Dr. Friday Radio Show – July 31, 2021

Another episode of the Dr. Friday Radio Show is here! In this podcast, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

• What Are The American Rescue Plan Act and the Consolidated Appropriations Act of 2021?
• Apply For Forgiveness For PPP Loan
• Tips On How To Lower Your Taxes
• Tax Extension Deadline Oct. 15 To File Your Tax Return
• When Can I Apply For Forgiveness for Second PPP Loan?
• The Latest Biden Campaign Tax Changes
• Do You Have An IRS Issue That You Need Help With?
• Do You Need Help With Tax Representation?
• Can I Make A Deal With the IRS?

and much more! Transcript Announcer 0:01 No, no, no, she's not a medical doctor, but she can sure cure your tax problems or your financial woes. She's the how-to girl. It's the Dr. Friday show. If you have a question for Dr. Friday, call her now at 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday. Dr. Friday 0:30 Good day, I'm Dr. Friday and the doctor is in the house. We are live here on this beautiful Saturday. And if you want to join the show, all you have to do is pick up the phone and call 615-737-9986. We are taking your calls live. Dr. Friday 0:49 Maybe you're thinking about taxes. You've probably heard me on either here or even on NewsChannel 5 talking about the August 2 date, which is Monday for anyone that lives in most of the surrounding counties, Williamson, Maury, Davidson, all of these counties would have been on a federal extension, which means that if for some reason you did not file an extension back in April, or you did but you owe money, now would be the time to make sure that payment is posted by Monday. So that way, you may find that your penalties and interest will be quite a bit lower than what you would have had if you wait till October at this point. So think about that. So that way you have something to possibly save. Dr. Friday 1:35 And you probably heard but they did not extend the extension for landlords for, I should say renters, actually. So now landlords will be able to start doing evictions, which I'm sure there are people on both sides, that table but being a landlord and people, you know, having had people live in your home without paying rent or getting very minimal amounts from the government not to offset your own mortgage. So many landlords at this moment have had to put their home mortgages on hold, which means they're not moving forward. And in some cases, the banks have actually caused, you know, because the money's in the landlord's name, not the renter's name, that house could become jeopardized for that. So I think that was a good move. Dr. Friday 2:21 So if you have renters that are not paying, and I have been extremely blessed, that I would suggest getting out there as soon as possible, because they may change that rule again. But for the next six weeks, since they're not in the office, I would say that you have time to make sure that your renters are actually paying rent. Dr. Friday 2:41 Alright, so if you've got questions. Again, we have taxes, and we've had quite a few tax laws that have changed in the last year, we had the American Rescue Plan Act and the Consolidated Appropriations Act of 2021. And those are both under Biden, and many of them have temporary situations that will only affect the year 2021. Dr. Friday 3:07 One of the biggest ones because I know come July, or you know what you guys all received, or many of you that have children, would have received your first installment for the Child Tax Credit or the Dependent Care Credit. And that is just for most people, that is a temporary situation, that is not something that's on the books to continue from year to year. This is