Dr. Friday Radio Show – December 14, 2024

In this festive episode of the Dr. Friday Radio Show, Dr. Friday combines holiday cheer with practical year-end tax advice. Whether you’re gearing up for Christmas celebrations or navigating the complexities of accelerated depreciation, this show has something for everyone. Dr. Friday answers listener questions, shares tips for staying on top of your taxes, and spreads Christmas joy through exciting gift card giveaways.

Topics Covered:

• Christmas Show Giveaway: Dr. Friday celebrates the holidays with Amazon, Olive Garden, Home Depot, and Outback gift card giveaways.
• Year-End Tax Planning: Insights into accelerated depreciation, year-end purchases, and tax-saving strategies for 2024 and 2025.
• Tax Compliance Help: Guidance for those behind on taxes, including representation options like payment plans and offers in compromise.
• Business Tax Queries: Selling a business, home office depreciation, and navigating capital gains and ordinary income taxes.
• Retirement Considerations: Tips on managing Medicare, Social Security, and income during retirement transitions.
• Listener Questions: Addressing issues like IRS love letters, missing 941 forms, and QuickBooks account management post-retirement.

Transcript:

00:01-00:06 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your 00:06-00:07 financial woes. 00:08-00:09 She’s the how-to girl. 00:09-00:10 It’s the Dr. Friday Show. 00:14-00:19 If you have a question for Dr. Friday, call her now, 737-WWTN. 00:20-00:22 That’s 737-9986. 00:23-00:27 So here’s your host, financial counselor and tax consultant, Dr. Friday. 00:27-00:34 G’day, I’m Dr. Friday and the doctor is in the house on this wonderful Saturday. 00:35-00:42 And today is always a show I like to do because, well, I think we’ve been at this 13, 14, getting close to 15 years. 00:43-00:46 First year I’m doing it without Dr. Electric. It’s our big Christmas show giveaway. 00:46-01:02 And so if you are listening and we’ll be giving away some Amazon cards, some restaurant cards, some Home Depot cards for all my favorite listeners and clients, the show will open up with just some fun facts. 01:02-01:07 And if you have tax questions as well, I mean, it is a tax show, guys, and it’s almost the end of the year. 01:07-01:12 So if you’re thinking, do I need to buy something? We may talk about the potential of doing that. 01:12-01:17 We may also say buying something isn’t going to save you as much as you think it will this year. 01:17-01:27 So if you have your own tax person, I would definitely suggest talking to somebody on what accelerated depreciation is at this point in the current situation. 01:28-01:36 But if you have questions, maybe you’ve inherited something or you are in the process of selling something, then we need to talk. 01:36-01:41 We need to find out what’s going to be the best thing and what’s going to be for 2024, which is the year we’re finishing. 01:41-01:54 and then what’s going to happen in 2025, you can join the show at 615-737-9986, 615-737-9986. 01:55-01:59 I am an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. 02:00-02:06 That is what I do, guys. I help individuals that want to obviously file taxes on a normal basis. 02:06-02:10 If you have businesses, trust, I do all of those, also for multiple states. 02:11-02:19 And then for those individuals that maybe have had some tax issues, maybe you haven’t filed taxes in a long time or you haven’t done much going on at that point. 02:19-02:26 That will also be what I do as far as the representation. We can get you all caught up, get you into compliance, and th