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
Dr. Friday explains that self-employment tax rules still apply, including annual Social Security wage base changes and Medicare add-ons for higher earners. She encourages self-employed taxpayers to review projected taxes before filing.
Transcript
G’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.
Self-employment tax obviou...
Dr. Friday warns that Employee Retention Credit claims from 2020 and 2021 are still under heavy IRS scrutiny. She emphasizes tracking the claim details now so audit responses are easier later.
Transcript
G’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.
And it’s not really about current taxes, but I wanted to bring ...
Dr. Friday reviews the current deduction split between business meals and entertainment. She explains what documentation is needed and why a true business meal is different from entertainment spending.
Transcript
G’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.
Business meals and entertainment. Currently, business meals ...
Dr. Friday explains how gig workers and freelancers now face tighter reporting under Forms 1099-K and 1099-NEC. She also highlights self-employment tax exposure and why estimated payments matter to avoid penalties.
Transcript
G’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.
Gig workers and freelancers face increased tax ...
Dr. Friday explains that the home office deduction can still apply to self-employed taxpayers who use a space exclusively and regularly for business. She also reminds listeners to document details like square footage and household expenses.
Transcript
G’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.
Home office deduction...
Dr. Friday explains the difference between Section 179 and bonus depreciation when writing off business equipment. She notes that the best choice can depend on your situation and encourages taxpayers to understand how the percentages affect them.
Transcript
G’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.
Section 179: it...
Dr. Friday explains why inherited property can receive a step-up in basis, which may reduce future taxes. She cautions that quitclaiming property to children early can be a poor tax decision and mentions the Medicare or Medicaid look-back rules.
Transcript
G’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.
Step-up in basis...
Dr. Friday explains how the adoption tax credit can still help reduce taxes, even if it is not fully refundable. She notes it can carry forward up to five years and stresses having proper documentation and a Social Security number for the child.
Transcript
G’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.
Adoption tax cre...
Dr. Friday explains that W-2 and 1099 deadlines generally fall at the end of January, unless an extension is requested. She recommends contacting payers promptly and making a list of every employer and company so you do not miss forms and have to amend later.
Transcript
G’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.
Th...
Dr. Friday encourages taxpayers to pause before filing and make sure they have considered available deductions. She also mentions planning ahead for an extra $1,000 charity amount in 2026 that can be taken above the line.
Transcript
G’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.
You are now ready to prepare your taxes....
Dr. Friday explains what an enrolled agent is and why that credential matters for tax preparation and IRS representation. She also clarifies when you may want a CPA for financial statement work.
Transcript
G’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.
I am Dr. Friday, an enrolled agent licensed by the Internal Revenue...
Dr. Friday highlights areas the IRS tends to prioritize for enforcement, including higher-income taxpayers and complex pass-through entities. She also notes increased attention on digital assets and offshore holdings, and stresses good documentation.
Transcript
G’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.
The IRS enf...
Dr. Friday explains that more W-2s and 1099s may be delivered electronically, which can surprise people waiting for mail. She recommends updating your email with employers and payers so you receive your tax documents.
Transcript
G’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.
So you’re sitting there thinking, I ha...
Dr. Friday shares a positive IRS update: some notices can now be handled through a digital correspondence portal. She explains how uploading your response can reduce mail delays and help the IRS reply faster.
Transcript
G’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.
IRS digital correspondence update in 2025: this is ac...
Dr. Friday explains that IRS relief options may be available when taxpayers face hardship, disasters, or serious processing delays. She recommends documenting issues and getting help when resolving a case with the IRS becomes difficult.
Transcript
G’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.
IRS protocol updates: IRS...
Dr. Friday explains that the IRS may send letters asking you to verify your identity after a return is filed. She warns that ignoring these notices can delay processing and prevent refunds from being released.
Transcript
G’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.
And yes, the IRS is expanding. In fact, I can probab...
Dr. Friday explains a new IRS form, 1099-DA, that begins in 2025 for digital assets. She notes it will work much like a 1099-B and makes it easier for the IRS to track crypto activity.
Transcript
G’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.
The IRS is significantly expanding oversight of digital assets through the ro...
Dr. Friday explains why 1099-K reporting matters for people selling online or earning through apps. She warns that ignoring these forms can lead to IRS notices because the IRS receives the same information.
Transcript
G’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.
Making sure that you are paying taxes on all the income...
Dr. Friday reviews IRS modernization efforts like expanded e-filing and faster processing. She points out that it can still be difficult to reach an IRS agent, and that representation can help when you need answers.
Transcript
G’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.
This comes from the IRS. The IRS continues a m...
Dr. Friday explains that the higher estate and gift tax exclusion continues and rises with inflation. She shares why this helps families plan wealth transfers and when you may need help with an estate tax return.
Transcript
G’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.
Because of the OBBA permanent extension, the high...
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