The Dr. Friday Radio Show

The Dr. Friday Radio Show

By Dr. Friday BurkeBusiness
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The Dr. Friday Radio Show episodes

  • Dr. 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
      47 min
    • Dr. Friday Radio Show – December 7, 2024

      In this episode of The Dr. Friday Show, Dr. Friday offers practical financial advice for listeners navigating taxes, business transitions, and retirement planning. With real-life questions from callers, the show dives into topics ranging from sales tax collection to Social Security strategies. If you’re looking to optimize your finances as the year wraps up, this episode is packed with valuable insights.

      Topics Covered

      • Preparing for the 2024 Tax Season: Deadlines, changes, and key considerations for e-filing.
      • Sales Tax Guidance for Businesses: When and how to file sales tax, especially for new retail ventures.
      • Gifting a Vehicle: Tax implications and processes for transferring a car as a gift in Tennessee.
      • Social Security and Income Limits: How earnings affect Social Security benefits for early retirees.
      • Maximizing Retirement Savings: Contribution limits and strategies for 401(k)s and Roth IRAs.
      • Capital Gains on Home Sales: Tax exclusions and calculating your taxable gains.
      • Disability and Asset Management: Selling a home while receiving disability benefits.
      • Cryptocurrency Taxes: What you need to know about reporting and tracking crypto transactions.
      • Electric Vehicle Tax Credits: Qualifications and considerations for new and used EVs.
        • Transcription
        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.
        00:08-00:11
        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.
        00:27-00:33
        Warm Saturday, considering I’m inside.
        00:33-00:36
        Do not want to be outside in that bitter cold if I don’t have to be.
        00:36-00:44
        So enjoying the holiday time, getting ready to, I’m sure, have a couple parties and things like that in your guys’ neighborhood.
        00:44-00:49
        But right now we’re going to talk a little bit about preparing for 2024 taxes.
        00:49-00:51
        Hopefully everyone has filed their 23.
        00:52-00:53
        If not, you’re going to be late.
        00:53-00:57
        So probably preparing for 24 and then doing 24 and 23.
        00:57-00:59
        E-file is not available at this time.
        00:59-01:03
        They usually close it down until about January 18th, I believe.
        01:04-01:04
        It may be 20th.
        01:04-01:06
        I haven’t heard the date yet.
        01:06-01:11
        But at this point, if you wanted to file 21, 22, or 23, you would have to do it by mail.
        01:11-01:14
        Any year prior to that would have to be done by mail anyways.
        01:14-01:21
        But e-file is not available to anyone while they’re prepping for the new tax season, I guess we’ll call it.
        01:22-01:27
        So let’s talk about a little bit of a few things that we know we might want to consider.
        01:27-01:31
        Obviously, when we’re looking at our taxes, we’re also thinking about our tax brackets.
        01:32-01:45
        Anything that might have changed in the year of 2024, marriage, divorce, had a baby, a child that may have turned 17 in the year of this 2024, because that would change your child credits.
        01:46-01:49
        All those kinds of interesting things that you might have.
        01:49-01:54
        You need to make a little bit of a list so you can try to figure out what you have and where you’re going to go with it.
        01:54-01:55
        But we are lucky here.
        01:56-01:57
        Wayne has already jumped on from the borough.
        01:58-02:00
        So let’s go ahead and get Wayne on the phone.
        02:01-02:02
        Hey, Wayne, what’s going on?
        02:03-02:04
        Hey, Dr. Friday.
        02:04-02:04
        How are you today?
        02:05-02:06
        Awesome.
        02:06-02:06
        How about yourself?
        02:07-02:08
        Just fine.
        02:08-02:0
        47 min
      • Dr. Friday Radio Show – November 16, 2024

        Welcome to the Dr. Friday Show from November 16, 2024! Dr. Friday, an enrolled agent and tax consultant, dives into timely financial tips and tax strategies to help you navigate the end-of-year tax planning season. Whether you’re preparing for changes in tax law, exploring charitable giving options, or tackling IRS debt, Dr. Friday has you covered.

        Topics Covered
        • End-of-Year Tax Planning:
          • Review tax situations before year’s end to make smart financial decisions.
          • Consider Roth conversions, stock sales, and tax estimates.
          • Accelerated Depreciation:
            • Current depreciation rate is 60% for 2024, impacting major asset purchases.
            • Charitable Contributions & Qualified Charitable Distributions (QCDs):
              • Maximize giving while lowering taxable income through QCDs.
              • Understand standard deduction limits for single and married taxpayers.
              • Estate Planning & Trusts:
                • Importance of wills and trusts to avoid probate and protect assets.
                • Planning for special needs or addiction issues within families.
                • IRS Debt Solutions:
                  • Options include non-collectible status, payment plans, and offers in compromise.
                  • Bankruptcy as a potential last-resort strategy.
                  • Business Owners Information Act (BOI):
                    • New filing requirements for 2024 to avoid steep penalties.
                    • Maximizing Standard Deductions:
                      • Sales tax, property tax, and mortgage interest strategies.
                      • Unique Holiday Gifting Idea:
                        • Highlighting Lolita Roasters’ custom coffee blends for client gifts.
                          • 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.
                          00:08-00:11
                          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.
                          00:27-00:34
                          G’day, I’m Dr. Friday and the doctor is in the house.
                          00:35-00:40
                          And we’re going to be here talking for the next hour about my favorite subject, which is taxes.
                          00:41-00:56
                          And seeing if there’s anything new we need to be covering as far as at the moment, nothing has obviously changed due to the president coming into the White House or will be coming in in January.
                          00:56-01:12
                          That’s not going to change anything at this moment. So we’re just waiting to see what will come if you’ll extend the current tax changes. But at the moment, what we’re looking at is just what we know, which means the current tax laws will change at the end of 2025.
                          01:12-01:32
                          This year, right now, accelerated depreciation is at 60%, which is important to know because at 60% means if you go buy, and a lot of people like to go buy new trucks or buy a new dozer or a piece of equipment, and you’re looking at being able to write the entire thing off, you will not be able to do this.
                          01:32-01:36
                          You couldn’t do it last year, but it’s also less this year than what you had.
                          01:36-01:41
                          So we’ll be one of those deals where you’re like, OK, got it. No big deal.
                          01:41-01:47
                          But I just want to make sure that we’re all on the same page and that we’re able to make sure we’re estimating our taxes.
                          01:47-01:57
                          Now is the time to have those conversations. Right. Because we don’t have anything that we can count on other than what we know.
                          01:57-02:00
                          And if we want to make a change, met with a couple the other day.
                          02:00-02:08
                          And the biggest reason you have someone that helps you with taxes,
                          47 min
                        • Dr. Friday Radio Show – November 9, 2024

                          In this episode of the Dr. Friday Radio Show, Dr. Friday discusses essential tax updates, business requirements, and strategies for keeping on top of IRS obligations. Whether you’re a business owner, contractor, or simply have tax questions, Dr. Friday provides valuable insights and practical advice for tax season and beyond.

                          Topics Covered:

                          • Business Owner Information (BOI) Filing: New requirements for businesses registered with the state, with a December 31, 2024 deadline.
                          • Tax Deductions for Contractors: Advice on allowable deductions, including mileage and clothing guidelines for 1099 workers.
                          • Saving for Taxes as a Subcontractor: Importance of setting aside 20-25% of net income for tax payments to avoid surprises.
                          • Capital Gains Tax on Real Estate and Business Sales: Tips for managing taxes on large asset sales and avoiding financial pitfalls.
                          • Estate Planning and Collectibles: How to handle valuable collections in your estate, valuation issues, and charitable donations.
                          • IRS Payment Plans and Hardship Options: Guidance on payment plans, compromises, and asset considerations for those in debt to the IRS.
                          • Veteran’s Day Tribute: Appreciation for military veterans and their families, recognizing their service and sacrifice.

                            • 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.
                            00:08-00:11
                            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.
                            00:27-00:57
                            Good day. I’m Dr. Friday, and I’m here live in the studio. So if you want to join us, if you’ve got questions concerning taxes or what we have to expect coming up, you can give us a call here in the studio at 615-737-9986. 615-737-9986. You’ll need to make the board live on X-screen. And then we…
                            00:57-01:04
                            As an enrolled agent, I am licensed by the Internal Revenue Service to do taxes and representations.
                            01:04-01:05
                            So that’s pretty much all I do.
                            01:05-01:11
                            So this show talks a lot about the different taxes that we are responsible for when we need to file taxes.
                            01:12-01:13
                            I’ve been talking quite a bit.
                            01:13-01:14
                            I thought it was funny.
                            01:14-01:20
                            One of my clients called me or text me the other day and said, have you heard anything about B-O-I?
                            01:20-01:26
                            And I’m like, yes, I have been talking about business owner’s information, the requirement that’s due by the last day of this year.
                            01:26-01:33
                            and if you’ve opened up a new company in 2024, you need to be doing it within like 30 days.
                            01:33-01:41
                            So pretty much anyone that sets up a new company needs to also basically set up their B-O-I.
                            01:42-01:46
                            So that way, and it’s not the most complicated thing, but if you need help, obviously we’re here.
                            01:46-01:52
                            But it’s important that it’s done because they’re very scary about the penalties that are coming out.
                            01:52-01:56
                            They’re saying $500 a day if you don’t comply.
                            01:57-01:58
                            I don’t know.
                            01:58-01:59
                            We’ve never seen this.
                            01:59-02:05
                            So I have no experience of knowing what is or what isn’t going to be available to us.
                            02:05-02:11
                            But it is important that we comply so we don’t even have to find out how that $500 a day is going to happen.
                            02:12-02:13
                            Phone system is off just so you know.
                            02:15-02:16
                            He’ll be turning it on in just a second.
                            02:17-02:18
                            It looks like it’s got X’s on the whole board.
                            02:19-02:20
                            You can give us a call here.
                            02:20-02:21
                            6.1.
                            02:21-02:21
                            Thank you.
                            02:21-02:22
                            615.
                            02:2
                            47 min
                          • Dr. Friday Radio Show – October 26, 2024

                            In this episode of the Dr. Friday Radio Show, Dr. Friday addresses tax extensions for those impacted by Tropical Storm Helene, tax planning, and ways to manage unexpected IRS debts. She also discusses end-of-year gift ideas for clients, unique holiday plans, and shares a few personal anecdotes. This episode is packed with helpful tax tips and guidance for listeners navigating IRS and estate issues.

                            Topics Covered:

                            • Tropical Storm Helene Tax Extensions: Extended deadlines for Tennessee residents impacted by the storm.
                            • Voting Reminder: Importance of voting and early voting benefits.
                            • Tax Payment Plans: Steps for negotiating and maintaining affordable IRS payment plans.
                            • IRS Collection Hardship Options: Non-collectable status for those facing severe financial challenges.
                            • Estate Management: Tax considerations for inherited assets and stocks, including capital gains.
                            • Gift Ideas for Clients: Unique, personalized holiday gifts, featuring Lolita Roasters coffee.
                            • IRS 1099-K Changes: New transaction thresholds for 2024 and 2025.
                            • Avoiding Tax Scams: Recognizing fake IRS or sheriff calls.
                            • Energy Credits Update: IRS energy credit regulations and required PIN numbers for 2025.

                              • 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.
                              00:08-00:11
                              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.
                              00:27-00:38
                              Gooday, I’m Dr. Friday, and the doctor is in the house, and we’re here on this wonderful Saturday to take questions concerning taxes.
                              00:39-00:41
                              I did want to start the show talking.
                              00:41-00:55
                              I had a person that sent me a question asking about the fact that they were affected by the Tropical Storm Helene in Tennessee, and they were not able to make the October 15th deadline.
                              00:56-01:06
                              If you were affected by the storm, we are under an additional extension only for the people that fit into those storm areas.
                              01:06-01:17
                              And they have until May 1st, 2025, that applies to your quarterlies, that applies to your final payments.
                              01:17-01:22
                              So that would be April 15th, April, January 15th, April 15th, the 25th.
                              01:22-01:30
                              The deadline applies to quarterly payroll and excise taxes that might have been due on October 31st or January or April.
                              01:31-01:39
                              In addition to penalties and excise deposits that were done after September 26, 24, that might have been due after that due date.
                              01:40-01:46
                              There are waivers and extended state circumstances, but you do need to be in the true affected area.
                              01:46-01:48
                              It’s not the entire state getting this waiver.
                              01:49-01:58
                              So in the case of this particular individual that was hit, there’s no question you have time, probably not to be worrying about taxes as much as other issues.
                              01:58-02:10
                              So if you have something like that that may have come up, there is, like I said, there is an additional extension for individuals that were affected directly or in the area of where that happened.
                              02:11-02:18
                              Then you’ll be able to, and this will be for companies as well, businesses, payroll taxes, things like that that might have been due.
                              02:18-02:47
                              you will be able to apply for penalty waivers if that was a situation. So if you’ve got questions on that, you can always call our firm. But if you’ve got questions today, you can give us a call at 615-737-99-86. 615-737-99-86. This morning I was out and I was able to do my part. I voted. Hopefully, anyone that’s listening that’s kind of on the fence that maybe yo
                              47 min
                            • Dr. Friday Radio Show – October 5, 2024

                              On this episode of the Dr. Friday Radio Show, Dr. Friday dives into key tax changes impacting small business owners, real estate transactions, disaster tax relief, and IRS updates. She also answers listener questions about capital gains, 1099 filings, and how to avoid tax penalties. Tune in to get practical tips for managing your taxes and staying compliant with the IRS.

                              Key Topics Covered:
                              • PayPal and Third-Party Payment Changes: Starting in 2024, businesses receiving over $5,000 via PayPal and similar platforms will receive a 1099-K.
                              • Capital Gains on Second Homes: How selling a second home differs from selling a primary residence, including tax implications and capital gain rates.
                              • Disaster Relief and Taxes: Tax relief for those affected by storms and terrorist attacks, including deadline extensions and loss claims.
                              • Inheritance Tax Update: What to expect in 2026 when the estate tax threshold is projected to lower.
                              • Tax Deadlines and Penalties: Importance of filing by October 15th for those with an extension, and understanding IRS penalties for late filing and payment.
                              • 1099 Requirements for Small Businesses: Clarification on when to issue 1099s and how to stay compliant with IRS rules.
                                • 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.
                                00:07-00:09
                                She’s the how-to girl.
                                00:09-00:10
                                It’s the Dr. Friday Show.
                                00:10-00:11
                                If you have a question for Dr. Friday, call her now, 737-WWTN.
                                00:11-00:12
                                That’s 737-9986.
                                00:12-00:12
                                So here’s your host, financial counselor and tax consultant, Dr. Friday.
                                00:12-00:34
                                G’day, I’m Dr. Friday and the doctor is in the house.
                                00:34-00:45
                                You can join us live here in studio at 615-737-9986.
                                00:45-00:49
                                Phone lines will be open.
                                00:49-00:51
                                And then we’ll be able to get your calls.
                                00:51-01:03
                                We want to talk a little bit about a few things that have come down for all of you that may have those small businesses that you have been taking PayPal or some portion of merchant fees.
                                01:03-01:18
                                And I know that 2024 will be the first year that they will be sending those to you based on $5,000 instead of the, I think it was 200 transactions or 15 or 20,000.
                                01:18-01:20
                                So it was a big difference.
                                01:20-01:25
                                So that’s going to make a huge difference to have what you have going there.
                                01:25-01:40
                                So just make sure that you have that information because if you are running a business right now and you have the ability to do what you’re doing and before you really weren’t concerned.
                                01:40-01:45
                                So in 2023, the third party payment system was hired this year.
                                01:45-01:54
                                It’s going to be $5,000 in the phase out to implement the Washington follows feedback from taxpayers and tax professionals.
                                01:54-02:00
                                They’re basically claiming or saying that they won’t have quite so much.
                                02:00-02:03
                                They’re claiming that they’re not going to tie this directly into taxes.
                                02:03-02:11
                                They are saying that it is going to be, it was 20,200 now it’s $600 threshold enacted by the American act.
                                02:11-02:21
                                And that anything above that, theoretically you should be filing taxes, a 1099 K for any sale more than $600 of goods will be following on a 1099 K.
                                02:21-02:41
                                They’re saying the max, basically you have to be doing up to $5,000 threshold before the form will be coming out and that they will be working with taxpayers and other people to try to manage this carefully to help that the 1099 Ks are issued only to taxpayers who should be receiving them.
                                02:41-02:45
                                Well, we all know how well that works for the government.
                                02:45-03:01
                                So all I’m going to suggest is if you are a person that maybe has their own little shopping or maybe they even just do things on
                                47 min
                              • Dr. Friday Radio Show – September 28, 2024

                                In this episode of the Dr. Friday Show, financial counselor and tax consultant Dr. Friday discusses various tax-related topics, provides advice on business practices, and answers caller questions about specific tax situations.

                                Key topics covered:

                                • October 15th tax extension deadline and the importance of filing on time
                                • Quarterly estimated tax payments and penalties for late payments
                                • Business Ownership Information Act requirements and potential penalties
                                • Health insurance deductions for self-employed individuals
                                • Flex spending account carryover limits for 2024 and 2025
                                • Social Security benefits and taxation for those still working
                                • Medicare enrollment considerations and potential penalties
                                • 1031 exchanges and capital gains tax implications
                                • Employing children in family businesses and associated tax benefits
                                • Business mileage deduction rates for 2024
                                • Distinguishing between legitimate businesses and hobbies for tax purposes
                                  • Transcript
                                  00:00.001 –> 00:06.640
                                  No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your
                                  00:06.640 –> 00:07.640
                                  financial woes.
                                  00:07.640 –> 00:09.920
                                  She’s the how-to girl.
                                  00:09.920 –> 00:10.920
                                  It’s the Dr. Friday Show.
                                  00:10.920 –> 00:20.120
                                  If you have a question for Dr. Friday, call her now, 737-WWTN.
                                  00:20.120 –> 00:23.880
                                  That’s 737-9986.
                                  00:23.880 –> 00:27.640
                                  So here’s your host, financial counselor and tax consultant, Dr. Friday.
                                  00:27.640 –> 00:36.960
                                  G’day, I’m Dr. Friday, and the doctor is in the house on this very rainy day.
                                  00:36.960 –> 00:48.720
                                  If you want to join the show, you can at 615-737-9986, 615-737-9986, taking your calls, talking about
                                  00:48.720 –> 00:50.360
                                  my favorite subject, taxes.
                                  00:50.360 –> 00:54.700
                                  Right now, we’re in the midst of finishing up the 2023 tax returns.
                                  00:54.700 –> 00:57.280
                                  They are due October 15th.
                                  00:57.280 –> 01:02.180
                                  If you filed an extension, if you are not on extension, you’re late.
                                  01:02.180 –> 01:03.860
                                  So probably makes no difference.
                                  01:03.860 –> 01:08.740
                                  But if you are on extension, you do need to file that return so you don’t get failure
                                  01:08.740 –> 01:10.920
                                  to file on time penalties.
                                  01:10.920 –> 01:13.300
                                  It does not extend the money.
                                  01:13.300 –> 01:17.340
                                  After all these years, it seems like I’ve said this a lot, but you need to realize it
                                  01:17.340 –> 01:20.480
                                  doesn’t extend the money that you owe.
                                  01:20.480 –> 01:26.500
                                  If you owe money and when you file in October, that money is going to have to be something
                                  01:26.500 –> 01:31.540
                                  that you should have paid back in April or even May quarterly throughout the time to
                                  01:31.540 –> 01:33.140
                                  do what you needed to do.
                                  01:33.140 –> 01:38.860
                                  So it’s not something that you can just say, “Hey, everybody would extend it to October
                                  01:38.860 –> 01:40.220
                                  15th if we didn’t have to pay.
                                  01:40.220 –> 01:44.060
                                  I mean, everyone would wait to the very last minute to make that payment.”
                                  01:44.060 –> 01:46.220
                                  So obviously, that’s not the case.
                                  01:46.2
                                  47 min
                                • Dr. Friday Radio Show – September 07, 2024

                                  In this episode of the Dr. Friday Radio Show, tax expert Dr. Friday discusses various tax-related topics, focusing on inheritance, property sales, retirement accounts, and tax planning strategies. She provides valuable insights and answers caller questions on a range of financial matters.

                                  Key Topics Covered:

                                  • Selling inherited property and capital gains considerations
                                  • Handling inherited homes among multiple siblings
                                  • Spousal IRA inheritance rules and Required Minimum Distributions (RMDs)
                                  • Cryptocurrency taxation and reporting requirements
                                  • Tax implications of selling rental property
                                  • First-time homebuyer credit repayment ending in 2023
                                  • Importance of tax planning and adjusting W-4 forms
                                  • Penalties and interest for underpayment of taxes
                                  • Benefits of Qualified Charitable Distributions (QCDs) for seniors
                                  • Tax deductions for medical expenses and charitable miles
                                  • Importance of organizing tax documents throughout the year

                                    • Transcript

                                    00:00.001 –> 00:07.640
                                    No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your financial woes.
                                    00:07.640 –> 00:09.920
                                    She’s the how-to girl.
                                    00:09.920 –> 00:10.920
                                    It’s the Dr. Friday Show.
                                    00:10.920 –> 00:20.120
                                    If you have a question for Dr. Friday, call her now, 737-WWTN.
                                    00:20.120 –> 00:23.880
                                    That’s 737-9986.
                                    00:23.880 –> 00:27.400
                                    So here’s your host, financial counselor and tax consultant, Dr. Friday.
                                    00:27.400 –> 00:35.760
                                    Good day, I’m Dr. Friday and the doctor is in the house.
                                    00:35.760 –> 00:40.320
                                    Just so you know, guys, I cannot see the screen for the callers.
                                    00:40.320 –> 00:43.640
                                    I’m in there, but it’s just a black screen.
                                    00:43.640 –> 00:46.360
                                    So if you want to join the show, you certainly can.
                                    00:46.360 –> 01:00.520
                                    We take our phone calls live, 615-737-9986, 615-737-9986, talking about my favorite subjects, which is taxes.
                                    01:00.520 –> 01:01.520
                                    Perfect.
                                    01:01.520 –> 01:02.880
                                    You did great.
                                    01:02.880 –> 01:17.120
                                    And we’re going to be dealing with any questions you might have when it comes to dealing with taxes or inheritance, or maybe you’re thinking about selling a piece of real estate, be that your primary home or a piece of rental property.
                                    01:17.120 –> 01:24.800
                                    How’s that going to affect your taxes or your Medicare if you’re actually over the age of 65 and receiving Medicare?
                                    01:24.800 –> 01:29.560
                                    Any of those kinds of questions may come in and it’s a great time to at least get you on the right track.
                                    01:29.560 –> 01:35.160
                                    Make sure that you’re at least asking the right questions and most importantly, is it going to be taxable or not?
                                    01:35.160 –> 01:39.240
                                    And if it’s taxable, have you set enough money aside to deal with it?
                                    01:39.240 –> 01:45.960
                                    Because nothing worse than filing your taxes, thinking you had everything in control, then find out you owe more money.
                                    01:45.960 –> 01:46.960
                                    Nothing worse than that.
                                    01:46.960 –> 01:47.960
                                    All right.
                                    01:47.960 –> 01:48.960
                                    Well, we’re lucky.
                                    01:48.960 –> 01:49.960
                                    JR is already on the line.
                                    01:49.960 –> 01:50.960
                                    So, hey, JR, what’s happening?
                                    01:50.960 –> 01:51.960
                                    Hey, good afternoon, Dr. Friday.
                                    01:51.960 –> 01:52.960
                                    Enjoy your show, believe it or not.
                                    01:52.960 –> 02:04.080
                                    I have a question about selling rental property.
                                    02:04.080 –> 02:18.280
                                    As I understand it, when you can sell rental property without capital gain, if you’ve lived in it for the last two out of five years, which I have not done, but I have an option of moving back there.
                                    02:18.280 –> 02:20.480
                                    It’s my
                                    48 min
                                  • Dr. Friday Radio Show – August 24, 2024

                                    In this episode of the Dr. Friday Radio Show, financial counselor and tax consultant Dr. Friday answers caller questions and provides valuable insights on various tax-related topics. From business deductions to property sales and retirement accounts, Dr. Friday offers expert advice to help listeners navigate complex tax situations.

                                    Topics covered:

                                    • Business deductions for new entrepreneurs, including mileage tracking and equipment depreciation
                                    • Tax implications of selling a primary residence, including capital gains exclusions
                                    • The importance of keeping receipts for home improvements and their impact on taxes
                                    • Self-directed Roth IRAs used for real estate investments
                                    • Required Minimum Distributions (RMDs) and their applicability to different retirement accounts
                                    • The new Business Owners Information Act (BOI) filing requirements
                                    • Annual reporting requirements for businesses and nonprofits
                                    • The importance of maintaining compliance with tax laws and regulations

                                      • Transcript

                                      00:00.001 –> 00:07.760
                                      No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your financial woes.
                                      00:07.760 –> 00:10.000
                                      She’s the how-to girl.
                                      00:10.000 –> 00:11.000
                                      It’s the Dr. Friday Show.
                                      00:11.000 –> 00:22.000
                                      If you have a question for Dr. Friday, call her now, 737-WWTN.
                                      00:22.000 –> 00:23.960
                                      That’s 737-9986.
                                      00:23.960 –> 00:26.960
                                      So here’s your host, financial counselor and tax consultant, Dr. Friday.
                                      00:26.960 –> 00:38.280
                                      G’day, I’m Dr. Friday and the doctor is in the house on this absolutely beautiful Saturday.
                                      00:38.280 –> 00:43.880
                                      And if you have questions, I’m an enrolled agent licensed with the Internal Revenue Service to do taxes and representation.
                                      00:43.880 –> 00:46.480
                                      I do not work for the IRS.
                                      00:46.480 –> 00:52.320
                                      I am just licensed by them to help represent taxpayers in front of the IRS.
                                      00:52.320 –> 01:09.000
                                      So if you have IRS issues, if you’re thinking about doing some, I don’t know, selling property, you inherited property, you’re in a transition in your world and you’re thinking about changing things around a little bit and how is that going to affect your taxes is always a big question.
                                      01:09.000 –> 01:20.480
                                      And sometimes people just kind of make decisions or they think, I can’t tell you how many times I think that people think that they sell their primary home is they’ve got two years to reinvest the money, which was a tax code that was back.
                                      01:20.480 –> 01:24.560
                                      Gosh, it had to be in the early two thousands, if not earlier.
                                      01:24.560 –> 01:26.960
                                      And now we don’t have that code on the books right now.
                                      01:26.960 –> 01:41.640
                                      It’s if you sell your primary home, you have an exclusion of 250,000 for a single person and 500,000 for a married couple above the purchase price or, and adding any major improvements that may have appreciated the property.
                                      01:41.640 –> 01:44.680
                                      That’s why you need to understand how it’s going to work for you.
                                      01:44.680 –> 01:59.300
                                      So if you want to join the show, 615-737-9986, 615-737-9986 is our number here in the studio and you can give us a call and ask questions concerning about that.
                                      01:59.300 –> 02:09.240
                                      Maybe you have someone that you know that hasn’t filed taxes in a number of years and you’re concerned that, well, I mean, one of the biggest things I’ve had two clients, you know, we’re not getting any younger.
                                      02:09.240 –> 02:13.840
                                      And at some point you’re thinking, I’m going to want Medicare.
                                      02:13.840 –> 02:17.240
                                      I’m going to want to get onto social security.
                                      02:17.240 –> 02:40.740
                                      Some people, you kn
                                      48 min
                                    • Dr. Friday Radio Show – August 17, 2024

                                      In this episode of the Dr. Friday Show, financial counselor and tax consultant Dr. Friday covers a range of important tax-related topics, from recent IRS updates to practical advice for taxpayers. She addresses several caller questions and provides valuable insights on various tax situations.

                                      Topics covered:

                                      • Employee Retention Tax Credit: Second chance program for improper claims, deadline November 22nd
                                      • Beneficial Ownership Information (BOI) reporting requirements for businesses
                                      • Tax implications of selling inherited property
                                      • Estimated tax payments for self-employed individuals and investors
                                      • Impact of large financial transactions on Medicare premiums (IRMA)
                                      • 1031 exchanges for reinvesting property sales proceeds
                                      • Capital gains tax considerations for retirees
                                      • Qualified Charitable Distributions (QCD) from IRAs for tax-efficient giving
                                      • Importance of proper payroll tax management for small businesses
                                      • Upcoming tax filing deadlines for extensions (September 15th and October 15th)

                                        • Transcript:

                                        00:00.001 –> 00:06.800
                                        No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your
                                        00:06.800 –> 00:07.800
                                        financial woes.
                                        00:07.800 –> 00:10.040
                                        She’s the how-to girl.
                                        00:10.040 –> 00:11.040
                                        It’s the Dr. Friday Show.
                                        00:11.040 –> 00:17.040
                                        If you have a question for Dr. Friday, call her now, 737-WWTN.
                                        00:17.040 –> 00:18.040
                                        That’s 737-9986.
                                        00:18.040 –> 00:23.040
                                        So here’s your host, financial counselor and tax consultant, Dr. Friday.
                                        00:23.040 –> 00:36.160
                                        G’day, I’m Dr. Friday and the doctor is in the house.
                                        00:36.160 –> 00:40.600
                                        And we got a couple things we’re going to want to really cover today, which sometimes
                                        00:40.600 –> 00:51.240
                                        in phone lines are open, 615-737-9986, 615-737-9986.
                                        00:51.240 –> 00:56.560
                                        So let’s start with the state of Tennessee, or I should say the Internal Revenue Service,
                                        00:56.560 –> 00:59.920
                                        but the employee retention tax credit.
                                        00:59.920 –> 01:02.480
                                        Many of you guys maybe applied for it.
                                        01:02.480 –> 01:07.480
                                        There is a second chance for programs for people with improper claims.
                                        01:07.480 –> 01:14.560
                                        They have until November 22nd to refile for those claims.
                                        01:14.560 –> 01:17.240
                                        I’m going to put a little caveat out there.
                                        01:17.240 –> 01:22.480
                                        We are in the midst of having several people that have come to my office that did go after
                                        01:22.480 –> 01:25.560
                                        this employee retention and now they’re being audited.
                                        01:25.560 –> 01:27.680
                                        I’m not going to say that you will be audited.
                                        01:27.680 –> 01:31.960
                                        I’m not saying that I wasn’t a part of the original filing, so we’re just dealing with
                                        01:31.960 –> 01:33.840
                                        the issue at this point.
                                        01:33.840 –> 01:39.000
                                        But they will be auditing a large number of people that did get the employee retention
                                        01:39.000 –> 01:41.320
                                        tax credit.
                                        01:41.320 –> 01:45.840
                                        Some people got audited prior to, meaning the IRS found some issue and then they rejected
                                        01:45.840 –> 01:47.180
                                        the claims.
                                        01:47.180 –> 01:51.760
                                        Other people may have gotten the money and now the IRS is coming back and looking at
                                        01:51.760 –> 01:54.800
                                        that information to see if it was properly done.
                                        01:54.800 –> 02:01.400
                                        But if you did or should have received the employee retention tax credit, then you do
                                        02:01.400 –> 02:07.760
                                        have until November 22nd to refile that claim if you were rejected or if you’re in the process
                                        02:07.760 –> 02:10.160
                                        of still dealing with that.
                                        02:10.160 –> 02:16.100
                                        The more important subject today is going to be the beneficial owner
                                        48 min

                                      About The Dr. Friday Radio Show

                                      From the publisher's feed

                                      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.