63 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.

    • Business

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 – October 10, 2020

    Dr. Friday Radio Show – October 10, 2020

    Welcome to the Dr. Friday radio show! In this episode, Dr. Friday gives all the new tax updates and deadlines, including the following topics:

    October 15, 2020 Tax Deadline
    Pay Into Your SEP
    New Grant Program – Tennesee Department of Revenue
    Apply For PPP Loan Forgiveness
    All About The Cares Act
    Tax Advantages To Giving To Charity
    Need Help Getting Caught Up On Taxes?
    Quarterly Payments For Entrepreneurs
    Why You Need Help With Tax Representation

    and other caller’s questions!
    Transcript
    Dr. Friday 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. We are here talking to you live. So if you’ve got questions, all you have to do is pick up the phone at 615-737-9986. We are taking your calls. Talking about taxes. I’m an enrolled agent licensed with the Internal Revenue Service to do taxes and representation which is pretty much what I do. So that means if you’ve got questions, maybe you’re getting ready to finish up those tax returns. I know I’m working most of the weekend, we have an October 15 deadline for filing your taxes assuming that you filed an extension. If you did not file an extension, then you are late. But if you did, then you have until 10/15/20 to file the actual paperwork. Now, remember, that does not and has not extended the amount due. So you could or will be getting hit with a penalty if you owe additional funds. If you’ve waited until the last minute. You also need to pay into your SEP, its one of the reasons many people delay is because they have extra time to pay into their self-employed retirement programs. So remember that deposit has to be done on or before 10/15.
    Dr. Friday 1:43
    So what’s new in the world of taxes and things? One of the newest things, there was a new program introduced by the Tennessee Department of Revenue the state of Tennessee has a new grant program available to reimburse small business and nonprofit organizations up to $30,000 in costs related to COVID. As recipients of the funds under the Tennessee business Relief Program, you can apply for this under tncareact.tn.gov/serg. If you need more information, I can send you a link to that. All applications have to be in before December 29, 2020. This is supposed to help cover costs to create social distancing measures, purchasing personal protective equipment for employees or customers contactless equipment, payroll expenses, and mortgage interest. So they are trying to help take the money that was given to them from the federal government during all of the cares act and moving that back through to the small business owner. So if you are still barely making ends meet, there is a criterion on this one, they are matching May through August of 2019 to May and August of 2020 to see if you have been affected by the COVID. If you have not been affected if you’re still making money still profiting doesn’t mean you can’t have a profit just means you’re not making the same amount of profits, then you may be able to apply. My suggestion is everybody should apply. If it doesn’t work well then fine. Most small businesses are having to do whatever it takes to survive. So again, if you are a small business owner, or working with a nonprofit, there’s up to $30,000 grant available, which means that you will not be paying that back It is a grant.
    Dr. Friday 3:35
    Then the next thing is PPP money. Now I know there’s no more PPP coming out yet there could be some more coming out in the future. But the ones that received PPP, remember we have to apply for forgiveness by December 31, 2020. There is a l

    • 46 min
    Dr. Friday Radio Show – October 3, 2020

    Dr. Friday Radio Show – October 3, 2020

    Welcome to Dr. Friday’s show! In this show, Dr. Friday and Nathan Wright talk about taxes, medicare, and so much more:

    What Does Medicare Not Cover?
    Do I want A Medicare Advantage Plan or A Medicare Supplement Plan?
    Medicare Open Enrollment
    Does Medicare Cover Everything?
    Will I Get A Penalty If I Don’t Take Medicare?
    Why You Should Be On Credible Coverage
    Is Medicare Part B Optional?
    Why You Need Help With Tax Representation

    Transcript
    Caller 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
    All right, I am Dr. Friday here live. It’s a wonderful Saturday, October 3. I have a wonderful guest with us. If you want to join the show, today, you can at 615-737-9986. You guys have heard this gentleman’s name on my show before and his voice. We have Nathan right who is a specialist in insurance, especially specializing with people on Medicare. Hey, Nathan, can you hear me?
    Nathan Wright 1:03
    Hey, Dr. Friday, I can hear you.
    Dr. Friday 1:06
    I love it when technology actually works. I’m sure the guy in the studio is excited about that, too. All right. So today, we’re gonna cover a couple of different things. Are we getting to a point or a time where people should be looking at the types of insurance that they have? I know, there are certain times of the years that that’s more important than others?
    Nathan Wright 1:26
    You’re exactly right. So October 15-December 7 is what we call Medicare Open Enrollment. Actually right now through the 14th, it’s called the pre-shopping season.
    Dr. Friday 1:38
    It’s kind of like Christmas, you know, we have black Friday, a little pre-shopping and then rolls around. Eventually, we have Christmas. That makes life easy. Okay, so what does someone that is on Medicare need to know? If they think “Hey, I’ve got Medicare covers everything.” Maybe not?
    Nathan Wright 1:58
    It definitely does not cover everything. So in general, you’ve got deductibles, you’ve got expenses that are not going to be covered with Medicare, especially like vision, dental, and hearing that is something that is actually not covered by Medicare.
    Dr. Friday 2:16
    Wow. So I think we’re talking about Part B is probably standard Medicare, is that correct? And I’m not an expert at all.
    Nathan Wright 2:25
    So part B is actually the doctor portion of Medicare. Part A is going to be your hospital portion of Medicare.
    Dr. Friday 2:32
    Alright, so everyone gets standard, part A then?
    Nathan Wright 2:36
    So what happens is, when you first get onto Medicare, you’re gonna get Part A. Then Part B, they actually automatically sign you up for part B, unless you opt-out of Part B.
    Dr. Friday 2:51
    Right, which most of us won’t even know if we should or shouldn’t. So, if somebody is on Medicare right now, we’re getting ready to go into what you called the open enrollment. So they’ll be wanting to revisit the vision, the dental, those kinds, is that something they can control and still have their part A for doctors? Is each one of these pots is individual?
    Nathan Wright 3:18
    Well, Part A or Part B does not cover the vision, dental, and hearing. So these things called Medicare Advantage plans that many of those have those built-in, that you can get, in addition to Medicare, a lot of times at a zero premium.
    Dr. Friday 3:37
    Wow, now you’re talking my language, that sounds like a great deal if it’s possible for some people. So where would I start? If I’m thinking, “Okay, you know, what? I need to know if I’ve got the right insurance.” As we all know, one of the largest expenses and going into retirement, and I recently t

    • 47 min
    Dr. Friday Radio Show – September 26, 2020

    Dr. Friday Radio Show – September 26, 2020

    Another episode of the Dr. Friday show is here! In this show, Dr. Friday talks about the new tax updates and deadlines, including the following topic:

    Will I Still Get My Stimulus Check?
    All About The Cares Act
    The Tennessee Business Relief Program
    Is The Stimulus Money Taxable?
    PPP Money & Forgiveness
    Why You Need Help With Tax Representation
    EIDL Information

    and other caller’s questions!
    Transcript
    Announcer 0:01
    No, no, no, she’s not a medical doctor, but she can sure cure your 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 0:31
    All righty, we are live here. It’s a wonderful Saturday, whether it’s fairly nice, I guess you’d say fall is coming in, and tax season is upon us. October 15 is a major deadline for all of us that like to procrastinate or just the reason we like to extend it. So we can actually put more money into our SEPs or our 401 Ks, which can be extended to make payments if you’re self-employed. So there’s a couple of strategies we need to think about. We all know, it seems like I’m always talking a year behind, obviously, October 15 is for everyone that hasn’t filed an extension, but basically, we’re talking 2019. Meanwhile, 2020 is going to be probably one of the most unusual tax seasons I’ve seen in 25 years, which is how long I’ve been doing taxes. With the Cares Act, and all those different things happening, there’s been some changes, something I haven’t talked a lot about is during the Cares Act, they authorized an above the line deduction of $300 to donations. So you do not have to itemize to take $300 of donation. So you’ll take your standard deduction plus 300. So if you haven’t given to charity this year, because you’re always like, “Well, it doesn’t change, I can’t give enough to make a difference as far as itemizing.” It’s part of the conversation. If it’s not a tax deduction, maybe I don’t do anything with it. Well, it comes down to it, it’s going to be this simple, it’s going to be that you can give up to $300. Do not itemize, furthermore, increase your charitable contributions or monetary gifts up in 2020. So you might want to think about giving, but the $300 is going to be above the line. So that is a kind of an important thing that happened during the Cares Act.
    Dr. Friday 2:24
    Again, it’s a 2020 situation, 90% of my clients give more than $300 in a year no matter what, but if it’s a year in which you haven’t, and I realized, for many people, this has been a very difficult year. Keep in mind that sometimes doing this as far as giving charity, this is going to be an additional $300. So if you’re at the 10% tax bracket, it will save you $30 right 10% of 300 if you read the 15 or 2020 will save you $60. So, depending on your tax bracket, it’s going to put a few more dollars in your pocket. Small businesses are facing extremely unusual days, right? And we need to probably do more tax strategizing than we ever have. PPP money is coming in. I do want to make sure we talk about the Tennessee business Relief Program. There are quite a few people that I keep getting information on that there isn’t anything going that direction. I mean, they did not know it existed. They’re getting some letters, and they’re not really sure. So keep in mind, you have to have had a 25% drop in income and you have to be within certain types of industries.
    Dr. Friday 3:39
    Most of them are tourism or restaurants, florists, and those kinds of the ones that had direct, most importantly, some pretty direct losses because income had dropped drastically during the lockdown and everything else. So many of them had some additional

    • 45 min
    Dr. Friday Radio Show – September 19, 2020

    Dr. Friday Radio Show – September 19, 2020

    Welcome to another episode of the Dr. Friday radio show! In this show, Dr. Friday shares all the latest tax updates, including the following topics:

    The IRS Is Hiring
    Why Have I Not Received My Stimulus Check?
    Will There Be A Second Stimulus Coming?
    Why Haven’t I Received My Tax Refund Yet?
    The IRS Is Hiring
    PPP Money: Forgiveness
    Why You Need Help With Tax Representation
    Is The Stimulus Money Taxable?

    and other caller’s questions!
    Transcript
    Announcer 0:01
    No, no, no, she’s not a medical doctor, but she can sure cure your 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 morning, I’m Dr. Friday and the doctor is in the house. If you’ve got questions concerning taxes, if you haven’t filed your taxes for 2019, it is coming quickly. We only have until October 15. If you have a business, an LLC that is multi-member or corporation 1065, 1120, 1120-S, those were due on 9/15. So you may be late at this point, that’s assuming you filed an extension in the first place. Otherwise, you are just a late period. It’s time to talk taxes. If you want to join the show you can I am live here 615-737-9986. So we have a lot of things going on lately. Many questions coming from some of my listeners and clients concerning payments. Many people mailed in a check. And then obviously, it’s been months and they hadn’t cleared the bank. So in some cases, we have people that we told them to go ahead and make a payment. Because we had no proof in those cases that they had actually mailed the payment, besides their word, but there was no secured tracking. Then the checks are clearing the bank, and in some cases, they’re getting double payments, some cases that people made stop payments. The IRS is bouncing payments are getting returned payments, I should say.
    Dr. Friday 1:52
    This is a bit more confusing than our normal situation, and that’s all because the mailroom was months behind. Obviously, they’re getting caught up because they’re finding cheques and they’re starting to deposit them. The downside to that conversation is, is that if you already paid the bill once, you could end up either paying it twice. So I would double-check and make sure you made a stop payment. If you do bounce a check on the IRS, there are fees that they can charge you. So you need to make sure you’ve documented that the payment cleared. And the reason why you made the stop payment, etc. so that there is a chance of getting that penalty waived, most importantly, is tracking. So whenever you send something to the IRS a check, communication of any sort, you need to make sure that there’s tracking on it. So we have documentation showing that you filed this and that they received it. That way, you know, if you’ve got proof that they’ve received your cheque, but they just never cashed it, I would wait it out, especially in this year where we know that the mailroom was months behind in doing everything they need to do. Most importantly, you need to make sure that your communication is tracked because otherwise there’s no guarantee the IRS received it. Therefore, you may be waiting and accumulating penalties and interest on money that you assume they would get, and they didn’t. So very important for you to be able to track your information. The first lesson in dealing with the IRS, always make sure that you have a paper trail,l that is just common sense.
    Dr. Friday 3:19
    If you want to join the show, you can at 615-737-9986. Maybe you’re dealing with an IRS issue at this time, or maybe you haven’t filed taxes in a number of years. I am an enrolled agent licensed with the Internal Revenue Service to do taxes and representation. So that’s pre

    • 46 min
    Dr. Friday Radio Show – September 12, 2020

    Dr. Friday Radio Show – September 12, 2020

    Dr. Friday is back with another incredible Radio Show! In this episode, Dr. Friday talks all you need to know about taxes, including the following topics:

    The IRS Is Hiring
    PPP Money: Forgiveness
    What Do I Do If I Haven’t Received My Stimulus Check Yet?
    How Much Money Can I Gift My Child Per Year?
    Selling Your Home & Capital Gains
    Why You Need Help With Tax Representation
    Will There Be A Second Stimulus Check?
    Is The Stimulus Money Taxable?

    and so much more!
    Transcript
    Announcer 0:01
    No, no, no, she’s not a medical doctor, but she can sure cure your 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 this is the Dr. Friday show. We are here to talk about my favorite subject, taxes. If you want to join the show, you can 615-737-9986. We’re taking your calls talking about again, my favorite subject taxes. Maybe you haven’t filed taxes in a number of years. Now maybe the time to think about making a deal with the IRS getting caught up getting everything filed. Very difficult to move forward with purchasing houses going to college. A lot of times college kids need to have parents tax returns. If you haven’t filed those, it’s very difficult to get funding. Or you’re wanting to start over and you’ve got a lot of things in the past that just happen. We can’t change the past. But what we can do is get it taken care of. So it’s not continuously coming back. So if you’ve got questions on that, or remember, coming Tuesday, if you have a business that would be people that are operating as a corporation, a partnership, a trust, in most cases, unless you’re on a fiscal year, all of those are due September 15. So that is next Tuesday. So if you haven’t filed, I would suggest that at this point, you probably better figure out something to get into a tax program because I doubt you’re going to find a tax person Monday to do your taxes. Otherwise, you’re going to have some serious late fees. Now that’s assuming that you actually filed an extension. If you didn’t file an extension, you are already late as individuals You have until October 15. And those deadlines are coming very quickly. If you don’t have someone to do your taxes and you’re still looking for help, you can go to my website, Drfriday.com. Click on appointments and set up an appointment, I’d be more than glad to still help you. I believe there are still some appointments open for us to help you get filed. Again, this is for individuals that filed an extension. If you haven’t filed an extension, then you’re late already on your individual tax returns.
    Dr. Friday 2:30
    Here is some good news for individuals who haven’t received their stimulus checks or were paid too little. The IRS will be able to correct amounts in certain cases in creating processes that help some people who are due to an economic impact payment but never got it or received at the correct amount. But you know, for people like identity theft, innocent spouses, or just people that made a mathematical error on their tax returns, they’re hiring about 5000 new employees. So again, if you don’t have work, might well look on the irs.gov website then look and see if there’s a job opportunity. They are looking for people to help them with the backlog of emails, calls, and obviously stimulus checks. So it’s not over if you haven’t received your stimulus check, to be quite honest, if you haven’t received it, and we’re by the end of the year, you will be able to get that Credit on your 2020 tax return that you’ll be filing come February or March or April of next year. But in some cases, they’re saying t

    • 46 min
    Dr. Friday Radio Show – August 29, 2020

    Dr. Friday Radio Show – August 29, 2020

    This week’s Dr. Friday Show is here! In this episode, Dr. Friday talks all about tax updates, and the following topics:

    Will There Be A Second Stimulus Check?
    What Do I Do If I Haven’t Received My Stimulus Check Yet?
    Is The Stimulus Money Taxable?
    Is There A Way To Deffer My Social Security Tax?
    Should I Pay The IRS Electronically Or Through Mail?
    Why You Need Help With Tax Representation
    PPP Money: Forgiveness Or Pay Loan Back?
    Help If You Haven’t Filed Your Taxes

    and so much more!
    Transcript
    Announcer 0:01
    No, no, no, she’s not a medical doctor, but she can sure cure your 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. So if you’re thinking about taxes, maybe you’ve had something come up in your tax situation, buying, selling, changing any of those kinds of things, then you might need to ask a question. Because once you do something, it’s really, really hard. In fact, in some cases, totally impossible to correct where we might have been able to save you tax dollars. You can’t do it if you change things. So if you go without I mean, you go sell a large piece of property and maybe had the ability to tote the note or do something where you may have been able to save some taxes. Sometimes it’s not a good idea. Sometimes it is, but you need to know what your options are. So you can move forward and make sure you’re doing what you need to do and when you need to do it. If you want to join the show, all you have to do is call 615-737-9986 is the number here in the studio. We are live in-studio and as you guys know, we are working nowadays via Skype through our home offices. So if you’re hearing a little bit of a whine, I have a nine-week-old Great Dane puppy in the office with me here. He’s not totally happy because he’s no longer the center of attention for a bit of time. So just the background noise maybe a little bit scratchy from time to time, and that’s alright, you know what, they’re great and I love my baby. So if you have a call or you want to join the show again 615-737-9986.
    Dr. Friday 2:00
    Okay, so one of the biggest questions that I keep getting asked, Do I think there’s going to be another stimulus? So I went out there to take a look not just on my own opinions, but what other people what other companies and individuals are saying and it really sounds like individuals are probably not going to get another package. There may be because there was still leftover PPP money that may be able to do but basically, they’re now saying that what was going to be a possibly fairly decent size bill is probably not going to pass again, Republicans are feeling the pain of the first bill. Democrats are wanting to have more money put towards the post office and other situations before they’re willing to either come back to the table. So for all of us that kind of sit a little bit in the middle saying, “Why can’t we make things work? Why can’t we do things?” Well, that is why it’s a little bit more difficult. So most of us are looking at the right now PPP money. We’ve received it hopefully since it’s no longer available out there. But taking the PPP money and making sure you have a couple of options. Obviously you also have the employee credits that you can take. But remember, you can’t take both in some of these cases. The same thing with the self-employed, you can’t take both. If you’re self-employed and you’ve got Unemployment and you got PPP money, you can’t take both of them. One or the other. PPP is reimbursing you for that money. So it’s not something that you can turn around and have

    • 45 min

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