The Dr. Friday Radio Show Unknown

In this episode of the Dr. Friday Radio Show, tax expert Dr. Friday discusses various tax-related topics, including extensions for certain counties affected by severe weather, setting up payment plans with the IRS, and handling tax situations involving inherited properties, capital gains, and more.
Topics covered:

Extension until June 17, 2024, for individuals and businesses in certain Tennessee counties affected by severe weather
Importance of filing extensions and being in compliance with the IRS
Setting up realistic payment plans with the IRS and understanding their collection process
Tax implications of inheriting a rental property and receiving rental income
Reporting and splitting a charged-off commercial loan with an ex-spouse
Earned Income Tax Credit for retirees with low income
Deducting margin interest expense on Schedule A when itemizing deductions
Capital gains tax on the sale of a primary residence and a rental property

Transcript
00:00 –> 00:06
No, no, no, she’s not a medical doctor, but she can sure cure your tax
problems or your
00:06 –> 00:07
financial woes.
00:07 –> 00:10
She’s the how-to girl.
00:10 –> 00:11
It’s the Dr. Friday Show.
00:11 –> 00:19
If you have a question for Dr. Friday, call her now, 737-WWTN.
00:19 –> 00:20
That’s 737-9986.
00:20 –> 00:27
So here’s your host, financial counselor and tax consultant, Dr. Friday.
00:27 –> 00:34
G’day, I’m Dr. Friday and the doctor is in the house.
00:34 –> 00:36
We are here live in studio.
00:36 –> 00:40
So if you’ve got a question, this will be the time to talk and we’ve got some
good news
00:40 –> 00:45
for some of those procrastinators out there and even some of my clients
because some people
00:45 –> 00:51
never got the memo that if you lived in certain counties, and really the ones
that it’s closest
00:51 –> 00:59
to us is Davidson, Robertson, and Sumner, but there are eight counties due to
severe
00:59 –> 01:03
thunderstorms and actually I think it was tornado warnings.
01:03 –> 01:10
The FEMA or the IRS ruled as severe thunder and so now they had until June
17th.
01:10 –> 01:16
So even if you filed your taxes and you weren’t able to pay them or maybe you
weren’t able
01:16 –> 01:22
to make your first estimate because you had to pay your taxes or even your
fourth quarter
01:22 –> 01:26
estimate on time, it could have been because of financial reasons.
01:26 –> 01:31
If you had a partnership or corporation that was due on March 15th and you
weren’t able
01:31 –> 01:39
to file it or regular corporations or fiduciary ones that were due April 15th
or even individuals.
01:39 –> 01:45
Also the non-profit, the tax exempt ones that are due May 15th, all of those
estimates,
01:45 –> 01:50
all of those are extended until June 17th.
01:50 –> 01:57
So that gives you at least people that live in Robertson Weekly, Cheatham,
Gibson, Stewart,
01:57 –> 02:01
Davidson, Dixon, Montgomery, and Sumner.
02:01 –> 02:06
Those are the counties that have an extension that we’ll have till that time.
02:06 –> 02:10
So it gives you a little, I mean, again, if you had a tough time and you
weren’t able
02:10 –> 02:13
to make it, that will be the direction you want to go.
02:13 –> 02:15
All right, we’ve got Michael on the line.
02:15 –> 02:17
Hey Michael, what can I do for you, love?
02:17 –> 02:20
Hey, how are you today?
02:20 –> 02:21
I am doing awesome.
02:21 –> 02:22
Yourself?
02:22 –> 02:23
Not too bad.
02:23 –> 02:24
Just getting off of work, headed toward the house.
02:24 –> 02:25
Going to do a little grilling.
02:25 –> 02:29
Ah, sounds like a good day.
02:29 &#82

In this episode of The Dr. Friday Show, Dr. Friday, discusses various tax-related topics and answers questions from callers. She provides insights on the new Tennessee franchise tax bill, medical deductions, self-employment taxes, and dealing with the IRS.
Topics covered:

Tennessee Senate Bill 2103 and its impact on franchise excise tax
Maximizing medical deductions and the 7.5% AGI threshold
Adjusting W-4 forms to avoid owing taxes
Quarterly estimated taxes for self-employed individuals
Amending tax returns to include Social Security income
Inheriting property and the stepped-up basis
Filing as head of household with a dependent ex-spouse
Communicating with the IRS and resolving tax issues

Transcript
00:00 –> 00:06
No, no, no, she’s not a medical doctor, but she can sure cure your tax
problems or your
00:06 –> 00:07
financial woes.
00:07 –> 00:09
She’s the how-to girl.
00:09 –> 00:10
It’s the Dr. Friday Show.
00:10 –> 00:19
If you have a question for Dr. Friday, call her now, 737-WWTN.
00:19 –> 00:23
That’s 737-9986.
00:23 –> 00:27
So here’s your host, financial counselor and tax consultant, Dr. Friday.
00:27 –> 00:33
All right, I’m Dr. Friday, and I’m here live in studio.
00:33 –> 00:37
You probably hear my dogs in the background having a little chit-chat of the
neighborhood,
00:37 –> 00:43
but we are going to talk a little bit first about the new bill that the
governor has put
00:43 –> 00:49
out there concerning the franchise tax board and the refunds that the business
operating
00:49 –> 00:51
in Tennessee could be heading towards.
00:51 –> 00:53
This has not yet been signed.
00:53 –> 00:56
So this is a bill that he has put.
00:56 –> 01:02
It’s the Senate Bill 2103, which will change how we complete the franchise
excise tax and
01:02 –> 01:07
not having the property tax calculation in there, which is pretty big.
01:07 –> 01:13
I mean, they’re saying that’s going to reduce revenue for the state of over
$400 million
01:13 –> 01:16
beginning the year that this goes into play.
01:16 –> 01:21
So it will be an interesting — this only applies to businesses that file
franchise
01:21 –> 01:23
and excise tax.
01:23 –> 01:30
So it’ll be interesting to see if this actually passes, and we’ll stay on top
of it to see
01:30 –> 01:33
if there’s any changes.
01:33 –> 01:38
Nothing I read in here does it say that it’s going to go backwards.
01:38 –> 01:45
So it looks like to me it’s really going to go into effect for 2024, not in
2023.
01:45 –> 01:53
All right, let’s see if we can go to the — oh, the phone lines here in the
studio are 615-737-9988.
01:53 –> 02:01
And it looks like we’ve already got Jay on the line, which is awesome.
02:01 –> 02:03
Hey, Jay, what’s happening?
02:03 –> 02:04
>> Hi, good afternoon.
02:04 –> 02:09
Thank you so much for taking my call.
02:09 –> 02:17
My wife had a lot of health issues last year, and so like $217,000 in medical
expenses.
02:17 –> 02:25
And so anyway, we have a high deductible health plan, $10,000, and we’re on
the hook for that.
02:25 –> 02:32
Anyway, so obviously we exceeded that, and so we’re having to pay all that.
02:32 –> 02:36
So one of my questions — I have about three questions.
02:36 –> 02:42
One of my questions was, can we write off the full $10,000, or we had to work
out payment
02:42 –> 02:48
plans with some of the doctors or the hospitals and so forth?
02:48 –> 02:51
We’re making payments of several hundred dollars a month.
02:51 –> 02:52
So what can I write off?
02:52 –> 02:57
>> You will wri

In this episode of the Dr. Friday Show from March 23, 2024, Dr. Friday discusses various tax-related topics and answers caller questions. As the tax deadline approaches, Dr. Friday provides valuable insights and advice for navigating the complexities of tax season.
Topics covered:

Business tax, franchise excise tax, and annual report deadlines for small business owners
Marginal tax rates and brackets for 2024
Contributing to Roth IRAs and amending tax returns
Reporting inheritance and capital gains on tax returns
Dealing with the IRS on tax issues and amendments
Business depreciation and bonus depreciation for 2023
Reporting interest income from joint accounts and deceased individuals
Handling tax debt with the IRS through payment plans

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
00:00:07.000 –> 00:00:08.000
financial woes.
00:00:08.000 –> 00:00:10.000
She’s the how-to girl.
00:00:10.000 –> 00:00:11.000
It’s the Dr. Friday Show.
00:00:11.000 –> 00:00:12.000
If you have a question for Dr. Friday, call her now, 737-WWTN.
00:00:12.000 –> 00:00:13.000
That’s 737-9986.
00:00:13.000 –> 00:00:14.000
So here’s your host, financial counselor and tax consultant, Dr. Friday.
00:00:14.000 –> 00:00:14.000
[music]
00:00:14.000 –> 00:00:34.000
G’day, I’m Dr. Friday and the doctor is in the house.
00:00:34.000 –> 00:00:36.760
We are here, hopefully gonna get some fun.
00:00:36.760 –> 00:00:41.400
The weather outside is so nice, but it is tax season, so we need to talk about
some
00:00:41.400 –> 00:00:47.320
of the changes that are in play and also any questions that you might have
concerning taxes
00:00:47.320 –> 00:00:52.100
and the issues that we might be dealing with in doing our taxes.
00:00:52.100 –> 00:00:57.120
Do not forget that if you are a small business owner, you also have your
franchise excise,
00:00:57.120 –> 00:01:02.740
your business tax, and your annual reports that are going to be changing, so
you need
00:01:02.740 –> 00:01:07.400
to make sure that you have all of that in play so that you don’t get a late
notice,
00:01:07.400 –> 00:01:11.640
because many of those are due April 1st, which is just around the corner.
00:01:11.640 –> 00:01:15.080
So just making sure that you’ve got everything that you need, because a lot of
times I know
00:01:15.080 –> 00:01:18.240
people will call me and say, “Oh, I just got a notice.
00:01:18.240 –> 00:01:19.240
Business tax wasn’t filed.
00:01:19.240 –> 00:01:20.240
I thought you filed it.”
00:01:20.240 –> 00:01:22.480
Well, business tax is only a state tax.
00:01:22.480 –> 00:01:26.000
We don’t deal with that in our office unless you do our monthly bookkeeping
service, then
00:01:26.000 –> 00:01:28.360
the bookkeepers will usually handle that.
00:01:28.360 –> 00:01:33.640
Annual reports, again, are not really part of bookkeeping or taxes, so it’s
just a licensing
00:01:33.640 –> 00:01:37.920
renewal for your charter every single year, but you need to make sure that you
either
00:01:37.920 –> 00:01:42.080
have your person, that whoever’s dealing with it is there, or that you
understand what the
00:01:42.080 –> 00:01:47.240
choices are so you don’t get those love letters that say, “And most of the
time, I’m getting
00:01:47.240 –> 00:01:54.720
them when they change … It’s changing when they try to get a mortgage or a
renewal line
00:01:54.720 –> 00:01:56.480
of credit or something like that.”
00:01:56.480 –> 00:02:00.120
Then they get these notices saying that you’re not in good standing.
00:02:00.120 &#8

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
00:00:06.000 –> 00:00:07.000
financial woes.
00:00:07.000 –> 00:00:09.240
She’s the how-to girl.
00:00:09.240 –> 00:00:10.240
It’s the Dr. Friday Show.
00:00:10.240 –> 00:00:16.240
If you have a question for Dr. Friday, call her now, 737-WWTN.
00:00:16.240 –> 00:00:17.240
That’s 737-9986.
00:00:17.240 –> 00:00:22.240
So here’s your host, financial counselor and tax consultant, Dr. Friday.
00:00:22.240 –> 00:00:34.240
G’day, I’m Dr. Friday and the doctor is in the house.
00:00:34.240 –> 00:00:38.960
We are going to talk about my favorite subject, it is the middle of tax season.
00:00:38.960 –> 00:00:45.120
And if you are a 1065, an 1120S and an 1120, in some cases, some 1120s can have it until
00:00:45.120 –> 00:00:46.720
next month.
00:00:46.720 –> 00:00:51.440
You have just missed a deadline if you did not file an extension.
00:00:51.440 –> 00:00:57.200
Because we’re due on the 15th for all 1065 and 1120Ss, unless you’re on a fiscal year
00:00:57.200 –> 00:00:58.200
end.
00:00:58.200 –> 00:01:00.920
So you need to make sure that you file your taxes.
00:01:00.920 –> 00:01:02.960
The penalties can be pretty steep.
00:01:02.960 –> 00:01:08.120
So again, making sure that you have filed your taxes and if not, an extension.
00:01:08.120 –> 00:01:13.560
That’s the same goes come April 15th for everything else, unless again, you’re on a physical year
00:01:13.560 –> 00:01:18.060
end, makes for you to basically need to file those extensions.
00:01:18.060 –> 00:01:22.520
It’s such a time saver, but more it’s a money saver, right?
00:01:22.520 –> 00:01:27.960
Because if you haven’t filed your taxes yet, then you’re in trouble when it comes to filing
00:01:27.960 –> 00:01:30.440
what you need to file for all of that.
00:01:30.440 –> 00:01:36.320
So again, if you have a question, you can reach us here in the studio at 615-737-9986.
00:01:36.320 –> 00:01:44.560
615-737-9986 is the number here in the studio.
00:01:44.560 –> 00:01:48.560
And many of you are probably working on taxes or maybe even working towards something that’s
00:01:48.560 –> 00:01:50.040
happening in 2024.
00:01:50.040 –> 00:01:55.080
It’s never too early to start thinking about how you&#821

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 –> 00:00:06.560
No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your
00:00:06.560 –> 00:00:07.560
financial woes.
00:00:07.560 –> 00:00:09.800
She’s the how-to girl.
00:00:09.800 –> 00:00:10.800
It’s the Dr. Friday Show.
00:00:10.800 –> 00:00:19.800
If you have a question for Dr. Friday, call her now, 737-WWTN.
00:00:19.800 –> 00:00:23.760
That’s 737-9986.
00:00:23.760 –> 00:00:26.760
So here’s your host, financial counselor and tax consultant, Dr. Friday.
00:00:26.760 –> 00:00:32.280
All righty, I’m Dr. Friday.
00:00:32.280 –> 00:00:33.280
We are live.
00:00:33.280 –> 00:00:44.320
You can reach us here at 615-737-9986, 615-737-9986, taking your calls, talking about taxes.
00:00:44.320 –> 00:00:47.280
Many of you may be working on your taxes this weekend.
00:00:47.280 –> 00:00:50.320
I know I’m in the process of working on taxes.
00:00:50.320 –> 00:00:54.640
You may actually be running into some things that you’re thinking about for 2024.
00:00:54.640 –> 00:00:56.040
I mean, things are always changing.
00:00:56.040 –> 00:00:58.800
A lot of people are thinking about Roth conversions.
00:00:58.800 –> 00:01:03.480
I am not a financial advisor, so I do not get into that aspect, other than the fact
00:01:03.480 –> 00:01:07.200
that if you do a conversion, you will end up paying taxes.
00:01:07.200 –> 00:01:10.200
So you may want to talk to your tax person when you’re doing that.
00:01:10.200 –> 00:01:15.240
We do a lot of planning when we’re usually doing tax prep because what you have happening,
00:01:15.240 –> 00:01:18.600
you know, sometimes people are thinking, “Well, maybe I’ll sell a house or I’ll do this,”
00:01:18.600 –> 00:01:26.000
and all those kinds of things not only affect your actual taxes that are due, but your IRMA,
00:01:26.000 –> 00:01:28.600
if you’re in and receiving Medicare.
00:01:28.600 –> 00:01:33.680
So it’s very important to take into account not only what you’re going to be paying in
00:01:33.680 –> 00:01:38.480
actual ordinary or capital gains tax, but make sure that you talk about the IRMA as
00:01:38.480 –> 00:01:43.280
well because we have found over the years, many times people take into account, you know,
00:01:43.280 –> 00:01:44.760
how much am I going to pay in capital gains?
00:01:44.760 –> 00:01:45.760
I already calculated that.
00:01:45.760 –> 00:01:49.800
And then they get the love letter from Medicare that says, “Hey, we’ve changed the amount
00:01:49.800 –> 00:01:54.500
we’re

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.
00:00:09.680 –> 00:00:11.680
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.
00:00:18.560 –> 00:00:19.560
737-WWTN.
00:00:19.560 –> 00:00:23.560
That’s 737-9986.
00:00:23.560 –> 00:00:27.360
So here’s your host, financial counselor and tax consultant, Dr. Friday.
00:00:27.920 –> 00:00:30.600
Good day.
00:00:30.600 –> 00:00:33.360
This is Dr. Friday and we’re live here in studio.
00:00:33.360 –> 00:00:39.640
And if you have a question, you can join us live as well at 615-737-9986.
00:00:39.640 –> 00:00:46.480
615-737-9986.
00:00:46.480 –> 00:00:49.440
For many of you that may not or maybe it’s your first time listening to me on the radio,
00:00:49.440 –> 00:00:54.280
I’m an enrolled agent licensed by the Internal Revenue Service to do taxes and
representation.
00:00:54.280 –> 00:00:56.080
That is pretty much all I do.
00:00:56.080 –> 00:01:00.960
So if you’re working on your taxes this wonderful weekend, or maybe you’re making some tax
planning
00:01:00.960 –> 00:01:06.120
for 2024 and you’ve got a question, possibly something to do with inheritance or selling
00:01:06.120 –> 00:01:12.520
or buying property, paying the capital gains tax, that kind of situation, making sure you
00:01:12.520 –> 00:01:17.080
understand what the federal tax law is compared to the state.
00:01:17.080 –> 00:01:21.960
Kind of found out an interesting situation because we seem to have had a large number,
00:01:21.960 –> 00:01:27.440
in my opinion, a large number of individuals that were thinking that if they reinvested
00:01:27.440 –> 00:01:32.760
the money from the sale of their home, they weren’t going to have to pay any kind of
federal
00:01:32.760 –> 00:01:33.760
taxes.
00:01:33.760 –> 00:01:40.640
I did find out that California state income tax has that available transaction on it.
00:01:40.640 –> 00:01:43.120
It is not a federal law, but a state.
00:01:43.120 –> 00:01:49.560
So you really do need to understand what is state, what is federal and how that works.
00:01:49.560 –> 00:01:52.320
So that way you understand how you’re going to be able to save.
00:01:52.320 –> 00:01:55.920
In most cases