Dr. Friday Tax Tips

Dr. Friday breaks down an additional deduction for seniors on Social Security—and reminds taxpayers that refunds will no longer arrive by mail. Transcript G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. For all people that are age 65 and older, you have Social Security and you earn less than $75,000 or $150,000 as your AGI, there is an additional deduction that’s going to happen to your standard deduction of $6,000 for each person over that age that has Social Security. So this is something you’re going to want to make sure—if you do your own taxes, nothing wrong with that, perfectly cool. But make sure that when you’re doing them that you’re using not just paper and pen… maybe you’re using software nowadays. Keep in mind, the IRS isn't going to be mailing your refunds in a check form this year. So you’re going to have to put your bank, or you’re going to have to get a card—either way—to get your refund. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

If you're thinking about selling a timeshare, Dr. Friday explains why losses on personal-use timeshares can't be deducted on your tax return. Transcript G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Most people who sell timeshares sell them at a loss. That’s just the way it is. The loss of the sale of a timeshare held for personal use is not deductible. So when you’re dealing with timeshares—and I’ll be honest, guys, I am not a fan of a timeshare. I like visiting, I like to travel, but it seems like they always lock you into something that 20 years later you’re still paying and it’s increased and you don’t have any asset really. So you sell it, you have a loss. We can’t claim the loss because it’s a personal loss. And therefore, think about what you’re investing into so that you won’t end up putting money into something that us tax people cannot deduct off your tax returns. Check us out on the web at drfriday.com. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

A special Thanksgiving greeting from Dr. Friday—focusing on gratitude, family, and cherishing the moments we get together. Transcript G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. First, Happy Thanksgiving. I’m hoping that all of you guys have the time to spend with family and friends, get to eat a lot of turkey. And I know some of you guys make those things where they take the pig and they put the chicken inside and all these different layers and they have this amazing food. I hope you enjoy the time that you get with your family. It is limited sometimes. So this moment is just dedicated to families and being able to spend time with our family. So from my family to yours, I’m really wishing you a very Happy Thanksgiving. And then hopefully you'll make some time—if you have questions, just check us out on the web at drfriday.com or email Friday at drfriday.com. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Dr. Friday explains a major federal change: tax refunds and government benefit payments will no longer be issued as paper checks. Transcript G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com . This is a one-minute moment. Donald Trump signed an executive order earlier this year mandating that the Treasury Department get rid of paper checks. That’s right—recipients of any benefits, tax refunds, and other payments, effective October 1st. So this is in effect. He has ordered all federal departments and agencies to use electronic fund transfers, including direct deposits, prepaid cards, or other digital options. That means that after September 30th, you will no longer be receiving tax refunds in the form of paper checks. So if you filed your tax return recently and you have a refund, be surprised—there’s not going to be a check coming in the mail. If you’ve got more questions, just check us out on the web. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Dr. Friday explains the current and upcoming rules for 1099-MISC and 1099-NEC forms—and reminds businesses of their reporting responsibilities. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. 1099-MISC, 1099-NECs—this is where we report our subcontractors or services that we have, and we need to send them the 1099 so that they then can file their taxes. Keep in mind: if you do not receive a 1099, but you did receive money from somebody, it is your responsibility to file that money even if you did not receive the form. But those forms are going to be changing in 2026. For 2025, you still have $600—anything that's made over $600, you should be issuing a 1099 for any services that were performed, be it your lawn man or anything else. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Have a large capital gain? Dr. Friday explains how investing through Qualified Opportunity Zones can eliminate tax and help struggling communities. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. This is one of those things you don't hear a lot about—the qualified opportunity zone. It's been made permanent and it's been enhanced, which is for people that may have a large capital gain from the sale of a business or personal asset. By investing into a qualified opportunity fund that will help develop struggling communities, a lot of those capital gains can physically disappear—and in like five, ten years you're able to take the money out tax-free because you are basically using the money to help an underprivileged community. So if you have a situation like that, you might want to talk to us at 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Still waiting on your Employee Retention Tax Credit refund? Dr. Friday explains why long delays are happening and what you should do next. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Back in 2023 and early 2024, many employers were doing the ERC/ERTC—Employee Retention Tax Credits—and some people had no issue. But there was so much fraud that they found during an audit that if you're still waiting… In fact, I saw something from like ADP or something saying that it was still out there available. You need to just basically wait. If your account is out there, they may eventually process it. They have put a hold—they're doing an audit. It's gonna take a while for you to see any of that ERTC money at this time. But if you need help with doing your accounting or taxes, just give me a call, 367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Dr. Friday explains changes affecting large businesses with significant debt—especially industries hit by today's higher interest rates. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Interest deduction on business debts of larger companies is tweaked a little bit. After 2024, adjusted taxable income is figured without regard to the deduction of depletion, depreciation, and amortization, thus allowing higher interest deductions. So it's just giving us a way—because for a long time we weren't able to take all of the interest in that year, especially if you buy a hotel or something. You've got some pretty high interest rates right now at nine and ten percent. So if you have that in your business, there are ways. Laws are changing—you need to make sure you're taking advantage of them. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Great news for businesses investing in research and development—Dr. Friday explains how R&D expenses can now be deducted much faster than before. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Full expense of domestic R&D cost is fully restored. We were getting it downward like 15 and 20 percent. Businesses can now elect to amortize R&D costs over five years, which to be honest, was over fifteen before. So this is great because now again, a lot of this money's coming out—we're doing these repairs, we're doing these investments, we're doing this and we don't have the cash flow. Normally then we end up having to pay tax on a percentage because we didn't get to deduct it all. Now, if you do your taxes right, you can take big chunks of that, spread it over a shorter period of time, put more money in your pocket. That's what we all love about taxes. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Big purchases for your business? Dr. Friday explains how Section 179 lets you deduct 100% of equipment costs—up to millions—in the first year. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. The Section 179 has soared, meaning we now in 2025 have $2.5 million of assets that can now expand that and get a 100% deduction on over $4 million. I don't think any of us—or very few of us—will be spending $4 million on assets, which means if you go out, you buy a new piece of equipment, you buy a new dozer, you buy something, we can take 100% in the first year. Which is great, because that's a way of paying back some of that money you had to take out to get that piece of equipment—to give a little less burden on your business, making it a little easier. If you have questions, now's the time. 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN

Good news for small business owners! Dr. Friday explains the now-permanent 20% qualified business income deduction and who can benefit. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Businesses get lots of tax breaks—most of them are maybe more permanent than others. Some are going to disappear. But one that we did like, that was made permanent, was the 20% qualified business income deduction for us self-employed independent contractors, S Corps, LLCs. This is where we get a percentage of the profits that we make kind of as a deduction on our return so we can reinvest that back into our businesses. It's a great way for us to get a little bit of an incentive to be more profitable, to make more money, pay a little more taxes, and get a rebate. 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Selling online or using payment apps? Dr. Friday explains the latest IRS updates to 1099-K reporting and what income levels trigger the form. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. The 1099-K—we all know that's been coming around. The last couple of years they kept threatening to do it if you made more than $5,000, and then $20,000, and then over $600 was going to be the current year. It was appealed to send 1099-Ks out to anyone that made over $600. That has been changed. It has to now be over 200 transactions or over $20,000 to get a 1099-K. That's good news! Doesn't mean you don't need to report it, doesn't mean it's not important to have on your taxes—it just means you won't have a report that you're going to be giving us. 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN .

Planning to install solar panels or make energy-efficient upgrades? Dr. Friday warns that many clean energy tax breaks are set to expire by 2026. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Many of the clean energy breaks that we had in 2021 are going to expire as of September 2025; many of them end on June 30, 2026. So if you are looking at doing something that may qualify under those particular tax brackets, you may want to first make sure it's still in existence. And if not, then you may have to figure if there's another way of doing it. Because right now, getting things under the Clean Energy Act isn't probably going to be a very big tax advantage to you. That's why you need to do tax planning now—to know what you can and can't do. You should call us at 615. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Many people think not filing taxes only risks penalties—but it can also mean missing refunds. Dr. Friday explains why filing late could still help. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. I am Dr. Friday with Dr. Friday's Tax and Financial Firm. I'm an enrolled agent licensed by the Internal Revenue Service, which really means all I do is taxes, right? So if you're dealing with a tax issue, if you've got the IRS, or maybe you just haven't filed taxes—you'd be amazed how many people come in and haven't filed for like 20 years. And it doesn't mean the IRS is even after them. They've left money on the table in many cases because we can only get refunds for three years. So by you not filing, sometimes you have reasons, sometimes it just becomes a habit. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Dr. Friday highlights a little-known opportunity for investors who hold qualified small business stock for five years or more—potentially eliminating capital gains tax. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. This is a moment I hear very rarely talked about—the qualified small business stock. It is an enhancement under the current rules: individuals who acquire qualified small business stock after September 27, 2010, and sell over five years later can deduct 100% of their capital gains from the sale. I mean, that seems pretty simple—up to, I think, $10 million, which won't be a problem for most of us. This is a small break, and it's something not a lot of people take advantage of. You have to be a C corporation, set it up properly, and move forward doing it right. Got questions? 367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Dr. Friday explains a new tax-advantaged savings program that helps parents build retirement savings for children born between 2024 and 2029. Transcript G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. The OBB created a new tax-advantaged savings account. This is kind of interesting—many people may not have heard of it. This is accounting for young children. Up to $5,000 can be contributed to an account each year. The federal government will automatically put $1,000 for each child born after 2024 through 2029. Contributions are not tax deductible, but the fact is you’re starting to save for their retirement. We all know Social Security is a little questionable. Your little ones may need it extra and get $1,000 a year from the government to put into that account. 615-365-2500. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Big changes for education savings! Dr. Friday explains how families can now use more 529 funds tax-free for K–12 education starting in 2026. Transcript G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. 529 plan—it's a wonderful plan. It's a great way for family to help others put their kids through kindergarten or first grade, second. Now it goes through K to 12, right? Normally, we could only take out $10,000. But now starting in 2026, you can use $20,000 per year tax-free for K–12. This is wonderful. This is a great way for people to get tax-free withholding and use it to pay for college as well, which is where it used to start out. So now you can use it all the way from kindergarten through college. Great way to help fund this thing. 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Adopting a child? Dr. Friday shares good news about the updated adoption credit—now refundable and easier to claim starting in 2025. Transcript G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. There has been some helpful easing of the adoption credit. First, I'd like to thank anyone that's ever adopted a child. I think that's an awesome thing to do, and to be able to get some financial help from your taxes—another financial wonder. So beginning in 2025, up to a $5,000 credit, adjusted for inflation, is refundable when you’re dealing with an adoption. Sometimes we didn't have that, right? Sometimes you could take off your expenses, you got reimbursed for them, it would roll over. This is pretty straightforward, and this way you get a little extra money to help put in your pockets and raise those perfect little babies. 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN

Starting in 2026, gamblers won't be able to deduct all their losses. Dr. Friday breaks down what's changing and who it affects. Transcript G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Bad news for gamblers. Starting in 2026, they can deduct only ninety percent of the losses against their taxable winnings. Right now, gamblers can report total winnings on Schedule 1 of the 1040 and deduct losses on Schedule A up to the amount of their winnings. So this is going to mean a higher tax for many people that are actually going to win—I don't know, the Super Bowl or whatever you might gamble on. Just one of those things. So be sure that you’re tracking that information. A lot of times, the casinos will do a pretty good job of providing us the proper forms, but it is your responsibility to turn that in. If you have any questions, just check me out on the web. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

It's the big day! Dr. Friday reminds everyone that today is the final deadline for 2024 taxes and any remaining payments, including estimates. Transcript G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. And today is D-Day for taxes of 2024. This was our final time. You need to be sending in any payments that you owed for first, second, and third quarter of 2025—those estimates are due today. Whatever balance you may have had for 2024, those balances are due today. Otherwise, you’re looking at quite a bit more penalties, interest, and even for those that may have extended 941 payments or any other payments that were delayed, everything is due today, guys. So now is the time. Hit the button, file your taxes. 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN

Dr. Friday shares her love for Halloween while reminding everyone that November 3 is the final deadline for 2024 tax filings. Don't miss it. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment and happy Halloween. I happen to be one of those people that love Halloween. Not only because I'm in a profession, which is very scary, but also because let's be honest. Where else can you run around in a costume and scare people and be allowed to do that? Normally you can't. And get out free candy. I mean both of those are win-win situations. But if you're thinking about doing your taxes on this day, I would say probably wait till Monday—just because you know you don't want to jinx anything. But if you haven't filed your 2024 taxes, you only have a few days left. November 3 will be the deadline. And don't be scared, that would be the time. If you wait till November 4, you've got huge penalties—failure to file, failure to pay, and all other failures that will happen. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Dr. Friday clears up myths about the IRS, from levies to collections, and explains how her firm helps clients deal with these challenges. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. I am Dr. Friday, an enrolled agent licensed with the Internal Revenue Service to do taxes and representation. I've been doing this for over 30 years here in the Brentwood area. And if you have questions—maybe you haven't filed taxes, maybe you have a friend that just keeps getting these love letters, they're concerned they're gonna lose their house, they could take my car, they can whatever. There's a lot of myths out there about what the IRS can do, but there's also a lot of things the IRS can do. I had an employee that came in the other day, and a friend of theirs was getting their paycheck levied. It's not something we can't help with. In fact, it's something we do every day. So if you're having these kinds of problems, why don't you just give us a call and set up an appointment? 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Starting in 2027, a new tax credit will reward donations to scholarship organizations. Dr. Friday explains how it works and who benefits. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. GOP lawmakers get their wish to expand school choice for K through 12 students. There's a new income tax credit for donating to scholarship organizations, giving a non-refundable federal tax credit up to $1,700 to individuals who donate cash to qualified organizations providing scholarships to K–12 students. Additionally, scholarship recipients won't be taxed on the funds. Note this is a credit, and a portion of it will be refundable. This is going to begin in 2027, so start thinking—how can you start helping the scholarships? 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Marriage, divorce, a new baby, or a new house? Dr. Friday explains how major life events can change your tax return and why planning matters. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. We're always talking about taxes because that's what I do, but also organizing your taxes. Again, we are between two years where if you haven't filed your 2024, you still have time, and if you're getting prepared to file your 2025. So it's time to think—is there any kind of tax planning I should be looking at? Is there anything that's happened new this year? I got married. I got divorced. I had a baby. I purchased a house. Is any of this going to have an effect on your tax return? If so, are you prepared to know? Because sometimes if you've gotten divorced in a year that you are claiming married on your W-2, many times you're going to owe more money. So if you've got questions, just check us out on the web, drfriday.com. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Thinking about buying a new vehicle? Dr. Friday explains the new rules for deducting auto loan interest and who qualifies based on income. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Auto loans can deduct up to ten thousand dollars of interest, but there's always a but—it has to be new. It has to be a new car, minivan, SUV, pickup truck, or motorcycle after the year of 2024. And you need to have, again, limitations to income: $100,000 for individuals and $200,000 if filing joint. If your income is above that, you will not be able to qualify. If it's under, you might be able to qualify. So maybe this is a good time to think—do I need a car now or within the next few months? Because if you don't buy at the right time and the right car, you may not be able to deduct this interest, which normally we can't. Check me out, drfriday.com. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Overtime income may be deductible under the new law. Dr. Friday explains the limits, eligibility, and key reporting rules. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. One of the other things we're looking at is the $12,500 of overtime pay that is deductible. Again, this can only be what's on the time and the half—the half that's above. They're not taking and including that in the $12,500. If you're married and you both get overtime, $25,000. Again, you cannot exceed $150,000 if you're single, $300,000 if you're married. If you are self-employed, you'd have to have a W-2. I had someone ask me that earlier, and I'm like, that's not gonna happen. You do have to make sure you're following all the proper technologies that they're allowing for us to deduct and calculate this. If you've got questions, just give my firm a call. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Dr. Friday highlights two new rules: an added deduction for seniors and new reporting requirements for qualified tips. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. There are a few things we want to go over. First, there's a new senior deduction. I keep talking about it, but I want everyone to understand that's $6,000 per person that's 65 and older, deduction part of your standard deduction. Second would be up to $25,000. Qualified tips are deductible. Again, this has to be reportable. Your AGI cannot exceed over $300,000 if married, $150,000 if single. And it has to be something that has been reported on your income tax. It's not something you can just say, “Oh yeah, I'm sure I collected $25,000.” It's not gonna fly. Questions? 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

From 2025 through 2029, taxpayers can deduct more state and local taxes. Dr. Friday explains how this expansion could benefit you. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment, and this is a moment that I'm very excited about. 2025 through 2029, many of you know we had SALT that is on the Schedule A, where we were deducting our sales tax and our property taxes, and there was a limitation of $10,000. People from other states like California and New York, where their income tax was more than that, had a cap of $10,000. Now starting in 2025, we're gonna have $40,000 available there. So more opportunities to be able to itemize fully your state withholding along with your property taxes for any state that you have. You can call us 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Worried about estate and gift taxes? Dr. Friday shares the good news: the lifetime exemption is now larger and permanent starting in 2026. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. The higher lifetime estate and gift extension is now permanent and bigger. I don't know about a lot of you, but we were concerned when they started saying that it was going to be like a million or two million dollars, which I know sounds like a lot, but when you're talking a lifetime, it isn't as much. But it's going to be $15 million starting in 2026, up from about $13.9 million that we had in 2025. And if you exceed that—if you're fortunate enough to have an estate larger than that—then you will be paying a 40% gift tax on anything above that. But for most of us, let's be honest, lifetime or not, we'll have no worries. If you got questions, all you have to do is call us 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Dr. Friday explains the updated child tax credit for 2025, including how much you can claim, who qualifies, and what's refundable. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. The child tax credit will be up to $2,200. That's up from $2,000 that we had at the beginning of 2024 or in 2024. The refundable portion for people with lower income would be about $1,700 per child. The child does have to have a Social Security number. It cannot be a non-resident, it has to be a U.S. citizen. So if that helps you, I hope you're going to be able to do that. I hope it does, because anytime we can put more money in our pocket, that's what we want you to do. We want you to understand that that's the way you're going to keep your taxes in the right place. If you need help just doing your taxes, 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Is an S corporation or a C corporation better for your business? Dr. Friday explains the pros, cons, and tax implications of each. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. I had a conversation the other day with a client about keeping his business either as a sub-S corporation, which is a pass-through, or a C corporation. Because the top rate for an individual could be 37% and a corporation is 21%. Sounds great. But then when you take money out of that corporation, you're still paying tax on the profits if you're getting a distribution. So you need to sit down and really do the math. Either you're gonna be drawing out all the money through payroll, which again you're gonna have to pay the tax rate on that at 37% if your income's that high, or you're gonna have to figure out if there's a better way of doing the distributions. Call us 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Still donating from after-tax dollars? Dr. Friday explains how a Qualified Charitable Distribution (QCD) can save you money while supporting your favorite causes. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Qualified charitable deductions. I still don't think enough people understand those. Now, given that they keep changing the dates when people have to take the required minimum distributions, but in many cases, people pay money out of their pocket every month to their charity or their church, and that's after-tax dollars. Whereas if you are receiving qualified required minimum distributions, you can then take that money, have it directly sent to your charity, and pay zero tax. Called a QCD. You need to know more about this? Talk to us at 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

There's a lot of confusion about the new $6,000 deduction for seniors. Dr. Friday clears up the difference between a deduction and a credit. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. I'm gonna talk a lot about the OBBB, because especially for seniors, Social Security, there's a lot of myths and things going on out there that you're gonna get $6,000 if you have Social Security. It's not going to be the same thing. This is a deduction, right? Deductions mean we get to reduce our income. Credits mean we get to put the money in our pocket dollar for dollar. So if we have a $6,000 deduction that you'll be able to add if you have taxable Social Security and your income source is trackable, that's great. But you're not going to be $6,000 in your pocket. That is not a refundable credit. If you got more questions, call us 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Driving for work? Dr. Friday explains the rules for mileage deductions, who qualifies, and what trips don't count toward your tax write-offs. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. For all of my people that drive their car for making money—meaning your Ubers, or if you're a real estate individual and you're tracking your miles—this is a perfect time. We get 70 cents a mile for true business miles. Now that does not include commuting. So if you're at home and you're going to your office and then you're coming back home, even if you have a home office, in some cases you cannot deduct two offices. If you're working from home for your own purpose, that's not gonna be a deduction. If you're doing it because the boss says, “Hey, we don't have room in the office, you work from home,” then that home office may qualify as long as you're on a 1099. You have any more questions, just give our office a call. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Dr. Friday reminds us not to wait until the last minute. With 2024 filings still open and 2025 nearly done, now is the time to plan. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. When we're talking about taxes and we're looking at 2024 tax filings still on the table, as well as the tax year of 2025, which we're only a few months from the end of, we need to be thinking both years. Even if you're delaying your preparation or filing—physically hitting the button to do your 2024—you've only got a few more months to make changes. So if you're thinking Roth conversions, you're thinking about contributing money to your 401k, that has to be done through paychecks if you're an employee. These are the kinds of times now. Tax planning is what you should be doing for 2025. Otherwise you may miss that window. 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

In this One-Minute Moment, Dr. Friday explains how many energy-related tax credits are set to expire at the end of 2025 and what that means for homeowners. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Under the OBBB, the One Big Beautiful Bill, credits and deductions are going to be expiring for energy credits. So if you have a clean energy credit that you would normally get for putting something in your house, most of those are all expiring by December 31st, 2025. So if there is something you want to get—if you're looking for a new AC unit or something like that—and we have the credit, it's gonna expire now as of December 31st, 2025. This may be something you do not want to delay into 2026 and still put money in your pocket. Questions? 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Good news for seniors: Dr. Friday explains a new deduction for people 65+ on Social Security and how it can reduce your taxable income. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Under the One Big Beautiful Bill, you have one thing that's going to help people that are over the age of 65 and receiving Social Security. People are a little confused. What's this $6,000? What's this $12,000? So it's going to be added to your standard deduction. So if you're 65 and you have a certain dollar amount, your standard deduction, and you have Social Security, you make less than $75,000 as an individual, less than $150,000 as a married couple, you will qualify. If you're both on Social Security, up to an additional $12,000 as a deduction. It is not additional money in your pocket per se, but it will reduce your taxes. Got questions? Just call my office. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN .

From 2025–2028, part of your overtime pay won't be taxed. Dr. Friday explains exactly what qualifies and how much you can save. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. New tax, new laws, new year. From 2025 through 2028, no tax on overtime. So this is a little more complicated than what a lot of people thought. They were thinking every dollar I make in overtime, I'm not going to pay tax on. It is only the halftime or the part that is truly overtime that we're going to be able to get credit for, up to $25,000. And it has to be on your tax W-2. It cannot just be a number you put together. It has to be reported to the IRS. You know, if you want to know more, you need to give our office a call. Set up an appointment or call us at 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Behind on taxes or getting “love letters” from the IRS? Dr. Friday explains how she helps clients find a path forward and reduce stress. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. I'm an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. I've been doing this for over 30 years. If you've got questions, maybe you haven't filed taxes for a number of years, maybe you're just behind or you're getting love letters and you're like, I'm just putting them in a drawer. I don't know what to do. I'm afraid if I do something and they're gonna trigger and come back at me. I'm unsure. Well, let me tell you something. If you want to have help, all you need to do is come to me. I can give you a path of how we can get the IRS straight with you, and that way you can move forward—maybe with a little less stress. Call me at 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN .

Don't miss this year's unusual tax deadline. Dr. Friday shares why the final 2024 tax filing date is November 3 instead of October 15. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. We are in the middle of still filing for 2024 and preparing for 2025 taxes. With the One Big Beautiful Bill, there's gonna be a lot of changes for 25. But don't forget we have only until November 3 to file for 2024. I know some of you are scrambling and you're saying, wait, it's October 15th. Normally it will be, usually it is, but this year, final payment, final filing, November 3rd. So we have time to get everything done and paid without almost any penalty. If you've got questions, just call me. 367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

In this One-Minute Moment, Dr. Friday explains a new temporary deduction for vehicle loan interest. Learn which purchases qualify and what doesn't. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. We have a new tax deduction effective 2025 through 2028. Individuals may deduct interest paid on loans used to purchase a qualified vehicle. This is not part of your itemizing. The tricky part is it is what is a qualified vehicle. It has to be assembled here in the United States. Lease payments do not qualify. This must be a new purchase. It has to be a minimum purchase of $10,000. If you've got more questions or you just have to, you know, want to get to know me, 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

In this One-Minute Moment, Dr. Friday explains the new “One Big Beautiful Bill” (OBBBA) provision that removes taxes on certain tips. She breaks down what qualifies, how it's reported, and what you need to know so you don't miss the details. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. The OBBBA is in effect, which means the one big beautiful bill is going to be what we'll be a lot, a lot of talking about. So one of the big things, no tax on tips. What does that really mean? In very short time, I'm gonna tell you it's basically based on a specific statement, qualified tips, which means voluntary cash or charge tips that you receive. It has to be put on either a 4137 or on your W-2. It can't be part of your normal ordinary income. If you've got more questions, you know the number 615-367-0819. You can catch the Dr. Friday Call-in-Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

In this one-minute moment, on Tax Day itself (April 15th), Dr. Friday gives last-minute advice: file an extension immediately and make a payment if you haven’t filed. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Today, April the 15th, is Tax Day, which means I’m pulling my hair out. It’s going crazy. And you, if you haven’t already filed, think ‘extension’. You can go to IRS.gov, and you will find extensions available to be e-filed there. You can call our office at 615-367-0819. We will do our best to assist you in filing an extension. It is vital to at least have that done. If you haven’t filed taxes for a number of years or if you’re just waiting for one document, any of those things, now’s the time: think extension. Also, make a payment today, even if you don’t know how much you owe. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

In this one-minute moment, with the tax deadline looming (April 15th), Dr. Friday advises on filing an extension and making a payment to avoid penalties. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. And it’s April the 14th, which means we have less than 24 hours to file your taxes. If you haven’t actually finished your taxes, you’re pondering, you’re delaying, again, make sure you have filed an extension. It will eliminate one of the penalties: the failure-to-file penalty. And then if you have the money, but you just haven’t had the ability to finish the taxes, make a payment. Go ahead and send it. Go to IRS.gov. Click on the little button that says ‘Pay’. You can do ACH or credit card. They do charge you a 3% or 2.5% or 2.5% fee. But make the payment. That way, then, all you’re having to do is the documentation. You need help? 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

In this one-minute moment, as the tax season deadline approaches, Dr. Friday addresses common reasons people need to file past-due tax returns, like FAFSA requirements or marriage. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. I’m Dr. Friday with Dr. Friday Tax and Financial Firm. We are almost at the end of the 2024 tax season. And if you haven’t filed your taxes, or maybe you haven’t filed for a number of years, and you’re sitting there going, “I have a child that’s getting ready to go to college and they need FAFSA,” or “I’m just wanting to get married, and I don’t want to bring my tax issues into my relationship.” These are things we can help you with. We can fix you. We can fix the situation that will fix that situation. So if you need help, give us a call 615-367-0819. Or just check us out on the web at drfriday.com or email me at friday@drfriday.com. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

In this one-minute moment, Dr. Friday discusses the IRS Personal Identification Number (PIN) required for e-filing if you’ve opted for identity protection or been flagged. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Personal PIN number: The IRS will give it to you because you’ve either been thought of as having identity theft or you’ve opted in because you’re trying to protect your identity. Nothing wrong with that. But so far, we have about six people that have not provided that number, and so we cannot e-file, which means we cannot file tax returns for those individuals. We don’t have any way of getting it. The IRS will only give it to you. So, my suggestion would be: sign up for IRS.me and get that information if you haven’t already received it in the mail. Again, it’s your personal PIN number – it’s six digits. Call us if you need help, 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

In this one-minute moment, Dr. Friday emphasizes the importance of reviewing and adjusting your W-4 form to ensure correct tax withholding throughout the year. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. I keep pushing: Make sure you’re looking at your W-4. That is what we use when we’re preparing payroll. So, if you have a balance due in 2024 because you didn’t have enough money come out, then let’s adjust it for ’25. It’s a lot easier to pay 50, 100, 150 per paycheck than thousands of dollars the next year, and sometimes interest and penalties. It’s not worth it. Sit down and take a look. If you had a big refund, the same conversation: make an adjustment. Let’s not give a loan to the IRS. As long as you don’t have to make any payments or you don’t owe any penalties, keep the money in your pocket. 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

In this one-minute moment, Dr. Friday encourages aspiring entrepreneurs starting businesses in 2025 but stresses the importance of consulting with legal, tax, and financial professionals for proper setup, asset protection, and succession planning. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Starting a new business in 2025? I think it’s an awesome idea. I love entrepreneurs. It amazes me sometimes on the things people come up with and create to make a new business. But let’s make sure that you’ve also consulted with a good attorney, a good tax person, maybe even your financial planner, making sure that it is set up in a way to protect your assets. So if something does go wrong, you don’t lose things you didn’t want to lose. And also make sure that you have succession planning. For all those that have built very good businesses, without that, sometimes things can go awry for the people that you love. So, if you need help with any of it, give us a call: 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

In this one-minute moment, Dr. Friday issues a crucial reminder as tax day approaches: filing an extension gives you more time to file your return, but not more time to pay taxes owed. Pay by April 15th to avoid penalties. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. And tax day is just around the corner. If you have not filed your taxes, you do not have a tax appointment… Now, when you file an extension, please listen carefully: it does not extend the money you owe. So, if your tax person says, ‘Hey, we’re going to file an extension. It’s going to make it much better. It’s a lot easier’—from our standpoint, sometimes it’s a great idea. But if you know you’re going to owe $15,000 or $20,000, pay that now. Pay it before April 15th. Otherwise, you’re looking at penalties and interest, which cost a lot. 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

In this one-minute moment, Dr. Friday clarifies that everyday clothing worn for work (like jeans or casual shoes) is generally not tax-deductible unless it functions specifically as a uniform, possibly bearing a company logo. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Self-employed individuals: sometimes I think you guys sit around and think about what ridiculous tax deduction can I write off. ‘My blue jeans are a tax deduction because I wear them for work.’ ‘I have really nice Uggs that I wear every day to work, so those are going to be a tax deduction.’ Keep in mind, people, anything that can be worn on the streets—which is a lot, if you think about it—is not a tax deduction; it is not a uniform; it is not an outfit. What you do have is if you have your logo on something, then you may be able to consider that maybe a uniform. You need help? You need to call us: 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

In this one-minute moment, Dr. Friday encourages sole proprietors and family partners to formally pay their working children, highlighting potential tax advantages like tax-free income up to the standard deduction and IRA contributions. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. And I am shocked when I see where parents have children—they’re 15, 16, 17 years old—working for them because they’re sole proprietors or their family-held partners, and they’re not paying them. They basically don’t; the kids come in, they do the work, they’re working on the website, they’re doing the bookkeeping, they’re helping answer phones, but they’re not paying them. You can pay a child $13,000 a year and pay zero tax because the standard deduction is zero [for them on that income, assuming no other income]. Put another seven or eight [thousand], depending on their age, into an IRA, and you can save that too. Teach them how to work and to be paid. It’s going to give them a better start in life. You need help? 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.