The Dr. Friday Radio Show

By Dr. Friday Burke

The Dr. Friday Radio Show is a weekly radio show broadcast live on 99.7/WWTN every Saturday from 2PM-3PM CST. If you are outside of the listening area of the radio station (Nashville, TN), you can als... more

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FAQs about The Dr. Friday Radio Show:

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

The podcast currently has 269 episodes available.

The Dr. Friday Radio Show episodes:

October 31, 2023Dr. Friday Radio Show – October 28, 2023
Welcome to this episode of the Dr. Friday Radio Show! Join tax expert Dr. Friday as she navigates through:
Introduction & Upcoming Tax Season:
Dr. Friday’s role as a financial counselor and tax consultant.
Preparations for the upcoming tax season, including scheduling, deadlines, and extensions.
The significance of tax planning and understanding personal tax situations.
Life Events & Taxes:
How events like withdrawing from a 401k, selling real estate, and changes in marital status affect taxes.
Tax Programs & Scams:
Warnings about misleading advertisements, especially concerning the Employee Retention Tax Credit (ERTC).
The difference between the ERTC and PPP (Paycheck Protection Program) funds.
Offer and Compromise with the IRS:
Handling negotiations with the IRS and the importance of maintaining good standing.
Entrepreneurial Tax Challenges:
The tax dilemmas faced by self-employed individuals.
Emphasizing the need to stay updated on tax obligations.
Caller Queries:
Inquiries on topics like inheritance, unfiled taxes, and the implications of sales and investments.
Complexities in Taxation:
The intricate nature of taxation, particularly for those with varied income streams.
The importance of comprehensive tax documentation.
Advice for Business Owners:
Challenges faced by entrepreneurs regarding taxes, including different types of taxes.
Guidance on the Tennessee Department of Revenue’s “TNTAP” system.
Capital Gains & Medicare:
Discussions on capital gains, especially related to selling homes.
Potential Medicare implications due to significant capital gains.
Closing Thoughts:
The significance of understanding capital gains and their broader impact.
A festive sign-off wishing listeners a Happy Halloween.
Stay tuned as Dr. Friday demystifies the complex world of taxes and offers her expert advice!
Transcript
Part 1 – 00:00
Announcer
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. It’s the Dr. Friday Show. If you have a question for Dr. Friday, call her now, 737-WWTN. That’s 737-9986. So here’s your host, financial counselor and tax consultant, Dr. Friday.
Dr. Friday
G’day, I’m Dr. Friday and the doctor is in the house. We are very busily getting prepared for the next tax season. Honestly, I got to play hooky the last week or so. So I am all ready to get ready to get organized, really.
If you are a tax client of mine and you want to set up your tax appointment, the calendar is on the website. So you can go ahead and set up your time for your tax appointments. If you are looking to have a tax appointment.
And then of course we still have to deal with some of the issues that are still coming out there. There were a few extensions out there for individuals that might’ve been, I know in California they have an extension. There may be a couple other small ones for the year of 2022, but all in all, most everybody should have already filed your 2022 tax return. It was due on the 16th of October and hopefully that was all filed. If you’ve gotten love letters containing something in them, or you have a question concerning maybe this year, because we’re what, 10 months into 2023, about time we start really talking
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47min
October 12, 2023Dr. Friday Radio Show – October 7, 2023
Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday has invited Nathan Wright from https://medi65.com back to the show. Below are several topics discussed in this episode.
Medicare overview – Explaining the different parts of Medicare (Part A, B, C, D) and options like Medicare Advantage and Medigap/Medicare Supplement plans.
Medicare enrollment – When and how to initially enroll in Medicare and make changes during the open enrollment period.
Medicare penalties – Penalties for not enrolling in certain parts of Medicare when you are first eligible.
Comparing Medicare plans – How to use online tools to compare different Medicare plans based on your doctors, prescriptions, etc.
Plan changes – Reasons to review your Medicare coverage annually as plans and costs can change year to year.
Getting help with Medicare – Using an insurance broker/agent to understand Medicare and make the best plan selections.
Medicare and retirement – Transitioning from employer insurance to Medicare at age 65.
Medicare coverage gaps – Parts of healthcare that original Medicare doesn’t cover like vision and dental.
Medicare Advantage pros/cons – Discussion of the tradeoffs between Medicare Advantage and Medigap plans.
Medicare savings programs – State programs to help pay Medicare costs based on income.’
And much more!
Transcript
Part 1: 00:00
Announcer: 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. It’s the Dr. Friday Show. If you have a question for Dr. Friday, call her now, 737-WWTN. That’s 737-9986. So here’s your host, financial counselor and tax consultant, Dr. Friday.
(upbeat music)
Dr. Friday: G’day, I’m Dr. Friday and the doctor is in the house. We have a really good show scheduled for today. And as you know, you can always join our show live at 615-737-9986. And we today are going to be talking with Nathan Wright. Many of you guys have been listening to me for well over 10 years now. And Nathan’s been on the show a few times and he is my go-to when it comes to Medicare. And it’s probably one of the more confusing. People think taxes, Nathan, are confusing. First I should say, hello, Nathan, join the show.
Nathan: Hey, how you doing, Dr. Friday?
Dr. Friday: I am good. I was just gonna say that, you know, Medicare is a subject in itself. I know a lot of people think taxes can be complicated, but having to deal with Medicare, in my opinion, is just so much advice out there. and some of it can just seem like it’s more confusing than probably it needs to be. So I’m hoping today we can always take your calls if you’re dealing with Medicare or if you have a family member and you might be helping them make decisions. Remember, this is, I don’t know, this is the time when people can start getting ready to make changes, right? ‘Cause there’s only a certain time of the year, Nathan, that people can do adjustments to their Medicare?
Nathan: Yes, you are absolutely correct. This is the annual election period which starts on October 15th and runs through December 7th. So we are almost there.
Dr. Friday: Yeah, so this is the time. So if they’re wanting to add or if they feel that they have too much of something, this is the only window of time that they can really do that. They can’t like, if I don’t like my insurance today, I can go out and change my insurance. You can’t do that in Medicare.
Nathan: That’s generally correct. Although there is what’s called special election period.
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47min
October 04, 2023Dr. Friday Radio Show – September 30, 2023
Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday answers callers’ tax questions and covers various topics, including:
Introduction and mention of the upcoming tax deadline on October 15th.
Discussion on potential tax changes for 2023 and the impact of life events on tax situations.
Caller question about capital gains taxes on the sale of co-owned hunting property.
Caller question about reporting the sale of a rental property with gifted equity to a daughter.
Importance of staying current with taxes and options for resolving tax debts.
Mention of potential benefits of bankruptcy in certain tax situations and the advice to seek professional advice.
Encouragement to track expenses and income for better tax planning and setting aside money for self-employment taxes.
Explanation of 1031 exchange for deferring capital gains and advantages of long-term real estate holding.
Emphasis on understanding tax liabilities when inheriting property or receiving gifts and the tax implications of life insurance policies.
Reminder to file 2022 taxes by the deadline and discussion of SEP contributions for retirement savings.
Dr. Friday’s contact information for further assistance.
Transcript
Part 1: 00:00
Announcer: 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. It’s the Dr. Friday Show. If you have a question for Dr. Friday, call her now, 737-WWTN. That’s 737-9986. So here’s your host, financial counselor and tax consultant, Dr. Friday. (upbeat music)
Dr. Friday: This is the Dr. Friday Show. Let’s see if we have us going here. I think I was a little bit rough getting on the show here, but I think we’re good to go. Guys, we’re live here in the studio, and if you wanna join the show, you can at 615-737-9986, 615-737-9986, the number here in the studio. We’re all working pretty diligently this next week and a half to finish up the end of the extensions that were filed. Obviously, if you filed an extension, then your taxes are due October 15th, and then you must have them filed, otherwise you’re late. So making sure, and then obviously, we’re all thinking about 2023 taxes. What’s going to be happening? Is there anything that’s gonna change? Maybe something’s changed in your life, how that’s going to affect you on that situation. Is it that you inherited something? Did you have some sort of change in marital status or maybe had a baby or got married or, you know, all those things do have an effect on your taxes. So understanding how that affects, usually, obviously getting married, it can be a different situation because now you’re going from being single on your withholdings. And if you’re merging people’s W-2s, sometimes it’s better to stay single on as far as withholding than it is to change to married and zero. You may find out that you won’t have enough of a withholding. make sure you’ve talked to someone before you make changes. Let’s go to Jim in Nashville and see if we can help him out a little bit. Hey Jim, what can I do for you, sweetie?
Caller: Hi doc. How are you doing this Saturday?
Dr. Friday: Oh, not complaining. Seriously. It’s pretty nice day out there. Beautiful, beautiful.
Caller: Hey, I’ve got a question for you. Several years ago, my best friend and I went in together and bought some hunting property. and now we have just put it on the market to sell. We own the land free and clear, so the money that we get will be split between the two of us. Help me out as far as what I’m looking at as far as capital gains taxes and any way to avoid that. I don’t plan on reinvesting that mone
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43min
September 26, 2023Dr. Friday Radio Show – September 23, 2023
Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday answers callers’ tax questions and covers various topics, including:
Warning about scams involving fake IRS calls and fraudulent emails.
The importance of being cautious with personal information and verifying the validity of payment requests.
Retirement planning, including when to start collecting Social Security and the tax implications of different sources of income.
Clarifying the tax bracket based on pension, Social Security, and 401k withdrawals.
Inherited funds, taxation of life insurance proceeds, and financial management for seniors.
An anecdote about a scam involving fake IRS calls and the significance of verifying emails and bills to prevent fraud.
The necessity of being in compliance with the IRS before entering into any deals or payment plans.
The challenges of dealing with the IRS and the value of having representation.
The limitations and qualifications for offer in compromises and payment plans.
The importance of cautious spending when dealing with the IRS.
A caller’s inquiry regarding tax implications when selling a house in a different state for a family member in a nursing home.
The tax-free limits and potential Medicaid look-back period for the sale of the house.
And much more!
Transcript
Part 1 – 00:00
Announcer: 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. It’s the Dr. Friday Show. If you have a question for Dr. Friday, call her now, 737-WWTN. That’s 737-9986. So here’s your host, financial counselor and tax consultant, Dr. Friday.
Dr. Friday: G’day, I’m Dr. Friday and the doctor is in the house. So what a beautiful Saturday, the first day of fall, but it is gorgeous out there. A little warm when you’re working outside, but I’ll take it compared to rain or any of the other things we could be having. So appreciate the weather. Hopefully you guys are enjoying it.
If you wanna join the show today, where I’ll be talking about my favorite subject, taxes. I’m an enrolled agent, licensed by the Internal Revenue Service to do taxes and representation. So that means if you haven’t filed taxes, if you’re getting love letters and you’re like, I don’t know what the IRS really wants, or you’re trying to make a deal with the IRS and they just don’t seem like it’s making sense to you why they want something, or you don’t know if you can make a deal with the IRS, you don’t understand how that works, that’s where I come in. That’s my expertise, that and just basic tax preparation.
And again, I’m an enrolled agent, been there for almost 25 years doing taxes and representation. So if you have questions, or maybe you’re pying something, you’re like, I don’t know if I sell my home, am I gonna owe taxes? If I inherit something, is it taxable income? Is it not taxable income? What’s the difference between the two? Big difference, obviously, all of us know, no taxes, taxes, never a good thing when you have to pay taxes.
You can join the show at 615-737-9986, 615-737-9986 is the number here in the studio. You can also email [email protected]. If you’re a little bit shy, totally relate. Calling a radio wasn’t something I ever really was doing until I started this 15 plus years ago. Now, of course, it feels like a second job. So if you’ve got a question or you just, maybe you have a friend or someone that you’re not sure of, you know, they’re behind, they’ve gotten divorced, that’s al
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47min
September 14, 2023Dr. Friday Radio Show – September 9, 2023
Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday answers callers’ tax questions and covers the following topics:
Discussion about upcoming business tax deadlines on September 15th
Explanation of estimated tax payments and their requirements
Advice on making proper estimated tax payments
Discussion about penalties for late filing of business tax returns
Reminder of the October 15th deadline for individual tax returns
Importance of tax planning for the current and upcoming tax years
Advice on converting or taking money out of an IRA for various purposes
Introduction of the Sweet Addiction, a job readiness program for women in recovery
Announcement of the Tip the Waitress breakfast fundraiser event
Explanation of the difference between non-profit and not-for-profit organizations
Answering questions about IRA distributions and tax rates
Advice on gifting property or money to family members
And much more!
Transcript
Part 1
Announcer: 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. It’s the Dr. Friday Show. If you have a question for Dr. Friday, call her now, 737-WWTN. That’s 737-9986. So here’s your host, financial counselor and tax consultant, Dr. Friday.
Dr. Friday: G’day I’m Dr. Friday and the doctor is in the house so if you are working on your business tax returns because if you filed an extension for your partnership LLC’s your sub S corporations and even for C corporations those will be due on September 15th again September 15th which is this coming Friday.
So if you haven’t, and if you did not file an extension, you’re just late, period. But that’s also the same day that we have to make our third estimated payment. Kind of want to touch base a little bit on the requirements for estimated tax payments. The tax law says we have to make four equal payments based on the year before. Now that doesn’t mean that if you want, some clients say, well, do I have to make four?
Can I not just on the first payment in April, can I just send all of the money or on the second payment?
Can I make a first payment and then the second?
As long as those payments are paid before the due date, those are considered for equal payments.
So if you wanna make all of your payments at one time and the original due date for every year is the first estimate is April the 15th or the filing date, whichever it might be, you may make all of them.
If you had an unusual situation, So let’s say you sold a piece of real estate that is taxable, not your primary, possibly it could be your primary, but in most cases with the exclusions, people don’t have a lot of taxes due, but let’s say it’s a rental property or a piece of investment land property, whichever that might be, then let’s take that and say that you owe taxes, maybe 50, $60,000.
So you are required within 90 days to make an estimated payment.
Again, estimated payments are based on the prior year.
So as long as you have made all the proper estimates for the year before, so you need to make sure you make 110% for this kind of situation.
So you might want to pay in a little extra.
It doesn’t mean you need to pay all $40,000 in taxes that may be due, but you do need to make an estimate, especially if you normally don’t owe taxes.
Two reasons I usually suggest this.
One of the big reasons is if the money is sitting in the bank and you are not a good person as far as being able to hold that money until tax time, you don’t want the IRS to ever be a loan officer.
It’s never a good experience.
Their
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47min
August 30, 2023Dr. Friday Radio Show – August 26, 2023
Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday answers callers’ tax questions and covers the following topics:
The Importance of Filing Your Taxes on Time
All Business Tax Returns Due on September 15, 2023
All Personal Tax Returns Due on October 15, 2023
Self-Employment Tax Should Always Be Between 10% and 30%
How To Manage Quarterly Tax Payments as Self-Employed
Best Way To Claim on W4 When Married
How To Take Advantage of Qualified Charitable Deduction
The Importance of Setting Money Aside for Retirement and Taxes
How to Get in Touch With Dr. Friday
How To Make Sure You Have Enough Money for Taxes
How To Do Tax Preparation and Financial Planning The Right Way
And much more!
Transcript
Announcer 0:01
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. It’s the Dr. Friday Show. If you have a question for Dr. Friday, call her now. 737-WWTN. That’s 737-9986. So here’s your host, financial counselor and tax consultant, Dr. Friday.
Dr. Friday 0:30
G’day, I’m Dr. Friday, and I’m here live in studio. So if you want to join, the show you can at 615-737-9986, we’re gonna be talking a lot about some of the things that’s kind of coming up here.
Dr. Friday 0:51
We have, obviously, September 15th, which will be here before you know it, that’s when all of our business tax returns are going to be due. And then October 15, for all those that have waited to that last minute to file the paperwork. Keep in mind that does not extend the money you owe. But if you’ve paid all your taxes, and you’re just waiting, I know if we don’t finish the business tax returns, those individuals cannot file their personal tax returns.
Dr. Friday 1:19
So many of you had to wait for K-1’s or other documents. Once you get those then we have until October 15 to file those taxes. So very important to make sure you make those deadlines because otherwise, you’re going to get hit with failure to file on time penalties, which add up a lot faster than and failure to pay. So you know, if you’ve got questions, you need to figure out what we need to do, how you’re going to move forward.
Dr. Friday 1:46
And of course, we’re going to talk a little bit about people that have had some back issues. I mean, if you haven’t filed taxes, especially in the last couple of years, because in 20 and 21, we had quite a bit of free money, that may either be able to go back and pay for some of your tax issues or help you pay the tax years that you may have may not have a keep in mind, 2021 and 22 are the three years we’re able to get to get actual refunds from the IRS.
Dr. Friday 2:15
So if you don’t have, if you haven’t filed, it’s going to fall off. And before you know it when when 2023 comes on 2020 is going to drop off. And that was one of the stimulus checks they had to that year, adding up to somewhere between I think it was 600 and 1200 may have been $1,800, that you would have been able to get for free that year. And then 2021, I believe was 1400. But either way, you don’t want to leave that money on the table.
Dr. Friday 2:46
And so you might want to think about making sure that you’re filing all of your taxes. And there are some situations where maybe you haven’t filed taxes in 1015 20 years, and I have that happen more times than a lot of people think doesn’t mean we have to file all those years in some cases, we may not have to file more than six years to get you into compliance.
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47min
August 02, 2023Dr. Friday Radio Show — July 29, 2023
Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday answers callers’ tax questions and covers the following topics:
Sales Tax Holiday in Tennessee Starting August 1, 2023
Dr. Friday’s Tips on Saving Money on Taxes
How Do I Avoid Paying Taxes On My Investment Account?
Should You Exclude a Home Sale From the Schedule D?
The Difference Between Gifting and Inheriting Money
How to Protect Your Assets From a Lawsuit or Creditors
What You Need To Know About Bonds and Taxes
How To Set Up An Irrevocable Trust
How To Make Sure You Have Enough Money for Taxes
How To Do Tax Preparation and Financial Planning The Right Way
And much more!
Transcript
Announcer 0:01
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. It’s the Dr. Friday Show. If you have a question for Dr. Friday, call her now. 737-WWTN. That’s 737-9986. So here’s your host, financial counselor and tax consultant, Dr. Friday.
Dr. Friday 0:29
Good day, I’m Dr. Friday and the doctor is in the house, I will tell you it is a very warm day outside. So hopefully, you guys are all getting a chance to listen to me. While we are inside either an air conditioned vehicle or actually at your house, listen, I Heart Radio. But if you are out there having to put up with a lot of this weather then drink lots of water and keep yourself hydrated about the only thing I can share with you. But let’s talk a little bit about some of my favorite subjects first, you can join the show 615-737-9986.
Dr. Friday 1:11
So right now from Friday through Sunday, in Tennessee, we have the sales tax weekend we call it and it covers three different categories. You have school and art supplies. So any supplies, folders, pens, pencils, as long as that individual item is $100 or less. And you can’t do anything crazy like and say, Well, I want to buy this art kit. But this is one big kit and you want to say well, I’ll buy this and this and split it in half, and it’ll be under the $100. Now if it’s usually sold as a kit, that’s what they’re going to say. So anything under $100 per an item, which is great, especially for school supplies, paper supplies, things like that, that you might have. Even small business owners think about it, you can buy reams of paper, you can buy pens, papers, folders, whatever you might usually use might be a great weekend here in Tennessee and Williamson County, I believe were 9.75 Murray County 9.25. And in some of the other counties 9.5, no matter what we are at nine plus percent.
Dr. Friday 2:14
So that is a healthy savings on every dollar. The second one of course is clothing, right? You actually have your general apparel, anything less than $100 per item, that would be Jeans, shoes, you cannot split the shoe. So you can’t buy $200 with the shoes and put one on each, they’re not going to allow it. But anything else socks, dresses, etc, etc. Anything that you might have if your kid goes to school and has a dress code or uniform, again, buying the pants or the shirts that would qualify as long as each of those items are under $100. And again, this is only from yesterday, Friday till midnight on Sunday. So today is a busy day for a lot of people another one for small business owners as well as just individuals or people that have kids in college or nowadays all grades almost is the computer $1,500 or less.
Dr. Friday 3:07
If you want to buy a computer, now might be a time to think about it. They always talk about Black Fridays and all that. But nowadays we have black Friday’s goodness in May, June, July, they kind of took the
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47min
July 20, 2023Dr. Friday Radio Show — July 15, 2023
Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday answers callers’ tax questions and covers the following topics:
Owing Money to the state of Tennessee Increased the Penalties to Almost 13%
How to Get Money Back From your Child’s Bank Account When the IRS Pulls It
What Is a Revocable Living Trust and How Does It Compare to an Income Tax Return?
If You’re a Business Owner, Take Seminars at the Tennessee Department of Revenue
When Is the Best Time to Start Making Your Quarterly Estimates?
Is Living In A State With No Income Tax Better Or Worse?
When Is the Best Time to Start Making Your Quarterly Estimates?
Qualified charitable deduction for those over 70.
Tax Responsibility for 2023 and the 30% Energy Tax Credit
The Tax Deadline Is October 18 for Individuals
How To Do Tax Preparation and Financial Planning The Right Way
And much more!
Transcript
Announcer 0:00
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. It’s the Dr. Friday Show. If you have a question for Dr. Friday, call her now. 737-WWTN. That’s 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 on this beautiful Saturday afternoon. Let’s start out the day with a couple just reminders for some of you that may be still procrastinating a little bit on Monday, July 17 is the final day to to file and you have to do this by mail, we cannot file electronically your 2019 return.
Dr. Friday 0:54
So if you have not filed and if you would like to get your refund if you actually have one that would happen by July 17. Which of course is this coming Monday, I believe. So we have that notice. And then the second notice, I just wanted to make sure if you are also a person that lives in Rutherford County McNair Macon, and Haywood and Lewis, there’s about five counties out there cannon, your final deadline without extension is July 31, 2023, due to the storm damage that you were under federal disaster extensions.
Dr. Friday 1:32
So one to start the show out with those times and extensions, just so if you’re listening, and you still haven’t filed your 19, or you forgot to file your extension, and you happen to live in one of these other counties, about eight of them most common for my listening audience, Kenan Rutherford and making you You still have time and you won’t be late, which is the important part of that conversation.
Dr. Friday 1:57
So if you’ve got a question, you can join the show 615-737-9986 State of Tennessee has come out with their new interest rates. I think I told you guys last week, maybe a little bit about this. But they’re pretty ridiculous. If you owe money to the state of Tennessee, federal, you know, for sales tax or any of that, then, you know, they have increased that to almost 13%, I believe.
Dr. Friday 2:32
So that is huge. When you’re trying to make a deal you’re trying to get paid to get things paid off. I also found out an interesting thing. One thing I like about the people that do actually handle audits, and I know most of you guys are like no one likes audit as well, you know, it’s a job, it’s not something that anyone else, it’s just it’s a job that anyone has to do. And sooner or later someone has to be done.
Dr. Friday 2:55
And sooner or later, most of us will probably be audited by some format, if you’re in business, especially, but had a situation where a young man had filed reports be that sales tax busi
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47min
July 13, 2023Dr. Friday Radio Show – July 8, 2023
Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday answers callers’ tax questions and covers the following topics:
What Are the Interest Rates In Tennessee?
Over $1.5 Billion in Tax Refunds That Have Not Been Claimed
Tax Rules For Buying a Vehicle For Work
Tennessee Residents Given Until July 31 to File Federal Tax Returns
How Do Capital Gains Work on Inheritance?
What Is the Fastest Way to Talk to the IRS?
Is Private School Tuition Tax Deductible?
The Tax Deadline Is October 18 for Individuals
How To Do Tax Preparation and Financial Planning The Right Way
And much more!
Transcript
Dr. Friday 0:00
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. It’s the Dr. Friday Show. If you have a question for Dr. Friday, call her now. 737-WWTN. That’s 737-9986. So here’s your host, financial counselor and tax consultant, Dr. Friday.
Dr. Friday 0:25
Good day. I’m Dr. Friday and the doctor is in the house. It’s a wonderful Saturday out there. And many of us are trying to get some things together, especially still trying to work on tax returns. But right now we’re really working on a lot of cases, dealing with the IRS directly as soon as back taxes or making offering compromises.
Dr. Friday 0:50
Remember, I’m an enrolled agent licensed with the Internal Revenue Service do taxes and representation, which basically means guys, that’s all I do is Texas and representation. So if you are a person that has been dealing with IRS issues, if you’re thinking, I don’t know how I’m ever going to get the IRS off my back, or how, you know, where do I even start? Because a lot of times you’re gonna haven’t filed for 10, 15, 20 years, what does the IRS have expectation for you to do? Where do you stand? And that’s where we come in?
Dr. Friday 1:20
To be honest, there are so many different things that you need to understand. How far back do you really have to go? What is the IRS has expectation for you moving forward, as well as moving backwards? What do I pay? If I’ve got a little money? Should I be paying forward? Should I be paying backwards? These are really in it’s different. I’m not going to tell you there’s a perfect science that I could say right here on the radio, this is the step step steps you’re going to take. And that’s how it’s going to work. No, it doesn’t always work that way.
Dr. Friday 1:20
What I might suggest for one individual will be completely different for a different individual, depending on how many years we have to do. If there’s been assessments in past years. What’s the window of collections? You know, I mean, there’s said date. So what are those said dates? Had the clocks been stopped? The IRS really only has 10 years to collect. But if you haven’t started the clock, or if the IRS started for you by assessing you in those tax years, what does that really mean? Do we need to amend do we need to just get the taxes filed because we’re going to be doing an offer and compromise anyways.
Dr. Friday 1:48
So making the right information, and then making sure not only dealing with the past, but also dealing with the future, right? Because in the future, we have to stay current for five years, otherwise, the IRS will go back and they’ll say, “Sorry, Charlie, you didn’t keep your end of the deal. So we’re going to eliminate everything.” So if you made a deal that saves you hundreds of 1000s of dollars, and you didn’t keep your deal with them, they’re
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47min
July 05, 2023Dr. Friday Radio Show – July 1, 2023
Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday answers callers’ tax questions and covers the following topics:
What You Need To Know About the American Families and Jobs Act
What Is the Small Jobs Act HR 3937?
Retirement and Selling Your Home
How To Buy Your Parents Home at a Fair Rate
What To Do If You Inherit Property
What Is the 1099 Reporting Threshold for 2023?
The Tax Deadline Is October 18 for Individuals
What Is the Required Minimum Distribution Table for 2023?
The Importance of Having a Disability Trust
What Is the Standard Deduction for Middle-Class Families?
How To Do Tax Preparation and Financial Planning The Right Way
And much more!
Transcript
Announcer 0:01
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. It’s the Dr. Friday Show. If you have a question for Dr. Friday, call her now. 737-WWTN. That’s 737-9986. So here’s your host, financial counselor and tax consultant, Dr. Friday.
Dr. Friday 0:05
Good day. I’m Dr. Friday, and the doctor is in the house on this somewhat crazy weekend, one minute, it’s nice and warm and sunny in Spring Hill. Next thing you know, we’ve got thunderstorms and rain coming down. So be careful if you’re outside, it’s a bit of a crazy day for for enjoying the outside weather. But if you’re inside and you’re thinking, wow, what’s going on in the world of taxes. I know, I always seem to be thinking about that most of the time, because I’m working on individual tax returns or business ones.
Dr. Friday 0:57
And one of the things that came down during this last week was that House Republicans released a draft of three separate bills they’re trying to pass, it’s all called the American Families and Jobs Act. And it basically one is for helping to cut out certain things, the HR 3936, which is for working families, helping to negotiate better and to include some sort of job tax credits. And then you have the Small Jobs Act HR 3937, and then Build an America Act of 3938, trying to get businesses that bring their their assembly and things back to the United States to give them credits that will help increase those situations.
Dr. Friday 1:43
At this moment. The standard deduction, which is what we’re looking at, they’re trying to increase it and make it a guaranteed deduction bonus. For middle class families one of the big things it’s $2,000, for single 4000 for married couples, that would only begin and 24 and 25. But reduce the bonus amount taxpayers will modify justed income of to over 200,000, they love to use that one 200,000, they don’t realize how many people, it sounds great. But when you sell a piece of real estate or you get ready to retire and you’re transitioning, sometimes those numbers can get completely skewed and you don’t have what you need.
Dr. Friday 2:23
And then you end up paying tax on things that normally you might not think about having to deal with. But because of those situations, you have a lot more to deal with on that on that plane. So making sure that you know how much things are going to cost before you go in to cash out a pension or retirement plan of some sort, because you’re retiring. Also, you know, 401k is taking money out of them. There is usually unless you’re over the age 59 and a half, you get the 10% penalty plus 20% or 30% tax depending on the tax bracket you’re in. So it’s really, really important to encourage you too, just make sure you’re crunching those numbers. So if you’ve got a question, maybe today you̵
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47min

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