The Dr. Friday Radio Show Dr. Friday Tax & Financial Firm, Inc.

Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday answers callers' tax questions and covers the following topics:

The Importance of Paying Quarterly Taxes
Inheriting s House That Is Paid Off
How Do You Show Proof of an Elder Dependent?
What Is a Homesale Worksheet?
Can I Deduct the Value of My Investment Property as a Donation on Taxes?
S Corporations Due Date March 15, 2023
Who Qualifies for Employee Retention Tax Credit?
The Importance of Accurate Tax Filing
When Must You File a Tax Extension?
What You Should Know About 1099-PATR
How To Do Tax Preparation and Financial Planning The Right Way

And much more!



Transcript
Announcer 0:01 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the how-to girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.
Dr. Friday 0:30 All right, hey, we are live in studio. I'm Dr. Friday and enrolled agents licensed with the Internal Revenue Service to do taxes and representation. So maybe you know, someone that hasn't filed taxes for a number of years, or someone that just has gotten quite a few of those love letters. And if they have them, then we need to actually sit down and chit chat, it's that simple. We need to make sure that everything is being done, because sometimes there are some deals, but I'm not going to be one of those firms that's going to turn around and say we can save you 10 cents on every dollar or terrify you that they're going to put you in jail.
Dr. Friday 1:04 I had a gentleman come in my office the other day, and he has a situation with the state of Tennessee and his first business first situation and he was terrified that they were going to lock him up because he had made this mistake on his state filing and you know, I get it, you do need to take taxes seriously, to the extent that we don't want anything to happen as far as if you don't file taxes on time. If you do things, they will take levies, liens, they can do all kinds of fun and exciting things. But there's also ways of preventing that from happening, mostly communication, and then responding to whatever it is that they're looking to get accomplished.
Dr. Friday 1:42 So it's very important. If you're dealing with the IRS, and right now, I know you guys are gonna start blowing up the phone schedule, say, Well, we're trying to deal with IRS, right, we're trying to deal with the situation. And you know, you can't reach anybody, you don't have any way of knowing if, you know, if you send something in via mail, it could take months and then by then you're also getting other love letters saying that you're still having to file or they haven't responded to the situation. Most of the time, you get more collection letters than response letters that to deal with.
Dr. Friday 2:15 And so you know, I know many people I mean, if you listen to some of the the information coming out from the White House, one of the things he's trying to do is increase the budget. Because for some of you, you may or may not have heard, but there was initially going to be a huge hiring for the IRS, and then funding kind of got pulled back on that. So they weren't able to do that. So now under the new budget, I think it's like 15% increase on their budget to help them try to find some funding. But you know, it would be great if they could increase communication. I mean, not so much. I mean, collections. Yes, it's a part of the real world, everyone has to pay taxes, or you pay what you have to pay.
Dr. Friday 2:57 But the other side of that conversation is, if you have issues, the one thing you hate is to continuously get collection letters. And yet you can't communicate with anyone at the IRS. Or if you get somebody after waiting an hour and a half, they say it's outside of their jurisdiction, they can't t

Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday answers callers' tax questions and covers the following topics:

The Importance of Paying Quarterly Taxes
Do You Need to File a Tax Return Every Year?
How Do You Write Off a Bankrupt Company’s Stock in Taxes?
How to Calculate Your Capital Gains Tax
When Must You File an Extension?
IRS Postpones Implementation of $600 Form 1099-K
What Does IRS Require for Mileage Tracking?
CA Implements New Automatic Billing for Late Tax Returns
What You Should Know About 1099-PATR
How To Do Tax Preparation and Financial Planning The Right Way

And much more!



Transcript
Announcer 0:00 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the how-to girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.
Dr. Friday 0:29 All righty, I'm Dr. Friday, and this is the Dr. Friday show. And this is our season, as we all know, and love, taxes, taxes, taxes, that is what we're going to be considering not only talking about what happened in 2022, because once you're in front of me, there's very few things we can really do for the year of 2022. But we also need to consider some of the things that might be changing for 2023.
Dr. Friday 0:55 Now, we talked a little bit and I have some people that have, even in our office, we talked about the 1099k, I do want to reiterate that taxpayers should receive a 1099k from a third party by January 31 2024. Now, that is going to be a new, they move that date from 2022 to 2023. So tax year 2023. If you are selling things are using Venmo, PayPal, any of this cash apps, don't be surprised if you get that was changed. It's anyone that exceeds $600. Or I think it's like six transactions. It's a very small amount of what you want to do. The IRS has also put a newsletter out reminding people that if you were from some of the states, I know California because we have quite a few Californians here.
Dr. Friday 1:50 And if you received some of the inflation credits, they actually sent out with one of my clients that I've been doing forever. It just went directly into her bank, she did not even know she was getting it. She's pinging me like why did I get this refund? I'm like, you know, it says that it's some sort of inflation. Abbreviation we call it found out that this was some sort of rebate. But keep in mind, they are going to probably tax that on the federal side, we're still waiting to find out to be quite honest with you, in the standard miles rate right now is 62.5. That's pretty sweet.
Dr. Friday 2:28 So, you know, again, tracking your miles and tracking them correctly, not just, you know, not just putting some numbers down on a piece of paper or saying hey, I think I put like 40,000 miles on my car this year isn't going to fly when the IRS is wanting to have the actual information. So what we do want is we want you to use something like mileage IQ. You can also do things like any of the ones that you use to do, like I use mileage IQ, you can do any of the different ones that are available out there still like mileage IQ best.
Dr. Friday 3:07 Because that way, then you have the ability to run a report, it shows every time you start every time you stopped, you can program it. So you can say this was commuting or this was actual miles. That's what we want to be able to do because without commuting, and you know, again, you can hear a lot of different things. But I will be honest, a bit of this 25 years, I've handled quite a number of audits, especially when it comes to miles. And, and even self employed individuals do have commuting that they have to take into account.
Dr. Friday 3:42 So if you're not sure you're knowing how to do this properly, if you're not sure if you're tracking your miles because it is probably as far as the self em

Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday answers callers' tax questions and covers the following topics:

The Importance of Paying Quarterly Taxes
Do I Have to Pay Taxes on Critical Illness Insurance?
Do Pastors Have To Pay Social Security?
How to Choose the Right Type of Business Entity
How To Approach the Estate Tax Process
What Is the Age Limit for QCD?
The Difference Between Capital Gains and Long Term Capital Gains
How Much Will Charitable Donations Reduce Taxes?
What HVAC System Qualifies for Tax Credit?
How To Do Tax Preparation and Financial Planning The Right Way

And much more!



Transcript
Dr. Friday 0:01 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the how-to girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.
Dr. Friday 0:27 Good day, I'm Dr. Friday and the doctor is in the house on another wonderful Saturday where we get to talk about my favorite subject taxes; how can you not love taxes, it's already time for you to file if you haven't done it yet. And for a few of you that may have rushed to the beginning, you may find that the IRS is still sending you some forms. So my suggestion is if you've prepared your taxes, maybe wait a few more weeks just to make sure that you don't have a Charles Schwab or some sort of investment statement. I've had two that came in this morning, our clients that we thought were finished. But and in some cases, one of them. We never had this statement in the past.
Dr. Friday 1:10 So it's something new; he didn't realize he was going to generate some dividends and interest income which happened. So really just making sure that your reporting is I mean, it's not that you can't amend a tax return Well, absolutely, you can amend a tax return. But it's always easier to file an original return. Many people who are listening probably remember, at some point amending a tax return and knowing it can take six to nine months. Sometimes it seems like we can now electronically file them but that hasn't helped everything because we've done a lot of that as well and still end up with the IRS coming back saying oh we don't have that information, etc, etc.
Dr. Friday 1:48 So very important to make sure that you you know get all your documents in a row and make sure you don't have something that you know may have come in some sort of settlement. Employers that may have gotten ERTC's employee retention tax credit, remember that is dated for the years that the credit apply to so many years many of you need to amend 2021 and 2022 and men 22.
Dr. Friday 2:14 But complete it. So if you are getting ERTC credits, you need to make sure that you are reporting them correctly in your tax return. And you will get charged a penalty and interest. The IRS has ruled that with the employee retention tax credit if you're going backward, and now you owe taxes for that period, they are not waiving those penalties. Unless you know, unless you haven't had some issues where you can come up with a good reason. But it's not going to be in the book. So even though you got the windfall of extra money coming in this is not like PPP money, this is taxable income in the year that it was and some people even got some from 2020.
Dr. Friday 2:54 So don't make the mistake of saying, "Hey, I received all the money in 2022. So I'm reporting that in 2022." That is not the way ERTC is supposed to be reported. And you will need to correct each year that you received that ERTC. So very important to understand. Because last thing you want is the IRS because they're gonna get notified right and not to have them correct your tax return, Are you ready to be the one correcting? So you know, it's done, right?
Dr. Friday 3:21 All right. So you can join the show today, if you want at 615-737-9

Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday answers callers' tax questions and covers various topics, including:


Does a privately held company receive a 1099 form?
How much can charitable donations reduce taxes?
How will having a second job affect my taxes?
What type of HVAC system qualifies for a tax credit?
Do I need an appraisal for charitable donations?
Can I only claim capital gains on my tax return if I buy a house?
Does a revocable trust avoid capital gains tax?
Who receives a 1099 tax form?
How can I do tax preparation and financial planning correctly?

Listen to learn much more!




Transcript
Announcer 0:01 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the how-to girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:31 Good day, I'm Dr. Friday and the doctor is in the house. And if you want to join the show, you can it is our favorite time of the year it is tax time, which means now instead of just talking about it, we are going to be doing it we are preparing taxes, goodness, every single day, this next few months. And so if you are working on your own taxes and you're needing some questions answered, you're not too sure how something's going to be filed.

Dr. Friday 0:57 Or if you're from one of those states that maybe got a little bit of tax relief, and now finding out that maybe that tax relief is going to become taxable income that is not going to affect Tennesseans. But if you're going to in from other states, you may have some of those situations like California and some of them, where if there was tax issue to you, you may find that some of that income given to you has now become possibly taxable income.

Dr. Friday 1:23 In fact, 70 million tax returns were already filed before the IRS say wait a second, Where's all this money? And where are we? Where are we going to tax it or not. So they're, they're still trying to figure out what they're going to do. So that being said, if you're filing taxes, and you have some questions, you can join us 615-737-9986, taking your calls, talking about all things taxes, maybe you've had a situation where you've sold real estate, maybe you have a situation where you're doing different things, you know, I mean, maybe you're actually having to deal with someone else's estate, maybe someone's passed away or anything like that.

Dr. Friday 2:06 So if you've got those questions, this is the show, you want to at least start the conversation. And then some of them you are going to just as a caveat, some of the information provided is more general, you may want to double check this information. In fact, I will say you definitely want to double check this information with your tax expert. And if you don't have one, you can always give us a call.

Dr. Friday 2:26 Or we can give you a referral to someone that might be able to be an expertise in that situation. But making sure that the information you get let's start with getting that information out. And then we can go from there. Again, it is tax season 2022. So if you haven't filed taxes and 21 or 2020, you can still file your 2022 on time, don't use that as an excuse that he hadn't file past taxes. So now you're not too sure how to file your current one. We are on the calendar year people. So even if you haven't filed back taxes, you could start with your 2022 and deal with other issues. All right, we've already got the phone lit up, which is so awesome. I love when you guys call. Let's go to Joey, and see if I can help him. Hey

Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday answers callers' tax questions and covers various topics, including:




How Much Will Charitable Donations Reduce Taxes?


How Many Miles Can You Write Off on Your Taxes?


How Do I Know If I Need to File a Federal Tax Return?


How Much of my Social Security Income is Taxable?


How Do You Fill Out a w9 Step by Step?


The Number One Thing You Need to Do If You Get Audited

Which Estate Was Exempt From Paying Taxes?

Do You Get A Tax Deduction for Owning a House?

What Percent of Donations Can You Claim?
How To Do Tax Preparation and Financial Planning The Right Way


and much more!




Transcript
Dr. Friday 0:00 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the how-to girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:29 Today, I'm Dr. Friday, and the doctor is in the house. It is all season we are off very busy preparing tax returns, and dealing with tax questions. And this is your opportunity because I will tell you trying to reach us during the week on the telephone, email or texting can take 24 to 48 hours to get a return.

Dr. Friday 0:48 But right now, on the radio, if you're able to get through the phone lines, you probably can get your question answered, at least get you in the right direction so that you can move forward with either filing your taxes, your questions can have to do with 2022. And some of the things that were happening in 2022. And then 2023, I do want to update anyone that may know about the contributions; they did not renew the 306 100 for the charitable contributions into 2023. We thought they might actually do that in the secured act.

Dr. Friday 1:18 So the standard deduction does not have an exception or an extra dollar amount of 300 or 600. And we'll have a bunch of other things that we are slowly finding out now for sure what's on tax returns, what was approved, what wasn't. I had an interesting gentleman call me the other day about the student loans and the fact that they did take it all the way through to the first of January of 2023 for not having to pay or not paying interest or anything.

Dr. Friday 1:49 Therefore, it is our understanding at least that if you have a refund, normally they keep it. You may have a refund coming in 2022, and you may be able to get that in your pocket like you did in 2021. All right, if you've got questions, 615-737-9986. And I believe Brian was first in Donaldson, so let's do it. Hey, Brian.

Caller 2:15 It's me. Thanks for taking my call. Thanks. I have just Social Security, PVC, and a little bit of bank interest. It all totals to 27 650. Do I need to file a federal tax?

Dr. Friday 2:31 So how much of the 27,650 is Social Security?

Caller 2:36 25.596

Dr. Friday 2:38 No. So you do not need to file taxes.

Caller 2:42 You are an angel again this year. Thank you.

Dr. Friday 2:45 Thank you, sweetie. All right. Let's talk to Kelvin in Lebanon.

Caller 2:51 Yes, I just moved from a house that had a lot of outbuildings, and I could put my storage up my construction equipment in them outbuildings. I don't have this at this next house at this other house. So I've had to get a rent a storage shed for my construction equipment. Is that something I can take off my taxes?

Dr. Friday 3:17 Well, are you operating as your own se

Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday answers callers' tax questions and covers various topics, including:




What Is the Tax Advantage of a Second Home?


Is Social Security Based on Total Income or Taxable Income?


Can You Take Money Out of An IRA and Put It Back Without Paying Taxes?


How to Maximize Your Tax Return


Can I Claim a New Home Purchase on my Taxes?


Dr. Friday’s Advice for Those Who Have Tax Problems

Correcting Any Mistakes on Your Taxes Before Filing 
2022 tax filing season begins Jan. 24
1099-K Deadline Extended to January 31, 2023
How To Do Tax Preparation and Financial Planning The Right Way


and much more!




Transcript
Announcer 0:00 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the how-to girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:25 This is the Dr. Friday show. Hopefully, we're hearing here. And we are ready to talk about my favorite subject taxes. If you would like to do something more on taxes, this is the show you want to talk about it's tax season, we are already starting taxes.

Dr. Friday 0:44 Remember, e file will not happen until the 24th, which is right around the corner here. It's the 21st A few more days we'll be able to E-file going directly through that. And so if you have started to receive your documents, don't rush to the fiddle finish line because I've already had a couple of people that have come in. And they thought all I have is a W-2, we can get this done, I can go ahead and get filed. And sure enough, on the two days, the people I'm talking about had something more that happened.

Dr. Friday 1:14 And it was enough to make it where we changed their taxes. The good news is we had an E filed them yet. So we did not have to physically amend the taxes. But we were able to get them corrected before we filed anything else. So again, if you have a question or you want to do something with your taxes now is the time that you can concentrate, make sure you have everything again, we can't file them, even if you go to h&r block or any of those either people they do not have a faster door than anyone else.

Dr. Friday 1:49 The difference is some of them have services where they'll give you advances on your estimated refund. I'm going to say this, be careful. I know some of you guys do this every year, and you don't care if you have to pay a couple extra $100. Because you're getting a couple of $1,000 some cases six $7,000.

Dr. Friday 2:09 And you rather pay that money today and walk out the door with 3500 in your pocket and wait for the difference in refunds. But you know, if for some reason they've already basically come down last year was the first year this year, they're going to do the same thing. They're going to slow refunds to individuals with earned income credit for children, they're trying to confirm that the person claiming the child is the proper parent. And therefore they already said those refunds aren't going to be coming out until almost late mid to late February.

Dr. Friday 2:36 So you may get the money today. But remember the interest on those loans, if for some reason they give you too much. It's not where it's going to be guess what the interest is, like 20 Some percent, that's ridiculous. Besides, if you've already paid a fee to get the money early, then you're going to pay a penalty for either getting money that you shouldn't have, or they're going to keep more of it. Because if it goes past