Dr. Friday Radio Show – August 10, 2024

In this episode of the Dr. Friday Show, financial counselor and tax consultant Dr. Friday discusses various tax-related topics, including recent changes to tax laws, retirement contributions, and inheritance issues. She also takes calls from listeners, addressing their specific tax concerns and questions.

Topics covered:

• Changes to tax brackets and standard deductions after 2025
• The end of the “stretch IRA” and new rules for inherited IRAs
• Business Owner Information (BOI) filing requirements
• Cryptocurrency reporting for businesses
• Contributions to 401(k)s and SEPs for individuals over 70
• Inheritance and basis step-up for inherited property
• Dealing with IRS payment issues and correspondence
• Tax implications for retirees and Social Security recipients
• Planning for tax changes when filing status changes due to spouse’s death

Transcript:

00:00.001 –> 00:06.760 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your 00:06.760 –> 00:07.760 financial woes. 00:07.760 –> 00:10.040 She’s the how-to girl. 00:10.040 –> 00:11.040 It’s the Dr. Friday Show. 00:11.040 –> 00:19.040 If you have a question for Dr. Friday, call her now, 737-WWTN. 00:19.040 –> 00:20.040 That’s 737-9986. 00:20.040 –> 00:27.040 So here’s your host, financial counselor and tax consultant, Dr. Friday. 00:27.040 –> 00:35.440 Good day, I’m Dr. Friday and the doctor is in the house. 00:35.440 –> 00:38.240 It is an awesome Saturday going on outside. 00:38.240 –> 00:40.360 Hopefully you’re able to enjoy it. 00:40.360 –> 00:42.840 But it’s time to talk a bit about taxes. 00:42.840 –> 00:44.240 You know how I love taxes. 00:44.240 –> 00:46.960 We’ve been doing this about 15 years together, guys. 00:46.960 –> 00:49.800 So it is something we have a good time doing. 00:49.800 –> 00:54.440 If you have a question, maybe you’ve inherited some properties or maybe you want to convert 00:54.440 –> 00:59.720 or you have converted some 401ks or something along those lines, thinking about selling 00:59.720 –> 01:02.960 out some stock, how will that affect your taxes? 01:02.960 –> 01:04.600 I can give you some rough ideas. 01:04.600 –> 01:07.280 Remember the information I’m giving to you is an outline. 01:07.280 –> 01:11.480 You need to go to your tax professional and make sure the information is appliable to 01:11.480 –> 01:12.480 you. 01:12.480 –> 01:16.840 But I will do my best to lead you in the right direction so that you don’t make decisions. 01:16.840 –> 01:20.400 Always better to ask these questions before you go and do them. 01:20.400 –> 01:24.880 If you’ve purchased some land and now you decide you want to turn around and sell that 01:24.880 –> 01:29.000 land, it may be a good time to think if this is not a primary home, maybe I should be doing 01:29.000 –> 01:31.520 a 1031 so you’re not paying taxes. 01:31.520 –> 01:36.520 Or maybe you’d rather pay the taxes and get the IRS out of your investments. 01:36.520 –> 01:39.920 There is all kinds of trains of thoughts, but I can help you with how the tax changes 01:39.920 –> 01:41.040 are happening. 01:41.040 –> 01:42.560 We are in 2024. 01:42.560 –> 01:48.060 And remember, the Tax Cut and Job Act ends at the end of 2025. 01:48.060 –> 01:52.040 So we are at the last year and a half or so of the current tax code. 01:52.040 –> 01:56.520 No one has any idea what’s going to happen after this election and probably depends on 01:56.520 –> 01:58.680 wh