46 min

Dr Friday Radio Show – February 3, 2024 The Dr. Friday Radio Show

    • Business

In this episode of the Dr. Friday Radio Show, Dr. Friday tackles the latest in tax legislation and offers expert advice on managing your finances in light of new changes. Key highlights include:


Overview of the Tax Relief Act of 2024: An introduction to the new tax legislation and its key components.
Changes to Child Tax Credit: Detailed explanation of the expanded child tax credit and how it affects families.
100% Depreciation Rules Extended: Insight into the extension of 100% depreciation through 2025 and its benefits for business owners.
Adjustments Based on Inflation: Discussion on the adjustment of refundable tax credits in response to inflation, including the specific figures for 2024.
Implications for Early Tax Filers: Advice for those who have already filed their taxes and how they might be affected by the new changes.
Retirement Savings Strategies: Solutions for retirees looking to contribute to a Roth IRA through earned income, including tips for those with unique circumstances like farm income.

This episode is essential for anyone looking to stay informed on the latest tax laws and learn strategies to optimize their tax filing and financial planning for the upcoming year.

Transcript
00:00:00.000 –> 00:00:06.480
No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your
00:00:06.480 –> 00:00:07.480
financial woes.
00:00:07.480 –> 00:00:09.720
She’s the how-to girl.
00:00:09.720 –> 00:00:10.720
It’s the Dr. Friday Show.
00:00:10.720 –> 00:00:20.000
If you have a question for Dr. Friday, call her now, 737-WWTN.
00:00:20.000 –> 00:00:23.720
That’s 737-9986.
00:00:23.720 –> 00:00:27.400
So here’s your host, financial counselor and tax consultant, Dr. Friday.
00:00:27.400 –> 00:00:34.200
Good day, I’m Dr. Friday and the doctor is in the house.
00:00:34.200 –> 00:00:36.680
We have some breaking news.
00:00:36.680 –> 00:00:44.160
Back on the 31st of January, we finally got a new, the Tax Relief of American Families
00:00:44.160 –> 00:00:49.160
and Workers Act of 2024 came through.
00:00:49.160 –> 00:00:53.880
It’s going to be interesting to see exactly how that’s going to affect some.
00:00:53.880 –> 00:00:59.680
If you already filed your taxes, you may find that there could be some new changes.
00:00:59.680 –> 00:01:06.720
Most of it’s going to come into 2024, but they did change the child tax credit.
00:01:06.720 –> 00:01:08.400
They expanded some of that.
00:01:08.400 –> 00:01:12.680
They extended some of the 100% depreciation through 2025.
00:01:12.680 –> 00:01:17.880
And this year, if you’d already filed your taxes, you would have only had an 80% on most
00:01:17.880 –> 00:01:19.460
of your depreciation.
00:01:19.460 –> 00:01:21.980
So that will be a big situation.
00:01:21.980 –> 00:01:28.240
So again, if you have already filed, they did do some things that went backwards and
00:01:28.240 –> 00:01:31.640
we’re going to cover some of that as we move forward.
00:01:31.640 –> 00:01:34.520
And it may affect if you’ve already filed.
00:01:34.520 –> 00:01:38.120
Again, opened on January 29th, the tax season.
00:01:38.120 –> 00:01:40.200
And so I guess, you know, it’s like hunting season.
00:01:40.200 –> 00:01:47.200
I always say the tax season started on that, but you know, there is always new and exciting
00:01:47.200 –> 00:01:49.000
things continuously happening.
00:01:49.000 –> 00:01:53.500
A portion of the refundable tax credit is based on inflation.
00:01:53.500 –> 00:01:56.400
S

In this episode of the Dr. Friday Radio Show, Dr. Friday tackles the latest in tax legislation and offers expert advice on managing your finances in light of new changes. Key highlights include:


Overview of the Tax Relief Act of 2024: An introduction to the new tax legislation and its key components.
Changes to Child Tax Credit: Detailed explanation of the expanded child tax credit and how it affects families.
100% Depreciation Rules Extended: Insight into the extension of 100% depreciation through 2025 and its benefits for business owners.
Adjustments Based on Inflation: Discussion on the adjustment of refundable tax credits in response to inflation, including the specific figures for 2024.
Implications for Early Tax Filers: Advice for those who have already filed their taxes and how they might be affected by the new changes.
Retirement Savings Strategies: Solutions for retirees looking to contribute to a Roth IRA through earned income, including tips for those with unique circumstances like farm income.

This episode is essential for anyone looking to stay informed on the latest tax laws and learn strategies to optimize their tax filing and financial planning for the upcoming year.

Transcript
00:00:00.000 –> 00:00:06.480
No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your
00:00:06.480 –> 00:00:07.480
financial woes.
00:00:07.480 –> 00:00:09.720
She’s the how-to girl.
00:00:09.720 –> 00:00:10.720
It’s the Dr. Friday Show.
00:00:10.720 –> 00:00:20.000
If you have a question for Dr. Friday, call her now, 737-WWTN.
00:00:20.000 –> 00:00:23.720
That’s 737-9986.
00:00:23.720 –> 00:00:27.400
So here’s your host, financial counselor and tax consultant, Dr. Friday.
00:00:27.400 –> 00:00:34.200
Good day, I’m Dr. Friday and the doctor is in the house.
00:00:34.200 –> 00:00:36.680
We have some breaking news.
00:00:36.680 –> 00:00:44.160
Back on the 31st of January, we finally got a new, the Tax Relief of American Families
00:00:44.160 –> 00:00:49.160
and Workers Act of 2024 came through.
00:00:49.160 –> 00:00:53.880
It’s going to be interesting to see exactly how that’s going to affect some.
00:00:53.880 –> 00:00:59.680
If you already filed your taxes, you may find that there could be some new changes.
00:00:59.680 –> 00:01:06.720
Most of it’s going to come into 2024, but they did change the child tax credit.
00:01:06.720 –> 00:01:08.400
They expanded some of that.
00:01:08.400 –> 00:01:12.680
They extended some of the 100% depreciation through 2025.
00:01:12.680 –> 00:01:17.880
And this year, if you’d already filed your taxes, you would have only had an 80% on most
00:01:17.880 –> 00:01:19.460
of your depreciation.
00:01:19.460 –> 00:01:21.980
So that will be a big situation.
00:01:21.980 –> 00:01:28.240
So again, if you have already filed, they did do some things that went backwards and
00:01:28.240 –> 00:01:31.640
we’re going to cover some of that as we move forward.
00:01:31.640 –> 00:01:34.520
And it may affect if you’ve already filed.
00:01:34.520 –> 00:01:38.120
Again, opened on January 29th, the tax season.
00:01:38.120 –> 00:01:40.200
And so I guess, you know, it’s like hunting season.
00:01:40.200 –> 00:01:47.200
I always say the tax season started on that, but you know, there is always new and exciting
00:01:47.200 –> 00:01:49.000
things continuously happening.
00:01:49.000 –> 00:01:53.500
A portion of the refundable tax credit is based on inflation.
00:01:53.500 –> 00:01:56.400
S

46 min

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