Dr. Friday Radio Show – December 7, 2024

In this episode of The Dr. Friday Show, Dr. Friday offers practical financial advice for listeners navigating taxes, business transitions, and retirement planning. With real-life questions from callers, the show dives into topics ranging from sales tax collection to Social Security strategies. If you’re looking to optimize your finances as the year wraps up, this episode is packed with valuable insights.

Topics Covered

• Preparing for the 2024 Tax Season: Deadlines, changes, and key considerations for e-filing.
• Sales Tax Guidance for Businesses: When and how to file sales tax, especially for new retail ventures.
• Gifting a Vehicle: Tax implications and processes for transferring a car as a gift in Tennessee.
• Social Security and Income Limits: How earnings affect Social Security benefits for early retirees.
• Maximizing Retirement Savings: Contribution limits and strategies for 401(k)s and Roth IRAs.
• Capital Gains on Home Sales: Tax exclusions and calculating your taxable gains.
• Disability and Asset Management: Selling a home while receiving disability benefits.
• Cryptocurrency Taxes: What you need to know about reporting and tracking crypto transactions.
• Electric Vehicle Tax Credits: Qualifications and considerations for new and used EVs.

Transcription

00:01-00:07 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your financial woes. 00:08-00:11 She’s the how-to girl. It’s the Dr. Friday Show. 00:14-00:22 If you have a question for Dr. Friday, call her now, 737-WWTN. That’s 737-9986. 00:23-00:27 So here’s your host, financial counselor and tax consultant, Dr. Friday. 00:27-00:33 Warm Saturday, considering I’m inside. 00:33-00:36 Do not want to be outside in that bitter cold if I don’t have to be. 00:36-00:44 So enjoying the holiday time, getting ready to, I’m sure, have a couple parties and things like that in your guys’ neighborhood. 00:44-00:49 But right now we’re going to talk a little bit about preparing for 2024 taxes. 00:49-00:51 Hopefully everyone has filed their 23. 00:52-00:53 If not, you’re going to be late. 00:53-00:57 So probably preparing for 24 and then doing 24 and 23. 00:57-00:59 E-file is not available at this time. 00:59-01:03 They usually close it down until about January 18th, I believe. 01:04-01:04 It may be 20th. 01:04-01:06 I haven’t heard the date yet. 01:06-01:11 But at this point, if you wanted to file 21, 22, or 23, you would have to do it by mail. 01:11-01:14 Any year prior to that would have to be done by mail anyways. 01:14-01:21 But e-file is not available to anyone while they’re prepping for the new tax season, I guess we’ll call it. 01:22-01:27 So let’s talk about a little bit of a few things that we know we might want to consider. 01:27-01:31 Obviously, when we’re looking at our taxes, we’re also thinking about our tax brackets. 01:32-01:45 Anything that might have changed in the year of 2024, marriage, divorce, had a baby, a child that may have turned 17 in the year of this 2024, because that would change your child credits. 01:46-01:49 All those kinds of interesting things that you might have. 01:49-01:54 You need to make a little bit of a list so you can try to figure out what you have and where you’re going to go with it. 01:54-01:55 But we are lucky here. 01:56-01:57 Wayne has already jumped on from the borough. 01:58-02:00 So let’s go ahead and get Wayne on the phone. 02:01-02:02 Hey, Wayne, what’s going on? 02:03-02:04 Hey, Dr. Friday. 02:04-02:04 How are you today? 02:05-02:06 Awesome. 02:06-02:06 How about yourself? 02:07-02:08 Just fine. 02:08-02:0