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

March 18, 2024 1 min
Single member LLCs, often synonymous with small businesses, require careful attention to tax obligations and compliance. While excise tax may not apply, self-employment tax is a crucial consideration. Failing to file annual reports, maintain business licenses, and stay current with franchise and excise (F&E) requirements can lead to painful penalties. Dr. Friday emphasizes the importance of setting up an account on TNTAP to ens...
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In this one-minute moment, Dr. Friday discusses the mortgage interest deduction and its impact on tax savings. She explains that unless the mortgage interest, property taxes, and sales tax exceed the standard deduction, purchasing a new home may not result in significant tax savings. Additionally, she highlights that for homes purchased for more than $750,000, the full mortgage interest deduction may not be available. Dr. Friday em...
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When it comes to charitable deductions, cash donations up to 60% of your income are straightforward. However, for non-cash donations like stocks, art, or furniture valued over $2,500, an appraisal is crucial. Dr. Friday shares a cautionary tale of a client who donated inherited items without a proper appraisal, leading the IRS to deny the deduction despite photographic evidence. Ensuring you have the right documentation, including ...
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In this episode, Dr. Friday explains the Child Dependent Care Credit, which allows you to claim up to $3,000 in expenses for a single child and a maximum of $6,000 for two or more children. However, if your employer provides a child care benefit program, you cannot claim both the credit and the employer benefit. If your employer's benefit equals or exceeds $6,000, you will not qualify for the additional deduction. Dr. Friday emphas...
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In this episode, Dr. Friday provides valuable insights into the Lifetime Learning Credit, a tax credit designed to help offset the costs of higher education. He explains the eligibility criteria, including the income thresholds for single and married filers, and clarifies which expenses qualify for the credit. With his expertise, listeners can better understand how to take advantage of this tax-saving opportunity and potentially re...
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In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, of Dr. Friday's Tax and Financial Firm, offers valuable insights on handling 1099-K forms for individuals selling personal items. The IRS allows the declaration of these sales on a Schedule 1, letting sellers write off the sold items up to the amount listed on the 1099-K. Dr. Friday cautions, however, that this can get tricky for small business owners who mig...
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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, clarifies the evolving situation regarding 1099-K forms, which are critical for individuals and small businesses engaging in digital transactions. After the initial announcement in 2022 of a $600 threshold, the IRS has now set a new threshold of $5,000 for 2024. This update is particularly relevant for tho...
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In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, president of Dr. Friday's Tax and Financial Firm, shares exciting news for small business owners in Tennessee. She discusses the recent Notice 2308, issued in May 2023, which significantly raises the business tax filing threshold under the Tennessee Work Tax Act. Previously, businesses with earnings of $3,000 to $10,000 were exempt from tax, but now, the thre...
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In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, the head of Dr. Friday's Tax and Financial Firm, highlights a significant update from the SECURE Act 2.0 regarding retirement savings. Starting December 31, 2024, individuals aged 60 through 63 will be eligible to make catch-up contributions of $10,000 to their retirement plans. This change aims to provide additional support for Americans in their retirement ...
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In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, delves into the recent updates of the SECURE Act 2.0, particularly focusing on the postponed changes to catch-up contributions. She explains that the implementation, initially set for 2023, has been deferred to 2026, allowing employers additional time to adjust. Specifically, individuals earning $145,000 or mo...
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In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, the leader of Dr. Friday’s Tax and Financial Firm, discusses the recent changes to the Required Minimum Distributions (RMDs) age threshold. She explains that individuals who turned 72 after December 31, 2022, are now required to start their RMDs at 73. This adjustment aligns with increased life expectancies and aims to simplify the determination of when to co...
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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, takes listeners on a historical journey through the origins of Tax Day in the United States. She reveals that the first federal income tax was filed in 1913 on March 1st, which later shifted to March 15th in 1918, and ultimately settled on the April 15th deadline we know today starting in 1955. This insigh...
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In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, an experienced enrolled agent and president of Dr. Friday’s Tax and Financial Firm, delves into the process of helping individuals become compliant with the IRS. She shares a compelling case study of a client who hadn't filed taxes in 20 years, accumulating a debt of $150,000. Dr. Friday explains the strategy of filing the last six years of taxes unless there...
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In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, the head of Dr. Friday's Tax and Financial Firm, warns about the dangers of incorrectly choosing your tax filing status to boost your refund. She specifically addresses the common misconception among married individuals who might be tempted to file as head of household for a bigger refund. Dr. Friday underscores the severe repercussions of such actions, inclu...
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In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, president of Dr. Friday's Tax and Financial Firm, highlights the significance of regularly reviewing your W-4, especially before filing your taxes for 2023. She points out a common issue where individuals aren't withholding enough taxes from their W-2s, which could lead to a tax bill shock. Dr. Friday advises on the timely adjustments to your W-4 to prevent o...
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In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday, the head of Dr. Friday's Tax and Financial Firm, issues a crucial warning about prevalent tax scams involving IRS impersonation. She elucidates how scammers may call, pretending to be the IRS, and attempt to extract personal information or intimidate you into believing you're under audit. Dr. Friday emphasizes that the IRS typically communicates through mail,...
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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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