Dr. Friday Tax Tips

As the tax deadline approaches, Dr. Friday urges listeners who haven’t filed their taxes to submit Form 4868 and pay their estimated tax liability to avoid penalties. By filing an extension, taxpayers gain until October to complete the necessary paperwork. Additionally, Dr. Friday reminds listeners to review and adjust their W-4 forms, especially if they have children turning 18 or are goin...

Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, warns that selling personal items at a gain can trigger a 1099-K from the IRS. To properly report these sales, taxpayers must use either Form 8949 or Schedule D. The challenge lies in providing proof of the original cost of the item sold, as the IRS requires this information during audits. Without a receipt or other evidence of t...

In this episode of Dr. Friday’s Tax Tips, the focus is on claiming tax deductions for small business startup expenses. Dr. Friday explains that these expenses don’t necessarily have to be incurred in the same year the business starts operating. Entrepreneurs who have been working on their business for a year or two prior to the official launch can still claim related expenses, such as...

In this episode of Dr. Friday’s Tax Tips, the importance of accurately claiming dependents on tax returns is discussed. Dr. Friday cautions listeners about claiming their girlfriend’s children as dependents, even if they are providing financial support. The eligibility of dependents depends on various factors, such as the duration of their stay and the taxpayer’s role as the sol...

In this episode of Dr. Friday’s Tax Tips, Dr. Friday addresses a common question among taxpayers who have already filed their taxes: “Where’s my refund?” She provides two convenient methods for tracking the status of your tax refund. The first option is to visit the IRS website at irs.gov and click on the “Where’s my refund?” link. Alternatively, taxpayer...

In this one-minute moment, Dr. Friday emphasizes the importance of taking your time when filing your taxes. Many mistakes occur when people rush to file their taxes or are overly eager to receive their refund. Incomplete or inaccurate information can lead to the IRS sending “love letters” that often result in changes to your return, refund, and potential penalties and interest. Dr. Fr...

As the tax season comes to a close, it’s crucial to consider filing for an extension if you anticipate any delays in submitting your tax return. Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, emphasizes the importance of ensuring your extension is filed properly, especially if you’re a client of her firm. While an extension grants you additional time to file your ...

Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, offers valuable advice for those dealing with the IRS. She emphasizes the importance of persistence when communicating with the agency, noting that a single rejection letter doesn’t necessarily mean the case is closed. Dr. Friday encourages individuals to be tenacious and even consider taking their case to tax court if need...

In this one-minute moment, Dr. Friday emphasizes the crucial role of proper record-keeping for self-employed individuals and small business owners. She highlights that keeping accurate records, including tracking expenses and maintaining receipts, is not only a legal requirement but also essential to avoid potential issues with the government. Dr. Friday stresses that good bookkeeping practices w...

April Fools! Gotcha! In this episode of Dr. Friday’s Tax Tips, Dr. Friday clarifies that while the IRS is indeed hiring new employees, they are not out to get taxpayers who file and pay their taxes on time. Dr. Friday reminds listeners that the IRS is primarily a collection agency and encourages those who need help with IRS issues to reach out to her office at 615-367-0819.

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