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

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
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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, 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, I’m Dr. Friday and the doctor is in the house.
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We have some breaking news.
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Back on the 31st of January, we finally got a new, the Tax Relief of American Families
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and Workers Act of 2024 came through.
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It’s going to be interesting to see exactly how that’s going to affect some.
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If you already filed your taxes, you may find that there could be some new changes.
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Most of it’s going to come into 2024, but they did change the child tax credit.
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They expanded some of that.
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They extended some of the 100% depreciation through 2025.
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And this year, if you’d already filed your taxes, you would have only had an 80% on most
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of your depreciation.
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So that will be a big situation.
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So again, if you have already filed, they did do some things that went backwards and
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we’re going to cover some of that as we move forward.
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And it may affect if you’ve already filed.
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Again, opened on January 29th, the tax season.
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And so I guess, you know, it’s like hunting season.
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I always say the tax season started on that, but you know, there is always new and exciting
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things continuously happening.
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A portion of the refundable tax credit is based on inflation.
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