Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday talks all about taxes, new tax updates, and answers caller's questions:
Tax Filing Deadline Is May 17, 2021Itemizing Charitable ContributionsMake Sure To Have All Your Tax DocumentsYou Can E-File Tax ReturnsHow To Find Your StimulusWhy Haven't I Received My Tax Return?PPP Extended Until May 31, 2021Who Qualifies For A PPP Loan?What Is the New Tax Law?Unemployment Is Taxable MoneyDo You Need Help With Tax Representation? Call Dr. Friday
and so much more!
No, no, no, she's not a medical doctor, but she can sure cure your tax problems or your financial woes. She's the how-to girl. It's the Dr. Friday show. If you have a question for Dr. Friday, call her now at 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.
Dr. Friday 0:30
Good day. It's Friday and the doctor is in the house on this kind of gloomy and possibly really nasty weather. Hopefully, you guys are all staying safe in there. But we're going to have a good hour of talking about my favorite subject, which is taxes. That's right, taxes, taxes, taxes. We are still in the 2020 tax season, even though it's 2021, we're still doing taxes for the year 20. So if you haven't filed your taxes, you still need to do that or file an extension. Extensions are going to be required on or before May 17, which is the deadline date. Remember, an extension does not extend the money due. So if for some reason, you don't like the numbers on your tax return, and you're thinking, "Hey, I'll just wait and see if I can do something." Or if you're waiting still for forms, because I still have several cases where K1's and things like that are not received. You need to make sure when you file your estimated tax amount when you file your extension, go ahead and send in an estimated tax form. That would be the best or smartest way to handle that. So if you've got Tax Questions, this is the show to do. Call 615-737-9986. We are taking your calls.
Dr. Friday 1:44
I'm an enrolled agent licensed with the Internal Revenue Service, which means it's all I really do guys is taxes and representation. So if you've got IRS issues, you've got problems that you're trying to deal with. I'm the person, you least want to take the first call to. Our initial meetings are always free, because we want to make sure that we're all on the same page and how and what we're going to do to try to help some sort of resolution to your situation. So if you need help, you can call the office on Monday and they will set up an appointment for you. I know many of you have probably sent in or I know we get quite a few through our websites, I will let you know that we're going to be responding to those. It's been a little crazy. We've had a lot of tax clients come in last minute that was from last year. So we always try to get the same clients done. And so it's just been a little bit busier considering procrastination is probably the middle name for many, many of my clients. So again, if you want to join the show, you can at 615-737-9986.
Dr. Friday 2:44
All right, so making sure that a lot of people when I'm looking and reviewing taxes, and they're trying to itemize again, itemizing is only required if you're spending more money on interest, or if you're a very giving person, you have a lot of charitable contributions. Because the average person that has less than $12,400 is not going to itemize with those deductions, which are basically made up of property taxes, sales tax, interest, and contributions this year only so far. I don't know if it's going to roll into 2021. But in 2020, they did add an additional $300 worth of contributions. Now that is the same no matter if it's a single person or married couple $300. So if y