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

November 26, 2021 1 min
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 And today is Black Friday. So now's the time to think before you go out and spend a ton of money. Are you really spending it on the right things? I know it's a great deal. And it's a time where you want to think about all the Christmas times ...
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Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 And Happy Thanksgiving. I imagine this radio is on right now in the kitchen where you're basically getting that Turkey ready to go into the oven or the deep fryer. Oh my gosh, last year was the first year I actually had a deep-fried Turkey. And let m...
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Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 If you were in an installment agreement prior to the whole COVID and you haven't been able to get it to reset up, make sure that you have all the tax returns that you were supposed to have filed. They're rejecting a lot of them because they'r...
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November 23, 2021 1 min
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 The Tax Cuts and Jobs Act of 2017 eliminated the deduction of child support and alimony. Alimony being the main one child support hasn't been a deduction for a while. So anyone that was divorced after the date of December 31, 2018, now if you're ...
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Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 And if you are operating or you're part of a nonprofit, listen up. The IRS is cutting down on people that are not filing 990s even this the 990-N which is basically a postcard. If you haven't filed that within three years you could not be or you ...
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Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 I'm an Enrolled Agent licensed by the Internal Revenue Service to do your taxes and representation, guys. That's all I really do. So if you're having trouble or you're getting love letters from the state or the IRS, this is the person you...
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Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment. Dr. Friday 0:12 What should you know about qualified and nonqualified retirement plans? A, let me put a caveat. I am not a financial planner. But by choosing if it's qualified or nonqualified, could make the difference between what is taxable at Capital Gains rates and ...
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Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment. Dr. Friday 0:12 And for any of you that have applied for PPP 2 which is the Payroll Protection Plan, if you haven't already, you need to make sure you have filed for forgiveness. It's very important going from getting the money and basically being able to get it for...
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November 16, 2021 1 min
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment. Dr. Friday 0:12 And I talk to a lot of clients about what's called a 1031 Exchange or Like-Kind Exchange. I will tell you at the time that I'm recording this moment, this could be gone by the first of 2022. But at this moment, as of 2021, 1031 Exchanges still exist....
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Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment. Dr. Friday 0:12 What should you know about investing from a tax standpoint? One we've already covered. Make sure you hold your investment over one year, but also maybe invest in a small business. Because we all know that back in 2015, they actually have a new tax law th...
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November 12, 2021 1 min
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment. Dr. Friday 0:12 How do you prepare for taxes? I mean, really. First thing, always has one place where you put all of the things that come in for you in your mortgage interest statements, your 1095 A's if you're part of the marketplace, your W2's, your stock 1099...
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November 11, 2021 1 min
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment. Dr. Friday 0:10 And I want to put a big thank you out to all of you that have served or are serving this wonderful country. Happy Veterans Day. And to be honest with you, any of them as my nonprofit is Dr. Fridays foundation. If you're having tax problems and you have s...
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November 10, 2021 1 min
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment. Dr. Friday 0:12 Year-end tax planning tips. Let's do it. Do a trial run on your taxes just to see if you have enough money coming out. Your W4 may need to be adjusted. One reason is married or divorced. If you expected income that is not subjected to withholding, like s...
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November 9, 2021 1 min
Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment. Dr. Friday 0:12 And at this moment I want to tell you to try to hold your stock for at least one year. The reason I say this is because in there, we have what's called the capital gains tax rates. And guess what? Part of that is a 0% tax bracket. That's right. So if...
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Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment. Dr. Friday 0:12 Charitable contributions. It's a big thing. And nowadays, people are having a harder time trying to meet those exclusions. One thing I have found is that many people are great and I will tell you I have awesome clients that are very good about giving. Bu...
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Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment. Dr. Friday 0:13 Remember I was talking about real estate sales? Well, here's something you need to know. Your primary home has a built-in exclusion. If you have lived in that home two out of the last five years, and you've been selling or maybe you've already so...
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Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment. Dr. Friday 0:12 We are starting to prepare for the 2021 tax year. And remember we still have the same tax rates which basically is 10% all the way up to 37%. And the tax rates can be a matter of if you're single, married, or filing jointly or filing separately as far as...
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Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment. Dr. Friday 0:12 Second-home deductions. I will tell you, I seem to have more people nowadays than there have been in the past that are actually living or actually purchasing second homes not as rental properties, but as a true second home. Your cabin on the lake, for exampl...
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Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment. Dr. Friday 0:12 Home equity loans. The Tax Cut and Jobs Act of 2017 was suspended from 2018 to 2025. The deduction of interest paid on a home equity loan or line of credit unless it was used to buy build or substantially improve the taxpayer's homes that secured the loa...
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Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment. Dr. Friday 0:12 Employers that claim the Work Opportunity Tax Credit get welcoming ease because they've now extended it to November 8 to file for the requested work. Remember, this is a tax extension through Congress. And basically this is for people that may be kept pe...
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