100 episodes

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.

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.

    Dr. Friday Radio Show – November 13, 2021

    Dr. Friday Radio Show – November 13, 2021

    Welcome to the Dr. Friday Radio Show, where Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

    Dr. Friday's Tax Tips For the End of the Year
    What You Need To Know About Cryptocurrency and Taxes
    What Is the Build Back Better Act
    Why You Should Contact Dr. Friday Before Selling
    Apply for PPP Forgiveness
    How You Could Qualify for College Credits
    RMD's Are Back on the Table for 2021
    How Much Money Can I Gift My Child?
    Should I File Married or Jointly?
    How To Know If You Are Paying Penalties and Interests
    The Capital Gaines Tax Changes
    How to Get Back on Track With the IRS

    and much more!
    Transcript
    Announcer 0:01
    No, no, no, she's not a medical doctor, but she can share a cure for 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
    Good day, I'm Dr. Friday and the doctor is in the house. So if you have questions concerning taxes or money issues, mainly taxes, I do love my taxes. And there are so many things going on. We keep hearing about some of them are just the Build Back Better plan, which we haven't really had passed yet. But many things in that plan are going to have some major tax changes for us. So we will stay on top of that.

    Dr. Friday 0:53
    Talking a lot more about the cryptocurrency and the tax policy that's going to follow along with that. So for all of us that might own cryptocurrency, how we're going to make the bookkeeping practice, you know, education, how are we going to take certain credits on that, making sure we understand and know what's going on is very, very important. So we just want to follow through with all of that.

    Dr. Friday 1:16
    And if you have any questions at all you can during the show. We are here live on this wonderful Saturday. 615-737-9986, we are taking your calls, talking about again, my favorite subject and soon to be your favorite subject because tax season is going to be here before you know it.

    Dr. Friday 1:40
    And so let's talk a little bit about cryptocurrency. I have a large number of clients now more than I used to have. Well, I think there are a lot more people that are into cryptocurrency than used to be into the cryptocurrency and I have a whole number of you that are listening right this second saying, "Hey, I don't want to tell anyone I have cryptocurrency it's top-secret."

    Dr. Friday 2:00
    It's like when I was younger people would buy gold or silver. And they caught up, hid that away because that was going to be their emergency stash in case something happened in the world. And we were going to have to go back or lose our currency and what was going to happen. So it's somewhat the same kind of thing because there wasn't as much tracking done, especially in the beginning, right?

    Dr. Friday 2:22
    I mean, let's be honest, if you lost your account number and cryptocurrency, you lost your entire fortune, it was not something that was going to be able to stay with us or do with us. But that is not necessarily the case any longer. Many of us have Bitcoin wallets, many of us have some other software that we can actually convert crypto into other types of currency or convert US dollars into crypto. So we have software.

    Dr. Friday 2:47
    And to be quite honest, I don't think it's as hidden or as unknown as it was at least 10 years ago. So if you're a person that is big into cryptocurrency, keep in mind, it is being treated just like stock. So if you are buying and selling and every time you buy and sell. So let's say you take us dollars to buy cryptocurrency, let's say Bitcoin for because everything's crypto, Bitcoin, and then you turn and change and you buy some other type of coin and then get another type of coin. Every time you do those types of transactions, those are taxable

    • 46 min
    Dr. Friday Radio Show – November 6, 2021

    Dr. Friday Radio Show – November 6, 2021

    Another episode of the Dr. Friday Radio Show is here! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

    Dr. Friday's Tax Tips For the End of the Year
    What You Should Know About the Consolidated Appropriations Act
    What You Need To Know About the Advanced Child Credit
    Does the IRS Know How Much Money I've Gifted Someone?
    Certain Limitations Contributing to A Roth IRA
    Standard Deduction Changes for 2020 Tax
    The New Charitable Contribution Deduction
    How To Know If You Are Paying Penalties and Interests
    The Capital Gaines Tax Changes
    How to Get Back on Track With the IRS

    and much more!
    Transcript
    Announcer 0:01
    No, no, no, she's not a medical doctor, but she can share a cure for 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
    I'm Dr. Friday, and the doctor is in the house, we are here live. So if you want to join the show, you can 615-737-9986. We are taking your calls talking about my favorite subject taxes and money. We all know that there was a new bill passed for infrastructure just well, it's on the President's desk, I guess you would say it hasn't fully passed. But it did go through the house, and the Senate and $1.9 trillion. Not a lot about taxes in there. Thank goodness, they didn't put anything major.

    Dr. Friday 1:06
    There's a few things but nothing that's going to be on the day-to-day things that many of us are watching for, they're still hoping to pass another bill, because they couldn't agree on the total thing. So we'll see if they're going to pass a larger bill coming soon. But under this particular one is more for utilities and infrastructure, per se versus some of the other concepts.

    Dr. Friday 1:30
    So we'll have to follow and stay in tune with that and see what we do have moving forward some of the things we do know, that have passed in the Consolidated Appropriations Act, and some of the other well, the three different bills that we had passed in the last year. And one of them was, of course, I was talking to one of my clients. And we were saying he's saying, Well, I couldn't write off any of my meals in the last year. So because you kept saying, well, Friday's not tied to this.

    Dr. Friday 1:57
    And I will say under the newest tax law, they have extended meals for people that are entrepreneurs and business owners, this has nothing to do with individuals, but people that take their clients to lunch or to dinner, they are allowing 100%, which we've never had before, it used to be 50%. Because either way, they always said that the owner would have had to eat one way or the other.

    Dr. Friday 2:21
    But right now they're using a 100% for 2021-2020 to one of the few things we'll be looking at when we're looking at reconciling people's urine, paperwork, but you may have other questions, tax changes, or things that we're looking to, maybe you're looking at your 2021 tax bill, and you've sold real estate or even inherited some property, or money and you're not sure what you need to use or pay for at that time, we need to be ahead of this. We don't want to be waiting until tax season.

    Dr. Friday 2:51
    And then you turn around and you say, "Oh, wait for a second, I did have this" and "Oh, you do oh, this, we really would like to get that money paid earlier versus later." If that's a possibility, at least seven estimates are paid in so you're not worried about penalties or interest on top of additional taxes. So if you have questions on anything like that, if you are in the situation where you have some, you know, I mean, again, I have been talking to many of my clients who have sold at least one, if not two rental properties because of the way the real estate market is.

    Dr. Friday 3:23
    And there's

    • 46 min
    Dr. Friday Radio Show – October 2, 2021

    Dr. Friday Radio Show – October 2, 2021

    Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

    Tax Extension deadline Oct. 15 to file your tax return
    How To Know If You Are Paying Penalties and Interests.
    Have There Been Tax Changes Done to the Capital Gains?
    The New Charitable Contribution Deduction
    Can I Get My Child Into College If I Haven't Paid My Taxes?
    How to ensure your Stimulus Status
    FBAR Extention Until Oct. 15, 2021
    New Tax Increase In ETax and Cigarettes
    How the Increase of Labor
    Earned Income Credit for taxpayers with Non-Qualifying Children
    How To Get Back on Track With the IRS

    and much more!



    Transcript
    Announcer 0:00
    No, no, no, she's not a medical doctor, but she can share a cure for 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 0:28
    Good day, I'm Dr. Friday and the doctor is in the house. So if you've got tax questions, we all know that October 15 is just around the corner. And it is time for all of you procrastinators, which usually includes me this year, I did manage to get mine done before October 15.

    Dr. Friday 0:44
    But been there done that, you need to be able to get your taxes filed on time. And remember, it doesn't extend the money you owe. So one of the hardest thing is always to, you know, explain to people, "You owe this and there's going to be penalties."

    Dr. Friday 0:59
    Your money is due on or before April 15. Normally in the normal worlds where we don't have all these extensions and things. And then if they do give us an extension, an actual federal extension like we had one because of storm damage and things like that many people in Nashville, Williamson County, Davidson had until August 2, right?

    Dr. Friday 1:20
    And there wasn't going to be a penalty if you hadn't paid like normally in April. But at this point, anything you haven't paid after that August 2, assuming that you were not in that extension, you are now paying penalties and interest. Assuming you have a legitimate extension, you will not pay a late failure to file a penalty until after October 15.

    Dr. Friday 1:43
    They're still going to get you to fail to pay on time failing to make quarterly estimates all kinds of other failures to do. But that one is one that you really do want to have. Because most of the other ones are like point 5%, when you get a failure to file, it is 5% per month up to 25%. So that was really, really painful.

    Dr. Friday 2:05
    So just wanted to put that out there. If you've got questions, or maybe you've been following a little bit about what's happening in the news as far as what's kind of passed the house, and now they're looking at some proposals of what they're going to do. They keep calling these changes that they're doing that they're not going to affect the middle class, which is obviously what Biden ran on.

    Dr. Friday 2:27
    And the thing is, he ran on he wasn't going to do proposals that were going to be over, it wasn't gonna affect anyone unless you make $400,000 or more. But yet, a couple of things that are now on the table, of course tax unrealized capital gains, some other ideas of mainly the capital gains tax.

    Dr. Friday 2:49
    They're also going to hit some new taxes that they have out there raising cigarette tax and adding in E tax. I don't smoke, so I guess it would have no effect directly to me. But I have a real issue when they just start throwing in luxury taxes and liquor taxes and cigarette taxes. And they just keep grabbing more and more things they consider those.

    Dr. Friday 3:09
    So I mean, you know, again,

    • 47 min
    Dr. Friday Radio Show – September 25, 2021

    Dr. Friday Radio Show – September 25, 2021

    Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

    Tax Extension deadline Oct. 15 to file your tax return
    The Infrastructure Bill being debated in Congress and the IRS monitoring bank accounts
    Letter 6470 from the IRS about the Recovery Rebate Credit
    The New Charitable Contribution Deduction
    The IRS Using Collection Agencies
    How to ensure your Stimulus Status
    Tax advantages and disadvantages of inheriting a home vs buying a home from an elderly parent
    Changes in the tax law for Real Estate Professionals
    Donating a commercial property and how to appraise
    Cryptocurrencies and how to track for tax purposes
    Cryptocurrencies and wash sales
    Veterans and Taxes
    Capital Gaines in the sale of Motorcycle, Airplane or Boats
    Earned Income Credit for taxpayers with non-qualifying children
    Using the taxpayer’s prior year income for the purposes of EIC
    Catching up if you’ve fallen behind in your taxes

    and much more!



    Transcript
    Announcer 0:00
    No, no, no, she's not a medical doctor, but she can share 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
    Good day, I'm Dr. Friday and the doctor is in the house. So if you're working on your tax return, remember October 15 is our deadline. So many of us are working through the weekends, trying to make sure everybody's taxes are done and completed. So if you haven't done your taxes yet, probably now would be the time to start thinking about them. You don't want to wait to the very, very last minute, you know. You can always wait until the last second to hit the send button. But you do want to get them prepared. So you can at least see what you have or what's going on.

    Dr. Friday 0:56
    So there you go. So you want to make sure so if you've got questions, you haven't filed your 2020 taxes yet... this is the show you want to call 615-737-9986.

    Dr. Friday 1:10
    I thought I'd start off the show a little bit with some new information about what's coming down the line from Congress. The infrastructure bill, excuse me, is being debated. Obviously, we all keep hearing about it. 3.5 trillion something along that line. Interestingly enough, I got this from my bank. And they're basically saying that part of this bill will be that the United States Congress contains a proposal that would require financial institutions to report to the Internal Revenue Service, the IRS, the amount that flows through account holders that have more than $600. So now we're going to start reporting... this kind of reminds you of Greece when they started charging the tax on people that held money in the bank. They're now going to have the IRS be notified if anyone has more than $600 in their bank at any given time. Now, I mean, let's be honest, that's would be a very large number of people in society. So it says money that flows through an account for more than $600. Paychecks. You know, a lot of things would be over $600. So this is part of that infrastructure bill that they keep trying to say isn't going to do anything but give us a better type of roads, better internet. You know, they keep trying to sell us, but what kind of personal information are we losing, by having this personal privacy situation that we are not getting. This is an extraordinary regulation, Burnie created, I can only imagine what's going to happen to companies like, you know

    • 46 min
    Dr. Friday Radio Show – September 18, 2021

    Dr. Friday Radio Show – September 18, 2021

    Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

    Tax Extension Deadline Oct. 15 To File Your Tax Return
    Operating Businesses Tax Extention Deadline September 15, 2021
    Quarter Estimates due September 15, 2021
    Apply For Forgiveness For PPP Loan
    Returns for C corporations That Are On a Calendar Year Have Now Been Extended to October 15, 2021
    How To Verify Your Identify With the IRS
    The Current Capital Gains Rates
    Is the $300 Charitable Deduction for 2021?
    Do You Have An IRS Issue That You Need Help With?
    Do You Need Help With Tax Representation?

    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 your 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 at 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

    Dr. Friday 0:26
    Good day, I'm Dr. Friday and the doctor is in the house. We're having a wonderful Saturday around here. All kinds of things getting finished and completed. As we know, if you had an 1120 S or a 1065, you were now late if you have not filed your 2020 returns, those were due on 9/15.

    Dr. Friday 0:45
    So not single members, or LLC or sole proprietorships, or individual tax returns. Those are now due October 15, along with normal 1120 tax returns. So all of that being said, if you haven't filed your 2020 tax return, you need to get an appointment fast if you're trying to get in with my firm. Or if you do it yourself, you need to get them ready and file don't wait till the very last minutes because there's a likeliness that you will not get them filed on time. And then the penalties can even be worse than not filing in the first place.

    Dr. Friday 1:17
    So you know, I mean, it's like a 25% penalty if you actually don't file on time. So filing with an extension, if you do not have an extension you're already late. So sooner you file better it's going to be so if you have a question and you need it, maybe you're working on that, or maybe you're actually pre-empting, your 2021 taxes, what a concept.

    Dr. Friday 1:39
    You can join the show 615-737-9986. We are taking your calls here in the studio. If you have some questions concerning taxes, or maybe something that's come along, maybe you've inherited property and you're selling it or you've sold rental properties, you want to sell your primary home and you're not too sure what your taxes may or may not be, this would be the time to try to get at least the right basic answer which direction to go, everybody's got a slight difference.

    Dr. Friday 2:08
    But that is all based on percentage of income so we can get you pretty close to what you need. So again, the phone number here in the studio is 615-737-9986. All right, so we're going to talk a little bit about, as I've told you, in the last couple shows.

    Dr. Friday 2:25
    The fact is we've had several taxes, we've got the American Rescue Act and the consolidated appropriation act of 2021. We also had the Families Act, the economics for Families Act are going to be as follows. One of the reasons this is kind of important is there are some big changes that affect people with children, obviously.

    Dr. Friday 2:46
    So the child tax credit will be fully refundable under this new Act, which came in effect for 2021. And the amount would increase from $3,000 per child to 3600 for children under the age of six. And then over the age of six, it is $3,000. So we're going to go up right now it's 1000. So that's huge numbers, right?

    Dr. Friday 3:10
    I mean, that is huge. And the other permanent change is the age of the child, we used to go up until the change of the child turning

    • 46 min
    Dr. Friday Radio Show – September 11, 2021

    Dr. Friday Radio Show – September 11, 2021

    Welcome to the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

    Tax Extension Deadline Oct. 15 To File Your Tax Return
    Operating Businesses Tax Extention Deadline September 15, 2021
    Quarter Estimates due September 15, 2021
    Returns for C corporations That Are On a Calendar Year Have Now Been Extended to October 15, 2021
    Apply For Forgiveness For PPP Loan
    How To Verify Your Identify With the IRS
    Why You Need To Adjust To Your W4
    What Are The Current Capital Gains Rates?
    Is the $300 Charitable Deduction for 2021?
    Do You Have An IRS Issue That You Need Help With?
    Do You Need Help With Tax Representation?
    Tips On How To Lower Your Taxes

    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 your 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 at 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

    Dr. Friday 0:30
    Good day, I'm Dr. Friday and the doctor is in the house and we are here live. So if you do want to join the show, you can pick up the phone at 615-737-9986. That's a number here in the studio. Many of you are probably working this weekend possibly like I am because this is the last big weekend before tax season.

    Dr. Friday 0:53
    For businesses, it's going to be here on September 15, which is next Wednesday is the final day. If you filed an extension on a corporation and LLC, trust in some cases 1120, 1120 S, and 1065 are the main ones. And if you file any of those, and you follow the extension, this coming Wednesday, 9/15 will be the deadline and so many of us are working on tax returns this weekend to make sure that they get filed on time.

    Dr. Friday 1:22
    And if you've got a question or if you're in the process of filing one and you've come across something you need to ask feel free to give us a call again here in the studio at 615-737-9986.

    Dr. Friday 1:35
    I have been taking quite a few appointments this week, talking to people that are trying to figure out 2021, we're already three-quarters of the way through almost. And there's a lot of talk of what's happening back in the House and the Senate.

    Dr. Friday 1:50
    Just to bring up to date for some of the people that may not follow everything happening there is that you have the ability to Secure Act that passed in 2019. And then there, of course, they changed a few things for IRAs and workers. But now there are some more proposals in front of the House and the Senate that will even go further than what happened on the Secure Act.

    Dr. Friday 2:13
    Of course, one of the proposals is raising the age for taking minimum distributions from 72, which is what happened in the Secure Act up to the age of 75, which means you can leave your money longer in an IRA, let it grow. And then that way you would be able to sorry about that guys, let it grow longer. And that means your mandate to take it out of an IRA would be longer.

    Dr. Friday 2:39
    So it was 70, it went to 72. And now they're trying to approach the age of 75. Also allowing more part-time to participate in 401 K's enhancing tax credits for small business owners that had the workplace and letting people age 60 and older to contribute still to a 401k. And expanding the charitable contribution.

    Dr. Friday 3:03
    The qualified charitable deduction or distribution, I think is a pretty well unknown text to break for people that are taking RMDs. Most people, a large number of people that take requirement on distributions also attend church or give money to charities. And the easiest way to do that would be to do it directly through your RMD. Because if you do that it becomes tax-

    • 46 min

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