Dr. Friday Radio Show – January 4, 2025

Welcome to the January 5, 2025 episode of The Dr. Friday Radio Show! Dr. Friday, an experienced tax consultant and financial counselor, is here to answer your tax questions and help you kick off the 2024 tax season the right way. Tune in as she covers key updates, answers listener calls, and shares practical advice for navigating taxes, RMDs, and financial planning in 2025.

Key Topics Covered:

• 2024 Tax Season Kickoff
  • Importance of organizing tax records early.
  • Recommendations for small business accounting tools like QuickBooks.
• BOI Compliance Updates
  • Recent court hold on the Business Owners Information (BOI) mandate.
• Estimated Tax Payments
  • Strategies for wage earners with investment income to avoid penalties.
  • Explanation of quarterly tax requirements for self-employed individuals.
• Claiming Dependents and Tax Credits
  • Guidelines for claiming non-income earning dependents, such as elderly parents.
• Inheritance and Taxes
  • Tax implications of life insurance payouts and inherited assets.
• Cryptocurrency Taxes
  • Warning about potential scams and clarification on crypto taxation rules.
• Required Minimum Distributions (RMDs)
  • Updates on rules for RMDs and Qualified Charitable Deductions (QCDs).
• Listener Questions
  • Topics ranged from Roth IRAs, trusts, and estate planning to charitable giving strategies.

 

Transcript

00:00-00:07 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your financial woes. 00:07-00:10 She’s the how-to girl. It’s the Doctor Friday show. 00:14-00:22 If you have a question for Dr. Friday, call her now. 737 W.WTN. That’s 7379986. 00:23-00:27 So here’s your host, financial counselor and tax consultant Dr. Friday. 00:27-00:32 Oops, I have a feeling I wasn’t talking. 00:32-00:33 This is Dr. Friday. 00:33-00:34 I’m here live in the studio. 00:35-00:36 And sorry about that. 00:37-00:40 We are wishing everyone to Merry Christmas and a Happy New Year’s. 00:41-00:44 And we’re getting ready to start the 2024 tax season. 00:45-00:47 And obviously it’s 2025. 00:47-00:52 So we’re going to get ready to making sure that everyone has their tax appointments, making sure that we’re dealing. 00:53-00:56 I want to start with the B-O-I business owners information. 00:56-01:00 You heard us talk a lot about that in the last year, especially in the last month. 01:00-01:06 And then, no surprise, someone decides they’re going to be taking that particular ruling to court. 01:06-01:08 So they put a hold on the mandate. 01:08-01:16 So if you did not comply or you’re not even sure what I’m talking about when I say B-O-I, at the moment, you are good. 01:16-01:18 You don’t have to worry about doing anything else. 01:18-01:23 All you have to worry about is getting your tax records ready for the 2024. 01:23-02:06 And if you’re a brand new company, making sure that you have, you know, starting the new year outright, start out with a good system. That system can be something as simple as pen and paper, to be quite honest with you. There are some businesses that really do do just fine with pen and paper, but the most likely or best system that we have found in almost 30 years of doing accounting and taxes is using Intuit or QuickBooks. It has changed a lot in the last, number of years. It was a little easier when everything I think some ways was on desktop. That may be just making me a little bit older. The online system does work. It’s just a little bit more u