Dr. Friday Radio Show – February 17, 2024 The Dr. Friday Radio Show

In this episode of “Dr. Friday Radio Show”, Dr. Friday, an enrolled agent licensed by the IRS, offers valuable tax advice and financial counseling to listeners dealing with various tax situations. Topics covered include:


Understanding the difference between federal and state tax laws, especially regarding the sale of property and capital gains tax.
The importance of timely tax preparation, with a focus on business tax returns and the upcoming March 15 deadline for LLCs and corporations.
Navigating state tax obligations and the implications for businesses operating across state lines.
Guidance on filing annual reports, business licenses, and navigating franchise excise taxes.
Tips for handling 1099 forms, both for businesses and individuals, to ensure compliance with IRS requirements.
Advice for individuals working remotely for out-of-state employers and the tax implications thereof.
The episode also features listener call-ins, providing personalized advice on specific tax queries, including rental property depreciation, the taxation of social security and pensions for seniors, and the tax treatment of income from YouTube content creation.

Transcript

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No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your
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financial woes.
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She’s the how-to girl.
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It’s the Dr. Friday Show.
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If you have a question for Dr. Friday, call her now.
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737-WWTN.
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That’s 737-9986.
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So here’s your host, financial counselor and tax consultant, Dr. Friday.
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Good day.
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This is Dr. Friday and we’re live here in studio.
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And if you have a question, you can join us live as well at 615-737-9986.
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615-737-9986.
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For many of you that may not or maybe it’s your first time listening to me on the radio,
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I’m an enrolled agent licensed by the Internal Revenue Service to do taxes and
representation.
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That is pretty much all I do.
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So if you’re working on your taxes this wonderful weekend, or maybe you’re making some tax
planning
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for 2024 and you’ve got a question, possibly something to do with inheritance or selling
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or buying property, paying the capital gains tax, that kind of situation, making sure you
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understand what the federal tax law is compared to the state.
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Kind of found out an interesting situation because we seem to have had a large number,
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in my opinion, a large number of individuals that were thinking that if they reinvested
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the money from the sale of their home, they weren’t going to have to pay any kind of
federal
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taxes.
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I did find out that California state income tax has that available transaction on it.
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It is not a federal law, but a state.
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So you really do need to understand what is state, what is federal and how that works.
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So that way you understand how you’re going to be able to save.
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In most cases