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

April 15, 2021 1 min
Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 It is April the 15th. Not everyone gets so excited about April the 15th. But you know, when you're a tax nerd like I am, it is a big day for us and it's a big day for almost everybody because if you have not filed, you need to be calling us ...
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Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 Under the new Act that passed on the 21st of December 2020, many people started to qualify for additional unemployment benefits. That would have been a $300 additional weekly income for you. Remember, unemployment benefits are taxable. So you want t...
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Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 This year, you're going to have $12,400 for a single filer and $24,800 for a married couple as our standard deduction. Now, if you haven't filed your taxes you already probably based your information, but if you've already filed you'...
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Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:13 Interestingly enough, because you weren't able to work a full schedule in 2020, you may have received some 1099's for sick pay or money your employers paid you that came to you through a form called a 1099 NEC instead of your W2. Many people...
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Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 I love this question. I get asked this question at least a few times every time I prepare a tax return every month. "Can I deduct my dog as a security system?" And I love it because I mean, I'm a dog lover. You guys all know that. I'...
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Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 Maybe you filed your tax returns back in February and another form shows up. You didn't think you were gonna get it or maybe even it's a corrected form. Many times our brokerage statements will come early on, and then they made a correction....
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Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 Tax time is almost done. If you haven't filed your taxes you're probably in the midst of them right now and you're trying to figure out if you should be doing this. If you need help, you need to go to drfriday.com and set up a tax appoin...
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April 6, 2021 1 min
Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 What happens if you're looking at your tax forms and you just found out that there's a mistake? Someone either 1099'd you for too much money, too little money. They have the wrong categories on your 1099 Rs. You did someone's W2 and ...
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Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:13 If you bought a new car in 2020, and let's say it's a beautiful SUV, around $60,000. And you know what? That would be an awesome tax deduction on your business return. Can you take it? Let's think about this. Is it your only vehicle? Doe...
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Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 We are here to talk about taxes. I'm an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. Which just means guys, I'm here to help you. I'm here to represent you in front of the IRS. You need someone ...
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Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 We are talking taxes people, this is what it is. We only have a few more days of tax season left, most likely you're gonna have a very difficult time getting your taxes done by a professional. That doesn't mean you don't have the time to...
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Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 We are almost through the end of tax season we are on the last day of March. That means you need to be thinking if you don't have a tax appointment already, you haven't prepared your taxes, my suggestion is this: Go ahead and prepare an exte...
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March 30, 2021 1 min
Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 Due to the hardships of 2020 many people had to reach out to other situations. Maybe you took early social security which may have limited your earnings. Or maybe they're also getting long-term disability but you also had somebody in the house t...
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Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 Making sure that your accounting is in order is essential for filing taxes but also for understanding how much money you should be paying quarterly. Quarterly is truly based on the year before. So when you filed your 2019, you were using the estimat...
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Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:13 We had some big changes again at the end of 2018 to 2019 about divorce. Up until that point, if you paid somebody alimony, the person's pain would reduce it would take it off as a tax deduction and the person receiving would actually pay tax on ...
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Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 I think this is always a great question. Someone sent in a question saying, "My son is a newspaper carrier. I would like to know if his income is subjected to Social Security and Medicare and if you need to file a Schedule C." That's a g...
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Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 I have a person that says they received 1099 instead of a W 2, but they're not self-employed. "How do I report this on my tax return?" Well, sounds like misclassification if you're not self-employed. 1099 would be for individuals tha...
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Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 Tax season is flying by. So hopefully you have already filed all your business returns. If not, you had an extension file for them. And the same thing with W 2's and 1099's. Those forms were due back in January. If you haven't filed any ...
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March 22, 2021 1 min
Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 One of my favorite tax rulings is a 1031 exchange. That would be as if you have a rental property and let's say maybe you live in Utah and you move to Tennessee and so you decide to sell that one and you want to have another rental property her...
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Dr. Friday 0:00 Good day. I'm Dr. Friday president of Dr. Friday's tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 You had a lot of repairs done on your primary home this year. And you're probably wondering, there's got to be someplace where you can deduct those on your tax return. And the answer is no. In most cases, again, unless it's a home office...
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