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 – August 10, 2024

    In this episode of the Dr. Friday Show, financial counselor and tax consultant Dr. Friday discusses various tax-related topics, including recent changes to tax laws, retirement contributions, and inheritance issues. She also takes calls from listeners, addressing their specific tax concerns and questions.

    Topics covered:

    • Changes to tax brackets and standard deductions after 2025
    • The end of the “stretch IRA” and new rules for inherited IRAs
    • Business Owner Information (BOI) filing requirements
    • Cryptocurrency reporting for businesses
    • Contributions to 401(k)s and SEPs for individuals over 70
    • Inheritance and basis step-up for inherited property
    • Dealing with IRS payment issues and correspondence
    • Tax implications for retirees and Social Security recipients
    • Planning for tax changes when filing status changes due to spouse’s death

      • Transcript:

      00:00.001 –> 00:06.760
      No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your
      00:06.760 –> 00:07.760
      financial woes.
      00:07.760 –> 00:10.040
      She’s the how-to girl.
      00:10.040 –> 00:11.040
      It’s the Dr. Friday Show.
      00:11.040 –> 00:19.040
      If you have a question for Dr. Friday, call her now, 737-WWTN.
      00:19.040 –> 00:20.040
      That’s 737-9986.
      00:20.040 –> 00:27.040
      So here’s your host, financial counselor and tax consultant, Dr. Friday.
      00:27.040 –> 00:35.440
      Good day, I’m Dr. Friday and the doctor is in the house.
      00:35.440 –> 00:38.240
      It is an awesome Saturday going on outside.
      00:38.240 –> 00:40.360
      Hopefully you’re able to enjoy it.
      00:40.360 –> 00:42.840
      But it’s time to talk a bit about taxes.
      00:42.840 –> 00:44.240
      You know how I love taxes.
      00:44.240 –> 00:46.960
      We’ve been doing this about 15 years together, guys.
      00:46.960 –> 00:49.800
      So it is something we have a good time doing.
      00:49.800 –> 00:54.440
      If you have a question, maybe you’ve inherited some properties or maybe you want to convert
      00:54.440 –> 00:59.720
      or you have converted some 401ks or something along those lines, thinking about selling
      00:59.720 –> 01:02.960
      out some stock, how will that affect your taxes?
      01:02.960 –> 01:04.600
      I can give you some rough ideas.
      01:04.600 –> 01:07.280
      Remember the information I’m giving to you is an outline.
      01:07.280 –> 01:11.480
      You need to go to your tax professional and make sure the information is appliable to
      01:11.480 –> 01:12.480
      you.
      01:12.480 –> 01:16.840
      But I will do my best to lead you in the right direction so that you don’t make decisions.
      01:16.840 –> 01:20.400
      Always better to ask these questions before you go and do them.
      01:20.400 –> 01:24.880
      If you’ve purchased some land and now you decide you want to turn around and sell that
      01:24.880 –> 01:29.000
      land, it may be a good time to think if this is not a primary home, maybe I should be doing
      01:29.000 –> 01:31.520
      a 1031 so you’re not paying taxes.
      01:31.520 –> 01:36.520
      Or maybe you’d rather pay the taxes and get the IRS out of your investments.
      01:36.520 –> 01:39.920
      There is all kinds of trains of thoughts, but I can help you with how the tax changes
      01:39.920 –> 01:41.040
      are happening.
      01:41.040 –> 01:42.560
      We are in 2024.
      01:42.560 –> 01:48.060
      And remember, the Tax Cut and Job Act ends at the end of 2025.
      01:48.060 –> 01:52.040
      So we are at the last year and a half or so of the current tax code.
      01:52.040 –> 01:56.520
      No one has any idea what’s going to happen after this election and probably depends on
      01:56.520 –> 01:58.680
      wh
      49 min
    • Dr. Friday Radio Show – July 27, 2024

      In this episode of the Dr. Friday Radio Show, financial counselor and tax consultant Dr. Friday covers a range of important tax topics, from capital gains to inheritance issues, and provides valuable information about the current tax-free weekend in Tennessee.

      Topics Covered:

      • Capital gains tax rates and thresholds
      • Inheritance and step-up basis for real estate
      • Tax implications of gifting property vs. inheriting
      • Health Savings Accounts (HSAs) and contribution limits
      • Electric vehicle tax credits
      • Retirement account contribution limits for 2024
      • Tax-free weekend in Tennessee: eligible items and restrictions
      • Early Social Security withdrawal penalties
      • 1031 exchanges for real estate
      • Handling unsold business inventory for tax purposes

        • 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. She’s the how-to girl
        00:07.760 –> 00:10.040
        It’s the Dr. Friday show
        00:10.040 –> 00:16.880
        If you have a question for Dr. Friday call her now 737-WWTN
        00:16.880 –> 00:20.280
        That’s 737-9986
        00:20.280 –> 00:26.320
        So here’s your host financial counselor and tax consultant Dr. Friday
        00:29.440 –> 00:35.760
        G’day, I’m Dr. Friday and the doctor is in the house this beautiful Saturday afternoon
        00:35.760 –> 00:41.060
        And we’re gonna cover a couple things that we need to prepare for I’ve gotten quite a few phone calls with
        00:41.060 –> 00:43.720
        individuals either selling real estate or
        00:43.720 –> 00:49.680
        inheriting real estate and selling that real estate and wanting to know a little bit more about what the
        00:49.680 –> 00:57.400
        exclusion or thresholds for capital gains had someone call me and thought that if their income was below a certain dollar amount which it’s
        00:58.440 –> 01:00.920
        47,025 or less for individuals
        01:00.920 –> 01:05.600
        And then if if they would be at the zero percent capital gains
        01:05.600 –> 01:12.460
        But the one thing that you have to remember in that conversation that would have to include your capital gains
        01:12.460 –> 01:17.120
        So if your total income including your capital gains is under
        01:17.120 –> 01:23.320
        47,025 for an individual then you will not pay any tax on that capital gains
        01:23.600 –> 01:30.700
        But if that is just your normal income and then you have fifty thousand dollars or whatever of capital gains now
        01:30.700 –> 01:33.400
        You’re in a different situation. You’re looking at 15%
        01:33.400 –> 01:41.700
        roughly and the and again when people are quoting capital gains rates whenever I’m looking at the the ones on the
        01:41.700 –> 01:45.160
        Internet or whatever. They always seem to miss that
        01:45.160 –> 01:47.520
        3.8 of
        01:47.520 –> 01:50.120
        investment tax that we have anyone that makes a
        01:50.520 –> 01:54.600
        Mer any individual over 200 any married couple over 250?
        01:54.600 –> 01:59.200
        so what you’ll see is 15% from the 47,000 up to
        01:59.200 –> 02:04.240
        518 and then above that 518 it goes to 20%
        02:04.240 –> 02:10.600
        And if you’re looking totally at the fact that ca
        48 min
      • Dr. Friday Radio Show – June 22, 2024

        Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday provides expert advice on navigating the complex tax landscape, discussing topics such as extensions, phantom income, and real estate tax implications. This episode is packed with valuable insights to help you manage your finances better.

        Key Points
        • Tax Extensions and Deadlines:
          • Discussion on the recent tax extension deadline of June 17.
          • Importance of filing extensions to avoid penalties.
          • Upcoming deadlines for individuals (October) and businesses (September).
          • Phantom Income:
            • Explanation and tax implications of phantom income.
            • Examples in Sub S corporations, 1065 partnerships, or LLCs.
            • Recent court cases and controversies around phantom income taxation.
            • Pass-Through Entities:
              • Understanding pass-through profits and their impact on individual taxes.
              • Differences between cash basis and accrual basis for tax purposes.
              • Uber and Lyft Drivers:
                • Tax tips for ride-sharing drivers.
                • Importance of accurately tracking mileage.
                • IRS audits and common pitfalls for drivers.
                • Real Estate and Capital Gains:
                  • Tax implications of selling primary residences.
                  • Exclusions available for married couples versus single individuals.
                  • Special considerations for retired individuals and those on Social Security.
                  • Quarterly Tax Estimates:
                    • Importance of making quarterly estimated tax payments.
                    • Penalties for underpayment and how to avoid them.
                    • How to calculate quarterly payments to avoid surprises.
                    • Inheritance and Taxes:
                      • Tax treatment of inherited properties and cash.
                      • Step-up basis and its impact on capital gains.
                      • When inherited money or property becomes taxable.
                        • Transcript
                        00:00 –> 00:02
                        Hey, this is the Dr. Friday show.
                        00:02 –> 00:07
                        If you want to join the show, you can at 615-737-9986.
                        00:07 –> 00:13
                        615-737-9986.
                        00:13 –> 00:15
                        You’re going to want to open the phone lines.
                        00:15 –> 00:18
                        And we’re talking today about my favorite subject,
                        00:18 –> 00:21
                        which is obviously taxes and anything to do
                        00:21 –> 00:23
                        with basically money.
                        00:23 –> 00:26
                        There’s not been a lot of tax changes, as we know.
                        00:26 –> 00:30
                        Many of you were under extension until 6/17
                        00:30 –> 00:31
                        and that’s already passed.
                        00:31 –> 00:34
                        So hopefully you filed extensions.
                        00:34 –> 00:36
                        That way you’re good until October for individuals,
                        00:36 –> 00:40
                        September for businesses.
                        00:40 –> 00:43
                        And you’ll be able to then make sure everything is filed
                        00:43 –> 00:45
                        and done properly.
                        00:45 –> 00:49
                        I had an interesting question that came in the email bag.
                        00:49 –> 00:50
                        And I thought it was interesting
                        00:50 –> 00:53
                        ’cause it was referred to as phantom income.
                        00:55 –> 00:57
                        There’s been some controversy a little bit
                        00:57 –> 00:59
                        on what is phantom income
                        00:59 –> 01:03
                        and should I have to pay taxes on phantom income?
                        01:03 –> 01:06
                        And for anyone that’s actually part of a sub S corporation
                        01:06 –> 01:10
                        or a 1065 partnership or LLC,
                        01:10 –> 01:12
                        you probably know we call it pass through,
                        01:12 –> 01:16
                        but it is income that you’re going to want to,
                        01:16 –> 01:17
                        you will pay tax on, right?
                        01:17 –> 01:21
                        So if a business you’ve invested in as a partner
                        01:21 –> 01:24
                        and you make money, but maybe they can’t
                        47 min
                      • Dr. Friday Radio Show – May 25, 2024

                        In this episode of the Dr. Friday Radio Show, Dr. Friday discusses various tax-related topics, including franchise excise requirements, inheritance tax, and the American Family and Work Act of 2024. Dr. Friday also provides advice on starting a business and maintaining proper documentation for tax purposes.

                        Topics covered:

                        • Franchise excise requirements and potential refunds for Tennessee businesses
                        • Business ownership information (BOI) filing deadlines and penalties
                        • Inheritance tax and step-up in basis for inherited property
                        • American Family and Work Act of 2024 and potential changes to the child tax credit
                        • Sales tax exemptions for farmers selling their own products at markets
                        • Tips for starting a business and maintaining proper financial records
                        • Importance of documenting expenses for tax purposes and audit-proofing
                        • Dr. Friday’s credentials as an enrolled agent and her ability to represent clients before the IRS

                          • Notice: Please note that due to some technical difficulties during the recording, the audio quality may be slightly compromised towards the end of the episode. We apologize for any inconvenience this may cause.

                          Transcript:

                          00:00 –> 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.
                          00:07 –> 00:09
                          She’s the how-to girl.
                          00:09 –> 00:10
                          It’s the Dr. Friday Show.
                          00:10 –> 00:18
                          If you have a question for Dr. Friday, call her now, 737-WWTN.
                          00:18 –> 00:19
                          That’s 737-9986.
                          00:19 –> 00:26
                          So here’s your host, financial counselor and tax consultant, Dr. Friday.
                          00:26 –> 00:34
                          G’day, I’m Dr. Friday and doctor is in the house.
                          00:34 –> 00:39
                          So if you’re thinking about working on taxes or you happen to be a small business owner,
                          00:39 –> 00:42
                          not necessarily small, but franchise excise requirements.
                          00:42 –> 00:47
                          Now, these are not going to be individuals that only pay the $100.
                          00:47 –> 00:51
                          There’s no refund for them, but there was a change in the tax law that basically said
                          00:51 –> 00:57
                          you can’t be taxing both schedule G and F and they were taking basically the highest
                          00:57 –> 00:59
                          of the two.
                          00:59 –> 01:05
                          Now they’re only allowed to request what is your schedule F, which is your debt ratio
                          01:05 –> 01:09
                          or your income that you have.
                          01:09 –> 01:14
                          So the only way to adjust this is first you have to go on to TINTAP.
                          01:14 –> 01:19
                          I mean, every day we’re getting two or three people sending us a letter that the Tennessee
                          01:19 –> 01:21
                          department of labor sent out.
                          01:21 –> 01:26
                          The letter basically says you could be entitled to a refund.
                          01:26 –> 01:33
                          But that’s such a lean, you know, I mean, I’m just being honest, a large number of clients,
                          01:33 –> 01:38
                          even my big clients, many of them aren’t going to be in much of a refund so far.
                          01:38 –> 01:43
                          I think we’ve seen like a $600 refund, which I’m not saying isn’t a purpose to do it.
                          01:43 –> 01:48
                          Of course, go ahead and do the refund, but it just keep in mind that you have to file
                          01:48 –> 01:50
                          to get the refund.
                          01:50 –> 01:54
                          You have to first go in and file an amended return.
                          01:54 –> 01:58
                          Then you can either attach a balance sheet or you have to give them a report of debt
                          01:58 –> 02:01
                          if your refund is over $200.
                          02:01 –> 02:07
                          So you’re theoretically going to go through an audit with the state, which again, isn’t
                          02:07 –> 02:08
                          the end of the world.
                          02:08 –> 02:11
                          It’s just one of those situations wher
                          46 min
                        • Dr. Friday Radio Show – May 11, 2024

                          In this episode of the Dr. Friday Show from May 11, 2024, Dr. Friday covers a range of tax-related topics, including updates on tax laws, advice for handling tax issues, and answers to listener questions. She provides insights and guidance to help navigate the complex world of taxes.

                          Topics covered:

                          • Tennessee franchise and excise tax refunds for filings after March 31st, 2020
                          • Handling amended tax returns and dealing with IRS delays
                          • Gift tax exemptions for 2024
                          • 1099-K threshold changes for 2024
                          • Depreciation rules for vehicle purchases in 2023 and 2024
                          • Tax implications of selling a primary residence
                          • Handling taxes for a deceased relative as an executor
                          • Importance of estate planning and power of attorney
                          • Communicating with the IRS and setting up payment plans for tax debt

                            • Transcript:

                            00:00 –> 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.
                            00:07 –> 00:09
                            She’s the how-to girl.
                            00:09 –> 00:10
                            It’s the Dr. Friday Show.
                            00:10 –> 00:19
                            If you have a question for Dr. Friday, call her now, 737-WWTN.
                            00:19 –> 00:23
                            That’s 737-9986.
                            00:23 –> 00:29
                            So here’s your host, financial counselor and tax consultant, Dr. Friday.
                            00:29 –> 00:30
                            All right, good day.
                            00:30 –> 00:31
                            I’m Dr. Friday.
                            00:31 –> 00:37
                            This is the Dr. Friday Show, and we are today going to be talking more about state tax.
                            00:37 –> 00:43
                            I know a number of you have received the letters from the Tennessee Department of Revenue talking
                            00:43 –> 00:49
                            about refunds, a portion of your franchise and excise tax that could be being refunded,
                            00:49 –> 00:53
                            anything that was filed after March 31st, 2020.
                            00:53 –> 00:58
                            You do have to file for your credit or refund claim, must be filed between May 15th and
                            00:58 –> 01:01
                            November 30th, 2024.
                            01:01 –> 01:06
                            This is an alternative minimum tax measure that minimizes the franchise tax using only
                            01:06 –> 01:12
                            a portion of net worth taxes ending in or on before January 1st, 2024.
                            01:12 –> 01:18
                            The bill was authorized refunds for franchise tax paid using an AMT or an alternative minimum
                            01:18 –> 01:23
                            property calculation reduced by the amount of tax that would have otherwise be owed under
                            01:23 –> 01:27
                            the proportional net worth calculation.
                            01:27 –> 01:32
                            Bottom line, plain language, they’ve changed the way we’re calculating the franchise excise
                            01:32 –> 01:33
                            tax.
                            01:33 –> 01:39
                            So, this is really the guys that are paying $100, self-employed, single members in many
                            01:39 –> 01:45
                            cases, not to say it wouldn’t apply, but most of those cases, you’re not paying all those
                            01:45 –> 01:46
                            taxes.
                            01:46 –> 01:52
                            This would definitely apply to larger companies where you were paying a portion of your net
                            01:52 –> 01:57
                            worth on the books, and now they’re changing the way it was calculated, claiming it was
                            01:57 –> 02:02
                            not constitutional, and so they’re able to go back three years, basically, and make this.
                            02:02 –> 02:08
                            So, you have available refunds for the tax filings on or after January 1st, 2021, for
                            02:08 –> 02:13
                            the tax period on or after March 30th, 2020.
                            02:13 –> 02:17
                            Claims must be made on the forms that the tax commissioner will prescribe solely for
                            02:17 –> 02:18
                            the purpose of refunds.
                            02:18 –> 02:22
                            So, it’s not going to be something that you can easily just go out and say, “Hey, I amended
                            02:22 –> 02:23
                            the return.”
                            02:23 –> 02:25
                            No, they’re going to have refund forms.
                            02:25 –> 02:31
                            There is going to be some publications for the refunds, and then claiming waivers.
                            02:31 –> 02:36
                            Businesses claiming a refund
                            47 min
                          • Dr. Friday Radio Show – May 4, 2024

                            In this episode of the Dr. Friday Show, tax expert Dr. Friday takes on a variety of questions from callers seeking advice on tax issues, inheritance, and financial matters. Dr. Friday provides insights and guidance to help listeners navigate the complex world of taxes and finance.

                            Topics covered:

                            • Changes in Tennessee tax laws for small businesses and franchise excise tax
                            • Handling inheritance of bonds and the process of cashing them out
                            • Reporting class action settlement money received by a deceased individual
                            • Lending money to a friend for home improvements and potential gift tax implications
                            • Filing requirements and penalties for late payment of taxes
                            • Setting up payment plans with the IRS and the importance of compliance
                            • Dealing with IRS audits and the need for professional representation

                              • Transcript:

                              00:00 –> 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.
                              00:07 –> 00:09
                              She’s the how-to girl.
                              00:09 –> 00:10
                              It’s the Dr. Friday Show.
                              00:10 –> 00:19
                              If you have a question for Dr. Friday, call her now, 737-WWTN.
                              00:19 –> 00:23
                              That’s 737-9986.
                              00:23 –> 00:26
                              So here’s your host, financial counselor and tax consultant, Dr. Friday.
                              00:26 –> 00:33
                              Good day, I’m Dr. Friday and the doctor is in the house.
                              00:33 –> 00:37
                              It’s a nice rainy Saturday, I guess.
                              00:37 –> 00:41
                              Not really raining here in Spring Hill, but it’s supposed to.
                              00:41 –> 00:44
                              And if you want to join the show, if you’ve got tax questions or maybe you’re working
                              00:44 –> 00:51
                              on 2024 questions, or maybe you’re even thinking, do I need to amend my franchise excise because
                              00:51 –> 00:53
                              I was an early filer?
                              00:53 –> 00:59
                              The phone number here in the studio is 615-737-9986.
                              00:59 –> 01:05
                              615-737-9986 is the number in the studio.
                              01:05 –> 01:10
                              And I will say many of us filed extensions for many of our businesses and franchise excise
                              01:10 –> 01:15
                              if they had something to do with depreciation, because we did know that something was coming
                              01:15 –> 01:16
                              down the line.
                              01:16 –> 01:20
                              But in some cases, you don’t always know, and some clients just like to get it paid
                              01:20 –> 01:21
                              and done with.
                              01:21 –> 01:27
                              But you might be an individual that needs to reevaluate, especially if you have assets
                              01:27 –> 01:32
                              and the state of Tennessee was not complying with bonus depreciation.
                              01:32 –> 01:33
                              We always had separate situations.
                              01:33 –> 01:39
                              So I know for a fact I have one or two that we will have to go back and amend those returns
                              01:39 –> 01:43
                              so that they can get some of their refunds back because they’ve actually physically overpaid
                              01:43 –> 01:49
                              due to the fact that the tax law did go in effect after the tax season had already begun.
                              01:49 –> 01:54
                              So again, if you are an individual that has a small business and maybe you have assets
                              01:54 –> 01:58
                              or different things like that, there are many things that may have changed.
                              01:58 –> 02:03
                              But one of the main ones is that Tennessee is now following the federal law for bonus
                              02:03 –> 02:04
                              depreciation.
                              02:04 –> 02:08
                              So that can lead to an important situation on that.
                              02:08 –> 02:09
                              All right.
                              02:09 –> 02:12
                              So Kevin here in Nashville, let’s go ahead and get him on the line.
                              02:12 –> 02:14
                              Hey, Kev, what can I do for you?
                              02:14 –> 02:16
                              Hi, thanks, Friday.
                              02:16 –> 02:20
                              A question about taxes in general.
                              02:20 –> 02:27
                              I’m considering getting my CFP and I’m wondering, are there any cou
                              47 min
                            • Dr. Friday Radio Show – April 20, 2024

                              In this episode of the Dr. Friday Radio Show, tax expert Dr. Friday discusses various tax-related topics, including extensions for certain counties affected by severe weather, setting up payment plans with the IRS, and handling tax situations involving inherited properties, capital gains, and more.

                              Topics covered:

                              • Extension until June 17, 2024, for individuals and businesses in certain Tennessee counties affected by severe weather
                              • Importance of filing extensions and being in compliance with the IRS
                              • Setting up realistic payment plans with the IRS and understanding their collection process
                              • Tax implications of inheriting a rental property and receiving rental income
                              • Reporting and splitting a charged-off commercial loan with an ex-spouse
                              • Earned Income Tax Credit for retirees with low income
                              • Deducting margin interest expense on Schedule A when itemizing deductions
                              • Capital gains tax on the sale of a primary residence and a rental property
                                • Transcript
                                00:00 –> 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.
                                00:07 –> 00:10
                                She’s the how-to girl.
                                00:10 –> 00:11
                                It’s the Dr. Friday Show.
                                00:11 –> 00:19
                                If you have a question for Dr. Friday, call her now, 737-WWTN.
                                00:19 –> 00:20
                                That’s 737-9986.
                                00:20 –> 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.
                                00:34 –> 00:36
                                We are here live in studio.
                                00:36 –> 00:40
                                So if you’ve got a question, this will be the time to talk and we’ve got some
                                good news
                                00:40 –> 00:45
                                for some of those procrastinators out there and even some of my clients
                                because some people
                                00:45 –> 00:51
                                never got the memo that if you lived in certain counties, and really the ones
                                that it’s closest
                                00:51 –> 00:59
                                to us is Davidson, Robertson, and Sumner, but there are eight counties due to
                                severe
                                00:59 –> 01:03
                                thunderstorms and actually I think it was tornado warnings.
                                01:03 –> 01:10
                                The FEMA or the IRS ruled as severe thunder and so now they had until June
                                17th.
                                01:10 –> 01:16
                                So even if you filed your taxes and you weren’t able to pay them or maybe you
                                weren’t able
                                01:16 –> 01:22
                                to make your first estimate because you had to pay your taxes or even your
                                fourth quarter
                                01:22 –> 01:26
                                estimate on time, it could have been because of financial reasons.
                                01:26 –> 01:31
                                If you had a partnership or corporation that was due on March 15th and you
                                weren’t able
                                01:31 –> 01:39
                                to file it or regular corporations or fiduciary ones that were due April 15th
                                or even individuals.
                                01:39 –> 01:45
                                Also the non-profit, the tax exempt ones that are due May 15th, all of those
                                estimates,
                                01:45 –> 01:50
                                all of those are extended until June 17th.
                                01:50 –> 01:57
                                So that gives you at least people that live in Robertson Weekly, Cheatham,
                                Gibson, Stewart,
                                01:57 –> 02:01
                                Davidson, Dixon, Montgomery, and Sumner.
                                02:01 –> 02:06
                                Those are the counties that have an extension that we’ll have till that time.
                                02:06 –> 02:10
                                So it gives you a little, I mean, again, if you had a tough time and you
                                weren’t able
                                02:10 –> 02:13
                                to make it, that will
                                47 min
                              • Dr. Friday Radio Show – April 6, 2024

                                In this episode of The Dr. Friday Show, Dr. Friday, discusses various tax-related topics and answers questions from callers. She provides insights on the new Tennessee franchise tax bill, medical deductions, self-employment taxes, and dealing with the IRS.

                                Topics covered:

                                • Tennessee Senate Bill 2103 and its impact on franchise excise tax
                                • Maximizing medical deductions and the 7.5% AGI threshold
                                • Adjusting W-4 forms to avoid owing taxes
                                • Quarterly estimated taxes for self-employed individuals
                                • Amending tax returns to include Social Security income
                                • Inheriting property and the stepped-up basis
                                • Filing as head of household with a dependent ex-spouse
                                • Communicating with the IRS and resolving tax issues
                                  • Transcript
                                  00:00 –> 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.
                                  00:07 –> 00:09
                                  She’s the how-to girl.
                                  00:09 –> 00:10
                                  It’s the Dr. Friday Show.
                                  00:10 –> 00:19
                                  If you have a question for Dr. Friday, call her now, 737-WWTN.
                                  00:19 –> 00:23
                                  That’s 737-9986.
                                  00:23 –> 00:27
                                  So here’s your host, financial counselor and tax consultant, Dr. Friday.
                                  00:27 –> 00:33
                                  All right, I’m Dr. Friday, and I’m here live in studio.
                                  00:33 –> 00:37
                                  You probably hear my dogs in the background having a little chit-chat of the
                                  neighborhood,
                                  00:37 –> 00:43
                                  but we are going to talk a little bit first about the new bill that the
                                  governor has put
                                  00:43 –> 00:49
                                  out there concerning the franchise tax board and the refunds that the business
                                  operating
                                  00:49 –> 00:51
                                  in Tennessee could be heading towards.
                                  00:51 –> 00:53
                                  This has not yet been signed.
                                  00:53 –> 00:56
                                  So this is a bill that he has put.
                                  00:56 –> 01:02
                                  It’s the Senate Bill 2103, which will change how we complete the franchise
                                  excise tax and
                                  01:02 –> 01:07
                                  not having the property tax calculation in there, which is pretty big.
                                  01:07 –> 01:13
                                  I mean, they’re saying that’s going to reduce revenue for the state of over
                                  $400 million
                                  01:13 –> 01:16
                                  beginning the year that this goes into play.
                                  01:16 –> 01:21
                                  So it will be an interesting — this only applies to businesses that file
                                  franchise
                                  01:21 –> 01:23
                                  and excise tax.
                                  01:23 –> 01:30
                                  So it’ll be interesting to see if this actually passes, and we’ll stay on top
                                  of it to see
                                  01:30 –> 01:33
                                  if there’s any changes.
                                  01:33 –> 01:38
                                  Nothing I read in here does it say that it’s going to go backwards.
                                  01:38 –> 01:45
                                  So it looks like to me it’s really going to go into effect for 2024, not in
                                  2023.
                                  01:45 –> 01:53
                                  All right, let’s see if we can go to the — oh, the phone lines here in the
                                  studio are 615-737-9988.
                                  01:53 –> 02:01
                                  And it looks like we’ve already got Jay on the line, which is awesome.
                                  02:01 –> 02:03
                                  Hey, Jay, what’s happening?
                                  02:03 –> 02:04
                                  >> Hi, good afternoon.
                                  02:04 –> 02:09
                                  Thank you so much for taking my call.
                                  02:09 –> 02:17
                                  My wife had a lot of health issues last year, and so like $217,000 in medical
                                  expenses.
                                  02:17 –> 02:25
                                  And so anyway, we have a high deductible health plan, $10,000, and we’re on
                                  the hook for that.
                                  02:25 –> 02:32
                                  Anyway, so obviously w
                                  47 min
                                • Dr. Friday Radio Show – March 23, 2024

                                  In this episode of the Dr. Friday Show from March 23, 2024, Dr. Friday discusses various tax-related topics and answers caller questions. As the tax deadline approaches, Dr. Friday provides valuable insights and advice for navigating the complexities of tax season.

                                  Topics covered:

                                  • Business tax, franchise excise tax, and annual report deadlines for small business owners
                                  • Marginal tax rates and brackets for 2024
                                  • Contributing to Roth IRAs and amending tax returns
                                  • Reporting inheritance and capital gains on tax returns
                                  • Dealing with the IRS on tax issues and amendments
                                  • Business depreciation and bonus depreciation for 2023
                                  • Reporting interest income from joint accounts and deceased individuals
                                  • Handling tax debt with the IRS through payment plans
                                    • Transcript
                                    00:00:00.000 –> 00:00:07.000
                                    No, no, no, she’s not a medical doctor, but she can sure cure your tax
                                    problems or your
                                    00:00:07.000 –> 00:00:08.000
                                    financial woes.
                                    00:00:08.000 –> 00:00:10.000
                                    She’s the how-to girl.
                                    00:00:10.000 –> 00:00:11.000
                                    It’s the Dr. Friday Show.
                                    00:00:11.000 –> 00:00:12.000
                                    If you have a question for Dr. Friday, call her now, 737-WWTN.
                                    00:00:12.000 –> 00:00:13.000
                                    That’s 737-9986.
                                    00:00:13.000 –> 00:00:14.000
                                    So here’s your host, financial counselor and tax consultant, Dr. Friday.
                                    00:00:14.000 –> 00:00:14.000
                                    [music]
                                    00:00:14.000 –> 00:00:34.000
                                    G’day, I’m Dr. Friday and the doctor is in the house.
                                    00:00:34.000 –> 00:00:36.760
                                    We are here, hopefully gonna get some fun.
                                    00:00:36.760 –> 00:00:41.400
                                    The weather outside is so nice, but it is tax season, so we need to talk about
                                    some
                                    00:00:41.400 –> 00:00:47.320
                                    of the changes that are in play and also any questions that you might have
                                    concerning taxes
                                    00:00:47.320 –> 00:00:52.100
                                    and the issues that we might be dealing with in doing our taxes.
                                    00:00:52.100 –> 00:00:57.120
                                    Do not forget that if you are a small business owner, you also have your
                                    franchise excise,
                                    00:00:57.120 –> 00:01:02.740
                                    your business tax, and your annual reports that are going to be changing, so
                                    you need
                                    00:01:02.740 –> 00:01:07.400
                                    to make sure that you have all of that in play so that you don’t get a late
                                    notice,
                                    00:01:07.400 –> 00:01:11.640
                                    because many of those are due April 1st, which is just around the corner.
                                    00:01:11.640 –> 00:01:15.080
                                    So just making sure that you’ve got everything that you need, because a lot of
                                    times I know
                                    00:01:15.080 –> 00:01:18.240
                                    people will call me and say, “Oh, I just got a notice.
                                    00:01:18.240 –> 00:01:19.240
                                    Business tax wasn’t filed.
                                    00:01:19.240 –> 00:01:20.240
                                    I thought you filed it.”
                                    00:01:20.240 –> 00:01:22.480
                                    Well, business tax is only a state tax.
                                    00:01:22.480 –> 00:01:26.000
                                    We don’t deal with that in our office unless you do our monthly bookkeeping
                                    service, then
                                    00:01:26.000 –> 00:01:28.360
                                    the bookkeepers will usually handle that.
                                    00:01:28.360 –> 00:01:33.640
                                    Annual reports, again, are not really part of bookkeeping or taxes, so it’s
                                    just a licensing
                                    00:01:33.640 –> 00:01:37.920
                                    renewal for your charter every single year, but you need to make sure that you
                                    either
                                    00:01:37.920 –> 00:01:42.080
                                    have your person, that whoever’s dealing with it is there,
                                    47 min
                                  • Dr. Friday Radio Show – March 16, 2024

                                    In this episode of the Dr. Friday Radio Show, Dr. Friday, a financial counselor and tax consultant, discusses various tax-related topics and answers caller questions. As the tax season is in full swing, Dr. Friday provides valuable insights and advice for listeners.

                                    Topics covered:

                                    • Filing deadlines for different tax forms (1065, 1120S, 1120)
                                    • Consequences of missing tax deadlines and the importance of filing extensions
                                    • Beneficial Ownership Information Act compliance and penalties
                                    • Determining filing status for separated or divorced individuals
                                    • Deducting medical expenses and mileage related to hospital visits and care
                                    • Filing requirements for trusts and estates after a person’s death
                                    • Importance of keeping email addresses and cell phones active when handling an estate
                                    • Settling tax debts with the IRS and the offer in compromise process
                                    • Accurately reporting income and expenses on tax returns
                                      • Transcript
                                      00:00:00.000 –> 00:00:06.000
                                      No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your
                                      00:00:06.000 –> 00:00:07.000
                                      financial woes.
                                      00:00:07.000 –> 00:00:09.240
                                      She’s the how-to girl.
                                      00:00:09.240 –> 00:00:10.240
                                      It’s the Dr. Friday Show.
                                      00:00:10.240 –> 00:00:16.240
                                      If you have a question for Dr. Friday, call her now, 737-WWTN.
                                      00:00:16.240 –> 00:00:17.240
                                      That’s 737-9986.
                                      00:00:17.240 –> 00:00:22.240
                                      So here’s your host, financial counselor and tax consultant, Dr. Friday.
                                      00:00:22.240 –> 00:00:34.240
                                      G’day, I’m Dr. Friday and the doctor is in the house.
                                      00:00:34.240 –> 00:00:38.960
                                      We are going to talk about my favorite subject, it is the middle of tax season.
                                      00:00:38.960 –> 00:00:45.120
                                      And if you are a 1065, an 1120S and an 1120, in some cases, some 1120s can have it until
                                      00:00:45.120 –> 00:00:46.720
                                      next month.
                                      00:00:46.720 –> 00:00:51.440
                                      You have just missed a deadline if you did not file an extension.
                                      00:00:51.440 –> 00:00:57.200
                                      Because we’re due on the 15th for all 1065 and 1120Ss, unless you’re on a fiscal year
                                      00:00:57.200 –> 00:00:58.200
                                      end.
                                      00:00:58.200 –> 00:01:00.920
                                      So you need to make sure that you file your taxes.
                                      00:01:00.920 –> 00:01:02.960
                                      The penalties can be pretty steep.
                                      00:01:02.960 –> 00:01:08.120
                                      So again, making sure that you have filed your taxes and if not, an extension.
                                      00:01:08.120 –> 00:01:13.560
                                      That’s the same goes come April 15th for everything else, unless again, you’re on a physical year
                                      00:01:13.560 –> 00:01:18.060
                                      end, makes for you to basically need to file those extensions.
                                      00:01:18.060 –> 00:01:22.520
                                      It’s such a time saver, but more it’s a money saver, right?
                                      00:01:22.520 –> 00:01:27.960
                                      Because if you haven’t filed your taxes yet, then you’re in trouble when it comes to filing
                                      00:01:27.960 –> 00:01:30.440
                                      what you need to file for all of that.
                                      00:01:30.440 –> 00:01:36.320
                                      So again, if you have a question, you can reach us here in the studio at 615-737-9986.
                                      00:01:36.320 –> 00:01:44.560
                                      615-737-9986 is the number here in the studio.
                                      00:01:44.560 –> 00:01:48.560
                                      And many of you are probably working on taxes or maybe even working towards something that’s
                                      00:01:48.560 –> 00:01:50.040
                                      happening in 2024.
                                      00:01:50.040 –> 00:01:55.080
                                      It’s never too early to start thinking about how you̵
                                      47 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.