Dr. Friday Radio Show – January 18, 2025

In this episode of the Dr. Friday Radio Show, Dr. Friday covers essential tax updates and financial tips as tax season approaches. From changes in tax credits to scam prevention advice, this episode equips listeners with the knowledge to navigate the 2025 tax season confidently.

Topics Covered

• Donald Trump’s Presidency and Tax Implications Speculation on how the administration and 119th Congress may impact tax laws, including Section 179 depreciation changes.
• Key Dates for Tax Season E-filing for 2024 taxes begins on January 27, 2025. Deadlines for W-2 and 1099 issuance are also highlighted.
• California Tax Extensions Residents in disaster-affected areas receive tax filing extensions.
• Commercial Clean Vehicle Tax Credit New IRS proposals for tax credits on qualified commercial and used clean vehicles.
• SALT Tax Reform Efforts Discussion of potential changes to the $10,000 cap on state and local tax (SALT) deductions.
• Recovery Rebate Credits IRS efforts to issue payments to those who missed their 2021 recovery rebate credits.
• Scam Awareness During Tax Season Tips to recognize and avoid tax-related scams, including fraudulent IRS calls and Ponzi schemes.
• Tax Return Preparers Advice on ensuring your tax preparer signs your return and has proper credentials.
• Employer Retention Tax Credit (ERTC) Clarification that ERTC funds are taxable.
• Child Tax Credit and Earned Income Credit Updates Insights into fraud prevention efforts and eligibility criteria.
• Preparing for Emergencies Importance of offsite document backups to protect tax and financial records.

Transcript

00:00-00:02 All right, guys, this is the Doctor Friday show. 00:02-00:04 A couple new discussions. 00:04-00:09 Obviously, we know Donald Trump is going to be soon brought into the presidency. 00:10-00:11 What will that mean for taxes? 00:11-00:13 And to be quite honest, we’re not sure. 00:13-00:17 I mean, there is, the 119th Congress will be enrolled. 00:17-00:23 And we will find out if they’re going to go back and do anything when it comes to some tax law. 00:23-00:29 One of the big ones I would love is a section 179, instead of having theoretically 40% in 2020. 00:29-00:32 having that back to the 100%. 00:32-00:37 I think it encourages small business owners to be able to go do things and make it work 00:37-00:41 where if you spend $100,000 or $100, whatever, 00:41-00:47 and then you turn around and you don’t have the ability to make anything work, 00:47-00:49 then it will become more of an issue. 00:49-00:54 So if you spend $100 and you can only get $60 versus you spend $100, 00:54-00:58 you get $100, more people are encouraged to probably do the 100, 00:58-00:59 is all I’m going to say on that one. 00:59-01:03 So that way you can actually make sure that you have everything you need. 01:04-01:08 Other things, obviously, we’re still waiting to hear on some of the different situations. 01:08-01:16 If you have family in California, obviously tax season isn’t going to be an issue that’s all been extended. 01:18-01:25 So there is nothing there that anyone has to worry about as far as the tax season that’s in those areas, in those counties. 01:25-01:28 Tax season will start on January the 27th for e-filing. 01:29-01:34 So that is something that we will be looking forward to and moving forward on. 01:35-01:47 But other than that, we will be able to hopefully start finalizing some of our tax returns and getting them sent out so people will be able to, you know, put some money back in their pocket, make sure it’s all working. 01:48-01:51 We also have some new IRS proposals. 01:52-01:55 The IRS