Dr. Friday Tax Tips

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.

In this one-minute moment, Dr. Friday highlights that costs for parents in assisted living or long-term care facilities can often qualify as a significant medical expense deduction, necessitating itemization. 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 for all those adults that maybe have parents that are in long-term care situations. One of the things I have noticed this year is that many people are missing the whole point that in long-term care, when a parent has to be in assisted living, that is considered a medical deduction. Many times, people are having to take quite a bit of money—$7,000, $9,000 a month—to keep their parents in those facilities. A large chunk of that could be considered a medical expense, so therefore, itemizing is a must. So, if you need help understanding how that could be a way of putting more money in your parents’ pocket, 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 shares an April Fools’ Day joke about taxes being cancelled before reminding listeners that the April 15th tax deadline is real and requires action: either filing or getting an extension. 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’ve got something hot off the lines. They have passed the law that says no one has to file taxes this year. That’s right, no one. And I also have a bridge in Arizona for sale and a few other things—if you really want to believe that. April Fools! That’s right. I am just teasing. I don’t want anyone to come back and say, ‘Hey, Dr. Friday says I don’t need to file taxes.’ That is a joke, but today is April Fools’ Day. But in reality, you only have a few more days left before tax day, April 15th. So, make sure that you have either filed an extension or filed your taxes. And if you have questions or need help, 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 emphasizes the need for self-employed individuals to meticulously track business mileage (at 67 cents per mile) using logs or apps and document trip purposes to withstand IRS scrutiny. 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. If you are a self-employed individual and you use your vehicle for work, remember: 67 cents per mile. That’s only good if you’re tracking the miles. Looking up and telling your tax person, ‘Well, I think I put about 20,000 miles on my car,’ is never going to stand up in any kind of scrutiny. You need to have something like Mileage IQ, some sort of paper book that you keep in the car. You need to have a purpose. Why did you go to this location? I went for tax preparation. Why was it this, and why was that? Who did you meet? What was the purpose? You need that information because if you ever get audited, I will tell you, that will be one of the top things they audit. 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 stresses that making estimated tax payments is mandatory to avoid penalties, warning against trying to out-earn the IRS penalty rates by holding onto the funds. 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. Making estimated tax payments, people, are not a choice. Sure, you can choose not to do it, but there is a penalty. Who wants to pay the IRS more money just because you have to hold on to it? You better be earning 6 to 8 percent, or you’re going to be paying more in penalties than you’re earning on the money. I’ve had more than one person say, ‘I can do better than the IRS,’ but the IRS is the one penalizing you. Take the money out of the bank, pay the IRS so that the money in your bank is your money. Keeping the IRS out of your bank is so much easier than having to deal with penalties and interest. Need help understanding that? Give us a call 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.

In this one-minute moment, Dr. Friday advises against delaying tax filing even if you owe money, emphasizing that filing on time prevents additional penalties and interest; payment plans can be set up later. 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 winding down on tax season. So, if you are deciding maybe you don’t want to file your tax because you just found out that maybe you owe $20,000, or $5,000, or $2,000—it doesn’t make a difference depending on your own budget, but it’s a lot of money. And you’re thinking, ‘Well, if I don’t file the taxes, the IRS won’t know; therefore, I’m going to be able to stretch this out a little longer.’ And I can’t say that’s not true. But the fact is: file your taxes on time, then figure out how you’re going to make a payment plan. Pushing it down the line is only going to add more penalties, more interest, possibly failure-to-file penalties. 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 discusses the upcoming 2025 change where merchant fee income over $600 will require business tax reporting, urging online sellers to track costs now. 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. Okay, so if you’re a person that is working and selling small things—maybe on eBay or one of those types of sites—and you have merchant fees, remember: 2025, it will be going to $600, what they threatened to do back in 2022. They’re finally implementing that. It is important to understand that if your merchant fees are over $600 for the entire year, you’re going to start having to report this as a business. So, think now about cost of goods, expenses. You can’t always show losses. So, what are you in business for? 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.

This episode dives into the various types of trusts available for estate planning. Dr. Friday reviews A.B. trusts, living trusts, insurance trusts, charitable remainder trusts, and even disability trusts to help you plan for the future. Transcript – Edited for Readability: 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. Let’s talk a little bit about trust, different types of trust. You have a typical, you know, A.B. Trust, living trust, an insurance trust, a charitable remainder trust. All these are great. There’s also a disability trust. One of my nieces is on the spectrum. And we’ve set one up probably almost 10 years ago, in which many of us have also set up a life insurance policy. So if something happens to us, it will go into the trust. And then that way, she will always have money even when we’re not here. Think about things like that. Sometimes it’s a better way of setting it up than putting cold cash and hoping that it will grow. You need help with that again. Talk to a good estate attorney, but you can call or go to 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 episode, Dr. Friday discusses how transferring assets to your grandchildren can trigger generation-skipping tax (GST) and explains why setting up trusts through your children is the smart move to avoid a steep 40% tax. Transcript – Edited for Readability: 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. Something to talk about. Transferring to your grandchildren may be a subject of generation skipping tax. We do have GST tax, and that is 40%. So if you decide to skip a generation and you say, hey, I really want to leave everything to my grandchildren, even though your children are still alive, the government says, wait, you’re trying to spread it out further. So we’re going to tax you on that if you do certain things. Your best bet is to set it in trust, put it to your children, keep the trust to have certain regulations so the grandchildren can still inherit. There are ways, but talk to a good estate attorney. 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 clarifies that while most inherited life insurance proceeds are tax-free, cashing in a whole life policy can result in taxable gains due to accumulated growth. Transcript – Formatted for readability: 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 was asked a question last week about life insurance: Is it always tax-free? And the answer is no. It’s not always tax-free. One of the main things to consider with life insurance is that if you cash in your own policy—particularly whole life—sometimes people reach a point where they no longer need it. If you do cash it in, the gain on the amount paid is taxable income because it’s considered growth, much like investing in a stock or savings bond. So, keep in mind that if you inherit a policy or receive life insurance proceeds after someone passes away, 99% of the time, that money is tax-free. 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 rules for gift taxes in 2024, including the $18,000 annual exclusion and the $13 million lifetime limit, clarifying who is responsible for taxes. Transcript – Formatted for readability: 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. Gifting friends and/or family—$18,000 in 2024 is the annual exclusion. Anything over that, you need to file a gift tax return. But remember, lifetime gifting is $13 million, so you have a little wiggle room to understand how much to give. You do not have to give it to a family member; you can give it to someone on the street—it doesn’t make a difference. The person giving the money is responsible for any taxes that could be due, while the person receiving the money will not pay taxes. Important to understand. If you need help understanding how to file a gift tax return or any of that, 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.

Dr. Friday breaks down estate tax thresholds under the latest law and offers planning tips using trusts and gifting to avoid a steep 40% tax rate. Transcript – Formatted for readability: 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. Estate tax. Most of us are not going to really worry about estate tax because, under the newest tax law, the exemption is $13,610 for an individual and $27,220 for a married couple. That’s quite a bit to exceed. And then if you do exceed that, the tax would be 40%, which is pretty steep when you think about it. So, making sure you have a good tax plan by setting up a trust—an A, B trust if you happen to have a large estate—and considering gifting money away is advisable. I mean, I’m sure anyone with a good tax planner will help figure out a charity trust and all those—they’ll put more money in your hot pocket. You need help; 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.

Dr. Friday explains the urgency of taking your IRA required minimum distributions on time to avoid a steep 50% penalty—even if it's for an inherited IRA. Transcript – Formatted for Readability: 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. IRA required minimum distributions. If you did not already take your 20-24, I want to let you know you’re late. They can assess a 50% penalty on whatever you did not take out. So if you’re only taking out $5,000, the penalty could be $2,500. There are ways to request a waiver, and the IRS has been pretty lenient on that. So, make sure you do that, and ensure you’re set up to take it. And this is not just for people over the age of 73 on RMDs but also if you inherited an IRA and are required to take the money out. So, very important. If you need help, give us 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.

In this episode, Dr. Friday emphasizes the importance of filing your tax return extension by March 16 to avoid steep penalties for businesses, partnerships, and LLCs. 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. March 16th is a big deadline for people with businesses, sub-s corporations, partnerships, and LLCs that are treated as partnerships or sub-ses. It’s important because today is the deadline. If you have not filed the return, you need to check with your tax person to make sure an extension has been filed. Those penalties can be very expensive—I've seen penalties reach tens of thousands based on the number of partners. It is very important to make sure you file the extension to save money. It’s a pretty easy thing to do. If you don’t have anyone to help you, give us a call today at 615-367-0819, and someone on the other end will help you. 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 income limits for taking early Social Security in 2024 and the penalties for exceeding them. 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. Social Security—so in 2024, if you decide you want to take out early Social Security, which means you’re 62 and older but not at your full retirement age, you can earn up to $22,320. If you make more than that, you’ll have to pay back $1 for every $2 over. And if you earn more than $59,000, you have to pay back $1 for every $3 over. So bottom line—if you’re going to work, make sure your income stays low enough. Otherwise, you might want to think twice about getting onto early Social Security. Need help? 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 highlights retirement savings options for self-employed individuals, including SEP IRAs and their contribution limits. 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 my entrepreneurs—individuals who don’t have retirement plans but have income through self-employment—remember, you still have what’s called a self-employment plan, or SEP, that you can contribute to. They’re beautiful things as well. And sometimes, you can put in up to, I don’t know, $50,000 a year, depending on your overall income. It is based on your income. So, if you’re looking for ways to reduce your taxable income and prepare for retirement, you might want to consider it. The problem with most entrepreneurs is that they often think it’s better to reinvest money in their business rather than invest in their retirement. But if you need help, 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 explains how taxpayers can still maximize their IRA contributions for 2024, covering traditional and Roth IRA options and the impact of employer plans. 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 few things we can do still right now for the year of 2024 is possibly maximizing our IRAs. Now keep in mind, this would be most likely a traditional IRA from the tax standpoint because a Roth does not reduce your taxes. But it also matters on if you have an employer program. how much money you’ve made, if your wife works or doesn’t work, all of that comes into place. So not everybody can contribute to an IRA or contribute to a Roth IRA. There are backdoor Roth IRAs. There are backdoor IRAs. You need to talk to a financial planner before you make those decisions. If you want to help with 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 explains the tax implications of different business structures, including LLCs, sole proprietorships, and C corporations. 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. Planning for a new business or changing your business entity? First, I'd say check with an attorney. But for tax purposes, you should talk to your tax professional. There are advantages to being an LLC, just as there are to being a sole proprietorship. Many people jumped into C corporations because the tax rate dropped to 21%, but there are limitations and double taxation risks. If you don't understand how to properly take money in and out of a business, you might end up paying more in taxes than expected. Need help understanding your business entity and tax obligations? 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.

Dr. Friday explains how a 1031 exchange allows real estate investors to defer capital gains taxes by reinvesting in a similar property. 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. 1031 exchange—you need to put that term in your brain, especially if you're in real estate and looking to buy and sell properties. Instead of paying taxes every time you sell with a markup, consider a 1031 exchange. This isn’t for everyone, and you cannot use it for your primary home—that's very important. But for investment properties, you can reinvest the proceeds into a like-kind property and defer your capital gains tax. This can be a powerful tool for real estate investors looking to grow their portfolio while reducing tax liabilities. Need help? 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.

Dr. Friday explains the tax differences between professional real estate investors and casual investors, highlighting the 750-hour rule. 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. Real estate investments—I love investing in real estate personally. But am I a professional real estate investor? No. I don't spend more than 750 hours a year on real estate because I have a full-time job. It's very hard to justify professional status. There are advantages if you qualify. If you have a lot of rental properties, manage them yourself, and can document your hours, you may be able to take more losses than a casual investor. It's very important to understand the difference between being a professional real estate investor and a passive investor for tax purposes. Need help? Give us a call 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.

Dr. Friday explains how to deal with IRS debt, emphasizing the importance of filing taxes before negotiating payment plans or offers in compromise. 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, president of Dr. Friday's Tax and Financial Firm. We have been in business almost 30 years, and I specialize in representation and taxes. That's what I do. So if you have IRS issues and are trying to figure out how to reduce what you owe or get out of debt, you need to be in compliance first. You cannot make a deal with the IRS unless your taxes have been filed—even if they've assessed you a balance. Once you're in compliance, we can help you with an offer in compromise or a payment plan and guide you in the best direction. Just go to drfriday.com for more information. 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 importance of Schedule B for investors, covering capital gains, interest, and the tax benefits of qualified dividends. 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. Schedule B's—very important papers for us investors, right? Because it tells us about our capital gains, our wash sales, our interest, and whether our dividends are qualified or ordinary. What's the difference between qualified dividends and ordinary income, you ask? Well, it's pretty straightforward, but it's important. Ordinary income is taxed at ordinary income rates, while qualified dividends are taxed at capital gains rates. If you’re in the higher tax brackets, you might like that qualified rate. You may be in the 24%, 28%, or 30% tax bracket, but you may only pay 15% or less on qualified dividends. Need help? Give us 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.

In this episode, Dr. Friday explains how capital gains tax works, why your total income matters, and the hidden tax rate many forget about. 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. Capital gains tax. A lot of people come in asking me, “Hey, if I sell this, what happens?” Remember, capital gains tax isn't a separate tax—it's based on your overall income. Let's say you make $100,000, and then you sell something for a $150,000 gain. If you’re single, $50,000 of that gain is going to be taxed at 18.8%—not 15%. Even though the tax code says anything between $47,000 and $518,000 falls in the 15% bracket, many forget about the net investment income tax of 3.8%. Don’t forget that part! 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 episode, Dr. Friday explains why tax planning for next year should start now. Learn how adjusting withholdings and contributions early can save you money and prevent surprises. 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. Year-end tax planning—now, you might be thinking, “Why is she talking about this at the beginning of March? We haven't even finished our 2024 tax return!” Because now is exactly when you should be thinking about it. If you need to make a change—adjust federal withholdings, contribute more to your 401(k), or decide whether to save or withdraw money—this is the time to plan. Starting early gives you a full year to make adjustments. If you wait six or seven months, you'll only have a few months to fix things, and chances are you'll still owe taxes. Now's the time to think ahead to 2025 while filing your 2024 return. 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 episode, Dr. Friday explains how you can qualify for up to $7,500 in tax credits when purchasing a new electric vehicle—or $4,000 for a used one. Learn the key requirements and how to claim your 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. Qualified plug-in electric car credit. You may qualify for a credit of up to $7,500 under IRS code 30D if you buy a new electric vehicle. Or now, they even have one for $4,000 if you buy a used EV. Now remember, it has to be used primarily in the United States, and it has to be for your own use—not for resale. Also, you'll need the VIN number and the date of purchase to ensure it’s a qualified vehicle. But if you're someone who's been considering an all-electric car, this could be a great tax deduction. If you need help with this or any other tax questions, 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.