The Dr. Friday Radio Show Dr. Friday Tax & Financial Firm, Inc.
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The Dr. Friday Radio Show is a weekly radio show broadcast live on 99.7/WWTN every Saturday from 2PM-3PM CST. If you are outside of the listening area of the radio station (Nashville, TN), you can also download the iHeart App on your smartphone and search WWTN to hear the LIVE show.
You can also listen to past episodes on the Dr. Friday Tax and Financial Firm website (https://drfriday.com), on Apple Podcasts, Google Play and many more.
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Dr. Friday Radio Show – March 16, 2024
In this episode of the Dr. Friday Radio Show, Dr. Friday, a financial counselor and tax consultant, discusses various tax-related topics and answers caller questions. As the tax season is in full swing, Dr. Friday provides valuable insights and advice for listeners.
Topics covered:
Filing deadlines for different tax forms (1065, 1120S, 1120)
Consequences of missing tax deadlines and the importance of filing extensions
Beneficial Ownership Information Act compliance and penalties
Determining filing status for separated or divorced individuals
Deducting medical expenses and mileage related to hospital visits and care
Filing requirements for trusts and estates after a person's death
Importance of keeping email addresses and cell phones active when handling an estate
Settling tax debts with the IRS and the offer in compromise process
Accurately reporting income and expenses on tax returns
Transcript
00:00:00.000 --> 00:00:06.000
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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G'day, I'm Dr. Friday and the doctor is in the house.
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We are going to talk about my favorite subject, it is the middle of tax season.
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And if you are a 1065, an 1120S and an 1120, in some cases, some 1120s can have it until
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next month.
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You have just missed a deadline if you did not file an extension.
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Because we're due on the 15th for all 1065 and 1120Ss, unless you're on a fiscal year
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end.
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So you need to make sure that you file your taxes.
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The penalties can be pretty steep.
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So again, making sure that you have filed your taxes and if not, an extension.
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That's the same goes come April 15th for everything else, unless again, you're on a physical year
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end, makes for you to basically need to file those extensions.
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It's such a time saver, but more it's a money saver, right?
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Because if you haven't filed your taxes yet, then you're in trouble when it comes to filing
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what you need to file for all of that.
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So again, if you have a question, you can reach us here in the studio at 615-737-9986.
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615-737-9986 is the number here in the studio.
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And many of you are probably working on taxes or maybe even working towards something that's
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happening in 2024.
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It's never too early to start thinking about how you're going to save tax dollars or preparing
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to pay taxes.
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I mean, many times I've had people inherit property, they sell it for more than the asking
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price, or there's a situation where you decide to relocate and you sell your rental or you
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sell your primary home, whatever it might be.
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You want to make sure you understand what your capital gains if it's over a year and
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one day, or it co -
Dr. Friday Radio Show – March 2, 2024
In this episode of the Dr. Friday Show, Dr. Friday covers a wide range of tax-related topics, from individual tax situations to business tax considerations. She provides valuable insights and advice for listeners looking to navigate the complex world of taxes.
Topics covered:
Roth conversions and their tax implications
Taxation of Social Security benefits
Tax considerations for surviving spouses and dependents
Life insurance payouts and potential taxability
Business losses and the IRS's expectations for profitability
Importance of filing tax returns for partnerships and S corporations
GoFundMe accounts and their tax implications
1099K reporting for Venmo transactions
Adjusting W-4 withholdings to avoid tax surprises
Transcript
00:00:00.000 --> 00:00:06.560No, no, no, she's not a medical doctor, but she can sure cure your tax problems or your00:00:06.560 --> 00:00:07.560financial woes.00:00:07.560 --> 00:00:09.800She's the how-to girl.00:00:09.800 --> 00:00:10.800It's the Dr. Friday Show.00:00:10.800 --> 00:00:19.800If you have a question for Dr. Friday, call her now, 737-WWTN.00:00:19.800 --> 00:00:23.760That's 737-9986.00:00:23.760 --> 00:00:26.760So here's your host, financial counselor and tax consultant, Dr. Friday.00:00:26.760 --> 00:00:32.280All righty, I'm Dr. Friday.00:00:32.280 --> 00:00:33.280We are live.00:00:33.280 --> 00:00:44.320You can reach us here at 615-737-9986, 615-737-9986, taking your calls, talking about taxes.00:00:44.320 --> 00:00:47.280Many of you may be working on your taxes this weekend.00:00:47.280 --> 00:00:50.320I know I'm in the process of working on taxes.00:00:50.320 --> 00:00:54.640You may actually be running into some things that you're thinking about for 2024.00:00:54.640 --> 00:00:56.040I mean, things are always changing.00:00:56.040 --> 00:00:58.800A lot of people are thinking about Roth conversions.00:00:58.800 --> 00:01:03.480I am not a financial advisor, so I do not get into that aspect, other than the fact00:01:03.480 --> 00:01:07.200that if you do a conversion, you will end up paying taxes.00:01:07.200 --> 00:01:10.200So you may want to talk to your tax person when you're doing that.00:01:10.200 --> 00:01:15.240We do a lot of planning when we're usually doing tax prep because what you have happening,00:01:15.240 --> 00:01:18.600you know, sometimes people are thinking, "Well, maybe I'll sell a house or I'll do this,"00:01:18.600 --> 00:01:26.000and all those kinds of things not only affect your actual taxes that are due, but your IRMA,00:01:26.000 --> 00:01:28.600if you're in and receiving Medicare.00:01:28.600 --> 00:01:33.680So it's very important to take into account not only what you're going to be paying in00:01:33.680 --> 00:01:38.480actual ordinary or capital gains tax, but make sure that you talk about the IRMA as00:01:38.480 --> 00:01:43.280well because we have found over the years, many times people take into account, you know,00:01:43.280 --> 00:01:44.760how much am I going to pay in capital gains?00:01:44.760 --> 00:01:45.760I already calculated that.00:01:45.760 --> 00:01:49.800And then they get the love letter from Medicare that says, "Hey, we've changed the amount00:01:49.800 --> 00:01:54.500we're taking from you because this situation is happening," right?00:01:54.500 --> 00:01:57.300Whatever it might be, but maybe you sold something, your income went up.00:01:57.300 --> 00:02:00.100Now, I do understand there is a one-time exclusion.00:02:00.100 --> 00:02:04.060I'm not going to claim I'm an expert at it, but I'm sure you could talk to someone over00:02:04.060 --> 00:02:08.120down at Medicare or Social Security that could help you with it.00:02:08.120 --> 00:02:12.640But it's very important that you consider how all that's going to work because when00:02:12.640 --> 00:02:17.380you decide to take large distributions, again, I have a number of clients that are really00:02:17.380 --> 00:02:23.520trying to get more money into the -
Dr. Friday Radio Show – February 17, 2024
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
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 --> 00:00:08.080
financial woes.
00:00:08.080 --> 00:00:09.680
She's the how-to girl.
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It's the Dr. Friday Show.
00:00:11.680 --> 00:00:18.560
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, you don't want to reinvest the federal money if you're going to have
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to go pay 50 or 60 or $70,000 in capital gains.
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You don't want that tied up in something you can't get back. -
Dr Friday Radio Show – February 3, 2024
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.
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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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So the amount of 1600, they did change that.
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So again, if you filed your taxes already in 2024 for the year of 2023, the -
Dr. Friday Radio Show – January 27, 2024
In this episode of the Dr. Friday Radio Show, Dr. Friday delves into crucial tax updates and financial strategies. From the essentials of tax preparation to navigating new IRS regulations, this episode offers valuable advice for both individuals and businesses. Key highlights include:
Preparation for Tax Season: Importance of gathering W-2s and 1099s without rushing the filing process to ensure accuracy.
1099-K Form Thresholds: Updated requirements for digital and small-scale sellers, emphasizing its effect on gig economy participants.
Tax Filing Requirements: Guidance on who needs to file taxes, focusing on income thresholds and specific financial circumstances.
Dependents and Education Credits: Tips on claiming dependents and maximizing education-related credits.
Digital Assets and IRS Regulations: Overview of new IRS guidelines on reporting digital assets.
Business Tax Compliance: Insights into beneficial ownership information compliance and clean energy credits under new tax laws.
This episode is packed with expert advice to help listeners efficiently navigate their tax responsibilities and optimize financial planning for the year ahead.
Transcript
00:00:00.000 --> 00:00:06.280
No, no, no, she's not a medical doctor, but she can sure cure your tax problems or your
00:00:06.280 --> 00:00:07.280
financial woes.
00:00:07.280 --> 00:00:09.540
She's the how-to girl.
00:00:09.540 --> 00:00:11.120
It's the Dr. Friday Show.
00:00:11.120 --> 00:00:19.800
If you have a question for Dr. Friday, call her now, 737-WWTN.
00:00:19.800 --> 00:00:23.520
That's 737-9986.
00:00:23.520 --> 00:00:29.520
So here's your host, financial counselor and tax consultant, Dr. Friday.
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G'day, I'm Dr. Friday and the doctor is in the house today.
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We're going to be talking about my favorite subject, which of course is taxes.
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There has been a few minor upchanges on a few things that might be on the other, ununique
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side of things, but we're going to cover that.
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And of course, many of you are probably getting all of your tax records together, so it's
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time for you to probably start thinking about, I wouldn't rush still because I know many
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people are still waiting.
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W-2s do not have to be out quite yet.
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1099s are still being processed, at least in our office.
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So many of those will be something that may hold you up in processing that information
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and don't rush to file something until you have all of your documentation.
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It's not worth the IRS turning around and changing your tax return, which is something
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that can happen anytime they don't have the right information on the right lines that
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matches what they think you should have.
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All right, we're going to go right to the phone lines.
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We've got Ryan.
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I love it when my phone lines start lighting up early.
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Hey Ryan, what's happening?
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I hope it's Brian because that's me.
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Oh, okay.
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Brian, I am so sorry.
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My typo on that one.
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Let me give you my total and see if I need to say federal.
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Dr. Friday Radio Show – January 20, 2024
In the January 20th episode of the Dr. Friday Tax Show, Dr. Friday, an experienced financial counselor and tax consultant, delves into crucial topics for the 2024 tax season. This episode highlights important updates including:
Beneficial Ownership Information Compliance: Urgent for business owners to comply by January 1, 2025, with significant penalties for non-compliance.
IRS E-file Opening Delayed: Now starting January 29th, impacting early filers, especially those with earned income and child tax credits.
Social Security and Tax Liabilities: Discusses how income changes affect Medicare costs and child support calculations.
Small Business Tax Filings: Critical deadlines for 1120-S and 1065 forms emphasized.
Handling Disability Benefits and Trust Incomes: Insight into tax implications for those receiving disability benefits and beneficiaries of trusts.
Interactive Listener Queries: Addresses a variety of questions, from personal tax situations to complex issues.
Essential for business owners, retirees, and individual taxpayers, this episode offers a wealth of information to smoothly navigate through the tax season.
Transcript
00:00:00.000 --> 00:00:07.000
No, no, no, she's not a medical doctor, but she can sure cure your tax
problems or your financial woes.
00:00:07.000 --> 00:00:11.000
She's the how-to girl. It's the Dr. Friday Show.
00:00:11.000 --> 00:00:22.000
If you have a question for Dr. Friday, call her now. 737-WWTN. That's
737-9986.
00:00:22.000 --> 00:00:28.000
So here's your host, financial counselor and tax consultant, Dr. Friday.
00:00:29.000 --> 00:00:36.000
G'day, I'm Dr. Friday and the doctor is in the house on this very cold
Saturday.
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Many of you may be at the house, not actually out running around, but who
knows?
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When I went out earlier, it looked like it was a bit busy out there.
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So, I will say that many people probably have enjoyed the snow a little bit.
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But, hopefully that will go away so we can get back into some serious
business.
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A little hard for people to get to their tax appointments when there's snow
coming down.
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So, if you want to join the show today, if you've got questions concerning
taxes or things that you may have heard or you're working on,
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either your 2023 filings or preparing for 2024, something that may be coming
up,
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all you have to do is pick up the phone. 615-737-9986.
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We're getting a lot of phone calls on the BOI or the Small Business
Compliance Guide that's put out by the Finance Criminal Enforcement Network.
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This is a true thing, beneficial ownership information, BOI.
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Many of you are getting emails or being told by other individuals that this
needs to be filed.
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It does need to be filed and the rules are kind of interesting.
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So, if you already have a business and it started prior to 2024, you have
until January 1st, 2025.
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If you've opened it in this first period, you only have less than 90 days to
actually put this BOI in.
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So, if you've just opened up a new LLC or a new corporation, then you need
to make sure if you are required to file the beneficial ownership
information,
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that that is done. Basically, they're going to have us doing it within 30
days.
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And the penal
Customer Reviews
Great podcast
I’m preparing for the EA exam and this podcast is a wonderful review of important concepts. Dr. Friday explains the tax code with lots of energy and enthusiasm.
Encourage audience to visit IRS’s website
Please stop spreading FAKE news. 10/1/22 episode: “85,000 Revenue Officers” - where did that fact come from - not from the legislation/Act.
IRS’s website has information on the status and updates of processing returns due to delays caused by the pandemic. Resubmitting returns will not help. They can be considered a duplicate/amended return which are taking 20+ weeks to process. You can also check your refund status as well as amended return refund status. You can create an account and see your balance, create a payment plan, download transcripts. You can even view how-to videos for submitting an Offer In Compromise.