Welcome to another episode of the Dr. Friday Radio Show! In this show, Dr. Friday shares the latest tax updates, answers callers questions, and talks over the following topics:
How To Audit and Proof Your Business DocumentationWhat To Do If You're Receiving Letters From the IRSHow You Can Make A Deal With the IRSHow the IRS Decides If You Can Afford To Pay ThemWhy Entrepreneurs Should Be Paying Quarterly TaxesWhy Have I Not Received My Tax Return?Reasons Why You May Not Have Received Your Stimulus CheckHow Many Years of Taxes You Need To File To Get Back Into Compliance With the IRSDo You Have An IRS Issue That You Need Help With?Are There Advantages To Spreading Your IRA of 401K?Do You Need Help With Tax Representation?What Changes Is The Biden Campaign Making?
and much more!
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 0:29
Good day, I'm Dr. Friday, and the doctor is in the house. We are live here today. So you can join us at 615-737-9986. I am an enrolled agent licensed by the Internal Revenue Service to do representation and taxation. So guys, that's pretty much what I do. So if you haven't filed taxes, or you're getting all those love letters, there's liens, levies, and you're tired of it. Guess what, there's someone local here in town, not one of those national advertisers. There's someone here you can sit down face to face, and we can find a resolution.
Dr. Friday 1:09
I'm gonna be honest, I'm always straightforward with my clients. This just basically means if you can make a deal with the IRS, we will make a deal with the IRS. But if you're not able, because of Home Equity, 401k equity, you have the money you're inheriting or you have a second house, then the logic is you can pay someone all you want, but they're not going to ever get a true offer and compromise through. But we could resolution in other ways. So if you're interested in doing that, or you've got questions about letters you may have received, and I'm sure we've got listeners right now that have some questions about where in the good book is my stimulus money and or refund?
Dr. Friday 1:50
And I'm gonna be honest with you guys, there is no easy answer on that particular one. But if you want to join the show, or if you have received, you know, your refunds and you have been waiting for a long time, it might be reassuring for other people to hear and say, "Hey, I waited 60 days, but I finally got my stimulus money." That would be awesome. You can reach us here at 615-737-9986. And let's go to Pat in Marshall's. Nashville, sorry. I'm like reading that sideways. You had to be there. Hello, sweetie.
Hey, how are you? My husband and I are having a complication. My husband had changed his job last year, his job ended in March and because of COVID and everything he went and you know, be he was going to turn full retirement age in July of last year. So he went and applied, didn't enroll. But I mean, he applied to get his full benefits four months down the road. He went and applied for Social Security and they forced him to take Medicare Part A causing the last seven months of his HSA contributions to be eligible.
So we had to back out of everything, the employer wouldn't contribute to the fix in the first year because it overlapped 2019 and 2020. So we undid the excess ourselves, added it to the 2019 return as other income according to the IRS rules on the 889 Form instructions. And then in 2020, the employer had put in some money as well as my husband at pre-tax. We u