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Dr. Friday explains why inherited property can receive a step-up in basis, which may reduce future taxes. She cautions that quitclaiming property to children early can be a poor tax decision and mentions the Medicare or Medicaid look-back 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. Step-up in basis for inherited properties: seems to be a misconception out there of how this works. Because a lot of times I talk to someone and they’re like, oh no, I quitclaim my property to my children, so I knew they would get it. That is not a good tax decision. It may be a mental or physical or some other kind of decision, but you know, there’s a five-year look back from Medicare or Medicaid. Therefore, unless it’s gonna be something that happens after that, you really just want to let them inherit. And you know that also applies if a husband and wife own joint property, half of them dies, the other half can get a step-up. Need help? Call me. 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 the adoption tax credit can still help reduce taxes, even if it is not fully refundable. She notes it can carry forward up to five years and stresses having proper documentation and a Social Security number for the child. 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. Adoption tax credit is in play, and I always think it’s pretty awesome. My parents had eight children, so I don’t think adoption was ever on the table, but I have a number of clients that have adopted children. And there’s also a credit that you can get, and it can be carried forward up to five years. It may not all be refundable, in fact, very little is it now, but it is still something that can go towards paying your taxes. So if you have adopted a child, then you might want to think about making sure that you’ve gotten all the documentation and you must have a Social Security number for that child. Otherwise, we are not able to report them on the tax return. If you need help with taxes, check us 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.

Dr. Friday explains that W-2 and 1099 deadlines generally fall at the end of January, unless an extension is requested. She recommends contacting payers promptly and making a list of every employer and company so you do not miss forms and have to amend 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. The IRS has put some new deadlines for filing W-2s and 1099s, and again, those deadlines should have already passed. January 31st would have been the last day they should have given you an email, unless they file for an extension and they should have notified you of that. If you have not received your W-2, 1099, 1099-K, 1099-B, 1099-Rs, and all the other ones, then you need to make sure you’re contacting the companies. Do make a list, because sometimes you forget you work for somebody and you have two W-2s, not just one. Then you have to amend the return, which takes longer. You need help? All you have to do is 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.

Dr. Friday encourages taxpayers to pause before filing and make sure they have considered available deductions. She also mentions planning ahead for an extra $1,000 charity amount in 2026 that can be taken above the line. 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. You are now ready to prepare your taxes. You are doing everything you can to prepare your taxes, and now you’re ready to move forward. And this is the time when you need to think about what do I need to understand? Have I taken all of my tax deductions? Maybe you can’t itemize, meaning there’s not a lot of room for deductions, right? Maybe you have the ability to start putting some money into charity. Well remember, in 2026 we have that extra thousand dollars this year that will be coming in. So sometime during this year you might want to set aside a thousand dollars for charity so you can get that above the line. So if you need help, 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.

Dr. Friday explains what an enrolled agent is and why that credential matters for tax preparation and IRS representation. She also clarifies when you may want a CPA for financial statement work. 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 by the Internal Revenue Service to do taxes and representation. If you’re looking for someone to do your taxes, make sure they are enrolled agents. We are the only tax person that is licensed by the IRS. We have been tested by the IRS. This is what we do. We do taxes. If you’re looking for someone to audit your financial statements, to do a compilation, go to a CPA. But there are awesome CPAs too. Don’t want to knock them, but there’s a lot of tax preparers. Those are people that just prepare taxes. They’re not gonna help you with tax audits though. They’ll throw numbers in the return. You need help? You need to check us 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.

Dr. Friday highlights areas the IRS tends to prioritize for enforcement, including higher-income taxpayers and complex pass-through entities. She also notes increased attention on digital assets and offshore holdings, and stresses good documentation. 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 IRS enforcement priorities for 2021: the IRS expanding enforcement in several key areas. Higher income taxpayers, not a surprise, they always like them. Large pass-through entities, that would be like 1065s, 1120-S’s, complex partnerships facing heightened scrutiny. Again, 1065s usually are one of the areas that they like to audit, prioritizing audits related to digital assets and offshore holdings. This is all those kind of things. You want to make sure you have good documentation. You’re not in trouble if you’re doing these things. All you need to do is make sure you document right. You need 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.

Dan is missing out on Chris Hand for the Hand-Off, and talks about Iran closing a major business pathway. Dan also draws the ire of the WTN crowd with his steak preferences | aired on Tuesday, February 17th, 2026 on Nashville's Morning News with Dan MandisSee omnystudio.com/listener for privacy information.

Dr. Friday explains that more W-2s and 1099s may be delivered electronically, which can surprise people waiting for mail. She recommends updating your email with employers and payers so you receive your tax documents. 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. So you’re sitting there thinking, I haven’t received my W-2, I haven’t received my 1099s. It’s halfway through February almost, and we do not have our documents, so I can’t do my taxes. Well beginning in twenty-five, employers and payers face extended rules of electronically issuing W-2s and 1099s. They do have the ability to just file them electronically to you, making you print out those forms. So if you have not updated your email, not just your address, but your email with an old employer or someone else, then you need to contact them because it could be your responsibility to get that form. If you want to check out more about us, 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.

Dr. Friday shares a positive IRS update: some notices can now be handled through a digital correspondence portal. She explains how uploading your response can reduce mail delays and help the IRS reply faster. 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. IRS digital correspondence update in 2025: this is actually a positive. Just like everything else in the world, we’re getting more AI and getting more computerized, and the IRS is finally catching up to this. There is a portal now that you can use to upload your communication for a number of different IRS letters that you might receive. So if you’ve received a CP504B for your business, you can go on there and you can upload your correspondence, which you don’t have to worry about snail mail, which means it should get responded to faster. If you need help with any of your IRS issues, call 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.

Dr. Friday explains that IRS relief options may be available when taxpayers face hardship, disasters, or serious processing delays. She recommends documenting issues and getting help when resolving a case with the IRS becomes difficult. 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. IRS protocol updates: IRS relief options in 2025 may include expanded criteria for taxpayers impacted by economic hardship, natural disasters, or just delay in IRS processing. Keep in mind the IRS is basically closed for almost two to three months, and even now it’s difficult to get information. Now they will not say if you can’t reach someone on the phone that that’s a good reason for hardship, but you could put together a decent case of explaining how many times you called, how many times you got misinformation, or maybe no information because the person answering the phone doesn’t know. You need help with that? 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 that the IRS may send letters asking you to verify your identity after a return is filed. She warns that ignoring these notices can delay processing and prevent refunds from being released. 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 yes, the IRS is expanding. In fact, I can probably say five, maybe even eight of my people got love letters saying something like, you need to verify your information. A tax return was filed, but we need to confirm it is you who filed it. This is the kind of information you’re getting. Those are not fraudulent letters. And if you have not responded, they will not process that tax return, which means if you filed it, you get a letter and you don’t respond to them, you’ll never get the refund, or you’ll not get proof that it was received on time. You need to respond, and if you need help, go to our website, which is 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 new IRS form, 1099-DA, that begins in 2025 for digital assets. She notes it will work much like a 1099-B and makes it easier for the IRS to track crypto activity. 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 IRS is significantly expanding oversight of digital assets through the rollout of a form called a 1099-DA. All of my crypto people, all of my people into virtual currency need to listen. 1099-DA is new and it begins in 2025. This form will functionally simulate the 1099-B for stock trades, but guess what? It’s going to be showing all that for cryptocurrency and digital assets. If you do not have this or understand what this is, you need to talk to us because this is new and they’re gonna know where your money is. 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 why 1099-K reporting matters for people selling online or earning through apps. She warns that ignoring these forms can lead to IRS notices because the IRS receives the same information. 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 sure that you are paying taxes on all the income you earn. 1099-K thresholds have gone up. So they originally planned for $600, then they went up to $5,000. $5,000 isn’t much in a year if you’re selling items on the internet or you’re doing a small business through the internet. This is merchant fees. 1099-K is, if you’re an Uber driver, you get a 1099-K. If you don’t understand and you’re getting these forms, or you’re ignoring them thinking, well, no one knows about them, guess what? The IRS does. I’ve had a number of people come in my office that have prepared their own taxes but did not report that. Guess what? They now are reporting it. 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 reviews IRS modernization efforts like expanded e-filing and faster processing. She points out that it can still be difficult to reach an IRS agent, and that representation can help when you need answers. 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 comes from the IRS. The IRS continues a multi-year modernization effort and expands electronic filing capacities and digital communication tools. In 2025, taxpayers benefited from the faster processing speeds. I’m gonna kinda stop right there, because we all live in the real world. You can’t reach an agent on the phone, and you have a difficult time confirming if something’s been e-filed, where the money is actually at. They may be able to get it into the system faster, they still need to expand the telephone system. So if you need help and you need help contacting the IRS, as an enrolled agent I can represent you. All you have to do is 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 that the higher estate and gift tax exclusion continues and rises with inflation. She shares why this helps families plan wealth transfers and when you may need help with an estate 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. Because of the OBBA permanent extension, the higher estate and gift tax exclusion continues to rise annually with inflation. In 2025, the exemption reaches its highest level ever, providing substantial protection for family wealth and transfers that money onto the beneficiaries. It helps us plan, finalize the valuations due to certain favorable tax environments, and makes it easier for surviving spouses and children and married couples. Anybody that has an estate is gonna benefit from these higher rates, and it also keeps the government out of our pocket, which is what we’ve done after working so hard to build up these assets. You need help with an estate tax return? Just call our 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.

Dr. Friday explains why the premium tax credit through the Marketplace can be confusing and how it is based on your taxable income. She warns that income changes during the year can create a large repayment if you do not update the Marketplace. 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 personally, this is one of the most confusing tax things we have. It’s the premium tax credit. It has to do with the Marketplace, and how much money you’re paying for your insurance and how much money you’re actually earning. Remember the Marketplace bases this all on your taxable income, and the problem is sometimes people don’t know how much money they’re making. They sell something, they get a second job, they increase their income, and don’t tell the Marketplace. And guess what? I had a couple last year that had to pay $21,000 back, another one that paid $16,000, and another one that had to pay. That’s a lot of money. Make sure you’re keeping up with these taxes with the Marketplace. 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 employer-provided commuting benefits like transit passes and workplace parking can be tax-free. She notes that inflation adjustments may raise the monthly limits and that small businesses can use these perks to help employees. 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 transportation fringe benefits, including mass transit passes and workplace parking allowances, continue to offer tax-free benefits to employees when offered by an employer. For 2025, inflation adjustments may increase monthly limits, providing greater tax savings for commuters. Employers offer these benefits mostly to upgrade the payroll system and help benefit their employees. This is a great way. If you’re a small business owner and people have to pay for parking or they have to pay to come in and they’re willing to use transit, you can give them those passes for nothing, and that actually increases their payroll. If you 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.

Dr. Friday explains how the Social Security wage base keeps rising and can increase payroll taxes for many workers. She also notes that Medicare tax stays uncapped, so higher earners should plan for 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. Social Security wage base continues to rise due to the national average wage income inflation, increasing the amount we have to pay. So as employees, we pay 6.2% in Social Security tax. As employers, we pay 6.2% in Social Security tax. Higher wage earners will eventually threshold out. It’s around $200,000 this year. And then after that, you’ll still continue to pay your Medicare, but it will continue to go up. The remaining Medicare tax will stay uncapped, which means you will always be paying your Medicare tax. Again, something you should be working and planning on. If you’re in the higher income, you may be able to maximize some other taxes. If you need help, give me 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 explains that long-term capital gains rates still generally fall into the 0%, 15%, and 20% brackets. She also reminds higher earners to factor in the 3.8% net investment income tax when planning a sale. 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. Long-term capital gains structure remains intact due to the one big beautiful bill, and those three rates are 0%, 15%, and 20%. But I do want to throw in there, there is a 3.8% net investment income tax that came with Obama, and that is still also in play, which means that those rates of 0%, 15%, and 20% most of the time go 0%, 15%, 18.8%, and 23.8%. We really do not have a 20% capital gains. If you’re selling, you need to understand taxes because if you don’t, you’re gonna pay more money or be surprised when tax day comes. You need help? Check us 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.

Dr. Friday closes out January by reminding listeners that tax season is underway. She shares a simple system for gathering W-2s and 1099-Rs and using SmartVault to speed up preparation. 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 the last one for the month of January, which means we are fully into tax season. If you haven’t, you should be receiving your final W-2s and your 1099-Rs. You should have an envelope on your kitchen table, or someplace where you’ve written all the forms you need. So if you prepare your own taxes, or you’re coming to us or some other tax person, you’ve got everything organized. And if you’re coming to us, remember we have the SmartVault. So you should be uploading those documents so that we can get your taxes done as fast as possible. And if you have no idea what I’m talking about, you need to call our office: 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 why knowing your earned income and investment numbers matters for tax planning. She shares how tracking those numbers can help maximize credits and avoid unpleasant surprises 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. Maximizing your earned income tax credit. Thresholds help taxpayers maximize the value they get under the tax law. Understanding your tax numbers: so often people are like, I don’t know how much my earned income is. I don’t know how much I’ve made in investments. You need to at least keep those numbers somewhat in your head. I get it, none of us know exactly, especially as self-employed people. Sometimes that’s a moving target, right? But you do need to know if you’re going to do any kind of tax planning, not just throw numbers on a tax return and hope you don’t owe money, but actually plan. Because sometimes paying taxes today will be lower than paying them later, with penalties. If you need help, 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.

Dr. Friday explains how marriage and divorce affect your taxes, especially filing status. She clarifies that a divorce at any point in the year counts for the entire year, which can create 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. You know, when life happens, sometimes people get married, sometimes people get divorced, sometimes you have children, sometimes the children grow up and move out. All these things are life-affecting and mostly tax-affecting events. So if you are divorcing, I have to reiterate what people I thought knew but I have found out don’t: it doesn’t go into effect the day you divorce, it goes into effect the year you divorce. So if you divorce any day today or December 31st, you are considered divorced the entire year. It’s not a half-year thing, it’s not a quarter-year thing. So that means if you’ve been claiming married, you may end up with a huge tax problem. If you need help, call me. 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 that the earned income tax credit amount hasn't changed much, but the IRS audits these claims frequently. She stresses the importance of documenting where a qualifying child actually lives. 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 earned income tax credit amount for 2025 hasn’t really changed. It has remained the same. One thing you do need to know: the IRS has specifically put out that it remains the most frequently audited part of a tax return. One of the reasons that’s happening is because a lot of times people are not keeping record of the residency of where that child is living. If that child is not living with you for more than six months and one day a year, and you’re not the primary custodian, and you’re claiming your girlfriend’s child or something else, you may be breaking the law. 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 why she is a strong advocate for health savings accounts (HSAs), even though she doesn't sell insurance. She describes how HSAs can grow and help cover medical costs in retirement. 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 do not sell insurance. I’m putting that at the beginning of this because I am a huge advocate for health savings accounts. HSA contributions increase with inflation, and if you happen to be blessed where you don’t need to use it, you don’t have to. You don’t lose it. It just grows and grows. It’s another way of increasing your retirement. And you’ll need it, let’s be honest. Statistically, you’re going to have to have 200,000 to 400,000 in retirement just for medical expenses. Imagine if you had that sitting in your HSA, so you could take your other retirement and live off it or pass it down, whatever works for you. If you need help, check out the video. Check us 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.

Dr. Friday encourages taxpayers to think beyond filing their 2025 return and start planning for 2026. She highlights common events like conversions, real estate sales, and IRA moves that can change your tax bill. 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. Preparing taxes is what I do. I’m Dr. Friday, an enrolled agent, licensed by the Internal Revenue Service to do taxes and representation. When you’re doing your taxes, right now it’s tax time, guys, and all you’re thinking about is preparing your 2025 taxes. And you’re not thinking about what do I need to be looking towards in 2026? When you’re working on your ’25s, put a thought in your mind about what might be happening. Do you want to do a conversion? Are you selling real estate? Are you taking money out of an IRA? Are you doing a bad thing, a backdoor IRA? All these things affect your taxes, and if you know in advance what the tax bill is, you can plan for it. If you need help, go to 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.

Dr. Friday explains that retirement plan contribution limits keep increasing with inflation and highlights catch-up contribution rules. She encourages taxpayers to take advantage of these options as they approach retirement. 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. Retirement plan contribution limitations for 401(k)s, 403(b)s, and 457 plans continue to rise with inflation. The SECURE Act 2.0 enhancements remain in effect, expanding those catch-up contributions for all of us that are over the age of 55, and in some cases, some of the catch-ups that qualify for over 50. Then you can actually start putting more money aside. They understand a lot of times when you’re raising your family and doing things, you don’t have the ability to maximize retirement. But sooner or later we will have to retire. So putting your money into a retirement plan is a good idea. If you need help with taxes, 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.

Dr. Friday explains how inflation and income changes can affect tax brackets and credit eligibility. She warns that raises can sometimes push taxpayers out of credits like EITC or the child tax credit without 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. Taxpayers should evaluate how inflation changes thresholds, especially for credits like the child tax credit and earned income tax credit. High inflation years can meaningfully increase brackets, and reduce effective tax rates. What I’m basically saying is everyone’s making more money. But when you’re making more money and they’re not adjusting those thresholds, you could be getting yourself outside of earned income credit because you made too much money. You may not qualify for the child tax credit because you’ve made too much money, even though all those raises help you feed your family and do good things. It doesn’t always help you when it comes to taxes. You need to plan. If you need help, 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 why permanent tax provisions make long-term planning easier than laws that constantly expire. She also clarifies how enrolled agents help taxpayers plan, prepare, and handle IRS issues. 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 things we all like about the one big beautiful bill is, plain and simple, it gives us the tools to do long-term planning. Under the last couple passes of tax law, there’s been four years, five years, and then they expire. A lot of expiring, and that leads to a difficult time for us as tax people and also just as taxpayers to sit down and say, hey, in the next five years I’m going to do this, this, and this. If you don’t have that kind of window, it’s difficult to do good planning. And remember, tax preparers are preparers. Enrolled agents help you plan as well as prepare your taxes, and also represent you if you need help. 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 that the cash charitable deduction limit is now permanent at 60% of income. She also discusses how the higher standard deduction makes itemizing harder and why bunching may still help some taxpayers. 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. Cash contributions were 50%, went up to 60%, and now that is permanent under the one big beautiful bill. The years of having 100% of our charitable deductions deductible probably isn’t going to be on the table for a long time, especially with the standard deduction going up every year. It’s harder and harder for individuals to actually itemize under the current tax law unless you have a very healthy mortgage, or unless you do bunching. Bunching is basically taking your sales tax, adding it up, buying bigger things in the year, and you also pay your property taxes. Remember here, we don’t have a state income tax. If you need help, just 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.

Dr. Friday explains that the alternative minimum tax (AMT) thresholds remain in place. She discusses why AMT can surprise taxpayers, especially when large capital gains are involved. 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. AMT thresholds remain the same under the new current one big beautiful bill. Alternative minimum tax. Many of you guys aren’t sure what I’m talking about, but this is a tax code within the tax code. If you were to talk to someone at the IRS, they would say this is a way they try to level the playing field so that the rich can’t get richer and the poor stay the same as they are. So I don’t know if I agree with that, but either way, middle income people are going to get hit, ever since 2017. Higher incomes have ways of avoiding it. So make sure if you’re selling and you’ve got a lot of capital gains, you need to talk to someone: 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 reminds taxpayers that today is an important deadline for the final estimated tax payment. She explains that missing it can trigger penalties and encourages making the payment to stay ahead. 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 is tax day. Not the day we’re going to file our final tax returns, but it is the day you’re going to make your final estimated tax payment. And if you haven’t made any, remember we made the first three estimated payments in 2025, and then the last one is due today. And if you don’t make that payment, there are penalties. I don’t care what people say, it’s not elective. If you don’t want to pay penalties, you want to understand where your money’s going and give the IRS less money, make your estimate today. Or 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.

Dr. Friday introduces herself as an enrolled agent who focuses on tax preparation and IRS representation. She explains the types of situations where professional help can make a difference, from filing to 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. I am Dr. Friday, an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. That’s all I do. 31 years of doing it here in the Nashville, Brentwood area. If you don’t know how to get out of that with the IRS, if you need help, or just basically need some tax help, completing your 2025 taxes or planning for your 2026, I am your person. Maybe you’ve inherited money. Maybe you have a situation where you need to sell your primary home. All you have to do is go to the web drfriday.com. Or maybe you want to talk face to face or on the phone, 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 that the estate and gift tax exemption stays at a higher level, giving families more certainty. She notes how that stability can help with long-term gifting and charitable 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. The estate and gift tax exemption is permanently extended, so there isn’t a drop in 2026. That’s right. In 2025, this means estate planning and large gifts can continue operating under the favorable higher exemption threshold. Wealthy families have long-term certainty on how they can structure their gifts and their wealth, and making sure that they’re able to give. Because a lot of people, you know, they give a lot of money to charities and they gift a lot to other individuals. This isn’t just making the rich richer. This is a way to help the world be a better place by helping us manage the money in a better way. 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 the 20% QBI deduction and why its permanency is good news for eligible taxpayers. She shares a simple example showing how big the deduction can be when structured correctly. 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 QBI 20% deduction is permanent, yes. All small business owners, all people with rental income, and anyone dealing with investments that may have QBI are going to be extremely excited, as I am, because this is 20%. That means if I have $100,000, I could get a $20,000 deduction if it’s done correctly. Understanding QBI is something I find a lot of times people don’t, but it is permanent, which means now you can do some planning and you can do some investing. If you’ve got rental properties, you’ve got a small business, or a big business, QBI may be a way to put more money in your pocket. 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 the mortgage interest deduction limits and why only a portion of interest may be deductible for larger loans. She also notes that some older mortgages may be grandfathered under prior 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. Mortgage interest deduction remains at the $750,000, reflected as a permanent extension with the one big beautiful bill. Now some taxpayers could qualify as grandfathered under $1 million, that was back in 2017. So if you haven’t refinanced your home in a number of years, then you may still have the $1 million situation. But most of you are at $750,000, and believe it or not, I see people with mortgages for one, one and a half, two million, and they’re trying to deduct all that interest. It is not all tax deductible. You must amortize the portion that isn’t. If you need help with tax questions, just 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.

Dr. Friday explains what the SALT deduction includes and why the cap increase matters for itemizers. She also discusses how bunching expenses may help, but only if you itemize. 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 SALT tax. You guys have heard talk about this many times. That’s where you put in your property tax, and your state income, or for us, sales tax, and it’s always had, these last few years, a limit of $10,000. Well, guess what? It’s going up to $40,000. So for many of you that used to do bunching, where we’d pay our property taxes twice, we’d do our sales tax, and we’d add it all up, and we’d buy the bigger things in the years we’re doing this bunching, that’s the way we’re going to start putting more money in our pocket. Now remember, you still have to meet the itemization before you can take a dollar off your tax return. Check us 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.

Dr. Friday reviews the Child Tax Credit rules that remain in place, including the refundable portion and inflation adjustments. She also explains the income limits that affect eligibility. 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. The child tax credit remains at the level of $2,000 per qualified child, with $1,600 currently refundable, and it will adjust with inflation. Under the one big beautiful bill, it did not revert back to the earlier 2017 numbers, which is good because that was like $500 a child, or $1,000 depending on what year. There are limitations, guys: $200,000 if you are single and $400,000 if you’re married. If you need help or you just want to book a tax appointment with me, Dr. Friday, just 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.

Dr. Friday explains that personal exemptions remain eliminated, even though many longtime taxpayers remember them. She also notes how the doubled, permanent standard deduction and age-65 benefits can change 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. The personal exemption remains eliminated under the current tax law. For many of you that have been filing taxes as long as I have, almost 30-plus years, you know that at one point we had a personal exemption. Now that is zero, and for the foreseeable future. But the standard deduction is now permanent, which is actually better because they doubled the typical standard deduction. And there’s some more wonderful things coming in if you’re over the age of 65. If you keep listening to these tax moments, you’re going to hear all kinds of ways you can save tax dollars. But if you need help today, 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 that the larger standard deduction was made permanent instead of reverting to older levels. She shares how this simplifies filing for many households, while itemizing may still help those with big mortgage interest or charitable giving. 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. Standard deduction in 2025, under permanency from the TCJA extension. Again, we were expecting a lot of these things to expire at the end of ’25 and then go back to the 2017 levels. That would have been a bad situation for many of us. Now the standard deduction is permanent. It simply reduces the number of taxpayers who itemize, which simplifies the compliance for most households. However, taxpayers with substantial mortgage interest and charity will still be able to take advantage of itemizing. It is a great way to make sure you’re putting more money in your pocket and not paying the IRS too much money. 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 walks through the current individual tax brackets and explains that the reduced rates were made permanent. She notes how knowing these brackets helps with long-term tax 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. Current 2025 tax brackets, after the one big, beautiful bill permanently extended the TCJA rates. I know I’m talking about a lot of things, but tax rates are now permanent, and that’s great because we can now make plans. We know that the 10% is staying in play. We know the 12%, the 22%, 24%, 32%, 35%, and 37%. So now we can look into the future, because if we had not passed the one big beautiful bill, these would have been expiring at the end of ’25. So this is awesome news for all of us. If you need help, just go to the website 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.

Great news to start the year. Dr. Friday explains why making the 20% Qualified Business Income deduction permanent opens the door for real tax 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. The QBI 20% deduction is permanent, yes. All small business owners, all people with rental income, and anyone dealing with investments that may have QBI are going to be extremely excited, as I am, because this is 20%. That means if I have $100,000, I could get a $20,000 deduction if it’s done correctly. Understanding QBI is something I find a lot of times people don’t, but it is permanent, which means now you can do some planning and you can do some investing. If you’ve got rental properties, you’ve got a small business, or a big business, QBI may be a way to put more money in your pocket. 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.

It's the final day of the tax year. Dr. Friday lays out what still counts for 2025—and what no longer does if the transaction hasn't closed. 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, an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. You’re gonna need someone to be doing taxes in just a day or two because—you know what—we’re at the end of the year. So anything that you’ve done for 2025 had better have been finished up. If you were doing conversions, if you were buying that truck to save tax dollars, it better have closed, because at this point most people do their taxes on the cash basis. Meaning if it didn’t happen by today, it’s not going to happen for the tax year of 2025. If you’ve got questions, or you haven’t done any tax planning and need some help with that—or just help with the tax preparation—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.

With January 31 right around the corner, Dr. Friday reminds business owners and landlords to collect W-9s and file 1099s to avoid costly 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. It’s almost the end of the year. We need to make sure our tax documents are in order. Get ready—if you haven’t already put together your list for subcontractors and 1099s, go ahead and get those W-9s out there. We need to get those all out by January 31. Now is the time so you can make sure you have W-9s completed, you know the dollar amounts, you have the information. There are serious fines—$500 for each 1099 you do not issue. So let’s make this year 2026, for the tax year of 2025, the year that we actually file all the proper forms. And again, this isn’t just for people in business. People in real estate rentals also have to do this. 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.

Tax season is almost here, and returning clients get priority. Dr. Friday reminds listeners to secure their appointment before the schedule fills. 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. So all of you that are listening that are my already existing tax clients—hopefully you have already set up your tax appointments. If not, you need to be going to drfriday.com, clicking on “schedule,” and making your appointment ASAP. If you don’t see an appointment available, please call our office at 615-367-0819. One of us will answer the phone, and we’ll get you put on the schedule because it is booking up fast. I want to make sure I have all my returning clients. If you’re a new client, we'll also be trying our best to get you in—but returning clients, number one. 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.

Boxing Day may not be a U.S. holiday, but Dr. Friday uses it to remind everyone: you only have a few days left for 2025 tax-saving actions. 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. Happy Boxing Day. I know you guys don’t do that in the United States, but all of us Aussies do. And so basically just, you know, enjoy the day. Meanwhile, think about taxes. We have like four days left. And if you’re gonna do anything to save taxes, you have to write the checks pretty much now to reduce your taxes. Holding back people’s checks doesn’t really work. I’ve had a couple cases where people get 1099s for the total amount—even if they didn’t put it in the bank. There are ways around that, but make sure you understand your numbers. Make sure you know when you’re saving tax dollars and when you might not be. If you have questions, you need to make the appointment ASAP 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.

On this special day, Dr. Friday shares a personal Christmas memory and reminds us what the season is truly about—giving, loving, and gratitude. 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. Christmas. Oh my goodness. We love Christmas. And it always remembers a lot about my mom. My mom always did this thing where she would take cash and, you know, go pay people’s layaways and do that. She had heard about it. She enjoyed it. It was something that she would enjoy doing for people. And I think that’s what Christmas is all about—basically spending time with the people we love, helping those that maybe, to be honest, have a little rougher time. Maybe they don’t have all the support that we all get to have. So think about those that you can help. Love those that are around you today. And I hope that you have a very Merry Christmas. Don’t forget the reason, the cause behind Christmas. Go to church. Put a little prayer in. This is Dr. Friday. Love y’all. 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 almost year-end, but there's still time. Dr. Friday explains how boosting your 401(k) or IRA contribution can lower 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. And we probably are pushing it close, but for all of you that are employees that have 401(k)s and you’re sitting there thinking, “Wow, my income may just be a little higher. I can afford to put a little bit more.” Maybe you need to think of taking that last paycheck that may be coming up here and giving more of it to your 401(k). It will save more money today—well, I should say it will reduce your income. And then obviously later you’ll have to pay taxes, but you know, it’s a 401(k). That’s what we do. So think about doing that. And of course, it doesn’t hurt if you have IRAs or Roth IRAs. Those are all tax-related decisions. Talk to your financial planner, see what works out best for you. But from a tax standpoint, reducing your income always saves us tax dollars. 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 heavy vehicle before year-end just for the deduction? Dr. Friday walks through the math—and why it may not be worth 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 right now there’s a mad rush of a bunch of people saying, “I’m gonna go out there and buy myself a big truck over 6,000 pounds so I can actually write that vehicle off and get that tax deduction.” Okay. First, doesn't it sound crazy when I say that out loud—just like I just said that? Because you’re gonna go spend sixty, seventy, eighty thousand dollars to get a tax deduction that, if you’re in the 20% tax bracket, is gonna save you—if it’s $80,000—what, $16,000? So you’re still paying the rest out in money. I mean, if you need a vehicle, it’s a legitimate tax deduction, and you’re gonna make money by having a new truck, go out there, buy it before the end of the year. Otherwise, think twice before you go spend thousands of dollars to save hundreds. 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.

Year-end means 1099 season. Dr. Friday explains who should get a 1099-MISC or 1099-NEC and why Form W-9 is so important. 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. Very soon we need to be issuing our 1099 miscellaneous or 1099 NECs for anyone that provided services for us. That would include all of you that have rental properties—your lawn man, your repairman, your handyman, your roofer. If he’s an LLC—anyone that is operating as LLCs or partnerships or sole proprietors—the only person we do not 1099 is if their company has an Inc. Only way we really know that is to have them complete a Form W-9. Have that on file at your office so if there is ever a question on what you need to do, then you have that right there to prove you did not need to 1099 them. Get your numbers together so you can do that on time. 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.

Dan provides an update on the suspected J6th Pipe Bomber Brian J. Cole Jr. and Christmas may be in full swing here at WTN | aired on Friday, December 5th, 2025 on Nashville's Morning News with Dan MandisSee omnystudio.com/listener for privacy information.