The Dr. Friday Radio Show

The Dr. Friday Radio Show

By Dr. Friday BurkeBusiness
Download on the App Store

The Dr. Friday Radio Show episodes

  • Dr. Friday Radio Show – March 2, 2024

    In this episode of the Dr. Friday Show, Dr. Friday covers a wide range of tax-related topics, from individual tax situations to business tax considerations. She provides valuable insights and advice for listeners looking to navigate the complex world of taxes.

    Topics covered:

    • Roth conversions and their tax implications
    • Taxation of Social Security benefits
    • Tax considerations for surviving spouses and dependents
    • Life insurance payouts and potential taxability
    • Business losses and the IRS’s expectations for profitability
    • Importance of filing tax returns for partnerships and S corporations
    • GoFundMe accounts and their tax implications
    • 1099K reporting for Venmo transactions
    • Adjusting W-4 withholdings to avoid tax surprises

      • Transcript

      00:00:00.000 –> 00:00:06.560
      No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your
      00:00:06.560 –> 00:00:07.560
      financial woes.
      00:00:07.560 –> 00:00:09.800
      She’s the how-to girl.
      00:00:09.800 –> 00:00:10.800
      It’s the Dr. Friday Show.
      00:00:10.800 –> 00:00:19.800
      If you have a question for Dr. Friday, call her now, 737-WWTN.
      00:00:19.800 –> 00:00:23.760
      That’s 737-9986.
      00:00:23.760 –> 00:00:26.760
      So here’s your host, financial counselor and tax consultant, Dr. Friday.
      00:00:26.760 –> 00:00:32.280
      All righty, I’m Dr. Friday.
      00:00:32.280 –> 00:00:33.280
      We are live.
      00:00:33.280 –> 00:00:44.320
      You can reach us here at 615-737-9986, 615-737-9986, taking your calls, talking about taxes.
      00:00:44.320 –> 00:00:47.280
      Many of you may be working on your taxes this weekend.
      00:00:47.280 –> 00:00:50.320
      I know I’m in the process of working on taxes.
      00:00:50.320 –> 00:00:54.640
      You may actually be running into some things that you’re thinking about for 2024.
      00:00:54.640 –> 00:00:56.040
      I mean, things are always changing.
      00:00:56.040 –> 00:00:58.800
      A lot of people are thinking about Roth conversions.
      00:00:58.800 –> 00:01:03.480
      I am not a financial advisor, so I do not get into that aspect, other than the fact
      00:01:03.480 –> 00:01:07.200
      that if you do a conversion, you will end up paying taxes.
      00:01:07.200 –> 00:01:10.200
      So you may want to talk to your tax person when you’re doing that.
      00:01:10.200 –> 00:01:15.240
      We do a lot of planning when we’re usually doing tax prep because what you have happening,
      00:01:15.240 –> 00:01:18.600
      you know, sometimes people are thinking, “Well, maybe I’ll sell a house or I’ll do this,”
      00:01:18.600 –> 00:01:26.000
      and all those kinds of things not only affect your actual taxes that are due, but your IRMA,
      00:01:26.000 –> 00:01:28.600
      if you’re in and receiving Medicare.
      00:01:28.600 –> 00:01:33.680
      So it’s very important to take into account not only what you’re going to be paying in
      00:01:33.680 –> 00:01:38.480
      actual ordinary or capital gains tax, but make sure that you talk about the IRMA as
      00:01:38.480 –> 00:01:43.280
      well because we have found over the years, many times people take into account, you know,
      00:01:43.280 –> 00:01:44.760
      how much am I going to pay in capital gains?
      00:01:44.760 –> 00:01:45.760
      I already calculated that.
      00:01:45.760 –> 00:01:49.800
      And then they get the love letter from Medicare that says, “Hey, we’ve changed the amount
      00:01:49.800 –> 00:01:54.500
      we’re
      47 min
    • Dr. Friday Radio Show – February 17, 2024

      In this episode of “Dr. Friday Radio Show”, Dr. Friday, an enrolled agent licensed by the IRS, offers valuable tax advice and financial counseling to listeners dealing with various tax situations. Topics covered include:

      • Understanding the difference between federal and state tax laws, especially regarding the sale of property and capital gains tax.
      • The importance of timely tax preparation, with a focus on business tax returns and the upcoming March 15 deadline for LLCs and corporations.
      • Navigating state tax obligations and the implications for businesses operating across state lines.
      • Guidance on filing annual reports, business licenses, and navigating franchise excise taxes.
      • Tips for handling 1099 forms, both for businesses and individuals, to ensure compliance with IRS requirements.
      • Advice for individuals working remotely for out-of-state employers and the tax implications thereof.
      • The episode also features listener call-ins, providing personalized advice on specific tax queries, including rental property depreciation, the taxation of social security and pensions for seniors, and the tax treatment of income from YouTube content creation.

        • Transcript

        00:00:00.000 –> 00:00:06.480
        No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your
        00:00:06.480 –> 00:00:08.080
        financial woes.
        00:00:08.080 –> 00:00:09.680
        She’s the how-to girl.
        00:00:09.680 –> 00:00:11.680
        It’s the Dr. Friday Show.
        00:00:11.680 –> 00:00:18.560
        If you have a question for Dr. Friday, call her now.
        00:00:18.560 –> 00:00:19.560
        737-WWTN.
        00:00:19.560 –> 00:00:23.560
        That’s 737-9986.
        00:00:23.560 –> 00:00:27.360
        So here’s your host, financial counselor and tax consultant, Dr. Friday.
        00:00:27.920 –> 00:00:30.600
        Good day.
        00:00:30.600 –> 00:00:33.360
        This is Dr. Friday and we’re live here in studio.
        00:00:33.360 –> 00:00:39.640
        And if you have a question, you can join us live as well at 615-737-9986.
        00:00:39.640 –> 00:00:46.480
        615-737-9986.
        00:00:46.480 –> 00:00:49.440
        For many of you that may not or maybe it’s your first time listening to me on the radio,
        00:00:49.440 –> 00:00:54.280
        I’m an enrolled agent licensed by the Internal Revenue Service to do taxes and
        representation.
        00:00:54.280 –> 00:00:56.080
        That is pretty much all I do.
        00:00:56.080 –> 00:01:00.960
        So if you’re working on your taxes this wonderful weekend, or maybe you’re making some tax
        planning
        00:01:00.960 –> 00:01:06.120
        for 2024 and you’ve got a question, possibly something to do with inheritance or selling
        00:01:06.120 –> 00:01:12.520
        or buying property, paying the capital gains tax, that kind of situation, making sure you
        00:01:12.520 –> 00:01:17.080
        understand what the federal tax law is compared to the state.
        00:01:17.080 –> 00:01:21.960
        Kind of found out an interesting situation because we seem to have had a large number,
        00:01:21.960 –> 00:01:27.440
        in my opinion, a large number of individuals that were thinking that if they reinvested
        00:01:27.440 –> 00:01:32.760
        the money from the sale of their home, they weren’t going to have to pay any kind of
        federal
        00:01:32.760 –> 00:01:33.760
        taxes.
        00:01:33.760 –> 00:01:40.640
        I did find out that California state income tax has that available transaction on it.
        00:01:40.640 –> 00:01:43.120
        It is not a federal law, but a state.
        00:01:43.120 –> 00:01:49.560
        So you really do need to understand what is state, what is federal and how that works.
        00:01:49.560 –> 00:01:52.320
        So that way you understand how you’re going to be able to save.
        00:01:52.320 –> 00:01:55.920
        In most cases
        47 min
      • Dr Friday Radio Show – February 3, 2024

        In this episode of the Dr. Friday Radio Show, Dr. Friday tackles the latest in tax legislation and offers expert advice on managing your finances in light of new changes. Key highlights include:

        • Overview of the Tax Relief Act of 2024: An introduction to the new tax legislation and its key components.
        • Changes to Child Tax Credit: Detailed explanation of the expanded child tax credit and how it affects families.
        • 100% Depreciation Rules Extended: Insight into the extension of 100% depreciation through 2025 and its benefits for business owners.
        • Adjustments Based on Inflation: Discussion on the adjustment of refundable tax credits in response to inflation, including the specific figures for 2024.
        • Implications for Early Tax Filers: Advice for those who have already filed their taxes and how they might be affected by the new changes.
        • Retirement Savings Strategies: Solutions for retirees looking to contribute to a Roth IRA through earned income, including tips for those with unique circumstances like farm income.

          • This episode is essential for anyone looking to stay informed on the latest tax laws and learn strategies to optimize their tax filing and financial planning for the upcoming year.

          Transcript
          00:00:00.000 –> 00:00:06.480
          No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your
          00:00:06.480 –> 00:00:07.480
          financial woes.
          00:00:07.480 –> 00:00:09.720
          She’s the how-to girl.
          00:00:09.720 –> 00:00:10.720
          It’s the Dr. Friday Show.
          00:00:10.720 –> 00:00:20.000
          If you have a question for Dr. Friday, call her now, 737-WWTN.
          00:00:20.000 –> 00:00:23.720
          That’s 737-9986.
          00:00:23.720 –> 00:00:27.400
          So here’s your host, financial counselor and tax consultant, Dr. Friday.
          00:00:27.400 –> 00:00:34.200
          Good day, I’m Dr. Friday and the doctor is in the house.
          00:00:34.200 –> 00:00:36.680
          We have some breaking news.
          00:00:36.680 –> 00:00:44.160
          Back on the 31st of January, we finally got a new, the Tax Relief of American Families
          00:00:44.160 –> 00:00:49.160
          and Workers Act of 2024 came through.
          00:00:49.160 –> 00:00:53.880
          It’s going to be interesting to see exactly how that’s going to affect some.
          00:00:53.880 –> 00:00:59.680
          If you already filed your taxes, you may find that there could be some new changes.
          00:00:59.680 –> 00:01:06.720
          Most of it’s going to come into 2024, but they did change the child tax credit.
          00:01:06.720 –> 00:01:08.400
          They expanded some of that.
          00:01:08.400 –> 00:01:12.680
          They extended some of the 100% depreciation through 2025.
          00:01:12.680 –> 00:01:17.880
          And this year, if you’d already filed your taxes, you would have only had an 80% on most
          00:01:17.880 –> 00:01:19.460
          of your depreciation.
          00:01:19.460 –> 00:01:21.980
          So that will be a big situation.
          00:01:21.980 –> 00:01:28.240
          So again, if you have already filed, they did do some things that went backwards and
          00:01:28.240 –> 00:01:31.640
          we’re going to cover some of that as we move forward.
          00:01:31.640 –> 00:01:34.520
          And it may affect if you’ve already filed.
          00:01:34.520 –> 00:01:38.120
          Again, opened on January 29th, the tax season.
          00:01:38.120 –> 00:01:40.200
          And so I guess, you know, it’s like hunting season.
          00:01:40.200 –> 00:01:47.200
          I always say the tax season started on that, but you know, there is always new and exciting
          00:01:47.200 –> 00:01:49.000
          things continuously happening.
          00:01:49.000 –> 00:01:53.500
          A portion of the refundable tax credit is based on inflation.
          00:01:53.500 –> 00:01:56.400
          S
          47 min
        • Dr. Friday Radio Show – January 27, 2024

          In this episode of the Dr. Friday Radio Show, Dr. Friday delves into crucial tax updates and financial strategies. From the essentials of tax preparation to navigating new IRS regulations, this episode offers valuable advice for both individuals and businesses. Key highlights include:

          • Preparation for Tax Season: Importance of gathering W-2s and 1099s without rushing the filing process to ensure accuracy.
          • 1099-K Form Thresholds: Updated requirements for digital and small-scale sellers, emphasizing its effect on gig economy participants.
          • Tax Filing Requirements: Guidance on who needs to file taxes, focusing on income thresholds and specific financial circumstances.
          • Dependents and Education Credits: Tips on claiming dependents and maximizing education-related credits.
          • Digital Assets and IRS Regulations: Overview of new IRS guidelines on reporting digital assets.
          • Business Tax Compliance: Insights into beneficial ownership information compliance and clean energy credits under new tax laws.

            • This episode is packed with expert advice to help listeners efficiently navigate their tax responsibilities and optimize financial planning for the year ahead.

            Transcript
            00:00:00.000 –> 00:00:06.280
            No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your
            00:00:06.280 –> 00:00:07.280
            financial woes.
            00:00:07.280 –> 00:00:09.540
            She’s the how-to girl.
            00:00:09.540 –> 00:00:11.120
            It’s the Dr. Friday Show.
            00:00:11.120 –> 00:00:19.800
            If you have a question for Dr. Friday, call her now, 737-WWTN.
            00:00:19.800 –> 00:00:23.520
            That’s 737-9986.
            00:00:23.520 –> 00:00:29.520
            So here’s your host, financial counselor and tax consultant, Dr. Friday.
            00:00:29.520 –> 00:00:34.600
            G’day, I’m Dr. Friday and the doctor is in the house today.
            00:00:34.600 –> 00:00:38.920
            We’re going to be talking about my favorite subject, which of course is taxes.
            00:00:38.920 –> 00:00:44.120
            There has been a few minor upchanges on a few things that might be on the other, ununique
            00:00:44.120 –> 00:00:47.480
            side of things, but we’re going to cover that.
            00:00:47.480 –> 00:00:51.960
            And of course, many of you are probably getting all of your tax records together, so it’s
            00:00:51.960 –> 00:00:56.280
            time for you to probably start thinking about, I wouldn’t rush still because I know many
            00:00:56.280 –> 00:00:57.840
            people are still waiting.
            00:00:57.840 –> 00:01:00.760
            W-2s do not have to be out quite yet.
            00:01:00.760 –> 00:01:05.120
            1099s are still being processed, at least in our office.
            00:01:05.120 –> 00:01:11.360
            So many of those will be something that may hold you up in processing that information
            00:01:11.360 –> 00:01:15.520
            and don’t rush to file something until you have all of your documentation.
            00:01:15.520 –> 00:01:20.760
            It’s not worth the IRS turning around and changing your tax return, which is something
            00:01:20.760 –> 00:01:26.380
            that can happen anytime they don’t have the right information on the right lines that
            00:01:26.380 –> 00:01:28.160
            matches what they think you should have.
            00:01:28.160 –> 00:01:30.360
            All right, we’re going to go right to the phone lines.
            00:01:30.360 –> 00:01:31.360
            We’ve got Ryan.
            00:01:31.360 –> 00:01:34.040
            I love it when my phone lines start lighting up early.
            00:01:34.040 –> 00:01:35.040
            Hey Ryan, what’s happening?
            00:01:35.040 –> 00:01:36.040
            I hope it’s Brian because that’s me.
            00:01:36.040 –> 00:01:37.040
            Oh, okay.
            00:01:37.040 –> 00:01:38.040
            B
            47 min
          • Dr. Friday Radio Show – January 20, 2024

            In the January 20th episode of the Dr. Friday Tax Show, Dr. Friday, an experienced financial counselor and tax consultant, delves into crucial topics for the 2024 tax season. This episode highlights important updates including:

            • Beneficial Ownership Information Compliance: Urgent for business owners to comply by January 1, 2025, with significant penalties for non-compliance.
            • IRS E-file Opening Delayed: Now starting January 29th, impacting early filers, especially those with earned income and child tax credits.
            • Social Security and Tax Liabilities: Discusses how income changes affect Medicare costs and child support calculations.
            • Small Business Tax Filings: Critical deadlines for 1120-S and 1065 forms emphasized.
            • Handling Disability Benefits and Trust Incomes: Insight into tax implications for those receiving disability benefits and beneficiaries of trusts.
            • Interactive Listener Queries: Addresses a variety of questions, from personal tax situations to complex issues.

              • Essential for business owners, retirees, and individual taxpayers, this episode offers a wealth of information to smoothly navigate through the tax season.

              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 financial woes.
              00:00:07.000 –> 00:00:11.000
              She’s the how-to girl. It’s the Dr. Friday Show.
              00:00:11.000 –> 00:00:22.000
              If you have a question for Dr. Friday, call her now. 737-WWTN. That’s
              737-9986.
              00:00:22.000 –> 00:00:28.000
              So here’s your host, financial counselor and tax consultant, Dr. Friday.
              00:00:29.000 –> 00:00:36.000
              G’day, I’m Dr. Friday and the doctor is in the house on this very cold
              Saturday.
              00:00:36.000 –> 00:00:41.000
              Many of you may be at the house, not actually out running around, but who
              knows?
              00:00:41.000 –> 00:00:44.000
              When I went out earlier, it looked like it was a bit busy out there.
              00:00:44.000 –> 00:00:48.000
              So, I will say that many people probably have enjoyed the snow a little bit.
              00:00:48.000 –> 00:00:52.000
              But, hopefully that will go away so we can get back into some serious
              business.
              00:00:52.000 –> 00:00:56.000
              A little hard for people to get to their tax appointments when there’s snow
              coming down.
              00:00:56.000 –> 00:01:03.000
              So, if you want to join the show today, if you’ve got questions concerning
              taxes or things that you may have heard or you’re working on,
              00:01:03.000 –> 00:01:09.000
              either your 2023 filings or preparing for 2024, something that may be coming
              up,
              00:01:09.000 –> 00:01:19.000
              all you have to do is pick up the phone. 615-737-9986.
              00:01:19.000 –> 00:01:27.000
              We’re getting a lot of phone calls on the BOI or the Small Business
              Compliance Guide that’s put out by the Finance Criminal Enforcement Network.
              00:01:27.000 –> 00:01:32.000
              This is a true thing, beneficial ownership information, BOI.
              00:01:32.000 –> 00:01:38.000
              Many of you are getting emails or being told by other individuals that this
              needs to be filed.
              00:01:38.000 –> 00:01:43.000
              It does need to be filed and the rules are kind of interesting.
              00:01:43.000 –> 00:01:52.000
              So, if you already have a business and it started prior to 2024, you have
              until January 1st, 2025.
              00:01:52.000 –> 00:02:01.000
              If you’ve opened it in this first period, you only have less than 90 days to
              actually put this BOI in.
              00:02:01.000 –> 00:02:10.000
              So, if you’ve just opened up a new LLC or a new corporation, then you need
              to make sure if you are required to file the beneficial ownership
              information,
              00:02:10.000 –> 00:02:14.000
              that
              47 min
            • Dr. Friday Radio Show – January 13, 2024

              Welcome to the Dr. Friday Radio Show! In this episode, Dr. Friday provides valuable insights into the intricacies of tax preparation and compliance. Key topics include the delay in IRS e-file opening, the crucial Small Entity Compliance Guide, and the urgent need for business owners to understand the Beneficial Ownership Information requirements. Dr. Friday emphasizes the importance of accurate tax documentation and the potential implications on Medicare and Social Security. The episode also covers payroll tax issues, child support considerations in relation to Social Security, and questions about capital gains on real estate sales. Insightful call-ins add to the dynamic discussion, making this a must-listen for anyone seeking practical tax advice.

              Key Highlights:

              1. IRS E-file Delay: The opening of IRS e-file is postponed to January 29th, impacting the filing process for basic tax returns.
              2. Beneficial Ownership Information Compliance: A critical alert for business owners about the substantial penalties for non-compliance by January 1, 2025.
              3. Medicare and Social Security Impacts: Discussions on how income changes, including Social Security benefits, can affect Medicare costs and child support calculations.
              4. Real Estate Sales and Taxes: Guidance on the tax implications and exclusions related to selling property, particularly for seniors in different living situations.
              5. Interactive Listener Queries: Dr. Friday addresses a variety of caller questions, from payroll tax concerns to retirement account rollovers.

                6. Whether you’re a business owner, retiree, or individual taxpayer, this episode is packed with essential information to help you navigate the complexities of tax season.

                Transcript
                00:00:00.000 –> 00:00:06.880
                No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your
                00:00:06.880 –> 00:00:07.880
                financial woes.
                00:00:07.880 –> 00:00:10.100
                She’s the how-to girl.
                00:00:10.100 –> 00:00:11.600
                It’s the Dr. Friday Show.
                00:00:11.600 –> 00:00:18.720
                If you have a question for Dr. Friday, call her now.
                00:00:18.720 –> 00:00:19.720
                737-WWTN.
                00:00:19.720 –> 00:00:20.720
                That’s 737-9986.
                00:00:20.720 –> 00:00:27.720
                So here’s your host, financial counselor and tax consultant, Dr. Friday.
                00:00:27.720 –> 00:00:35.600
                Hey, this is Dr. Friday and the doctor is in the house.
                00:00:35.600 –> 00:00:42.800
                We are here live in studio on this very cold Saturday, getting ready to start our tax season.
                00:00:42.800 –> 00:00:45.680
                Well, actually, it’s already started, already completing returns.
                00:00:45.680 –> 00:00:53.000
                I will let you know that the IRS is now saying January 29th for many of my very basic W-2
                00:00:53.000 –> 00:00:58.560
                only tax returns, that e-file will not open until January 29th.
                00:00:58.560 –> 00:01:02.640
                So in some cases, if you were thinking to rush to that line and get your money back
                00:01:02.640 –> 00:01:07.920
                from the IRS, you may have to wait a little longer than you expected.
                00:01:07.920 –> 00:01:12.040
                But if you’re working on your taxes this weekend or you’ve got some questions, a little call
                00:01:12.040 –> 00:01:17.600
                out to all my prior or existing clients that we, you know, every year obviously handle
                00:01:17.600 –> 00:01:19.200
                your taxes.
                00:01:19.200 –> 00:01:23.960
                If you don’t see a time, our calendar, the calendar is open at drfriday.com.
                00:01:23.960 –> 00:01:26.560
                If you don’t see an available time, just call the office.
                00:01:26.560 –> 00:01:31.040
                We do have available time, so we just can’t open up on the calendar because, well, if
                00:01:31.0
                47 min
              6. Dr. Friday Radio Show – January 6, 2024

                Welcome to the Dr. Friday Radio Show, January 6th, 2024 edition! In this insightful episode, Dr. Friday, a seasoned tax consultant and financial counselor, navigates through the complexities of the tax season. The show delves into various tax-related topics, including the implications of real estate transactions, capital gains tax, and retirement account distributions. Additionally, Dr. Friday provides personalized advice to callers on issues ranging from tax deductions and inheritance taxes to Social Security and Medicare impacts. This episode is a treasure trove of valuable information for anyone looking to make informed decisions during the tax season.

                Key Highlights:

                • Real Estate Insights: Dr. Friday discusses the tax implications of buying and selling real estate, offering expert advice on how these transactions affect tax filings.
                • Capital Gains Clarifications: Callers receive detailed explanations about capital gains tax, especially concerning the sale of long-held stocks and assets.
                • Retirement Accounts and Taxation: The episode covers the tax treatment of distributions from traditional IRAs, including the tax liabilities arising from such withdrawals.
                • Social Security and Medicare Considerations: Dr. Friday addresses questions about the taxation of Social Security benefits and the potential Medicare implications of increased income.
                • Interactive Q&A: The show features interactive segments where listeners call in with specific tax queries, which Dr. Friday addresses with her expertise.
                • Small Business Tax Tips: Valuable information is shared about business tax filing deadlines, the importance of updating business licenses, and other regulatory compliances.

                  • Whether you’re a taxpayer seeking guidance on personal finance, a retiree grappling with tax implications, or a small business owner, this episode offers a wealth of knowledge to navigate the tax season confidently.

                  Transcript
                  00:00:00.000 –> 00:00:06.780
                  No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your financial woes.
                  00:00:06.780 –> 00:00:10.320
                  She’s the how-to girl. It’s the Dr. Friday Show.
                  00:00:10.320 –> 00:00:21.800
                  If you have a question for Dr. Friday, call her now. 737-WWTN. That’s 737-9986.
                  00:00:21.800 –> 00:00:26.960
                  So here’s your host, financial counselor and tax consultant, Dr. Friday.
                  00:00:29.320 –> 00:00:33.360
                  G’day, I’m Dr. Friday and the doctor is in the house.
                  00:00:33.360 –> 00:00:37.880
                  It is that time of the year where it’s going to start getting a bit more crazy.
                  00:00:37.880 –> 00:00:44.320
                  Tax season is upon us and we have just finished up, it feels like, the last tax year.
                  00:00:44.320 –> 00:00:46.320
                  So we will be talking mostly about
                  00:00:46.320 –> 00:00:52.080
                  2023. Doesn’t mean that if you haven’t filed prior tax years or if you’re having tax issues in other ways
                  00:00:52.080 –> 00:00:55.540
                  that there might be something that we need to still address as well.
                  00:00:55.680 –> 00:01:00.440
                  But the important part of all this is we are ready to get going with
                  00:01:00.440 –> 00:01:05.360
                  2023 tax season, which is going to be a crazy one.
                  00:01:05.360 –> 00:01:11.040
                  Not a lot of changes from last year to this year to be quite honest if we’re looking at certain things.
                  00:01:11.040 –> 00:01:16.240
                  You know, tax brackets always change a little bit and itemizing.
                  00:01:16.240 –> 00:01:20.480
                  But I still have a large number of people that seem to be buying and selling real estate.
                  00:01:20.480 –> 00:01:22.880
                  And so that does have an effect on us.
                  00:01:23.480 –> 00:01:27.640
                  And d
                  47 min
                • Dr. Friday Radio Show – December 9 – Christmas Special 2023

                  Welcome to the Dr. Friday Radio Show Christmas Special 2023! Hosted by financial counselor and tax consultant, Dr. Friday, this episode promises a blend of financial insight, lively discussions, and festive giveaways. Joined by special guest Dr. Electric (Joe Macri), the show celebrates the season of giving with its annual Christmas giveaway, a tradition for nearly 15 years. Tune in for a unique mix of business updates, expert advice, and exciting prizes!

                  Key Highlights:

                  • Special Guest Appearance: Dr. Electric (Joe Macri) joins the show, providing insights into his business and joining the festive giveaway.
                  • Annual Christmas Giveaway: Celebrating a 15-year tradition, the show features a range of giveaways, including Netflix cards, restaurant gift cards, and more.
                  • Business Updates: Discussions about the latest happenings and seasonal trends in Dr. Friday’s tax consultancy and Dr. Electric’s business.
                  • Interactive Segments: Listeners call in for a chance to win various prizes and ask questions related to finance, taxes, and electrical issues.
                  • Practical Financial Advice: Dr. Friday addresses listener questions, offering guidance on topics like tax deductions for businesses, dealing with inheritances, and navigating changes in tax laws.
                  • Unique Prizes: The giveaways include items like half a deer for a holiday feast, signifying the show’s blend of practicality and festive cheer.
                  • Listener Engagement: Engaging with the audience through calls, the show fosters a sense of community and offers direct assistance to individuals.

                    • Join Dr. Friday and Dr. Electric for an episode filled with warmth, wisdom, and the spirit of Christmas. Whether you’re seeking financial advice or just in for the festive atmosphere, this special show has something for everyone!

                    Transcript
                    Part 1
                    00:00:00.000 –> 00:00:06.400
                    No, no, no, she’s not a medical doctor, but she can sure cure your tax
                    problems or your
                    00:00:06.400 –> 00:00:07.400
                    financial woes.
                    00:00:07.400 –> 00:00:09.640
                    She’s the how-to girl.
                    00:00:09.640 –> 00:00:11.360
                    It’s the Dr. Friday Show.
                    00:00:11.360 –> 00:00:19.880
                    If you have a question for Dr. Friday, call her now, 737-WWTN.
                    00:00:19.880 –> 00:00:23.600
                    That’s 737-9986.
                    00:00:23.600 –> 00:00:27.400
                    So here’s your host, financial counselor and tax consultant, Dr. Friday.
                    00:00:27.400 –> 00:00:34.280
                    G’day, I’m Dr. Friday and the doctor is in the house.
                    00:00:34.280 –> 00:00:40.160
                    And today we have a show of shows that we’re going to be putting on every
                    year.
                    00:00:40.160 –> 00:00:45.560
                    I’m fortunate enough, many of you know that Dr. Electric is not on the show as
                    often or
                    00:00:45.560 –> 00:00:50.680
                    he doesn’t have his normal Saturday shows, but I have dragged him onto the
                    radio.
                    00:00:50.680 –> 00:00:54.360
                    So we’re going to have a really good time having Joe here and myself.
                    00:00:54.360 –> 00:00:57.000
                    This is our annual Christmas giveaway.
                    00:00:57.000 –> 00:00:59.800
                    We have done for nearly 15 years together.
                    00:00:59.800 –> 00:01:04.160
                    So I’m so glad that he’s going to join us on the show.
                    00:01:04.160 –> 00:01:08.000
                    We’ll talk a little bit about what his business is doing, what my business is
                    doing, but most
                    00:01:08.000 –> 00:01:13.720
                    importantly what we’re going to do is talk about what we’re giving away.
                    00:01:13.720 –> 00:01:14.720
                    That’s right.
                    00:01:14.720 –> 00:01:16.600
                    This is always, usually we had two hours.
                    00:01:16.600 –> 00:01:18.840
                    We got to get it all into one hour.
                    47 min
                  • Dr. Friday Radio Show – December 2, 2023

                    Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday delves deep into the complex world of taxes, offering clarity, guidance, and solutions for listeners. Here are some of the topics she addresses:

                    • Roth IRA conversions and the best time to undertake them, especially considering the holiday season.
                    • Maximizing your 401(k) contributions and the strategic timing for doing so.
                    • Advice on gifting significant amounts to children, including tax implications and necessary forms (like Form 709).
                    • Clarifications on tax credits and debunking myths regarding their repayment.
                    • Year-end tax planning for small business owners, including equipment purchases and the importance of placing new equipment into service before year-end for tax deductions.
                    • Tax implications of receiving a trust fund distribution.
                    • Guidance on home equity and mortgage issues in estate planning.
                    • Updates on Tennessee Department of Revenue’s new policies for small business owners regarding gross business receipts.
                    • Live calls from listeners with specific tax-related questions and scenarios.
                    • And more!
                      • Transcript
                      Part 1

                      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 financial woes.

                      00:00:07.000 –> 00:00:11.000

                      She’s the how-to girl. It’s the Dr. Friday Show.

                      00:00:11.000 –> 00:00:22.000

                      If you have a question for Dr. Friday, call her now. 737-WWTN. That’s 737-9986.

                      00:00:22.000 –> 00:00:28.000

                      So here’s your host, financial counselor and tax consultant, Dr. Friday.

                      00:00:29.000 –> 00:00:34.000

                      Good afternoon. I’m Dr. Friday and this is the Dr. Friday Show.

                      00:00:34.000 –> 00:00:46.000

                      And we are talking about my favorite subject. It is December, so it means that we are thinking about what can we still do for the year of 2023.

                      00:00:46.000 –> 00:00:50.000

                      We only have something like 20, 24, 25 days left of the season.

                      00:00:50.000 –> 00:00:57.000

                      So we need to really start concentrating on if you’re considering the Roth conversion, you want to do it earlier versus later.

                      00:00:57.000 –> 00:01:02.000

                      Later you get towards Christmas. A lot of people are out of town. It’s hard to make that conversion.

                      00:01:02.000 –> 00:01:11.000

                      The other would be maximizing your 401(k). Sometimes people will put their final paycheck into their 401(k) to help reduce their overall income

                      00:01:11.000 –> 00:01:16.000

                      because you really have a tough time knowing what your income is until this time of the year for year to day,

                      00:01:16.000 –> 00:01:20.000

                      especially if you work with some limited bonuses and things like that.

                      00:01:20.000 –> 00:01:26.000

                      Maybe you got an inheritance or something and you can’t really convert your inheritance into a retirement.

                      00:01:26.000 –> 00:01:32.000

                      But you can maximize your work or your 401(k) or put money into an IRA of some sort.

                      00:01:32.000 –> 00:01:37.000

                      And then that would help you reduce the overall tax that maybe you’re looking at.

                      00:01:37.000 –> 00:01:40.000

                      So these are the kinds of things we really want to go with.

                      00:01:40.000 –> 00:01:44.000

                      Oh, wow. Awesome. You guys are ready for the Dr. Friday Show today. I love it.

                      00:01:44.000 –> 00:01:49.000

                      It’s not been quite tax season. We usually get that. Let’s go to Ron in Nashville and we’ll go right to it.

                      00:01:49.000 –> 00:01:50.000

                      Hey, Ron.

                      00:01:51.000 –> 00:01:52.000

                      Hey.

                      00:01:52.000 –> 00:01:53.000

                      I’ve got a question.

                      00:01:53.000 –

                      47 min
                    • Dr. Friday Radio Show – November 11, 2023

                      Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday delves deep into the complex world of taxes, offering clarity, guidance, and solutions for listeners. Here are some of the topics she addresses:

                      • Nonprofit Tax Compliance: Understanding the IRS regulations for nonprofits, particularly the importance of filing the 990, 990-EZ forms to maintain nonprofit status.
                      • Charitable Contributions: Insights on verifying the legitimacy of charities, especially for online and overseas donations, and ensuring they qualify for tax deductions.
                      • Personal Tax Situations: Addressing unique tax scenarios that arose in 2023, including inheritance taxes and selling properties with shared interests.
                      • Tax Basis Tracking: The importance of accurate tracking for tax basis in properties to ensure correct capital gains tax payments.
                      • Gift Tax Concerns: Guidance on gift taxes and how to navigate them, especially in anticipation of potential tax law changes in 2026.
                      • Estate Planning: Emphasizing the need for wills and trusts to ensure your assets are distributed according to your wishes and not left to default government plans.
                      • IRS Representation: Offering advice on dealing with the IRS, including the significance of having an enrolled agent for representation in tax issues.
                      • Tax Planning for Life Events: Discussing how life changes like marriage, divorce, or job switches can impact tax liabilities and the need for proactive tax planning.
                      • Year-End Tax Strategies: Tips on year-end tax strategies for individuals and businesses, including adjusting W-4s, managing investment losses, and maximizing retirement contributions.
                      • Tax Loss Harvesting: Strategies for leveraging investment losses against capital gains for tax benefits.
                      • Retirement Contributions and Distributions: Guidelines on required minimum distributions from retirement accounts and the impact of various types of contributions.
                      • Updating Personal Information: The importance of keeping personal information up-to-date with financial institutions and the IRS for accurate tax record-keeping.
                      • Tax Record Retention: Advice on how long to keep tax records and the best practices for storing them securely.

                        • Join Dr. Friday as she navigates these and other tax-related topics, providing valuable insights for effectively managing your taxes.

                        Transcript
                        Part 1: 0:00

                        Announcer 0:00

                        Oh, no, no, no, she’s not a medical doctor, but she can share cure your tax problems or your financial woes. She’s the How to girl. It’s the doctor Friday show. If you have a question for Dr. Friday, call her now. 737-WWTN that 737-9986. So here’s your host, financial counselor and tax consultant, Dr. Friday.

                        Dr. Friday 0:30

                        Good day, I’m Dr. Friday and the doctor is in the house. We are here live in studio today. So if you have any questions, you can jump right on the phone 615-737-9986 – 615-737-9986.

                        I want to touch on a couple things that have come up this week. One of the big things I think the IRS and it really just depends on when your nonprofit started, you have three years if you have not filed a 990 in or 990 or 990 ez, they will discontinue or dis basically remove you from the nonprofits. I’ve had a couple phone calls this last couple of weeks on this situation. So if your nonprofit has received that love letter saying, you know we’re determination has been removed for your exemption, you do need to deal with that issue. You cannot continue to be a nonprofits, you can’t continue to take money if you’re if yo

                        42 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.