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The Dr. Friday Radio Show
By Dr. Friday BurkeBusiness
The Dr. Friday Radio Show episodes
- Dr. Friday Radio Show – May 17, 2025
Join Dr. Friday, your go-to financial counselor and tax consultant, in this May 17, 2025 episode. Dr. Friday addresses pressing IRS concerns, including “love letters” for late business filings, processing delays, and the crucial three-year limit for claiming refunds. She dives into strategies for handling back taxes, the realities of the Fresh Start program, and settling tax debts. Callers bring real-world scenarios, discussing Tennessee’s unique tax filing extension, RMDs while still working, capital gains on property sales, and smart IRA withdrawal strategies in retirement. Get practical advice on AMT, the importance of wills and trusts, 1031 exchanges, and making informed financial decisions.
Topics Covered:- IRS “love letters” for late business tax filings (LLCs, S-corps) and first-time penalty abatement.
- Current IRS processing delays and potential impacts of budget cuts.
- The three-year statute of limitations for claiming tax refunds.
- Consequences of filing multiple years of back taxes, especially regarding older refunds.
- Strategies for dealing with IRS debt, including the Fresh Start program and Offer in Compromise realities.
- Rules surrounding bankruptcy and its application to tax debt.
- Tennessee’s special federal tax filing extension to November 3, 2025, due to storms, and its impact on individual returns and estimated payments.
- Explanation of the Alternative Minimum Tax (AMT) and who it might affect.
- The importance of having a will or trust for estate planning.
- Caller question confirming the Tennessee tax filing deadline of November 3rd.
- Discussion on making quarterly estimated tax payments, especially with the extended deadline.
- Caller question about Required Minimum Distributions (RMDs) for a self-employed individual still working and contributing to retirement accounts.
- Caller question regarding capital gains tax on the sale of an investment property, including calculating basis and tax rates.
- Caller question on how much can be withdrawn from an IRA annually to minimize or avoid income tax in retirement.
- Brief mention of 1031 like-kind exchanges for investment properties.
- Considerations before using 401(k) funds to pay off a mortgage.
- The importance of seeking tax advice before making significant financial decisions.
- Overview of various IRS penalties (failure to file, failure to pay, failure to make proper estimates).
FAQ about the Episode:- Q: Is there a special tax filing extension for Tennessee residents mentioned?
- A: Yes, Dr. Friday confirms a federal extension for Tennessee residents to file their 2024 individual taxes and make certain payments by November 3, 2025, due to severe storms. This also applies to 2025 Q1, Q2, and Q3 estimated payments.
- Q: What is the time limit for claiming an old tax refund from the IRS?
- A: Dr. Friday states that you generally have three years from the due date of the return (or the date filed, if later) to claim a refund. For example, 2019 refunds would likely be unclaimable by May 2025 unless specific circumstances apply.
- Q: Can I really settle my tax debt with the IRS for “pennies on the dollar”?
- A: Dr. Friday explains that while programs like Offer in Compromise exist, they have strict eligibility requirements based on your assets and income. It’s not a simple negotiation, and having significant assets (like home equity or retirement funds) can make qualifying difficult.
- Q: What advice does Dr. Friday give about handling IRS problems?
- A: She advises addressing IRS issues promptly, understanding the specific processes involved (like penalty abatement or
47 min - Dr. Friday Radio Show – April 26, 2025
Welcome to the Dr. Friday Show from April 26, 2025! While she might not have a medical degree, Dr. Friday is here to diagnose and treat your financial and tax ailments. In this episode, Dr. Friday dives into the significant Tennessee-wide disaster tax relief extension announced by the IRS, clarifying who qualifies and how it differs from state relief. She also tackles common issues like dealing with multi-year tax debt, the implications of tax problems on marriage and home buying, understanding the difference between a hobby and a business, and takes listener calls on Social Security income rules and self-employment tax. Get ready for practical advice on navigating IRS complexities and planning for the future.
Topics Covered:- Federal Disaster Tax Relief for Tennessee:
- All Tennessee counties qualify for IRS disaster tax relief due to various events (tornadoes, storms, flooding) over the past year.
- Federal filing and payment deadlines (including quarterly estimates and payroll taxes) originally due around April 15th are extended to November 3, 2025.
- This extension applies universally within TN, regardless of direct impact from the disasters.
- Unlike normal extensions, the payment deadline is also extended without penalty for federal taxes.
- This extension also applies to 2024 IRA contributions (usually due April 15th). SEP contributions are also extended.
- State Tax Relief Distinction:
- Tennessee state tax deadlines (Franchise & Excise, business tax, sales tax) are not automatically extended for everyone.
- State relief is granted on a case-by-case basis only for those directly affected by the disasters.
- Addressing IRS Tax Debt:
- Importance of resolving past-due taxes, especially when facing life events like marriage or buying property.
- Filing “Married Filing Separately” might be advisable if a spouse has pre-existing tax debt.
IRS collection actions: liens (especially payroll) and potential wage garnishment (up to 100%).- High cost of ignoring IRS debt due to penalties (failure to file, pay, estimate, understatement – up to 25% each) and interest (mentioned ~12%).
- Offer in Compromise (OIC): Possible but often not “pennies on the dollar,” especially with assets like home equity, multiple cars, or recreational vehicles (campers).
- IRS may expect taxpayers to borrow against or liquidate assets to pay tax debt.
- Hobby vs. Business Income:
- Discussion using Dr. Friday’s beekeeping as an example.
- Hobby expenses are only deductible up to hobby income (no losses allowed).
- A true business requires intent and activity level aimed at profit.
- Social Security & Income:
- Caller question about interest income impacting SSDI/early retirement earnings limits.
- Clarification: Passive income (interest, retirement distributions) counts for taxability of SS benefits but generally not towards the earned income limit that reduces early retirement benefits.
- Proactive step: Requesting federal tax withholding from Social Security benefits (requires filling out Form W-4V, likely in person).
- Potential impact of large income events (like stock sales) on Medicare premiums via IRMA (Income Related Monthly Adjustment Amount).
- Self-Employment and Early Social Security:
- Caller question about structuring a mowing business when one spouse is collecting early Social Security (under Full Retirement Age) and the other is past FRA.
- Advice: Structure business under the spouse past FRA. Pay the spouse under FRA as a 1099 contractor, limiting their earnings to stay below the annual limit.
- Note: The earnings limit is prorated in the first year of collecting benefits.
- Self-Employment Tax Basics:
47 min - Dr. Friday Radio Show – March 22, 2025
In this episode of The Dr. Friday Radio Show, Dr. Friday dives into the heart of tax season with critical updates, valuable guidance for filers, and answers to real listener questions. She covers everything from business tipping practices and tax bracket planning to BOIR confusion and capital gains insights—plus what to watch out for when trying to “save” on taxes with big purchases. Whether you’re a business owner, parent paying college tuition, or navigating retirement, there’s something here for you.
Topics Covered- Tipping & Payroll Compliance
- TN Dept. of Labor’s rules on tip handling by employers.
- Federal law mandates tips belong solely to employees.
- Risks for businesses using tips to supplement payroll.
- Filing Head of Household
- When you can claim it (e.g., adult children, elderly parents).
- Income thresholds and care requirements.
- Earned Income Credit Restrictions
- Not available for those over 65 or under 22 (with exceptions).
- College Tuition & Tax Credits
- Why higher-income families often miss out on education credits.
- American Opportunity & Lifetime Learning Credit phaseouts.
- Challenges with student loans and aid eligibility.
- Do You Need to File?
- Elderly individuals and filing thresholds.
- How to calculate whether Social Security income is taxable.
- BOIR (Beneficial Ownership Information Report) Update
- Correction issued: Most U.S. small businesses no longer need to file under the Corporate Transparency Act.
- 2025 Gifting Limits
- Increased to $19,000 per person without gift tax implications.
- Capital Gains Tax Brackets
- Yes, 0% capital gains tax exists—but income limits apply.
- Breakdown of thresholds for individuals, married couples, and trusts.
- How the 3.8% Medicare surtax can sneak in.
- The Myth of ‘Buying to Save on Taxes’
- Why spending $100,000 to save $16,000 in taxes isn’t wise unless the purchase is truly needed for business.
- Deadlines and Extensions
- S-Corp and Partnership tax deadlines passed (March 15).
- April 15 personal tax deadline approaching.
- Benefits of filing an extension—even if you still file on time.
- Live Callers’ Questions
- Can I claim my 28-year-old son as head of household?
- Widowed caller unsure if she needs to file taxes.
- What can higher-income parents do to lower taxable income while paying for college?
- Donating a valuable historical item and using it to offset a Roth conversion.
Transcript00:00-00:07No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your financial woes.00:07-00:10She’s the how-to girl. It’s the Doctor Friday Show.00:10-00:22If you have a question for Doctor Friday, call her now, 737-WWTN. That’s 737-9986.00:22-00:27So here’s your host, financial counselor and tax consultant, Doctor Friday.00:27-00:34G’day, I’m Doctor Friday and the Doctor is in the house.00:34-00:36It is actually a gorgeous Saturday outside.00:36-00:40I stuck my head out a little bit, been working on taxes all morning.00:40-00:43I bet some of you have been working on your taxes, I am sure.00:43-00:51So if you’ve got questions concerning about how to file taxes, maybe you’ve run into something on your tax return and you weren’t sure how it works.00:51-01:00I’ve had some really int47 min - Dr. Friday Radio Show – March 8, 2025
Welcome to the Dr. Friday Radio Show recap for March 8, 2025! Dr. Friday, a financial counselor and tax consultant, discussed crucial tax topics, business regulations, and answered live caller questions. If you’re navigating tax season or dealing with financial concerns, this episode provided valuable insights and updates to keep you informed and compliant.
Key Topics Covered:
- Beneficial Ownership Information (BOI) Filing:
- Deadline approaching (March 21, 2025) for businesses registered with the state.
- Applies to LLCs, S-corps, C-corps, partnerships, and other entities.
- Failure to file results in penalties of $592 per day.
- BOI is required for transparency in ownership to prevent money laundering.
- Tax Filing & Extensions:
- Corporate tax returns (Forms 1065, 1120S) due March 15, 2025.
- Importance of filing an extension to avoid penalties.
- Individual tax deadline and when to consider filing an extension.
- Handling Missing Tax Documents:
- What to do if you haven’t received all necessary forms.
- The importance of estimating income to avoid penalties.
- Job Changes & Tax Implications:
- W-4 form adjustments when switching jobs.
- Checking the right boxes to prevent under-withholding.
- Married couples and how incorrect W-4s can lead to unexpected tax bills.
- Gifting & Tax Consequences:
- Gift tax exemption limits ($18,000 per person in 2025).
- Gifting real estate and how the recipient’s cost basis is determined.
- Potential tax liabilities when selling gifted property.
- Charitable Contributions & Deductions:
- Standard deduction vs. itemizing for tax benefits.
- How to maximize tax savings through direct IRA charitable contributions.
- Donating vehicles: necessary documentation and valuation.
- Capital Gains & Roth Conversions:
- Long-term capital gains tax brackets.
- Strategic Roth conversions to minimize tax burden.
- Tax-efficient ways to manage stock and investment assets.
- Upcoming Tax Code Changes in 2026:
- Expiration of the current tax brackets.
- Potential increases across income levels.
- Implications for long-term tax planning.
Transcript
00:00-00:04She’s not a medical doctor, but she can sure cure your tax problems or your financial woes.00:04-00:08She’s the how-to girl. It’s the Dr. Friday Show.00:08-00:19If you have a question for Dr. Friday, call her now, 737-WWTN. That’s 737-9986.00:19-00:24So here’s your host, financial counselor and tax consultant, Dr. Friday.00:28-00:32Hey, I’m Dr. Friday and the doctor is in the house.00:32-00:39And we’ll be able to take your calls live today at 615-737-9986.00:39-00:46615-737-9986 is the number here in the studio.00:46-00:48So if you’d like to reach us, you can give us a call.00:48-00:51We’re working on taxes ourselves here in the office.00:51-00:58So if you have a question on preparing your tax return, maybe you’re dealing with something else, as far as maybe something came up in 2025.00:58-01:07Usually we have a lot of people that are either selling homes or inheriting property, and they’re not always sure how that’s going to affect the taxes.01:07-01:09Maybe you’re working on a conversion.01:09-01:15All of those come into pl47 min - Dr. Friday Radio Show – February 22, 2025
Join Dr. Friday, trusted financial counselor and tax consultant, as she dives into this week’s hottest tax topics! From IRS refund delays to capital gains on property sales, Dr. Friday answers listener questions and shares valuable tax-saving tips. Whether you’re wondering about earned income credits, qualified charitable deductions, or how to handle debt forgiveness on your taxes, this episode is packed with insights to help you navigate tax season 2025 with confidence.
Topics Covered:
- IRS Refund Delays: Why some refunds, especially those with earned income credits, are held up and what to do if you’re waiting.
- Claiming Dependents: Legal issues when biological parents wrongfully claim children on tax returns and how grandparents can file correctly.
- Mileage Rate Updates: Business miles are 67 cents per mile in 2024 and 70 cents per mile in 2025—key deductions for self-employed individuals.
- IRA Contributions: The deadline to contribute to traditional and Roth IRAs is April 15, 2025—how it can lower your tax bill.
- Qualified Charitable Distributions (QCDs): How retirees over 70½ years old can donate pre-tax from their IRA to save money.
- S-Corp Vehicle Transfer: Steps to legally transfer a company-owned vehicle to personal ownership and avoid IRS red flags.
- Medical & Charitable Deductions: When out-of-pocket medical expenses and donations are worth itemizing vs. taking the standard deduction.
- Debt Forgiveness & Taxes: How canceled credit card debt counts as taxable income and what options exist for reducing the impact.
- Missing W-2 Forms: What to do if an employer goes out of business and fails to issue a W-2.
- Real Estate Capital Gains: Why most homeowners don’t owe taxes when selling their primary residence under $500,000 in gains.
- Business Owners Information (BOI) Act: Important March 21st deadline for LLCs and corporations to file required information.
Transcript
00:01-00:07No, no, no. She’s not a medical doctor, but she can sure cure your tax problems or your financial woes.00:08-00:10She’s the how-to girl. It’s the Dr. Friday Show.00:14-00:22If you have a question for Dr. Friday, call her now. 737-WWTN. That’s 737-9986.00:23-00:27So here’s your host, financial counselor and tax consultant, Dr. Friday.00:30-00:33G’day, I’m Dr. Friday and the doctor is in the house.00:33-00:35I am here live in studio.00:35-00:42So if you’re working on your taxes, just like I am for some of my clients, then this might be the perfect time to ask a question.00:42-00:44If you have any questions, you want to join the show.00:45-00:46737-9986.00:47-00:50737-9986 is the phone number here in studio.00:51-00:53And we’re talking about taxes, right?00:53-00:57There’s not been a ton of tax changes from 23 to 24.00:58-01:00Probably one of the biggest is the mileage.01:00-01:02Obviously, every year we get an adjustment.01:02-01:04In the last few years, it’s went up.01:04-01:11Who knows what the next year, but it’s going to be 70 cents in 25, 67 in 24 for business miles.01:12-01:15And it’s a little less for charity and also medical.01:15-01:28But mainly what you want to make sure and what I’m finding is I have had, obviously we’ve been doing taxes now and tax season open, basically e-file open in January, end of January, 27th, I think.01:29-01:32And I had a couple of people calling me.01:32-01:39I will say our office doesn’t do a lot of taxes where it comes to child earned income credits.01:39-01:44But I had a client that had been waiting and we filed it on the first day of tax season.01:45-01:48And she contacted the IRS because it’s been more than 21 days now.01:48-02:01And she was told that they don’t actually release f47 min - Dr. Friday Radio Show – February 8, 2025
On this episode of the Dr. Friday Radio Show, Dr. Friday tackles key tax season concerns, from handling 1099 discrepancies to adoption tax credits. She also answers listener questions about property tax freezes, Social Security taxation, and dealing with IRS notices. Tune in for expert tax tips and real-world scenarios to keep you informed and prepared this tax season.
Topics Covered:
- Tax Season Prep: Ensuring you have all your W-2s, 1099s, and other necessary documents before filing.
- 1099 Income Mismatches: What to do when a 1099 doesn’t match what you received in the bank.
- Adoption Tax Credit: Eligibility and how to claim up to $16,810 in 2024 for adoption expenses.
- Dependent Care Tax Considerations: Qualifying conditions for claiming an elderly parent or adult child.
- Property Sale and Taxes: How escrow delays affect when you owe taxes on home sale proceeds.
- Head of Household Filing Status: Who qualifies and how it can increase deductions.
- IRS Notices & Disputed 1099s: Steps to take when the IRS claims you owe taxes for income you never received.
- Medical Reimbursement & HSAs: Reporting rules for HSA distributions and tax-free employer medical stipends.
- Social Security & Taxes: Income limits before Social Security becomes taxable and filing requirements.
- Property Tax Freeze for Seniors: How homeowners on limited income may qualify for property tax relief.
- Extensions & Tax Payments: Why filing an extension doesn’t delay your tax payment deadline.
Transcript00:00-00:03G’day, I’m Dr. Friday and the doctor is in the house.00:04-00:09And if you want to join our show on this beautiful Saturday right before the Super Bowl, you certainly can.00:09-00:14You can join us at 615-737-9986.00:15-00:19615-737-9986.00:19-00:23Taking your calls. Talking about my favorite subject, which is taxes, which is what I’m working on all weekend.00:24-00:29But it’s also the time to think about what you’re going to be needing to organize, right?00:29-00:34It’s time for you to think, okay, so have I received all of my W-2s?00:35-00:36Did you work any part-time jobs?00:36-00:41Did someone send you a 1099, but it doesn’t match what you actually put in the bank.00:41-00:46Sometimes that happens, you know, sometimes depending on when they paid you.00:46-00:51I had a situation where one of my clients said, well, I didn’t get the check until January 4th,00:51-00:53but they mailed it and it was posted.00:53-00:57I mean, theoretically, it was dated December 21 or something like that, 21st.00:58-01:02So the 1099 was higher than they expected.01:03-01:03And that’s fine.01:04-01:06They wrote the check at the time that they received it,01:06-01:10and you’re cashing it at the time that you’re going to pay it.01:10-01:12Now, here’s the biggest problem.01:12-01:17If that is your only payment, and the IRS gets a check for more,01:17-01:21and you report less, you need to put explanation in there why.01:22-01:25The 1099, there is a way of doing that, but you want to explain it,01:25-01:28because otherwise the IRS is going to think you understated your income01:28-01:30based on what somebody had reported.01:30-01:32So it’s important that you address it.01:32-01:34You don’t just let it slide and then you turn around01:35-01:38and you’re like, oh, wow, what do I need to do on this01:39-01:39or whatever.01:39-01:43You need to make sure that you have all that information01:44-01:48because again, the IRS is going to match that information01:49-01:51and if you don’t hav46 min - Dr. Friday Radio Show – February 1, 2025
Welcome to another episode of the Dr. Friday Radio Show, where tax expert and financial consultant Dr. Friday breaks down the latest tax updates, answers listener questions, and helps you navigate the ever-changing world of taxation. With the 2024 tax season officially underway, this episode covers key topics such as capital gains taxes, IRS resolutions, filing deadlines, tax credits, and more. Whether you’re filing back taxes, dealing with IRS collections, or simply looking for ways to save on your return, Dr. Friday has you covered. Tune in and take control of your financial future!
Topics Covered in This Episode:- Tariffs and Their Impact: Discussion on upcoming tariffs, their potential effect on inflation, and whether they could lead to more U.S. jobs.
- 2024 Tax Season Updates: E-filing for tax years 2022, 2023, and 2024 is now open, with key deadlines to keep in mind.
- IRS Resolution Issues: The need for more resolution officers to improve IRS collections and reduce unnecessary enforcement actions.
- Filing Deadlines & Standard Deductions: Important changes to tax deadlines, standard deduction increases, and tax credit adjustments.
- Earned Income Credit Age Restrictions: Explanation of eligibility limits for taxpayers under 25 and over 65.
- 1099-K Reporting Thresholds: New $5,000 threshold for 2024, with a planned reduction to $600 in the future.
- Capital Gains Tax Concerns: A listener’s question about estimated taxes on a $350,000 capital gain and how it affects Medicare premiums.
- Surviving Spouse Tax Filing: How widows/widowers should plan their income to stay within favorable tax brackets.
- Electric Vehicle Tax Credits: Updates on tax credits for new and used EVs, including how they can be transferred to a dealer.
- Health Insurance Marketplace Issues: Risks of underreporting income and surprise repayment obligations.
- Home Sale Tax Implications: How long-term homeowners can exclude up to $500,000 in gains from taxes.
- IRA Withdrawals & Tax Consequences: A caller’s question about missing the 60-day rollover deadline and its tax impact.
Transcript00:00-00:02Paid for by Dr. Friday Tax and Financial Firm.00:03-00:09For tax services, planning, business, and IRS negotiation, visit drfriday.com.00:11-00:12No, no, no.00:12-00:17She’s not a medical doctor, but she can sure cure your tax problems or your financial woes.00:17-00:18She’s the how-to girl.00:19-00:20It’s the Dr. Friday Show.00:24-00:26If you have a question for Dr. Friday, call her now.00:26-00:28737-WWTN.00:29-00:31That’s 737-9986.00:33-00:37So here’s your host, financial counselor and tax consultant, Dr. Friday.00:39-00:46G’day, I’m Dr. Friday and this is the Dr. Friday show where we talk about taxes, which is one of my favorite subjects.00:46-00:56If you’ve got any questions, maybe you’re working on your own taxes or you’re trying to get together all your documentations and maybe something came in and you’re not too sure exactly how that should work.00:56-00:57This is the show.00:57-00:58You can ask a question.00:58-01:02If I don’t have the answer, if we need to do it off the mic, we can do that as well.01:02-01:07Easiest way to get on the show is 615-737-9986.01:07-01:11615-737-9986.01:12-01:17You can also email friday at drfriday.com.01:17-01:19Friday at drfriday.com.01:20-02:10We’re going to start the show off with someone asking me if, and it really doesn’t, in my opinion, has not a lot to do with taxes, more about maybe tax news, the tariffs that go into effect. How is that going t47 min - Dr. Friday Radio Show – January 18, 2025
In this episode of the Dr. Friday Radio Show, Dr. Friday covers essential tax updates and financial tips as tax season approaches. From changes in tax credits to scam prevention advice, this episode equips listeners with the knowledge to navigate the 2025 tax season confidently.
Topics Covered- Donald Trump’s Presidency and Tax Implications
Speculation on how the administration and 119th Congress may impact tax laws, including Section 179 depreciation changes.- Key Dates for Tax Season
E-filing for 2024 taxes begins on January 27, 2025. Deadlines for W-2 and 1099 issuance are also highlighted.- California Tax Extensions
Residents in disaster-affected areas receive tax filing extensions.- Commercial Clean Vehicle Tax Credit
New IRS proposals for tax credits on qualified commercial and used clean vehicles.- SALT Tax Reform Efforts
Discussion of potential changes to the $10,000 cap on state and local tax (SALT) deductions.- Recovery Rebate Credits
IRS efforts to issue payments to those who missed their 2021 recovery rebate credits.- Scam Awareness During Tax Season
Tips to recognize and avoid tax-related scams, including fraudulent IRS calls and Ponzi schemes.- Tax Return Preparers
Advice on ensuring your tax preparer signs your return and has proper credentials.- Employer Retention Tax Credit (ERTC)
Clarification that ERTC funds are taxable.- Child Tax Credit and Earned Income Credit Updates
Insights into fraud prevention efforts and eligibility criteria.- Preparing for Emergencies
Importance of offsite document backups to protect tax and financial records.Transcript
00:00-00:02All right, guys, this is the Doctor Friday show.00:02-00:04A couple new discussions.00:04-00:09Obviously, we know Donald Trump is going to be soon brought into the presidency.00:10-00:11What will that mean for taxes?00:11-00:13And to be quite honest, we’re not sure.00:13-00:17I mean, there is, the 119th Congress will be enrolled.00:17-00:23And we will find out if they’re going to go back and do anything when it comes to some tax law.00:23-00:29One of the big ones I would love is a section 179, instead of having theoretically 40% in 2020.00:29-00:32having that back to the 100%.00:32-00:37I think it encourages small business owners to be able to go do things and make it work00:37-00:41where if you spend $100,000 or $100, whatever,00:41-00:47and then you turn around and you don’t have the ability to make anything work,00:47-00:49then it will become more of an issue.00:49-00:54So if you spend $100 and you can only get $60 versus you spend $100,00:54-00:58you get $100, more people are encouraged to probably do the 100,00:58-00:59is all I’m going to say on that one.00:59-01:03So that way you can actually make sure that you have everything you need.01:04-01:08Other things, obviously, we’re still waiting to hear on some of the different situations.01:08-01:16If you have family in California, obviously tax season isn’t going to be an issue that’s all been extended.01:18-01:25So there is nothing there that anyone has to worry about as far as the tax season that’s in those areas, in those counties.01:25-01:28Tax season will start on January the 27th for e-filing.01:29-01:34So that is something that we will be looking forward to and moving forward on.01:35-01:47But other than that, we will be able to hopefully start finalizing some of our tax returns and getting them sent out so people will be able to, you know, put some money back in their pocket, make sure it’s all working.01:48-01:51We also have some new IRS proposals.01:52-01:55The IR45 min - Dr. Friday Radio Show – January 11, 2025
In this episode of the Dr. Friday Radio Show, Dr. Friday dives into key tax updates and practical advice to help listeners navigate the 2024 tax season. From filing deadlines to common tax pitfalls, this episode is packed with useful tips for individuals, small business owners, and contractors alike. Plus, callers share unique tax situations, including gambling income, Medicare payments, and travel deductions.
Topics Covered- Tax Filing Deadlines:
- E-filing for 2024 taxes opens January 27, 2025.
- Employers must issue W-2s by the end of January; IRS filing for employers due mid-February.
- Filing Tips for Early Filers:
- Avoid using your last pay stub to file taxes; discrepancies can lead to IRS issues.
- Tax credits like Child Credit or Earned Income Credit may delay refunds until mid-February.
- Mileage Deduction Insights:
- Business mileage rates increased to $0.70 per mile for 2025.
- Clear guidelines on deductible miles for delivery drivers and contractors.
- Medicare and Tax Considerations:
- Paying Medicare premiums via Social Security or separately has no tax impact.
- Small Business Tips:
- Importance of reconciling expenses and documenting credit card purchases for taxes.
- Use tools like QuickBooks for receipt and record-keeping.
- Gambling Income & Deductions:
- Winnings must be reported; deductions for losses limited to winnings and require itemization.
- Key considerations for online gambling and tax obligations.
- Energy Tax Credits:
- 30% tax credit for installing solar energy systems; unused credits roll over to future years.
- Unique Caller Questions:
- Handling taxes on Canadian Social Security while living in the U.S.
- Per diem and actual expenses for travel related to income-generating activities.
- Addressing scams and financial exploitation from a tax perspective.
- Tax Scams Awareness:
- IRS never demands payments via phone; verify any suspicious calls independently.
Transcript00:00-00:05If you want to join the show, you can at 615-737-9986.00:05-00:09615-7-37-9986.00:10-00:13And to be quite honest, it’s been a pretty quiet weekend.00:14-00:16Friday, most everybody was trying to deal with the snow.00:17-00:19Saturday, it’s been pretty nice on the roads.00:19-00:23I was out there a couple times, but still, it hasn’t been overly crazy.00:25-01:59But hopefully everyone will get back to work on Monday morning and we’ll be in good shape able to make it through and I’m sure all the kids love the snow day so that was actually a fun and exciting thing but if you have questions or you need help you can call the show I do realize it’s a it’s a pretty quiet day I’m not expecting a lot of phone calls but 615 737 986 615 737 97 9986 is the number here in the studio and you can call and ask your questions and then if you if I can help I’ll be definitely glad to you know we want to review it is what the 10th 11th of January so tax season for 2024 has started individuals are getting I know many of our clients have already received we use ADP so a lot of them have received their W-2s already some are still waiting the just so you know the employer does not have to have anything to the employees until the last day of January so and I believe they don’t even have to have filed with the Social Security Administration until the second week of February. So sometime between the end of January and the second week of February, if there’s been corrections or anything, you should46 min - Dr. Friday Radio Show – January 4, 2025
Welcome to the January 5, 2025 episode of The Dr. Friday Radio Show! Dr. Friday, an experienced tax consultant and financial counselor, is here to answer your tax questions and help you kick off the 2024 tax season the right way. Tune in as she covers key updates, answers listener calls, and shares practical advice for navigating taxes, RMDs, and financial planning in 2025.
Key Topics Covered:- 2024 Tax Season Kickoff
- Importance of organizing tax records early.
- Recommendations for small business accounting tools like QuickBooks.
- BOI Compliance Updates
- Recent court hold on the Business Owners Information (BOI) mandate.
- Estimated Tax Payments
- Strategies for wage earners with investment income to avoid penalties.
- Explanation of quarterly tax requirements for self-employed individuals.
- Claiming Dependents and Tax Credits
- Guidelines for claiming non-income earning dependents, such as elderly parents.
- Inheritance and Taxes
- Tax implications of life insurance payouts and inherited assets.
- Cryptocurrency Taxes
- Warning about potential scams and clarification on crypto taxation rules.
- Required Minimum Distributions (RMDs)
- Updates on rules for RMDs and Qualified Charitable Deductions (QCDs).
- Listener Questions
- Topics ranged from Roth IRAs, trusts, and estate planning to charitable giving strategies.
Transcript00:00-00:07No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your financial woes.00:07-00:10She’s the how-to girl. It’s the Doctor Friday show.00:14-00:22If you have a question for Dr. Friday, call her now. 737 W.WTN. That’s 7379986.00:23-00:27So here’s your host, financial counselor and tax consultant Dr. Friday.00:27-00:32Oops, I have a feeling I wasn’t talking.00:32-00:33This is Dr. Friday.00:33-00:34I’m here live in the studio.00:35-00:36And sorry about that.00:37-00:40We are wishing everyone to Merry Christmas and a Happy New Year’s.00:41-00:44And we’re getting ready to start the 2024 tax season.00:45-00:47And obviously it’s 2025.00:47-00:52So we’re going to get ready to making sure that everyone has their tax appointments, making sure that we’re dealing.00:53-00:56I want to start with the B-O-I business owners information.00:56-01:00You heard us talk a lot about that in the last year, especially in the last month.01:00-01:06And then, no surprise, someone decides they’re going to be taking that particular ruling to court.01:06-01:08So they put a hold on the mandate.01:08-01:16So if you did not comply or you’re not even sure what I’m talking about when I say B-O-I, at the moment, you are good.01:16-01:18You don’t have to worry about doing anything else.01:18-01:23All you have to worry about is getting your tax records ready for the 2024.01:23-02:06And if you’re a brand new company, making sure that you have, you know, starting the new year outright, start out with a good system. That system can be something as simple as pen and paper, to be quite honest with you. There are some businesses that really do do just fine with pen and paper, but the most likely or best system that we have found in almost 30 years of doing accounting and taxes is using Intuit or QuickBooks. It has changed a lot in the last, number of years. It was a little easier when everything I think some ways was on desktop. That may be just making me a little bit older. The online system does work. It’s just a little bit more47 min
About The Dr. Friday Radio Show
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The Dr. Friday Radio Show is a weekly radio show broadcast live on 99.7/WWTN every Saturday from 2PM-3PM CST. If you are outside of the listening area of the radio station (Nashville, TN), you can also download the iHeart App on your smartphone and search WWTN to hear the LIVE show.
You can also listen to past episodes on the Dr. Friday Tax and Financial Firm website (https://drfriday.com), on Apple Podcasts, Google Play and many more.