The Dr. Friday Radio Show

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

The American Rescue Plan Passed

Make Sure Your Tax Software Is Updated

Do You Need Help With Tax Representation?

The third Stimulus Coming March 15- April 15

Child Credit Increased To $3000

Stimulus Check for All Dependants On Tax Return

Additional Money To The PPP Program

Can My Stimulus Money Be Applied To Debt?

Have The Right Documentation For Filing Your Taxes

Unemployment and 1099 G's Payment Is Taxable Income

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. Oh, boy do we have fun to talk about now. They did pass the American rescue plan, and it's going to make changes for any of you that were on unemployment, we may have to be doing amended tax returns, because they're going to allow the first $10,200 to be tax-free. Obviously, if we've already filed your taxes, we're going to have to get that amount back. Also, if we've got issues with getting the next stimulus check if you haven't filed. Let's go ahead and hit Dave from Colombia, he may actually open that conversation about some of the problems people are having. Hey, Dave.

Caller 1:17

Hello Dr. Friday, thanks for taking my call. Earlier this week, I prepared my 2020 with the fillable form provided that the IRS online. I went ahead and transmitted that to the IRS at the same time I owed about $350 in tax on that forum. So I went ahead and direct paid it to the IRS so they have $350 of my money. The next day, the IRS got back to me and said they will not accept the E filing because they couldn't verify my 2019 AGI. That's because they haven't processed my 2019 return yet for some reason. So my question is this, I can mail in 2020. I know that's the fallback. But for the 350 that I've paid, do I reflect that as a credit on the 2020 return or I just leave the taxes owed showing 350?

Dr. Friday 2:10

Well, once you can confirm that the money I would probably wait, make sure you know the money has come off. Because if you did it through the form, and they didn't accept the form, it's possible that they didn't accept the direct payment. But if you went to the IRS separately, then yes, it would be a credit. I would correct the return to show that the payment was there, and then zero would be due.

Caller 2:33

Okay, now they did get the money, I've confirmed that. So the question is there a tax owed? I sent it to either one address that you are paying taxes on or another address, you're getting a refund, which address do I send it to? If it's zero taxes owed?

Dr. Friday 2:48

It would go to the one where the refund.

Caller 2:51

Okay. All right. Okay, that's what I'll do.

Dr. Friday 2:55

No worries. Thanks, mate. Appreciate the call. And yes, we are going to be running in all kinds of those situations where some of the programs do require. And this is often a problem people have is if you haven't filed or for some reason you file but you did it by mail in 2020 for the year of 2019. To this day, we are processing are still getting information on people that we filed in this was as late as October, and we're just getting letters now. So the IRS is still in the process. If you filed your 2019 and it hasn't been processed or you know that they're sending you information, resubmit. Ideally, if you have any kind of proof of filing on on it on time, would be the opportunity to basically make sure that that information is attached, y

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

How To Audit and Proof Your Business Documentation

Tax Extension Deadline Oct. 15 To File Your Tax Return

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

Why You Should Pay Quarterly Taxes as an Entrepreneur

Can I Make A Deal With the IRS?

When Can I Apply For Forgiveness for Second PPP Loan?

The Latest Biden Campaign Tax Changes

Tax Returns Are Beginning to be Distributed

Reasons 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. So if you've got questions, remember, if you haven't filed your taxes yet, and you have a balance due, we have until, many counties I should say not every county in Tennessee, but most of the ones surrounding us, Davidson, Williams, and Murray all of us had till August 2, as a federal exclusion because of storm damage and things.

Dr. Friday 0:50

So if you haven't, now's the time to really try to prepare those taxes. Don't wait until October, which is when your extension is good. Get it done early. So maybe you can actually waive some penalties and not get hit as hard as it is. People are always so shocked by how much money can cost. I mean, I do a lot of people's taxes that we've done for six, seven years back most of the time, a minimum of six years, we have to go back. And you know, if you owe $3,000, you might as well figure in six years, you're likely to owe $6,000 with penalties and interest.

Dr. Friday 1:25

There is some possibility of waiving some penalties, but in most cases, there isn't a legitimate reason, you know, lifeless, difficult things happen. But there's really no reason why back six years ago, you couldn't have filed within the last six years. And so that's what the IRS is looking for. If there were some reasons that there's an explanation, otherwise, they may waive one out of the six years. But other than that, they may not because you may not have been actually even a good filer prior to that. So they're looking at people that you know, "Hey, you know, I made a mistake once I did this or whatever."

Dr. Friday 2:00

And yeah, they're looking at that history. But otherwise, they're looking at the fact that you might actually owe that money. And they're like, "Well, you have it, you paid it." And so often people come in and you know, I love the ads that are often running on the radio shows and things. And many of them turn around and they say things like, "Well, we can negotiate you 10 cents on the dollar."

Dr. Friday 2:21

Well, that is true, we've made some awesome deals, I've had people that are owed hundreds of 1000s of dollars, and paid minimally, I mean, like 1%, you know, I mean, less than $10,000 or $1,000. Um, but it's not the everyday situation. If you're sitting with a house, and this is fairly new, the last couple of years, the IRS has gotten a bit smarter. But if you're sitting on a house with equity, even if you can't get the equity out, it's possible that you won't be able to make a deal that you can afford, because the access that you have, because the IRS is saying, "Hey, you paid your mortgage, you didn't pay us. This was a choice you made." Even though most of us would think a roof over our head was probably p

You won't want to miss out on this episode of the Dr. Friday Radio Show! Dr. Friday talks about all things taxes, deadlines, and the following topics:

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

Do You Need Help With Your 2020 Taxes?

Do I Need To Tell The IRS I Own Cryptocurrency?

There Is More PPP Money Available

Should I Claim My College Child?

The Third Stimulus Coming March 15- April 15

Unemployment and 1099 G's Payment Is Taxable Income

Do You Need Help With Tax Representation?

Have The Right Documentation For Filing Your Taxes

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 that season, guys when all of us get to go file our tax returns. Forms are coming in. I know more and more people have now received their unemployment form. I just want to make that a reminder that 1099 G's are responsible to be filed on your tax return. You're also going to be reporting, if you're filling out your own tax return, you will be asked "Have you received both stimulus?" I have a lot of people that say, "Well, I received one of them in 2021." it doesn't make a difference they are reconciling the one you received in 2020, as well as the one you received in 2021. Both of them are being reconciled on this tax return. So it's not taxable income, I want to reiterate that because a lot of times people think it's taxable or not, it is not taxable income. But if you have not received it, you will be able to get it as a refund on your tax return or help pay for taxes, whatever it may be, as far as the situation is on that. So you do want to make sure that you're filling that out.

Dr. Friday 1:35

Also, the last couple of years because of the tax change, we all know that charitable contributions in 2020 on this tax return, I don't know if it's going to extend past this year. But they're asking us if you gave $3,000 to charity in the year 2020 above the standard deduction. Make sure you have receipts. I know a lot of people just love to throw a number in there. But you never know if you're going to be asked for this. But when it comes down to it, I have great clients. Maybe you only gave $100 maybe gave $200. Whatever it is you gave, remember, fill in the charity section because that's going to roll over to a separate deduction onto your 1040. So you want to make sure you have that information. It's an additional deduction. So again, it's not a credit, it's a deduction, but it is going to help no matter what it's always nice to get a few more dollars in our pockets. So and then this year, big decisions about college kids who are claiming them all that. I will say if you have a college kid, don't just file it before you figure out who's going to claim, and legitimately some of these kids have worked and taken care of, but they're not maybe supporting themselves over the 50%. But you need to figure if they're going to be a better deduction, what's going to happen on that. So make sure you talk to your tax person when you're agreeing to taxes or if you're doing your own file your kids and yours altogether. Make sure you're making the right decisions when it comes to your college kids. College credit could be $2,500, but some parents make too much money or don't have the benefit, or they didn't pay enough, maybe the kids are on a full ride, and maybe they're working a job on the side. So they're making you know, 15-16,000 a year. So they really are able to support themselves, even if it's not necessarily in the same lifestyl

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

Dr. Friday's Tax Tips For the End of the Year

What You Should Know About the Build Back Better Act

How To Be Prepared for the Advanced Child Credit

Does the IRS Know How Much Money I've Gifted Someone?

Certain Limitations Contributing to A Roth IRA

Standard Deduction Changes for 2020 Tax

Am I Being Audited By the IRS?

The New Charitable Contribution Deduction

How To Know If You Are Paying Penalties and Interests

The Capital Gaines Tax Changes

How to Get In Touch with the IRS

Dr. Friday Talks About How to Get Back on Track With the IRS

and much more!

Transcript

Caller 0:00

No, no, no, she's not a medical doctor, but she can share a cure for your tax problems or 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. 615-737-9986. So here's your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:28

Good day, I'm Dr. Friday and the doctor is in the house. We are all working on our last big weekend for the final numbers for the individual and corporate. If you're less than 20, your due date is 10/15, which is next Friday. So now's the time to hopefully sit in front of that computer, when it's a little bit quiet, I hope, and make those numbers sing for you.

Dr. Friday 0:52

So that way, and I have quite a few people to be quite honest with you, I am in the process of working with many people or you know, my clients at least will email me things that are coming up with things that have changed. And there, you know, we have quite a few people that sold real estate, it's that simple.

Dr. Friday 1:11

So quite a bit of real estate. And in doing so you may have created some tax situation, especially if it was rental real estate because rental real estate can usually have recapture of capital gains along with recapture of depreciation sorry, which is ordinary income plus the capital gains.

Dr. Friday 1:30

So we might need to make sure that you're covering both of those so that you are ready when it comes few more months, and we get ready to start looking at doing taxes, that we're not telling you that you owe another, you know, $50,000 in taxes.

Dr. Friday 1:45

I know in the last just today alone, I've had three people I've been working with clients that have sold real estate that has been rental real estate, and all of them have had some pretty good tax bills, one of them only paid like 40,000 and sold it for like 410,000. So obviously in those situations, you're looking at some pretty big capital gains.

Dr. Friday 2:06

So if you've got questions because it's not just straight across the board 15% If you've got questions, give me a call, you can do it here in the studio at 615-737-9866. Taking your calls, talking about pretty much all things when it comes to taxes.

Dr. Friday 2:25

So if you're in the process of finishing your 2020s, or prepping for your 2021, you know that there's going to be certain things like some changes, the standard deduction in 2021 is going to be 25,100 for married filing jointly 12,550 for single and 18,800. For the head of household. This is including inflation, so every year will go up a little bit, I do want to make sure individuals that are receiving the advanced child tax credit that you have prepared that information.

Dr. Friday 3:01

Especially, it's just going to be a little confusing in my mind, because maybe I deal with a lot of people that go two different directions. But income has gone up a prime example is if you sell a piece of real estate and you're getting the advanced child credit, it may come down to a situation where you might need

Another episode of the Dr. Friday Radio Show is here! In this podcast, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

What Are The American Rescue Plan Act and the Consolidated Appropriations Act of 2021?

Apply For Forgiveness For PPP Loan

Tips On How To Lower Your Taxes

Tax Extension Deadline Oct. 15 To File Your Tax Return

When Can I Apply For Forgiveness for Second PPP Loan?

The Latest Biden Campaign Tax Changes

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

Do You Need Help With Tax Representation?

Can I Make A Deal With the IRS?

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 0:30

Good day, I'm Dr. Friday and the doctor is in the house. We are live here on this beautiful Saturday. And if you want to join the show, all you have to do is pick up the phone and call 615-737-9986. We are taking your calls live.

Dr. Friday 0:49

Maybe you're thinking about taxes. You've probably heard me on either here or even on NewsChannel 5 talking about the August 2 date, which is Monday for anyone that lives in most of the surrounding counties, Williamson, Maury, Davidson, all of these counties would have been on a federal extension, which means that if for some reason you did not file an extension back in April, or you did but you owe money, now would be the time to make sure that payment is posted by Monday. So that way, you may find that your penalties and interest will be quite a bit lower than what you would have had if you wait till October at this point. So think about that. So that way you have something to possibly save.

Dr. Friday 1:35

And you probably heard but they did not extend the extension for landlords for, I should say renters, actually. So now landlords will be able to start doing evictions, which I'm sure there are people on both sides, that table but being a landlord and people, you know, having had people live in your home without paying rent or getting very minimal amounts from the government not to offset your own mortgage. So many landlords at this moment have had to put their home mortgages on hold, which means they're not moving forward. And in some cases, the banks have actually caused, you know, because the money's in the landlord's name, not the renter's name, that house could become jeopardized for that. So I think that was a good move.

Dr. Friday 2:21

So if you have renters that are not paying, and I have been extremely blessed, that I would suggest getting out there as soon as possible, because they may change that rule again. But for the next six weeks, since they're not in the office, I would say that you have time to make sure that your renters are actually paying rent.

Dr. Friday 2:41

Alright, so if you've got questions. Again, we have taxes, and we've had quite a few tax laws that have changed in the last year, we had the American Rescue Plan Act and the Consolidated Appropriations Act of 2021. And those are both under Biden, and many of them have temporary situations that will only affect the year 2021.

Dr. Friday 3:07

One of the biggest ones because I know come July, or you know what you guys all received, or many of you that have children, would have received your first installment for the Child Tax Credit or the Dependent Care Credit. And that is just for most people, that is a temporary situation, that is not something that's on the books to continue from year to year. This is a one-time for the year 2021, where you're going to have that kind of situation. But they did make some moves in that.

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

Tax Extension Deadline Oct. 15 To File Your Tax Return

Operating Businesses Tax Extention Deadline September 15, 2021

Current Capital Gains Rates

Are The Latest Tax Changes Permanent?

How To Sell Real Estate Without Paying Taxes

What Are The American Rescue Plan Act and the Consolidated Appropriations Act of 2021?

Apply For Forgiveness For PPP Loan

Tips On How To Lower Your Taxes

Tax Extension Deadline Oct. 15 To File Your Tax Return

The Latest Biden Campaign Tax Changes

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

Do You Need Help With Tax Representation?

and much more!

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

Good day, I'm Dr. Friday and the doctor is in the house and we are live here on Saturday, this wonderfully sunny, I guess if this properly term. It's a really nice Saturday outside. I've been working all day. But I did get a chance to go out earlier. And it's very nice. So hopefully you guys are enjoying your Saturday. And if you have any tax questions, we all know we're coming up on another deadline here.

Dr. Friday 0:50

Now, most of us already hit the I guess you would say the one deadline of August 2. Now the next one is going to be the true extension deadline date, which is October 15 for individuals. All operating businesses are going to be on September 15. So those are coming up. And you know, before you know, you also have your third estimated payment, which is going to be due on September 15 unless something changes. So making plans.

Dr. Friday 1:16

You know, there's a lot of changes every year. And I think this year, maybe more than some because of the real estate market here in Tennessee. I have had an outrageous number of individuals that have decided to sell either a rental property or a second home, a primary home. And so you're going to be looking at some tax changes that you might not normally have in your situation. So that would be one of those times when it's between the crazy seasons, to talk to your tax person. And make sure that you've set enough money aside for the potential of capital gains, you know, so that way we know.

Dr. Friday 1:58

Right now capital gains rates are zero, if you're in the 15% tax bracket, which is kind of now the 12 and then it goes to 15%, then it'll go to 18.8%, and then it'll go to 23.8%. And that is pretty much when you hit over 400 and some up 460, 000s when you're maximizing that for a married couple. So that will be something you need to be looking at making sure you understand. And if you have questions about that, or maybe you're just getting ready to start thinking about changes that might be happening changing of jobs.

Dr. Friday 2:33

many people are relocating to different areas, it seems like these can also cause some tax changes if you get a job that makes more money. It's a good problem to have, but it can't have.

Dr. Friday 2:44

And you can reach us here, the radio phone number is 615-737-9986. And we can take your calls here live. Again, if you're dealing with any of those. I took a meeting earlier this week. With someone that was–another thing– when you're selling real estate a lot of times in some cases, you might have a lot of leftover furniture Goodwill, per se, items. And how do you track that? And is it even going to be a tax deduction in the year 2021?

Dr. Friday 3:23

And so what we did do in this particular p

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

Tax Extension Deadline Oct. 15 To File Your Tax Return

Operating Businesses Tax Extention Deadline September 15, 2021

Do I Have To Claim Child Tax Credit?

Current Capital Gains Rates

Is the $300 Charitable Deduction for 2021?

If You Did Not Receive A Stimulus Check, Claim It On Your 2021 Tax Return

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

Do You Need Help With Tax Representation?

Apply For Forgiveness For PPP Loan

Tips On How To Lower Your Taxes

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 0:30

Hey, I'm Dr. Friday and the doctor is in the house on this really, really stormy Saturday. I don't know if any of you, I know a lot of my clients actually have pets. And as you guys all know, I have Great Danes, and my biggest, Zar, my largest one is six and he does not like thunderstorms. So he is all buried in his blankets and underneath his head. It's hilarious. But he is definitely not the one for the thunder. So every once in a while, it rumbles through, he is looking at me like, "What is going on Mama?" So just feel for you guys, if you've got pets because obviously there's not much they can do, they can only look at us and say "Keep me safe." And so we try.

Dr. Friday 1:11

So if you've got questions, you can call 615-737-9986. And Lavidious, if you can get that other screen, so I can see my callers, that would be great. Um, you can also join the calls and move forward on that one. If you've got some questions, this will be the easiest way to do it. But you can also email [email protected].

Dr. Friday 1:39

This week has been even though I know lately, there have been quite a few different people, as of 7/15 or July 15, individuals have been getting the child credit. I've received a ton of calls from the individuals that either should be getting it that aren't or individuals that don't want to get it but they're not able to get online and actually turn it off. One reason is they actually have to both the husband and wife to do it. Or they can't even get access online for that. So there isn't at this moment, there is not a telephone number that allows you to do it. This is what I will tell you and what's been coming down, you know, down the line from the IRS.

Dr. Friday 2:24

If you are not entitled to the child tax credit, you can either return it to the IRS. And I would make sure you keep very good records on how you do that so that the IRS doesn't try to turn around and make you pay it on your tax return. Because whoever is receiving it, when it comes time to actually do your taxes, you are going to be claiming that on your tax return. So if you do not have a child and you're getting it because, in 2020, you did have a child that qualified you. Or if keep in mind, this is an advance on the child tax credit. It is not like a person, you either need to give the money to the correct person and/or you need to have that conversation because I know what's going to happen.

Dr. Friday 3:14

Come tax season I'm going to have the head of household parents that did not receive it, and they're going to claim it on their tax return. And then the individual that shouldn't have received it's going to owe money and they're going to go "Oh, I didn't know I was going to owe this." Well, obviously you won't be a listener to the Dr. Friday show. So if you are receiving money for a child that you will not be claim

This is the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

Tax Extension Deadline Oct. 15 To File Your Tax Return

Operating Businesses Tax Extention Deadline September 15, 2021

Apply For Forgiveness For PPP Loan

How To Verify Your Identify With the IRS

Why You Need To Adjust To Your W4

What Are The Current Capital Gains Rates?

Is the $300 Charitable Deduction for 2021?

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

Do You Need Help With Tax Representation?

Tips On How To Lower Your Taxes

and much more!

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

Good day. I'm Dr. Friday and the doctor is in the house and we are live here on Saturday, this wonderfully sunny, I guess is the proper term. It's a really nice Saturday outside, I've been working all day. But I did get a chance to go out earlier. And it's very nice.

Dr. Friday 0:44

So hopefully you guys are enjoying your Saturday. And if you have any tax questions, we all know we're coming up on another deadline here. Now, most of us already hit the, I guess you would say, one deadline of August 2. Now the next one is going to be the true extension deadline date, which is October 15. For individuals, all operating businesses are going to be on September 15. So those are coming up. And you know, before you know it, you'll also have your third estimated payment, which is going to be due on September 15, unless something changes. So making plans.

Dr. Friday 1:16

You know, there's a lot of changes every year. And I think this year, maybe more than some because of the real estate market here in Tennessee, I have had an out rageous number of individuals that have decided to sell either a rental property or second home, a primary home. And so you're going to be looking at some tax changes that you might not normally have in your situation. So that would be one of those times when it's between the crazy seasons, to talk to your tax person, and make sure that you've set enough money aside for the potential of capital gains. So that way we know.

Dr. Friday 1:58

Right now capital gains rates are zero if you're in the 15% tax bracket, which is kind of now the 12th. Then it goes to 15%, then it'll go to 18.8%, and then it'll go to 23.8. And that pretty much when you hit over 400 and some up 460,000s when you're maximizing that for a married couple.

Dr. Friday 2:21

So that will be something you need to be looking at making sure you understand. And if you have questions about that, or maybe you're just getting ready to start thinking about changes that might be happening, changing of jobs, many people are relocating to different areas, it seems like. These can also cause some tax changes if you get a job that makes more money. It's a good problem to have, but it can't happen.

Dr. Friday 2:44

And you can reach us here, the radio phone number is 615-737-9986. And we can take your calls here live. Again, if you're dealing with any of those. I took a meeting earlier this week with someone that was– another thing. When you're selling real estate a lot of times in some cases, you might have a lot of leftover furniture goodwill, per se, items. And how do you track that? And is it even going to be a tax deduction in the year 2021?

Dr. Friday 3:23

And so what we did do in this particular person's situation, they haven't been itemizing the last number of years because their mortgage is not, you know, $40,000, or even $20,000 and their property taxes. Even

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

Tax Extension Deadline Oct. 15 To File Your Tax Return

Operating Businesses Tax Extention Deadline September 15, 2021

Quarter Estimates due September 15, 2021

Returns for C corporations That Are On a Calendar Year Have Now Been Extended to October 15, 2021

Apply For Forgiveness For PPP Loan

How To Verify Your Identify With the IRS

Why You Need To Adjust To Your W4

What Are The Current Capital Gains Rates?

Is the $300 Charitable Deduction for 2021?

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

Do You Need Help With Tax Representation?

Tips On How To Lower Your Taxes

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 0:30

Good day, I'm Dr. Friday and the doctor is in the house and we are here live. So if you do want to join the show, you can pick up the phone at 615-737-9986. That's a number here in the studio. Many of you are probably working this weekend possibly like I am because this is the last big weekend before tax season.

Dr. Friday 0:53

For businesses, it's going to be here on September 15, which is next Wednesday is the final day. If you filed an extension on a corporation and LLC, trust in some cases 1120, 1120 S, and 1065 are the main ones. And if you file any of those, and you follow the extension, this coming Wednesday, 9/15 will be the deadline and so many of us are working on tax returns this weekend to make sure that they get filed on time.

Dr. Friday 1:22

And if you've got a question or if you're in the process of filing one and you've come across something you need to ask feel free to give us a call again here in the studio at 615-737-9986.

Dr. Friday 1:35

I have been taking quite a few appointments this week, talking to people that are trying to figure out 2021, we're already three-quarters of the way through almost. And there's a lot of talk of what's happening back in the House and the Senate.

Dr. Friday 1:50

Just to bring up to date for some of the people that may not follow everything happening there is that you have the ability to Secure Act that passed in 2019. And then there, of course, they changed a few things for IRAs and workers. But now there are some more proposals in front of the House and the Senate that will even go further than what happened on the Secure Act.

Dr. Friday 2:13

Of course, one of the proposals is raising the age for taking minimum distributions from 72, which is what happened in the Secure Act up to the age of 75, which means you can leave your money longer in an IRA, let it grow. And then that way you would be able to sorry about that guys, let it grow longer. And that means your mandate to take it out of an IRA would be longer.

Dr. Friday 2:39

So it was 70, it went to 72. And now they're trying to approach the age of 75. Also allowing more part-time to participate in 401 K's enhancing tax credits for small business owners that had the workplace and letting people age 60 and older to contribute still to a 401k. And expanding the charitable contribution.

Dr. Friday 3:03

The qualified charitable deduction or distribution, I think is a pretty well unknown text to break for people that are taking RMDs. Most people, a large number of people that take requirement on distributions also attend church or give money to charities. And the easiest way to do that would be to do it directly through your RMD. Because if you do that it becomes tax-

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

Tax Extension Deadline Oct. 15 To File Your Tax Return

Operating Businesses Tax Extention Deadline September 15, 2021

Quarter Estimates due September 15, 2021

Apply For Forgiveness For PPP Loan

Returns for C corporations That Are On a Calendar Year Have Now Been Extended to October 15, 2021

How To Verify Your Identify With the IRS

The Current Capital Gains Rates

Is the $300 Charitable Deduction for 2021?

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

Do You Need Help With Tax Representation?

and much more!

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 0:26

Good day, I'm Dr. Friday and the doctor is in the house. We're having a wonderful Saturday around here. All kinds of things getting finished and completed. As we know, if you had an 1120 S or a 1065, you were now late if you have not filed your 2020 returns, those were due on 9/15.

Dr. Friday 0:45

So not single members, or LLC or sole proprietorships, or individual tax returns. Those are now due October 15, along with normal 1120 tax returns. So all of that being said, if you haven't filed your 2020 tax return, you need to get an appointment fast if you're trying to get in with my firm. Or if you do it yourself, you need to get them ready and file don't wait till the very last minutes because there's a likeliness that you will not get them filed on time. And then the penalties can even be worse than not filing in the first place.

Dr. Friday 1:17

So you know, I mean, it's like a 25% penalty if you actually don't file on time. So filing with an extension, if you do not have an extension you're already late. So sooner you file better it's going to be so if you have a question and you need it, maybe you're working on that, or maybe you're actually pre-empting, your 2021 taxes, what a concept.

Dr. Friday 1:39

You can join the show 615-737-9986. We are taking your calls here in the studio. If you have some questions concerning taxes, or maybe something that's come along, maybe you've inherited property and you're selling it or you've sold rental properties, you want to sell your primary home and you're not too sure what your taxes may or may not be, this would be the time to try to get at least the right basic answer which direction to go, everybody's got a slight difference.

Dr. Friday 2:08

But that is all based on percentage of income so we can get you pretty close to what you need. So again, the phone number here in the studio is 615-737-9986. All right, so we're going to talk a little bit about, as I've told you, in the last couple shows.

Dr. Friday 2:25

The fact is we've had several taxes, we've got the American Rescue Act and the consolidated appropriation act of 2021. We also had the Families Act, the economics for Families Act are going to be as follows. One of the reasons this is kind of important is there are some big changes that affect people with children, obviously.

Dr. Friday 2:46

So the child tax credit will be fully refundable under this new Act, which came in effect for 2021. And the amount would increase from $3,000 per child to 3600 for children under the age of six. And then over the age of six, it is $3,000. So we're going to go up right now it's 1000. So that's huge numbers, right?

Dr. Friday 3:10

I mean, that is huge. And the other permanent change is the age of the child, we used to go up until the change of the child turning