Dr. Friday Tax Tips

Dr. Friday Tax Tips

The Dr. Friday Tax Tips - One Minute Moment - is a collection of one minute tax tips designed to help business owners, individuals, families, entrepreneurs, and anyone who pays taxes to the IRS do so correctly while saving as much as their hard earned money as possible. If it has to do with taxes and/or the IRS, you will find it here! Dr. Friday is an IRS Enrolled Agent who specializes in Taxes, Bookkeeping, Payroll, Public Speaking events, and more. Dr. Friday Tax and Financial Firm, Inc. is a full service financial firm that helps deal with the Internal Revenue Service on behalf of our clients so they do not have to. To learn more, visit our website at https://drfriday.com, e-mail Dr. Friday at friday@drfriday.com, or call (615) 367-0819 today!

Episodes

February 23, 2024 1 min
In this engaging episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, the esteemed president of Dr. Friday's Tax and Financial Firm, highlights the bustling activity within her office as tax season progresses. Despite a potentially full calendar, Dr. Friday assures listeners that her team is dedicated to assisting with tax inquiries and issues as promptly as possible. She encourages contacting her office directly via p...
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In this quick yet informative episode of the 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, president of Dr. Friday's Tax and Financial Firm, highlights the critical tax deadlines for 2023, emphasizing the primary filing deadline of April 15th. She clarifies that individuals can file for an extension by April 15th, granting them until October 15th to file their taxes. Additionally, Dr. Friday explains the due dates for busi...
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In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday delves into the intricacies of deducting business use of a car, comparing the mileage deduction to actual expenses. Covering the essentials of Section 179, fuel, insurance, and other costs associated with maintaining a vehicle for business purposes, she provides a detailed explanation on calculating deductions based on the percentage of business use. A critica...
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In this insightful episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, president of Dr. Friday's Tax and Financial firm, delves into the complexities of business vehicle expenses, specifically focusing on the choice between standard mileage and actual costs. Dr. Friday clarifies the limitations of using the standard mileage deduction, such as the restriction on fleets exceeding five vehicles and the ineligibility for ...
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In this enlightening episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, a seasoned tax expert, delves into one of the most significant tax deductions for many clients: mileage. With the current rate at 65.5 cents per mile, understanding how to properly claim this deduction can lead to substantial savings. However, Dr. Friday emphasizes the importance of distinguishing between deductible business mileage and non-deduc...
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In this enlightening 'Dr. Friday Tax Tips - One Minute Moment' episode, Dr. Friday, the head of Dr. Friday's Tax and Financial Firm, delves into the complexities of Section 179 and bonus depreciation, two critical tax incentives aimed at encouraging business investment. While Section 179 allows businesses to obtain an immediate tax benefit by investing in new equipment, bonus depreciation offers a longer-term strategy for accelerat...
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In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, an experienced tax professional and president of Dr. Friday Tax and Financial Firm, shares her extensive expertise in handling IRS issues. With over 25 years of experience in the tax field, Dr. Friday emphasizes her role as an enrolled agent licensed by the IRS to represent taxpayers. She describes herself as a protective shield for her clients, offering serv...
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Summary: In this special Valentine's episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, the president of Dr. Friday's Tax and Financial firm, delves into the not-so-romantic side of February 14th by discussing the influx of IRS correspondence, humorously referred to as "love letters." These letters can range from collection notices to errors and seizure warnings. Dr. Friday empathizes with recipients and offers her e...
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In this Dr. Friday Tax Tips - One Minute Moment, Dr. Friday demystifies the difference between tax deductions and tax credits, crucial for effective tax planning. Tax deductions reduce your taxable income based on your tax bracket, offering proportional savings. For instance, a $1,000 deduction in a 20% tax bracket saves you $200. On the other hand, tax credits directly reduce your tax bill dollar-for-dollar, making them highly val...
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In this insightful episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, president of Dr. Friday's Tax and Financial Firm, dives into the latest updates on electric vehicle (EV) tax credits for 2023. Listeners will learn about the non-refundable tax credit ranging from $3,750 to $7,500 available for new EV purchases, alongside an unprecedented opportunity to receive up to $4,000 in tax credits for used EV cars—a first i...
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In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday explores the unchanged solar tax credit, offering a personal perspective on the viability of solar energy in Tennessee. Despite her enthusiasm for green initiatives, Dr. Friday shares concerns over the lack of a buyback program and potential costs associated with solar energy in certain counties. She highlights that individuals interested in going solar can be...
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In this insightful episode, Dr. Friday extends a heartfelt appreciation to teachers, emphasizing their invaluable role in shaping futures. Highlighting a significant update for educators, she discusses the increased tax deduction for classroom supplies, which rose from $250 to $300 in 2022. This vital tax tip is specifically for qualified teachers, clarifying that homeschoolers and au pairs are not eligible for this benefit. Dr. Fr...
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In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, with over 25 years of experience in tax and financial advising, debunks common myths surrounding the home office deduction. Often feared to be an audit trigger by taxpayers, Dr. Friday clarifies that claiming a home office on tax returns is no more likely to invite an IRS audit than any other deduction, such as miles or office expenses. The emphasis is on the...
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In this engaging episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, the president of Dr. Friday's Tax and Financial Firm, underscores the paramount importance of meticulous expense tracking for entrepreneurs and self-employed individuals. With a focus on ensuring every expense and deduction is accounted for, Dr. Friday provides valuable advice on leveraging various methods for efficient tracking, from digital receipt...
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In this insightful episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday emphasizes the enduring value of Health Savings Accounts (HSAs) for both single and married individuals. For 2023, the contribution limits are set at $3,850 for singles and $7,750 for married couples, with an additional $1,000 allowance for those over 55. Dr. Friday highlights the tax-free benefits of contributing to and spending from HSAs, undersco...
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In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday highlights the often overlooked Saver's Credit, an essential tax break for low to moderate income earners. Tailored for individuals and couples earning below certain thresholds, the Saver's Credit offers a significant opportunity to reduce tax liability by contributing to retirement accounts such as 401(k)s, IRAs, and Roths. Dr. Friday breaks down the income l...
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In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, the president of Dr. Friday's Tax and Financial Firm, emphasizes the importance of timely 401(k) contributions for tax savings. Highlighting a crucial reminder for the year 2024, Dr. Friday points out that contributions to employer-sponsored 401(k) plans must be made through W-2 earnings and cannot be retroactively added. For those in higher tax brackets, spe...
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In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday delves into the complexities of the mortgage interest deduction, a topic that can stir quite a bit of confusion among homeowners. She clarifies that while many believe they can deduct the entire amount of interest on mortgages up to $750,000, the reality is nuanced, especially for those who have refinanced their homes in recent years. Dr. Friday highlights the...
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In this insightful one-minute moment, Dr. Friday, president of Dr. Friday's Tax and Financial Firm, highlights the importance of understanding IRA contribution deductions and the impact of income brackets on your tax benefits. She emphasizes the significance of consulting a financial planner to decide between contributing to a traditional IRA or a Roth IRA, considering the long-term tax advantages. Whether it's saving taxes now or ...
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In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday addresses the critical aspect of deducting gambling losses on your tax return. She highlights that gambling losses can only be deducted up to the amount of gambling winnings, emphasizing the importance of keeping thorough records of all gambling activities. Dr. Friday shares a cautionary tale of an individual who won a million dollars but failed to save his lo...
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