737-9986. I am an enrolled agent licensed by the Internal Revenue Service to do representation and taxation. So guys, that's pretty much what I do. So if you haven't filed taxes, or you're getting all those love letters, there's liens, levies, and you're tired of it. Guess what, there's someone local here in town, not one of those national advertisers. There's someone here you can sit down face to face, and we can find a resolution.

Dr. Friday 1:09

I'm gonna be honest, I'm always straightforward with my clients. This just basically means if you can make a deal with the IRS, we will make a deal with the IRS. But if you're not able, because of Home Equity, 401k equity, you have the money you're inheriting or you have a second house, then the logic is you can pay someone all you want, but they're not going to ever get a true offer and compromise through. But we could resolution in other ways. So if you're interested in doing that, or you've got questions about letters you may have received, and I'm sure we've got listeners right now that have some questions about where in the good book is my stimulus money and or refund?

Dr. Friday 1:50

And I'm gonna be honest with you guys, there is no easy answer on that particular one. But if you want to join the show, or if you have received, you know, your refunds and you have been waiting for a long time, it might be reassuring for other people to hear and say, "Hey, I waited 60 days, but I finally got my stimulus money." That would be awesome. You can reach us here at 615-737-9986. And let's go to Pat in Marshall's. Nashville, sorry. I'm like reading that sideways. You had to be there. Hello, sweetie.

Caller 2:23

Hey, how are you? My husband and I are having a complication. My husband had changed his job last year, his job ended in March and because of COVID and everything he went and you know, be he was going to turn full retirement age in July of last year. So he went and applied, didn't enroll. But I mean, he applied to get his full benefits four months down the road. He went and applied for Social Security and they forced him to take Medicare Part A causing the last seven months of his HSA contributions to be eligible.

Caller 2:59

So we had to back out of everything, the employer wouldn't contribute to the fix in the first year because it overlapped 2019 and 2020. So we undid the excess ourselves, added it to the 2019 return as other income according to the IRS rules on the 889 Form instructions. And then in 2020, the employer had put in some money as well as my husband at pre-tax. We u

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

Make Sure to Have The Right Documentation For Filing Your Taxes

The third Stimulus Coming March 15- April 15

When Will I Get My Tax Refund?

Need Help Preparing Your 2021 Taxes?

Is My Social Security Taxed?

Corporations Taxes Due March 15th

Charitable Contributions Deductibles

Do You Need Help With Tax Representation?

Unemployment and 1099 G's Payment Is Taxable Income

Do I Claim My College Child As A Dependant of Mine?

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 morning, I'm Dr. Friday, and I'm living here in the studio. It is all-season taxes that are going everyone is needing to get those taxes filed on time. Remember, if you haven't filed taxes for 2018 or 2019, you probably haven't seen the stimulus. You will be able to get that stimulus money if you file your 2020s. So you can go ahead and file 2020, even if you haven't filed 18/19. So just keep that in mind that you can go in different orders, I've done it more than once. Just do what you need to do, make sure you're filing your taxes get back on track because it's never easy. Once you get off track to be able to do things you want. If you've got questions, and you want to join the show, you can we're live today at 615-737-9986. The number here in the studio. We'll take your calls. I'm an enrolled agent licensed with the Internal Revenue Service to do taxes and representation, which basically means that what I do all the time are taxes and representation. And I know that many of you guys have been if you haven't used our services in the past, you will find right now that we're kind of full. As far as getting clients in unless you're willing to file an extension, then we'll do our best to try and do something for all my returning clients. Of course, we still have more than enough time on the calendar to get you squared away, and taking care of we'll be working our ways through these weekends as we go.

Dr. Friday 1:58

If you do want to join the show, and you can at 615-737-9986. Time to ask your questions. It looks like the phone lines are lighting up really well. So my big guy over there in the studios is having fun. You want to go hit line one, and I'll take that while you work. Hey, Lynn, this is Dr. Friday.

Caller 2:21

Hi, Dr. Friday. We have a rental that we've had losses on for a couple or three years due to the fact that we make too much money to claim it. I was wondering if we sell that rental and make a profit, can we offset those losses that we weren't able to claim?

Dr. Friday 2:42

100%. Yes. So sometimes it's nice when we're unable to claim all of our losses, because then when we actually do do the sales, we can offset those losses directly you get 100% of whatever you haven't been able will automatically come in because obviously that rental is no longer in existence. So they will be able to wash all of that against that at that time.

Caller 3:03

Okay, and then one other quick question. Is the profit that you gain on that is that taxed the same as capital gains tax or is that taxed as regular income?

Dr. Friday 3:14

So there are two sides to anytime we have rental property, you're going to have the capital gains, assuming that you owned it over one year, you'll have long-term capital gains on the difference between your purchase price and the sale price. But then the recapture of depreciation that we've been taking all those years will actua