The Dr. Friday Radio Show

By Dr. Friday Burke

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 als... more

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FAQs about The Dr. Friday Radio Show:

How many episodes does The Dr. Friday Radio Show have?

The podcast currently has 269 episodes available.

The Dr. Friday Radio Show episodes:

April 26, 2025Dr. 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:
...more
47min
March 24, 2025Dr. 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.
Transcript
00:00-00:07
No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your financial woes.
00:07-00:10
She’s the how-to girl. It’s the Doctor Friday Show.
00:10-00:22
If you have a question for Doctor Friday, call her now, 737-WWTN. That’s 737-9986.
00:22-00:27
So here’s your host, financial counselor and tax consultant, Doctor Friday.
00:27-00:34
G’day, I’m Doctor Friday and the Doctor is in the house.
00:34-00:36
It is actually a gorgeous Saturday outside.
00:36-00:40
I stuck my head out a little bit, been working on taxes all morning.
00:40-00:43
I bet some of you have been working on your taxes, I am sure.
00:43-00:51
So 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.
00:51-01:00
I’ve had some really int
...more
47min
March 14, 2025Dr. 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
00:00-00:04
She’s not a medical doctor, but she can sure cure your tax problems or your financial woes.
00:04-00:08
She’s the how-to girl. It’s the Dr. Friday Show.
00:08-00:19
If you have a question for Dr. Friday, call her now, 737-WWTN. That’s 737-9986.
00:19-00:24
So here’s your host, financial counselor and tax consultant, Dr. Friday.
00:28-00:32
Hey, I’m Dr. Friday and the doctor is in the house.
00:32-00:39
And we’ll be able to take your calls live today at 615-737-9986.
00:39-00:46
615-737-9986 is the number here in the studio.
00:46-00:48
So if you’d like to reach us, you can give us a call.
00:48-00:51
We’re working on taxes ourselves here in the office.
00:51-00:58
So 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.
00:58-01:07
Usually 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.
01:07-01:09
Maybe you’re working on a conversion.
01:09-01:15
All of those come into pl
...more
47min
February 25, 2025Dr. 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
00:01-00:07
No, no, no. She’s not a medical doctor, but she can sure cure your tax problems or your financial woes.
00:08-00:10
She’s the how-to girl. It’s the Dr. Friday Show.
00:14-00:22
If you have a question for Dr. Friday, call her now. 737-WWTN. That’s 737-9986.
00:23-00:27
So here’s your host, financial counselor and tax consultant, Dr. Friday.
00:30-00:33
G’day, I’m Dr. Friday and the doctor is in the house.
00:33-00:35
I am here live in studio.
00:35-00:42
So 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.
00:42-00:44
If you have any questions, you want to join the show.
00:45-00:46
737-9986.
00:47-00:50
737-9986 is the phone number here in studio.
00:51-00:53
And we’re talking about taxes, right?
00:53-00:57
There’s not been a ton of tax changes from 23 to 24.
00:58-01:00
Probably one of the biggest is the mileage.
01:00-01:02
Obviously, every year we get an adjustment.
01:02-01:04
In the last few years, it’s went up.
01:04-01:11
Who knows what the next year, but it’s going to be 70 cents in 25, 67 in 24 for business miles.
01:12-01:15
And it’s a little less for charity and also medical.
01:15-01:28
But 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.
01:29-01:32
And I had a couple of people calling me.
01:32-01:39
I will say our office doesn’t do a lot of taxes where it comes to child earned income credits.
01:39-01:44
But I had a client that had been waiting and we filed it on the first day of tax season.
01:45-01:48
And she contacted the IRS because it’s been more than 21 days now.
01:48-02:01
And she was told that they don’t actually release f
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47min
February 10, 2025Dr. 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.
Transcript
00:00-00:03
G’day, I’m Dr. Friday and the doctor is in the house.
00:04-00:09
And if you want to join our show on this beautiful Saturday right before the Super Bowl, you certainly can.
00:09-00:14
You can join us at 615-737-9986.
00:15-00:19
615-737-9986.
00:19-00:23
Taking your calls. Talking about my favorite subject, which is taxes, which is what I’m working on all weekend.
00:24-00:29
But it’s also the time to think about what you’re going to be needing to organize, right?
00:29-00:34
It’s time for you to think, okay, so have I received all of my W-2s?
00:35-00:36
Did you work any part-time jobs?
00:36-00:41
Did someone send you a 1099, but it doesn’t match what you actually put in the bank.
00:41-00:46
Sometimes that happens, you know, sometimes depending on when they paid you.
00:46-00:51
I had a situation where one of my clients said, well, I didn’t get the check until January 4th,
00:51-00:53
but they mailed it and it was posted.
00:53-00:57
I mean, theoretically, it was dated December 21 or something like that, 21st.
00:58-01:02
So the 1099 was higher than they expected.
01:03-01:03
And that’s fine.
01:04-01:06
They wrote the check at the time that they received it,
01:06-01:10
and you’re cashing it at the time that you’re going to pay it.
01:10-01:12
Now, here’s the biggest problem.
01:12-01:17
If that is your only payment, and the IRS gets a check for more,
01:17-01:21
and you report less, you need to put explanation in there why.
01:22-01:25
The 1099, there is a way of doing that, but you want to explain it,
01:25-01:28
because otherwise the IRS is going to think you understated your income
01:28-01:30
based on what somebody had reported.
01:30-01:32
So it’s important that you address it.
01:32-01:34
You don’t just let it slide and then you turn around
01:35-01:38
and you’re like, oh, wow, what do I need to do on this
01:39-01:39
or whatever.
01:39-01:43
You need to make sure that you have all that information
01:44-01:48
because again, the IRS is going to match that information
01:49-01:51
and if you don’t hav
...more
46min
February 04, 2025Dr. 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.
Transcript
00:00-00:02
Paid for by Dr. Friday Tax and Financial Firm.
00:03-00:09
For tax services, planning, business, and IRS negotiation, visit drfriday.com.
00:11-00:12
No, no, no.
00:12-00:17
She’s not a medical doctor, but she can sure cure your tax problems or your financial woes.
00:17-00:18
She’s the how-to girl.
00:19-00:20
It’s the Dr. Friday Show.
00:24-00:26
If you have a question for Dr. Friday, call her now.
00:26-00:28
737-WWTN.
00:29-00:31
That’s 737-9986.
00:33-00:37
So here’s your host, financial counselor and tax consultant, Dr. Friday.
00:39-00:46
G’day, I’m Dr. Friday and this is the Dr. Friday show where we talk about taxes, which is one of my favorite subjects.
00:46-00:56
If 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.
00:56-00:57
This is the show.
00:57-00:58
You can ask a question.
00:58-01:02
If I don’t have the answer, if we need to do it off the mic, we can do that as well.
01:02-01:07
Easiest way to get on the show is 615-737-9986.
01:07-01:11
615-737-9986.
01:12-01:17
You can also email friday at drfriday.com.
01:17-01:19
Friday at drfriday.com.
01:20-02:10
We’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 t
...more
47min
January 21, 2025Dr. 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
00:00-00:02
All right, guys, this is the Doctor Friday show.
00:02-00:04
A couple new discussions.
00:04-00:09
Obviously, we know Donald Trump is going to be soon brought into the presidency.
00:10-00:11
What will that mean for taxes?
00:11-00:13
And to be quite honest, we’re not sure.
00:13-00:17
I mean, there is, the 119th Congress will be enrolled.
00:17-00:23
And we will find out if they’re going to go back and do anything when it comes to some tax law.
00:23-00:29
One of the big ones I would love is a section 179, instead of having theoretically 40% in 2020.
00:29-00:32
having that back to the 100%.
00:32-00:37
I think it encourages small business owners to be able to go do things and make it work
00:37-00:41
where if you spend $100,000 or $100, whatever,
00:41-00:47
and then you turn around and you don’t have the ability to make anything work,
00:47-00:49
then it will become more of an issue.
00:49-00:54
So if you spend $100 and you can only get $60 versus you spend $100,
00:54-00:58
you get $100, more people are encouraged to probably do the 100,
00:58-00:59
is all I’m going to say on that one.
00:59-01:03
So that way you can actually make sure that you have everything you need.
01:04-01:08
Other things, obviously, we’re still waiting to hear on some of the different situations.
01:08-01:16
If you have family in California, obviously tax season isn’t going to be an issue that’s all been extended.
01:18-01:25
So there is nothing there that anyone has to worry about as far as the tax season that’s in those areas, in those counties.
01:25-01:28
Tax season will start on January the 27th for e-filing.
01:29-01:34
So that is something that we will be looking forward to and moving forward on.
01:35-01:47
But 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.
01:48-01:51
We also have some new IRS proposals.
01:52-01:55
The IR
...more
45min
January 13, 2025Dr. 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.
Transcript
00:00-00:05
If you want to join the show, you can at 615-737-9986.
00:05-00:09
615-7-37-9986.
00:10-00:13
And to be quite honest, it’s been a pretty quiet weekend.
00:14-00:16
Friday, most everybody was trying to deal with the snow.
00:17-00:19
Saturday, it’s been pretty nice on the roads.
00:19-00:23
I was out there a couple times, but still, it hasn’t been overly crazy.
00:25-01:59
But 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 should
...more
46min
January 06, 2025Dr. 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.

Transcript
00:00-00:07
No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your financial woes.
00:07-00:10
She’s the how-to girl. It’s the Doctor Friday show.
00:14-00:22
If you have a question for Dr. Friday, call her now. 737 W.WTN. That’s 7379986.
00:23-00:27
So here’s your host, financial counselor and tax consultant Dr. Friday.
00:27-00:32
Oops, I have a feeling I wasn’t talking.
00:32-00:33
This is Dr. Friday.
00:33-00:34
I’m here live in the studio.
00:35-00:36
And sorry about that.
00:37-00:40
We are wishing everyone to Merry Christmas and a Happy New Year’s.
00:41-00:44
And we’re getting ready to start the 2024 tax season.
00:45-00:47
And obviously it’s 2025.
00:47-00:52
So we’re going to get ready to making sure that everyone has their tax appointments, making sure that we’re dealing.
00:53-00:56
I want to start with the B-O-I business owners information.
00:56-01:00
You heard us talk a lot about that in the last year, especially in the last month.
01:00-01:06
And then, no surprise, someone decides they’re going to be taking that particular ruling to court.
01:06-01:08
So they put a hold on the mandate.
01:08-01:16
So 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.
01:16-01:18
You don’t have to worry about doing anything else.
01:18-01:23
All you have to worry about is getting your tax records ready for the 2024.
01:23-02:06
And 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 more
...more
47min
December 16, 2024Dr. Friday Radio Show – December 14, 2024
In this festive episode of the Dr. Friday Radio Show, Dr. Friday combines holiday cheer with practical year-end tax advice. Whether you’re gearing up for Christmas celebrations or navigating the complexities of accelerated depreciation, this show has something for everyone. Dr. Friday answers listener questions, shares tips for staying on top of your taxes, and spreads Christmas joy through exciting gift card giveaways.
Topics Covered:
Christmas Show Giveaway: Dr. Friday celebrates the holidays with Amazon, Olive Garden, Home Depot, and Outback gift card giveaways.
Year-End Tax Planning: Insights into accelerated depreciation, year-end purchases, and tax-saving strategies for 2024 and 2025.
Tax Compliance Help: Guidance for those behind on taxes, including representation options like payment plans and offers in compromise.
Business Tax Queries: Selling a business, home office depreciation, and navigating capital gains and ordinary income taxes.
Retirement Considerations: Tips on managing Medicare, Social Security, and income during retirement transitions.
Listener Questions: Addressing issues like IRS love letters, missing 941 forms, and QuickBooks account management post-retirement.
Transcript:
00:01-00:06
No, no, no, she’s not a medical doctor, but she can sure cure your tax
problems or your
00:06-00:07
financial woes.
00:08-00:09
She’s the how-to girl.
00:09-00:10
It’s the Dr. Friday Show.
00:14-00:19
If you have a question for Dr. Friday, call her now, 737-WWTN.
00:20-00:22
That’s 737-9986.
00:23-00:27
So here’s your host, financial counselor and tax consultant, Dr. Friday.
00:27-00:34
G’day, I’m Dr. Friday and the doctor is in the house on this wonderful
Saturday.
00:35-00:42
And today is always a show I like to do because, well, I think we’ve been at
this 13, 14, getting close to 15 years.
00:43-00:46
First year I’m doing it without Dr. Electric. It’s our big Christmas show
giveaway.
00:46-01:02
And so if you are listening and we’ll be giving away some Amazon cards, some
restaurant cards, some Home Depot cards for all my favorite listeners and
clients, the show will open up with just some fun facts.
01:02-01:07
And if you have tax questions as well, I mean, it is a tax show, guys, and
it’s almost the end of the year.
01:07-01:12
So if you’re thinking, do I need to buy something? We may talk about the
potential of doing that.
01:12-01:17
We may also say buying something isn’t going to save you as much as you
think it will this year.
01:17-01:27
So if you have your own tax person, I would definitely suggest talking to
somebody on what accelerated depreciation is at this point in the current
situation.
01:28-01:36
But if you have questions, maybe you’ve inherited something or you are in
the process of selling something, then we need to talk.
01:36-01:41
We need to find out what’s going to be the best thing and what’s going to be
for 2024, which is the year we’re finishing.
01:41-01:54
and then what’s going to happen in 2025, you can join the show at
615-737-9986, 615-737-9986.
01:55-01:59
I am an enrolled agent licensed by the Internal Revenue Service to do taxes
and representation.
02:00-02:06
That is what I do, guys. I help individuals that want to obviously file
taxes on a normal basis.
02:06-02:10
If you have businesses, trust, I do all of those, also for multiple states.
02:11-02:19
And then for those individuals that maybe have had some tax issues, maybe
you haven’t filed taxes in a long time or you haven’t done much going on at
that point.
02:19-02:26
That will also be what I do as far as the representation. We can get you all
caught up, get you into compliance, and th
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47min

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