Podcasts about 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.

In this episode, Dr. Friday breaks down the tax implications of cryptocurrency. Learn why tracking transactions is crucial and how the IRS treats crypto like any other investment. 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. Cryptocurrency. Oh boy, over Christmas, my sister-in-law got big into crypto. Nothing wrong with that—just not sure she totally understands the tax implications. Remember, crypto is just like any other investment or stock. They’re going to tax you, and tracking it is key. So often, my crypto people think, “Okay, I take U.S. dollars, turn it into Bitcoin, then from Bitcoin, I went to Ethereum or whatever, and now there's no paper trail.” That's not true. If you ever bring it back to U.S. currency, all of those transactions become taxable. You're not hiding, and if you want to sleep well at night, you better track it—that's all I can say. 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 episode, Dr. Friday explains how managing the timing of your income can impact your taxes. Learn how accelerating or deferring income can be a strategic tax move, especially for self-employed individuals. 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. Managing receipts of income. When considering how to best manage your taxes, keep in mind that deductions are only part of the story. Income is also a major factor. For example, if you expect to have a higher tax break next year, you may want to think about accelerating income in your current year. That really only works, to be quite honest, when we're talking about self-employed individuals. Sometimes, you can have someone say, “Hey, can you send me a check in December so I can pick it up for next year instead of having it all come in the next year?” That is doable sometimes. Most of the time, we don't have control over what income comes in. 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 episode, Dr. Friday discusses how small business owners can lower their taxable income by paying their children for legitimate work. Learn how this strategy can benefit your family's finances. 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. Lower your taxable income by shifting income to other family members. That works great, especially for self-employed or small business owners. You may have children who are 14, 15, 16, or 17, who are really working for you. Instead of just paying household expenses through yourself, think about paying those kids. It's a great lesson for them and a smart tax move for you. Also, consider calculating the value of benefits for educational deductions. Another tip: if you put something on a credit card, according to tax law, that's a deduction—not when you pay it, but when you charge it. If you need help and want to talk to someone, 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.

In this episode, Dr. Friday explains the tax consequences of selling your home, including home exclusions, rental conversions, and potential deductions. 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. Selling your home. So nowadays, it’s not quite as simple. Most people live in their home. As long as you’ve lived in it two out of the last five years, you can qualify for a home exclusion. But a lot of times, people will turn those homes into rentals, or they’ll rent part of the house out and live in the other. And when they’re doing that, they’re appreciating or turning that part of the home into an investment. And in doing so, there can be pros and cons. One of the pros is that we can’t take a loss if you happen to sell your primary home at a negative dollar amount. But if it’s a business, if it’s a rental, we can take that loss. So it’s important to understand if you’re making money or losing money. 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.

In this episode, Dr. Friday breaks down the home office deduction. Find out if you qualify, what expenses you can deduct, and why W-2 employees working from home may not be eligible. 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. Home office space. So again, I want to say if you are a W-2 individual and you’re working from home, that is a benefit. It is not a tax deduction. I know you’re going to say that you’re spending your own electricity and you’re having to take up space, and you have heating and air conditioning. The IRS has pretty much come back and said, yeah, but you’re not putting wear and tear on your car, and you’re not paying for any more petrol. So it’s a give or take on that one. But if you are self-employed or an individual that has the ability, a home office is a great deduction—if you know how to account for it. So make sure, 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 episode, Dr. Friday discusses the tax implications of divorce. Learn how to navigate financial pitfalls, minimize taxes, and avoid unexpected liabilities before finalizing your divorce. 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. Taxes and divorce. I can’t tell you how many meetings I take on this particular subject. Sometimes I actually am fortunate enough to have both people getting divorced in the office, and we’re really able to do serious tax planning because there are ways that you can save money when you’re divorcing, and there are ways that you can make that other partner pay big if that is your dream. But either way it looks, you do need to consider—if you’re in the process of getting divorced or getting married—sit down. Talk about the finances. Talk about the taxes. Again, how many people even ask the person they’re marrying if they're up to date on their tax returns? If not, you could end up paying that person's tax bill. 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 shares a tax-savvy way for parents to help their working teens save for the future. Learn how contributing to a traditional or Roth IRA can provide long-term financial benefits and tax advantages. 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 want to put the caveat first that I am not a financial planner. I look for ways to save tax dollars. But one way is, let’s say you have a 15-year-old child that’s doing babysitting or working, and maybe they even work for your company as a partner in a partnership or sole proprietorship, and they’re making that $7,000 to $10,000. One thing they could do is open up a traditional IRA, and that $7,000 would be tax-deferred, or $8,000. And then the other side of that would be, let’s say they put it into a Roth. They would defer all of that growth for the next, what, 60 years? That sounds like a wonderful tax plan for your kids. 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 phase-out thresholds for tax credits like child tax credits, adoption credits, and education deductions. She highlights how marriage can impact 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. Some things have what we call a phase-out. For example, the child tax credit—it starts at about $200,000 for a single person and about $400,000 for a married couple. Adoption credit? Pretty much $252,000 for a single, and guess what? The same exact number for a married couple. So there's the marriage penalty for you. Interest on education? $80,000 for a single, $165,000 for a married couple. You get where I'm going here. In most cases, the limit doubles for married couples, but not always. Educational savings bonds? Again, another marriage penalty. You need to understand these dollar amounts—otherwise, you won't be able to take the tax credit. 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 depreciation rules, including accelerated depreciation and recapture. She highlights mandatory depreciation for rental property owners. 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. Let's think about depreciation, especially for business owners or renters. There are a lot of different things that can be depreciated. And the thing is, do you want to accelerate? We still have accelerated depreciation. You need to understand how that will affect you in the long run for recapture of depreciation. Also, keep in mind that you don't have a choice with rental properties—you have to depreciate. It is not an “Oh, I might want to or not.” Tax law says it's a mandate. So understanding what you have to do to stay in compliance, how you might be able to reduce it now for less recapture later—these are important things to know. Understanding taxes is what I do, so call me if you need help. 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.

Pamela's Facebook page states: News Anchor, Writer, Voice Over Artist, Background Singer, Lover of God, Family,Friends, Wine, and Men. Behind the mic by the age 14, the North Carolina native set her sights on becoming a gospelsongwriter. Her move to Nashville in 1990 led to a variety of careers, all centered on the radio and music industry. Hervoice and signature red hair (she's been mistakenly for Wynonna) can be heard on SuperTalk 99.7 WTN along with herduties with the Tennessee Radio Hall of Fame. She reveals her early influences and why she's so passionate aboutkeeping news reporting above the fray. AMONG THE TOPICS: WHO TOLD HER TO “CHILL CHICK”, REMEMBERING ABELOVED COLLEAGUE, WHY ATLANTA WAS ONE AND DONE, AND WHY A NORTH CAROLINA GIRL SAYS “ROLL TIDE.”

Pamela's Facebook page states: News Anchor, Writer, Voice Over Artist, Background Singer, Lover of God, Family,Friends, Wine, and Men. Behind the mic by the age 14, the North Carolina native set her sights on becoming a gospelsongwriter. Her move to Nashville in 1990 led to a variety of careers, all centered on the radio and music industry. Hervoice and signature red hair (she's been mistakenly for Wynonna) can be heard on SuperTalk 99.7 WTN along with herduties with the Tennessee Radio Hall of Fame. She reveals her early influences and why she's so passionate aboutkeeping news reporting above the fray. AMONG THE TOPICS: WHO TOLD HER TO “CHILL CHICK”, REMEMBERING ABELOVED COLLEAGUE, WHY ATLANTA WAS ONE AND DONE, AND WHY A NORTH CAROLINA GIRL SAYS “ROLL TIDE.”

Dr. Friday discusses how marriage can impact your taxes, including penalties on capital gains, child tax credits, and educational savings. She highlights why understanding these tax rules is important before making financial decisions. 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 Valentine’s Day! And for some of you, maybe even an anniversary. That being said, let's think a little bit about getting married and how the tax law doesn't necessarily reward individuals who are married. There are a lot of marriage penalties. Look at capital gains—if I'm single, I have $200,000. If I'm married, I only get $250,000. Also, keep in mind child tax credits if your income is too high. So when you’re thinking about Valentine's, your sweetheart, and being smart about your money, consider what kind of tax advantage it may be to stay single or file as head of household. 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.

Dr. Friday explains tax requirements for household employees, including the need to file a Schedule H and pay Social Security and Medicare taxes for workers earning over $2,700 per 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. Domestic helpers. Now, a lot of times people think that, well, they don't really have to do much. Someone comes to my house, I'll give them a 1099 at the end of the year and make a payment. But keep in mind, if you're paying somebody basically as an employee and it's over $2,700 per year, they really do need to file a Schedule H. Schedule H is where you report your household employees. You actually need to pay their Social Security and Medicare, just like an employer would. It's important to understand—just because someone is working in your house, that's still a job for them, and therefore, they are still your employee. If you don't understand that or 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.

Today, Paul shares an interview between himself and Matt Murphy on 99.7 WTN. President Trump has announced tariffs on many nations since he came into office last month, leaving a lot of people asking about what they are and if they really will raise prices on consumers. Listen along as Paul spends 15 minutes explaining what tariffs are, why they are used as an economic and political tool, and the effect they have on the economy.

Dr. Friday clarifies that estimated tax payments are not optional but required to avoid penalties. She explains how failure to pay on time results in monthly penalties from the IRS. 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. Let's talk about estimated tax payments. So often people come in and think it’s some sort of voluntary thing that all of us are doing—as if we would voluntarily want to pay money before we had to pay it! That's not the case. We don't want to pay penalties. There is an exact penalty for failure to make estimated tax payments. So you make a choice: You can pay 0.5% every month that you forget to do it or choose not to, or you can pay it on time. I kind of like to get the IRS out of my bank as soon as possible, so I make my payments. But people make that choice. Just understand there's a penalty for not doing it. 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.

Today, Paul shares an interview between himself and Matt Murphy on 99.7 WTN. President Trump has announced tariffs on many nations since he came into office last month, leaving a lot of people asking about what they are and if they really will raise prices on consumers. Listen along as Paul spends 15 minutes explaining what tariffs are, why they are used as an economic and political tool, and the effect they have on the economy.   For more information about what we do or how we can help you, schedule a 15-minute call with us here: paulwinkler.com/call.