Dr. Friday Radio Show – August 21, 2021

Welcome another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

• Tax Extension Deadline Oct. 15 To File Your Tax Return
• Operating Businesses Tax Extention Deadline September 15, 2021
• Do I Have To Claim Child Tax Credit?
• Current Capital Gains Rates
• Is the $300 Charitable Deduction for 2021?
• If You Did Not Receive A Stimulus Check, Claim It On Your 2021 Tax Return
• Do You Have An IRS Issue That You Need Help With?
• Do You Need Help With Tax Representation?
• Apply For Forgiveness For PPP Loan
• Tips On How To Lower Your Taxes

and much more!

Transcript

Announcer 0:01 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 Hey, I’m Dr. Friday and the doctor is in the house on this really, really stormy Saturday. I don’t know if any of you, I know a lot of my clients actually have pets. And as you guys all know, I have Great Danes, and my biggest, Zar, my largest one is six and he does not like thunderstorms. So he is all buried in his blankets and underneath his head. It’s hilarious. But he is definitely not the one for the thunder. So every once in a while, it rumbles through, he is looking at me like, “What is going on Mama?” So just feel for you guys, if you’ve got pets because obviously there’s not much they can do, they can only look at us and say “Keep me safe.” And so we try.

Dr. Friday 1:11 So if you’ve got questions, you can call 615-737-9986. And Lavidious, if you can get that other screen, so I can see my callers, that would be great. Um, you can also join the calls and move forward on that one. If you’ve got some questions, this will be the easiest way to do it. But you can also email [e-mail].

Dr. Friday 1:39 This week has been even though I know lately, there have been quite a few different people, as of 7/15 or July 15, individuals have been getting the child credit. I’ve received a ton of calls from the individuals that either should be getting it that aren’t or individuals that don’t want to get it but they’re not able to get online and actually turn it off. One reason is they actually have to both the husband and wife to do it. Or they can’t even get access online for that. So there isn’t at this moment, there is not a telephone number that allows you to do it. This is what I will tell you and what’s been coming down, you know, down the line from the IRS.

Dr. Friday 2:24 If you are not entitled to the child tax credit, you can either return it to the IRS. And I would make sure you keep very good records on how you do that so that the IRS doesn’t try to turn around and make you pay it on your tax return. Because whoever is receiving it, when it comes time to actually do your taxes, you are going to be claiming that on your tax return. So if you do not have a child and you’re getting it because, in 2020, you did have a child that qualified you. Or if keep in mind, this is an advance on the child tax credit. It is not like a person, you either need to give the money to the correct person and/or you need to have that conversation because I know what’s going to happen.

Dr. Friday 3:14 Come tax season I’m going to have the head of household parents that did not receive it, and they’re going to claim it on their tax return. And then the individual