Dr. Friday Radio Show – February 1, 2025

Welcome to another episode of the Dr. Friday Radio Show, where tax expert and financial consultant Dr. Friday breaks down the latest tax updates, answers listener questions, and helps you navigate the ever-changing world of taxation. With the 2024 tax season officially underway, this episode covers key topics such as capital gains taxes, IRS resolutions, filing deadlines, tax credits, and more. Whether you’re filing back taxes, dealing with IRS collections, or simply looking for ways to save on your return, Dr. Friday has you covered. Tune in and take control of your financial future!

Topics Covered in This Episode:

• Tariffs and Their Impact: Discussion on upcoming tariffs, their potential effect on inflation, and whether they could lead to more U.S. jobs.
• 2024 Tax Season Updates: E-filing for tax years 2022, 2023, and 2024 is now open, with key deadlines to keep in mind.
• IRS Resolution Issues: The need for more resolution officers to improve IRS collections and reduce unnecessary enforcement actions.
• Filing Deadlines & Standard Deductions: Important changes to tax deadlines, standard deduction increases, and tax credit adjustments.
• Earned Income Credit Age Restrictions: Explanation of eligibility limits for taxpayers under 25 and over 65.
• 1099-K Reporting Thresholds: New $5,000 threshold for 2024, with a planned reduction to $600 in the future.
• Capital Gains Tax Concerns: A listener’s question about estimated taxes on a $350,000 capital gain and how it affects Medicare premiums.
• Surviving Spouse Tax Filing: How widows/widowers should plan their income to stay within favorable tax brackets.
• Electric Vehicle Tax Credits: Updates on tax credits for new and used EVs, including how they can be transferred to a dealer.
• Health Insurance Marketplace Issues: Risks of underreporting income and surprise repayment obligations.
• Home Sale Tax Implications: How long-term homeowners can exclude up to $500,000 in gains from taxes.
• IRA Withdrawals & Tax Consequences: A caller’s question about missing the 60-day rollover deadline and its tax impact.

Transcript

00:00-00:02 Paid for by Dr. Friday Tax and Financial Firm. 00:03-00:09 For tax services, planning, business, and IRS negotiation, visit drfriday.com. 00:11-00:12 No, no, no. 00:12-00:17 She’s not a medical doctor, but she can sure cure your tax problems or your financial woes. 00:17-00:18 She’s the how-to girl. 00:19-00:20 It’s the Dr. Friday Show. 00:24-00:26 If you have a question for Dr. Friday, call her now. 00:26-00:28 737-WWTN. 00:29-00:31 That’s 737-9986. 00:33-00:37 So here’s your host, financial counselor and tax consultant, Dr. Friday. 00:39-00:46 G’day, I’m Dr. Friday and this is the Dr. Friday show where we talk about taxes, which is one of my favorite subjects. 00:46-00:56 If you’ve got any questions, maybe you’re working on your own taxes or you’re trying to get together all your documentations and maybe something came in and you’re not too sure exactly how that should work. 00:56-00:57 This is the show. 00:57-00:58 You can ask a question. 00:58-01:02 If I don’t have the answer, if we need to do it off the mic, we can do that as well. 01:02-01:07 Easiest way to get on the show is 615-737-9986. 01:07-01:11 615-737-9986. 01:12-01:17 You can also email friday at drfriday.com. 01:17-01:19 Friday at drfriday.com. 01:20-02:10 We’re going to start the show off with someone asking me if, and it really doesn’t, in my opinion, has not a lot to do with taxes, more about maybe tax news, the tariffs that go into effect. How is that going to