Dr. Friday Radio Show – January 11, 2025

In this episode of the Dr. Friday Radio Show, Dr. Friday dives into key tax updates and practical advice to help listeners navigate the 2024 tax season. From filing deadlines to common tax pitfalls, this episode is packed with useful tips for individuals, small business owners, and contractors alike. Plus, callers share unique tax situations, including gambling income, Medicare payments, and travel deductions.

Topics Covered

• Tax Filing Deadlines:
  • E-filing for 2024 taxes opens January 27, 2025.
  • Employers must issue W-2s by the end of January; IRS filing for employers due mid-February.
• Filing Tips for Early Filers:
  • Avoid using your last pay stub to file taxes; discrepancies can lead to IRS issues.
  • Tax credits like Child Credit or Earned Income Credit may delay refunds until mid-February.
• Mileage Deduction Insights:
  • Business mileage rates increased to $0.70 per mile for 2025.
  • Clear guidelines on deductible miles for delivery drivers and contractors.
• Medicare and Tax Considerations:
  • Paying Medicare premiums via Social Security or separately has no tax impact.
• Small Business Tips:
  • Importance of reconciling expenses and documenting credit card purchases for taxes.
  • Use tools like QuickBooks for receipt and record-keeping.
• Gambling Income & Deductions:
  • Winnings must be reported; deductions for losses limited to winnings and require itemization.
  • Key considerations for online gambling and tax obligations.
• Energy Tax Credits:
  • 30% tax credit for installing solar energy systems; unused credits roll over to future years.
• Unique Caller Questions:
  • Handling taxes on Canadian Social Security while living in the U.S.
  • Per diem and actual expenses for travel related to income-generating activities.
  • Addressing scams and financial exploitation from a tax perspective.
• Tax Scams Awareness:
  • IRS never demands payments via phone; verify any suspicious calls independently.

Transcript

00:00-00:05 If you want to join the show, you can at 615-737-9986. 00:05-00:09 615-7-37-9986. 00:10-00:13 And to be quite honest, it’s been a pretty quiet weekend. 00:14-00:16 Friday, most everybody was trying to deal with the snow. 00:17-00:19 Saturday, it’s been pretty nice on the roads. 00:19-00:23 I was out there a couple times, but still, it hasn’t been overly crazy. 00:25-01:59 But hopefully everyone will get back to work on Monday morning and we’ll be in good shape able to make it through and I’m sure all the kids love the snow day so that was actually a fun and exciting thing but if you have questions or you need help you can call the show I do realize it’s a it’s a pretty quiet day I’m not expecting a lot of phone calls but 615 737 986 615 737 97 9986 is the number here in the studio and you can call and ask your questions and then if you if I can help I’ll be definitely glad to you know we want to review it is what the 10th 11th of January so tax season for 2024 has started individuals are getting I know many of our clients have already received we use ADP so a lot of them have received their W-2s already some are still waiting the just so you know the employer does not have to have anything to the employees until the last day of January so and I believe they don’t even have to have filed with the Social Security Administration until the second week of February. So sometime between the end of January and the second week of February, if there’s been corrections or anything, you should b