Dr. Friday Radio Show – August 24, 2024

In this episode of the Dr. Friday Radio Show, financial counselor and tax consultant Dr. Friday answers caller questions and provides valuable insights on various tax-related topics. From business deductions to property sales and retirement accounts, Dr. Friday offers expert advice to help listeners navigate complex tax situations.

Topics covered:

• Business deductions for new entrepreneurs, including mileage tracking and equipment depreciation
• Tax implications of selling a primary residence, including capital gains exclusions
• The importance of keeping receipts for home improvements and their impact on taxes
• Self-directed Roth IRAs used for real estate investments
• Required Minimum Distributions (RMDs) and their applicability to different retirement accounts
• The new Business Owners Information Act (BOI) filing requirements
• Annual reporting requirements for businesses and nonprofits
• The importance of maintaining compliance with tax laws and regulations

Transcript

00:00.001 –> 00:07.760 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your financial woes. 00:07.760 –> 00:10.000 She’s the how-to girl. 00:10.000 –> 00:11.000 It’s the Dr. Friday Show. 00:11.000 –> 00:22.000 If you have a question for Dr. Friday, call her now, 737-WWTN. 00:22.000 –> 00:23.960 That’s 737-9986. 00:23.960 –> 00:26.960 So here’s your host, financial counselor and tax consultant, Dr. Friday. 00:26.960 –> 00:38.280 G’day, I’m Dr. Friday and the doctor is in the house on this absolutely beautiful Saturday. 00:38.280 –> 00:43.880 And if you have questions, I’m an enrolled agent licensed with the Internal Revenue Service to do taxes and representation. 00:43.880 –> 00:46.480 I do not work for the IRS. 00:46.480 –> 00:52.320 I am just licensed by them to help represent taxpayers in front of the IRS. 00:52.320 –> 01:09.000 So if you have IRS issues, if you’re thinking about doing some, I don’t know, selling property, you inherited property, you’re in a transition in your world and you’re thinking about changing things around a little bit and how is that going to affect your taxes is always a big question. 01:09.000 –> 01:20.480 And sometimes people just kind of make decisions or they think, I can’t tell you how many times I think that people think that they sell their primary home is they’ve got two years to reinvest the money, which was a tax code that was back. 01:20.480 –> 01:24.560 Gosh, it had to be in the early two thousands, if not earlier. 01:24.560 –> 01:26.960 And now we don’t have that code on the books right now. 01:26.960 –> 01:41.640 It’s if you sell your primary home, you have an exclusion of 250,000 for a single person and 500,000 for a married couple above the purchase price or, and adding any major improvements that may have appreciated the property. 01:41.640 –> 01:44.680 That’s why you need to understand how it’s going to work for you. 01:44.680 –> 01:59.300 So if you want to join the show, 615-737-9986, 615-737-9986 is our number here in the studio and you can give us a call and ask questions concerning about that. 01:59.300 –> 02:09.240 Maybe you have someone that you know that hasn’t filed taxes in a number of years and you’re concerned that, well, I mean, one of the biggest things I’ve had two clients, you know, we’re not getting any younger. 02:09.240 –> 02:13.840 And at some point you’re thinking, I’m going to want Medicare. 02:13.840 –> 02:17.240 I’m going to want to get onto social security. 02:17.240 –> 02:40.740 Some people, you kn