The Dr. Friday Radio Show

By Dr. Friday BurkeBusiness

The Dr. Friday Radio Show episodes

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
47 min
June 21, 2023Dr. Friday Radio Show – June 17, 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:
If You’re 70 and Older, You Can Make a Qualified Charitable Deduction
Does Tennessee Charge Sales Tax on Construction Projects?
Retirement Accounts, IRAs, and Traditional IRAs
How To Use Qualified Charitable Deduction to Save Money
When Is the Perfect Time to Get Your Tax Issues Resolved?
How Much of a Charitable Donation Can Be Written Off?
How Do You Protect Yourself From Financial Issues?
When Are Appraisals Required for Donations
What To Do If You Inherit Property
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 0:32
Good day, I’m Dr. Friday and the doctor is in the house is a wonderful Saturday out here just got back from a few days of doing tax seminars. And I have a lot of interesting things to share with you, for many of this is going to be for my small business owners. But some of them will apply to actually individuals energy credits, or things that are available out there that maybe you didn’t know about. We had two wonderful speakers once a local girl here that works at Belmont, Professor over at Belmont Marilyn Young, Ph.D, CPA, she has it all.
Dr. Friday 1:06
And in one of the best speakers that I’ve seen in a long time, I’ve seen her before I enjoy having her at our seminars. But she is a wonder and what a few things she brought up just to get you guys on track because many of you have already filed your 2022. So I’m not I’m well I’m here working on on individuals that are still working on 2022 taxes, many of you are working towards 2023. And one of the new tax things, we did get a couple extra energy credits. And a couple of them are odd ones, at least I found that I one of the most the unusual ones that came out that I heard of was that if you wanted to have a certified company come into your home and evaluate your energy efficiency, then you can get a $150 credit against that bill.
Dr. Friday 1:55
Now, I don’t know what the maximum for something like that is, but the IRS will give you up to $150 on your tax return as a credit for doing this evaluation. So I thought that was kind of an interesting off the unusual because I’ve always many of you guys know that if you do windows, in some cases, if you are a contractor and 2023, they do have some contractor credits, 2500 for kind of semi grain and then like 5000 for being over the top green building. And again, there’s definitions in there. But if you’re in the industry of building homes, you might want to look and see if any of these credits apply.
Dr. Friday 2:35
These are new credits that are going to be out there for you and I in the year of 2023 through 3033. Is the expectation probably one of the more important conversations that I had with many of the people that attended that also do exactly what I do some I should say exactly some do. Only offering compromise or IRS negotiating. Many of us do taxes as well as that. And we’re all being bombarded. And I’m sure many of you are I know I’ve been talking to my sister the other day and she said she was getting phone calls and she’s never been self employed about the ERTC up to $26,000 per an employer for their tax number comes
47 min
June 08, 2023Dr. Friday Radio Show — June 3, 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:
Changes To Tax Laws for The 2023 Tax Year
How To Audit-Proof Your Tax Returns
Is My Cell Phone A Write-Off?
The Effective Tax Rate If You Don’t Pay Taxes On Your Pension?
The Trump Tax Cuts Expire At The End of 2025
Can I Still Get Medicare If I Retire Early?
How Much Will the US Debt Interest Payments Be in 2023?
How To Get an Extension to Pay Your 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 0:31
Good day, I’m Dr. Friday, and the doctor is in the house on this beautiful, fairly warm outside Saturday. And it’s not the midst of taxes. But we do have some interesting conversation that’s going to go on about the new debt ceiling bill that the House and Biden have put through, I don’t think we’re going to find huge changes today.
Dr. Friday 0:56
But just looking at the numbers, when you think about the budget act of 2011, which was about $1.3 trillion, that they were supposed to spend over the next 10 years. And that went up to 1.6 and 2025 $1.61 trillion, roughly in 2025. And then every year after that it’s up about now our debt for the United States, just the dollar amount that we have to bring in just to pay the debt is 15.6% of our GDP. So it’s really, really important to understand that, you know, yes, we managed to keep everybody getting paid. But no resolution has actually come out of any of this. So we know when the GDP averaging is going to be up by the time this bill is supposedly it’s a 10 year bill, theoretically.
Dr. Friday 1:50
So we’re in 2023. So 2033, they’re saying that the it’s going to be 24.2% of the GDP, is what our debt is going to be 25% of the income brought into the United States, or what they bring from all of us is going to be close to what we’re just paying in debt. Yeah, that’s it. I mean, if we don’t catch what’s going on, guys, if we can’t change what we want to spend, and instead of encouraging people to use the systems that’s out there, instead of wanting the government to pay for everything that’s happening.
Dr. Friday 2:28
We’re going to become a point it’s going to happen, that your children or your grandchildren are going to have so much debt on them, that they’re no longer going to be in a capitalize situation, they’re not going to get out there and be able to work because it’s not going to be beneficial for them to go and make a living on their own because the government’s going to take all of their money.
Dr. Friday 2:51
Because there’s already what 50 to 60% of the United States right now receive some sort of benefits from the government. That’s ridiculous. I’m sorry. I mean, we can I come from a very big family, eight kids, 10 people in our family with our parents. And at no point in my life did I ever see anyone in my family take any coin, and it wasn’t that we didn’t have rough times I can remember my mom just taking fruit and vegetables and putting them on the table when there wasn’t a you know, Dad didn’t get paycheck for a few days, there was cereal for dinner, whatever it took
48 min
May 23, 2023Dr. Friday Radio Show – May 20, 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:
Changes to tax laws for the 2023 tax year
Earned income credit increase for 2023
Annual exclusion for gifting increase for 2023
Lifetime estate exclusion increase for 2023
Adoption credit increase for 2023
Rollovers and conversions for 401k accounts
Capital gains rates for 2023
Student loan forgiveness and tax implications
Changes in tax brackets due to life changes such as divorce or marriage
Importance of staying current on taxes and making necessary adjustments
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, this is the Dr. Friday Show and we are here live in studio. So if you want to join us, all you have to do is pick up the phone. 615-737-9986. 615-737-9986. Taking your calls, talking about my favorite subject, which is taxes. But if you’ve got some IRS issues or if you’re dealing with any of the usual, um, I’m getting love letters, I don’t know exactly what I need to do with them, or maybe you’re at the point in your life where you’re like, boom, I am so ready to get the IRS in control so I can go do what I want to do. Maybe that’s buy a house. Kids are getting ready to go to college. All of those are usually the requirements we have when it’s people start thinking about, or maybe you’re even getting close to retirement and you’re like, wait a second, my biggest assets, my home, and I owe the IRS, so I can’t really sell the house because if I do, I have these issues. And maybe there’s something you can do. Maybe there’s a way of either making payments or getting something so that the resolution is done, taken care of, and then we can go forward from there.
Dr. Friday 1:39
So if you want to understand more about those options, or if you’ve got questions, maybe you haven’t filed your 2022 or you’re thinking about 2023, maybe you’ve sold some property, maybe you’ve inherited or thinking about selling a rental property and you’re not too sure what’s the process. How do I know? So that way, the biggest mistake people make is they don’t think about the taxes. They go and reinvest that money someplace, and then they have to file their taxes and they owe 30, 40, 50, $60,000 on the sale of something. And now the money is tied up in something else. Very important for you to be able to understand how this is going to affect you and what you’re going to need to know. Don’t reinvest unless you’re doing a 1031 exchange. Do not reinvest the IRS money. It’s never going to be a good thing. So let’s go back. Oh, looks like Pat from Franklin or Patricia from Franklin is on the line. Let’s go ahead and hit her. Hey, Patricia.
Caller 2:41
Good afternoon, Dr. Frey. Thank you for taking my call. I received something last week, supposedly from the IRS, but it’s from Boston, Texas, and it’s a different kind of form I’ve never received before. And they’re asking me to fill out a form and contact them in a different number than normally IRS. It says we received a tax return for tax 2022 using your name and Social Security number. I have to, if I file, I have to return and call the IRS at verify return. We need
46 min
May 18, 2023Dr. Friday Radio Show – May 13, 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:
Is the Employee Retention Credit Real or A Scam?
IRS Warns Taxpayers of New Fuel Tax Credit Scam
How to Avoid Getting Ripped Off By Your Tax Preparer
How do You Qualify for an Offer and Compromise?
What Happens If I Don't Know How Much I Owe in Taxes?
What Kind of Form is a 1099-K?
What Happens If I Can't Pay My Taxes on Time?
How To Get an Extension to Pay Your Taxes
How To Do Tax Preparation and Financial Planning The Right Way
And much more!
Transcript
Dr. Friday 0:01 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or 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. 615-737-9986. 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 on this overcast Saturday. And for many of you tax season for 2022 is kind of over. For a few of you that might have been procrastinating a little bit if you live in Rutherford County and a couple of the neighboring ones. Remember, you're under a storm, federal storm damage. So you guys have until July 31.
Dr. Friday 0:54 Theoretically, if you did not file an extension, if you're under extension, then you're fine for right now. But if you haven't paid your tax bill and you still have the ability to get the money, you might find that you don't have any penalties until that date. Unless, of course, you have to make quarterly. But the actual amount due would be less for those that are in that area.
Dr. Friday 1:14 So really important to make sure that you, if you are in that situation that you're dealing with, what you want to do and how you're going to take care of your taxes as an enrolled agent licensed by the Internal Revenue Service, I do taxes and representation that is what I do a lot of.
Dr. Friday 1:34 So if you have been getting love letters, or maybe you haven't received any love letters, I've had several that come in this last week, no love letters, they're just tired, they want to get even, they just want to get everything resolved. And they're just ready to get, you know, to figure out what is it gonna take to get back on track with the IRS so they can file their taxes on time not worry about their banks or their paychecks or their homes, having levies or liens against them.
Dr. Friday 2:01 It's very, very important to understand what your rights are, how you can do it and what you're going to be able to do. And the first thing I know many of you guys listen to this station, there are other people other than myself that does this, a lot of them advertise, they don't do their own radio show.
Dr. Friday 2:17 But just be careful with anyone, including myself, get that first initial meeting, do a face to face talk to them about how this is going to be about you what your particular situation is going to be. It sounds so great. I had a client that text me, and she had had some organization.
Dr. Friday 2:38 Of course, as soon as there's a lovey or lien or anything that the IRS has put out there on public knowledge, they then start bombarding you with all these great deals, wonderful situations. And one of them. They she sent me a text and said, well, for you know, $400, they said that they would do all the representation and they would and if they didn't get it done, they weren't charged or anything.
Dr. Friday 3:05 Well, I'll be honest, I would be just as nervous about those th
47 min
May 10, 2023Dr. Friday Radio Show – May 6, 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:
How Do You Calculate Taxable Gains in Real Estate?
Will My Social Security be Taxed If I Continue to Work?
Can You Use Your Social Security Benefits While You’re Still Working?
How Old Do You Have to be to File a Tax Return?
What Is the Best Filing Status for Married People?
Can You Gift Money to People Without Paying Taxes?
How Do I Avoid Paying Taxes on Prize Winnings?
How Do You Know if You’re Using Your Car for Business or Personal Use?
What Happens If I Can't Pay My Taxes on Time?
How To Get an Extension to Pay Your 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 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. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.
Dr. Friday 0:30 Dr. Friday and the doctor is in the house. We are here live in studio. So if you've got a question, are you working on maybe preparing for your 2023? Maybe you're selling some real estate you're trying to figure out? What's the best way to do whatever it is you're trying to accomplish? This may be the show to offer that information, at least on the tech side 615-737-9986, we are taking your calls talking about my favorite subject, which is taxes, how is it going to affect if you decide to sell your your product or you sell a home? What is the situation? And how are you going to deal with that and making sure you have enough tax?
Dr. Friday 1:17 I was talking to a client earlier today. And he had been selling off some of his rental real estate. And he was wanting to know what percentage of taxation should he be looking at when it comes to resale of that real estate? And it's a great question because especially if you're selling multiple properties, we do have the 0% capital gains. But even if he even if he didn't make capital gains, he would have recaptured depreciation required on those properties because he's owned a burned number of years. So it's very important that if you have something like that, that you preempt just like him, he's selling them now he wants to know what portion of those monies need to go to Uncle Sam. So if he reinvest, he's not reinvesting with Uncle Sam's money so that way you can actually deal with your situation.
Dr. Friday 2:09 All right, let's go the phone lines hit John. Hey, John, what can I do for you, sweetie?
Caller 2:14 Oh, hi. I've been retired for a couple of years now. And I'm planning to go back into the workforce. Now I'm collecting Social Security, I did not start taking Social Security to my full age, which was four months I was I was born in 1956. Okay, so so so you know, I'm getting full Social Security retirement benefits.
Dr. Friday 2:39 So no penalty for taking the Social Security, but it will be taxable. But go ahead.
Caller 2:44 Well, that's my question. Because I want to go back to work part time, I was I was in sales as a commissioned salesman. And quite frankly, at this point in my life, I don't want to be working 6070 hours a week, and I don't want to stress of a commissioned salesman. So I also have aviation experience from the Navy. So I'm thinking about possibly part time at the airport. Or there's a friend of mine in the construction business that needs help with customer service and estimates in that part time. So both of those are in my wheelhouse. So what I'm
47 min
May 03, 2023Dr. Friday Radio Show – April 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:
Do I Get a Refund If I Overpay Estimated Taxes?
How Capital Gains Tax on Real Estate Works
Why Do I Owe Taxes If My Job Takes My Taxes Out?
Do Single Taxpayers Pay More than Married Filing Jointly?
What to Do If You’re Behind on Your Taxes
The Importance of Tax Planning in the Middle of Tax Season
How to Get Straight With the IRS to Avoid Bankruptcy
What is The Qualified Charitable Distribution for 2023?
How To Do Tax Preparation and Financial Planning The Right Way
And much more!
Transcript
Dr. Friday 0:01 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or 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. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.
Dr. Friday 0:30 Yay. I'm Dr. Friday and the doctor is in the house, we have made it through another fabulous tax season. And we're ready to look at what's going to be happening you either have filed your taxes already, or you're still like myself or on the extension, but also working on your 2023 tax situation because we're already four months getting ready to start our fifth month of 2023.
Dr. Friday 0:55 So if there is any tax planning requirements, any type of situation where you already know you might be going into a tax situation, even if it's not necessarily that you owe money, but you don't understand what it is that you've got going on, then you want to basically make sure that you don't have to deal with any of that situation as far as you know how it's going to work or anything else. So what you want to basically be able to do is take care of yourself, but also preamp what could happen in 2023, that might make it more important or more.
Dr. Friday 1:32 The information that you get can save you tax dollars, or just that big rush of oh my gosh, I owe $25,000. Every year, we ended up with some of that. Sometimes it's a shocker, right? We don't know why we owe it, we don't have any idea what the situation is. But if you do owe it, and you had that same situation, then you might as well stop dealing with that, you know, the problem, you might as well just basically say, You know what, I'm gonna basically go forward, make sure I've got everything happening.
Dr. Friday 2:02 And I know if I sell this, I need to set this much money aside for the taxes. If for some reason, we overestimate that, well then guess what, you've got the money, no problem, everything's good. But if you don't, and then you go ahead and reinvest that money, that's usually the biggest problem is that if you've got a plan, and I still get people that walk into my office, and they have sold their primary home, or they've sold another piece of real estate, not so much the primary because we do have the exclusion of 500,000 and a 250.
Dr. Friday 2:32 But I will be honest, in the last year or so we've had more than one situation where that 250 or the 500,000 doesn't cover the profit on a home, but they say, "Oh, I've really invested it already into another piece of real estate." Well, tax law right now, the current tax law has nothing to do with that only if you do this under a 1031 A 1031 cannot be done on your primary home. So it really only applies to business property for business property at 1031. Exchange is a light kind of change.
Dr. Friday 3:03 So if you have a rental property and you want to sell that rental property, and then you turn around and you want to buy another one, you might want to think consid
48 min
April 20, 2023Dr. Friday Radio Show – April 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:
Application for Automatic Extension of Time: Form 4868
What Happens If I Don't Take My Minimum Required Distribution?
How to Find Out the Status of Your Tax Return
The Two Reasons Why Some People Get Tax Changes
Do I Need to Report Inheritance Money to IRS?
What Can I Expect from Tax Court?
What Happens If You Put Wrong Information on 1099?
What to Do If You Haven’t Filed a Tax Return in a Number of Years
The Best Way To Do Taxes as a Self-Employed
The Importance of Paying Quarterly Taxes
How To Do Tax Preparation and Financial Planning The Right Way
And much more!
Transcript
Dr. Friday 0:01 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or 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. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.
Dr. Friday 0:31 This is Dr. Friday, and this is the Dr. Friday show we are live on this beautiful Saturday before the end of tax season for all of you that thought today was tax day. Well, you're wrong today is not tax day Tax Day is Tuesday, that is the day that we're going to have it that's the 18th that is when your taxes are due that you must pay in file not only your taxes, but your first extension, or your first estimated or file your extension due date for individuals. T
Dr. Friday 1:02 hose are when you need to make. And remember, if you're filing an extension, an extension is only as good as the amount of money you're paying, in some ways to be quite honest. A lot of times people are sitting there going, oh, wait a second, I you know, I filed an extension. I don't have to worry about this. But if you filed an extension, did you actually file it with money? Or did you just file the extension? Do you owe any money? Because that's also another huge question.
Dr. Friday 1:30 If we don't owe any money, then we don't have to worry about what you owe or what you don't owe. But if you do owe money, then you need to make sure that you've paid that money in and that you're doing what you need to do to make the situation you know work for you. So again, just making sure that if you owe money that you have taken care of the situation so that way, you don't actually filing an extension. It's just extending the time that we have to file the paperwork. All right, why don't we go ahead and head right to the phones because I got lucky enough. And it looks like we've got our first caller on there. See if I can move this a little bit. This is Dr. Friday.
Caller 2:11 Hi, this is Jay from Murfreesboro. How are you Dr. Friday?
Dr. Friday 2:15 Hey, Jay, I'm doing awesome. What can I do for you?
Caller 2:18 Yes, ma'am. My father in law passed away in January of 2022. So he had about one month of income, combination of Social Security, a military pension, and then a pension from another job. So we have this basically this one month of income in 2022. And I'm not sure how to file that or how to take care that I will say that when we did his 2021 taxes, we let the IRS know that he had passed away. And my wife was like the beneficiary of his refund check. But I've got this one month of income for 2022. And I'm not sure what to do about that in terms of filing.
Dr. Friday 2:59 So did he have any IRAs or, or anything where you had to take RMDs even though he may not have taken it before he can distribute
47 min
March 29, 2023Dr. Friday Radio Show – March 25, 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:
Cryptocurrency Is Not Included in Property Taxes
How Do I Track Crypto Transactions for Taxes?
How Long Can I Live in a Rental Property Without Tax Implications?
What You Need To Do if You're Behind on Taxes
The Importance of Having a Will and Power of an Attorney
What Happens If Your Employer Messes Up your Tax Withholding?
What To Do If Your Income and W-4 is Low
The Importance of Paying Quarterly Taxes
Who Qualifies for Employee Retention Tax Credit?
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 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. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.
Dr. Friday 0:30 I'm Dr. Friday and the doctor is in the house. It is tax season and everyone is probably enjoying this wonderful Saturday outside says we had a pretty nasty storm last night. But for all of you that are like me sitting here working on tax returns, working on your personal tax returns or truly like me another person that is actually a tax person, an EA or a CPA, then we are all going to be talking about our favorite subject.
Dr. Friday 0:56 So if you've got a question concerning taxes, maybe a little bit about crypto we're going to touch because I've gotten quite a few emails this week on cryptocurrency, what's allowed what's not allowed? Can they take deductions? Are they going to have a disallowance? If they take a lot of deductions, is it going to lead to an audit? All of these are really great questions. And we'll try to hit on some of those while we're waiting for somebody to get on the phone lines if you want to join the show you can 615-737-9986 is the phone number here and the studio.
Dr. Friday 1:33 So let's talk a little bit about crypto since it seems to be on the news, or at least as far as I'm concerned, it's been in a lot of my emails. So first thing about crypto is there is going to be some they are treating crypto. In essence, if you hold it for more than 12 months, you will be able to take long term capital gains, you don't have to worry about wash sales. Crypto is not included in that. So you basically can take capital losses on its but keep in mind, here's the big one. If the cryptocurrency became worthless, you cannot take that loss worth the security isn't available for two individuals who invest in cryptocurrency, the IRS recently removed, released a memo on that topic.
Dr. Friday 2:16 So if you're not too sure about what this is, because we all know, there's been a huge change in the world of cryptocurrency, some currency has survived dropped, and then you know, is recouping. And then some of them have just completely disappeared. And if you happen to invest in one of those that is completely worthless. And the share story, I had a gentleman that had taken a self directed IRA and decided he was going to become the crypto king. And I am not a master in any sense of the word on the what happens in the world of crypto. But he was very knowledgeable, at least, he seemed to feel he had gotten the proper education to make this decision. And, and he invested it to several of them that became completely worthless. Now in his case, he thought, Well, I'm gonna be able to take some of these losses be able to do something with them. But it was a self directed IRA.
Dr. Friday 3:09 Nothing else, just the self
47 min
March 15, 2023Dr. Friday Radio Show – March 11, 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 Paying Quarterly Taxes
Inheriting s House That Is Paid Off
How Do You Show Proof of an Elder Dependent?
What Is a Homesale Worksheet?
Can I Deduct the Value of My Investment Property as a Donation on Taxes?
S Corporations Due Date March 15, 2023
Who Qualifies for Employee Retention Tax Credit?
The Importance of Accurate Tax Filing
When Must You File a Tax Extension?
What You Should Know About 1099-PATR
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 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. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.
Dr. Friday 0:30 All right, hey, we are live in studio. I'm Dr. Friday and enrolled agents licensed with the Internal Revenue Service to do taxes and representation. So maybe you know, someone that hasn't filed taxes for a number of years, or someone that just has gotten quite a few of those love letters. And if they have them, then we need to actually sit down and chit chat, it's that simple. We need to make sure that everything is being done, because sometimes there are some deals, but I'm not going to be one of those firms that's going to turn around and say we can save you 10 cents on every dollar or terrify you that they're going to put you in jail.
Dr. Friday 1:04 I had a gentleman come in my office the other day, and he has a situation with the state of Tennessee and his first business first situation and he was terrified that they were going to lock him up because he had made this mistake on his state filing and you know, I get it, you do need to take taxes seriously, to the extent that we don't want anything to happen as far as if you don't file taxes on time. If you do things, they will take levies, liens, they can do all kinds of fun and exciting things. But there's also ways of preventing that from happening, mostly communication, and then responding to whatever it is that they're looking to get accomplished.
Dr. Friday 1:42 So it's very important. If you're dealing with the IRS, and right now, I know you guys are gonna start blowing up the phone schedule, say, Well, we're trying to deal with IRS, right, we're trying to deal with the situation. And you know, you can't reach anybody, you don't have any way of knowing if, you know, if you send something in via mail, it could take months and then by then you're also getting other love letters saying that you're still having to file or they haven't responded to the situation. Most of the time, you get more collection letters than response letters that to deal with.
Dr. Friday 2:15 And so you know, I know many people I mean, if you listen to some of the the information coming out from the White House, one of the things he's trying to do is increase the budget. Because for some of you, you may or may not have heard, but there was initially going to be a huge hiring for the IRS, and then funding kind of got pulled back on that. So they weren't able to do that. So now under the new budget, I think it's like 15% increase on their budget to help them try to find some funding. But you know, it would be great if they could increase communication. I mean, not so much. I mean, collections. Yes, it's a part of the real world, everyone has to pay taxes, or you pay what you have to pay.
Dr. Friday 2:57 But the other side of that
47 min

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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.

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