Dr. Friday Radio Show – February 22, 2025

Join Dr. Friday, trusted financial counselor and tax consultant, as she dives into this week’s hottest tax topics! From IRS refund delays to capital gains on property sales, Dr. Friday answers listener questions and shares valuable tax-saving tips. Whether you’re wondering about earned income credits, qualified charitable deductions, or how to handle debt forgiveness on your taxes, this episode is packed with insights to help you navigate tax season 2025 with confidence.

Topics Covered:

• IRS Refund Delays: Why some refunds, especially those with earned income credits, are held up and what to do if you’re waiting.
• Claiming Dependents: Legal issues when biological parents wrongfully claim children on tax returns and how grandparents can file correctly.
• Mileage Rate Updates: Business miles are 67 cents per mile in 2024 and 70 cents per mile in 2025—key deductions for self-employed individuals.
• IRA Contributions: The deadline to contribute to traditional and Roth IRAs is April 15, 2025—how it can lower your tax bill.
• Qualified Charitable Distributions (QCDs): How retirees over 70½ years old can donate pre-tax from their IRA to save money.
• S-Corp Vehicle Transfer: Steps to legally transfer a company-owned vehicle to personal ownership and avoid IRS red flags.
• Medical & Charitable Deductions: When out-of-pocket medical expenses and donations are worth itemizing vs. taking the standard deduction.
• Debt Forgiveness & Taxes: How canceled credit card debt counts as taxable income and what options exist for reducing the impact.
• Missing W-2 Forms: What to do if an employer goes out of business and fails to issue a W-2.
• Real Estate Capital Gains: Why most homeowners don’t owe taxes when selling their primary residence under $500,000 in gains.
• Business Owners Information (BOI) Act: Important March 21st deadline for LLCs and corporations to file required information.

Transcript

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. 00:08-00:10 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. 00:30-00:33 G’day, I’m Dr. Friday and the doctor is in the house. 00:33-00:35 I am here live in studio. 00:35-00:42 So if you’re working on your taxes, just like I am for some of my clients, then this might be the perfect time to ask a question. 00:42-00:44 If you have any questions, you want to join the show. 00:45-00:46 737-9986. 00:47-00:50 737-9986 is the phone number here in studio. 00:51-00:53 And we’re talking about taxes, right? 00:53-00:57 There’s not been a ton of tax changes from 23 to 24. 00:58-01:00 Probably one of the biggest is the mileage. 01:00-01:02 Obviously, every year we get an adjustment. 01:02-01:04 In the last few years, it’s went up. 01:04-01:11 Who knows what the next year, but it’s going to be 70 cents in 25, 67 in 24 for business miles. 01:12-01:15 And it’s a little less for charity and also medical. 01:15-01:28 But mainly what you want to make sure and what I’m finding is I have had, obviously we’ve been doing taxes now and tax season open, basically e-file open in January, end of January, 27th, I think. 01:29-01:32 And I had a couple of people calling me. 01:32-01:39 I will say our office doesn’t do a lot of taxes where it comes to child earned income credits. 01:39-01:44 But I had a client that had been waiting and we filed it on the first day of tax season. 01:45-01:48 And she contacted the IRS because it’s been more than 21 days now. 01:48-02:01 And she was told that they don’t actually release fo