Dr. Friday Radio Show – March 8, 2025

Welcome to the Dr. Friday Radio Show recap for March 8, 2025! Dr. Friday, a financial counselor and tax consultant, discussed crucial tax topics, business regulations, and answered live caller questions. If you’re navigating tax season or dealing with financial concerns, this episode provided valuable insights and updates to keep you informed and compliant.

Key Topics Covered:

• Beneficial Ownership Information (BOI) Filing:
  • Deadline approaching (March 21, 2025) for businesses registered with the state.
  • Applies to LLCs, S-corps, C-corps, partnerships, and other entities.
  • Failure to file results in penalties of $592 per day.
  • BOI is required for transparency in ownership to prevent money laundering.
• Tax Filing & Extensions:
  • Corporate tax returns (Forms 1065, 1120S) due March 15, 2025.
  • Importance of filing an extension to avoid penalties.
  • Individual tax deadline and when to consider filing an extension.
• Handling Missing Tax Documents:
  • What to do if you haven’t received all necessary forms.
  • The importance of estimating income to avoid penalties.
• Job Changes & Tax Implications:
  • W-4 form adjustments when switching jobs.
  • Checking the right boxes to prevent under-withholding.
  • Married couples and how incorrect W-4s can lead to unexpected tax bills.
• Gifting & Tax Consequences:
  • Gift tax exemption limits ($18,000 per person in 2025).
  • Gifting real estate and how the recipient’s cost basis is determined.
  • Potential tax liabilities when selling gifted property.
• Charitable Contributions & Deductions:
  • Standard deduction vs. itemizing for tax benefits.
  • How to maximize tax savings through direct IRA charitable contributions.
  • Donating vehicles: necessary documentation and valuation.
• Capital Gains & Roth Conversions:
  • Long-term capital gains tax brackets.
  • Strategic Roth conversions to minimize tax burden.
  • Tax-efficient ways to manage stock and investment assets.
• Upcoming Tax Code Changes in 2026:
  • Expiration of the current tax brackets.
  • Potential increases across income levels.
  • Implications for long-term tax planning.

 

Transcript

00:00-00:04 She’s not a medical doctor, but she can sure cure your tax problems or your financial woes. 00:04-00:08 She’s the how-to girl. It’s the Dr. Friday Show. 00:08-00:19 If you have a question for Dr. Friday, call her now, 737-WWTN. That’s 737-9986. 00:19-00:24 So here’s your host, financial counselor and tax consultant, Dr. Friday. 00:28-00:32 Hey, I’m Dr. Friday and the doctor is in the house. 00:32-00:39 And we’ll be able to take your calls live today at 615-737-9986. 00:39-00:46 615-737-9986 is the number here in the studio. 00:46-00:48 So if you’d like to reach us, you can give us a call. 00:48-00:51 We’re working on taxes ourselves here in the office. 00:51-00:58 So if you have a question on preparing your tax return, maybe you’re dealing with something else, as far as maybe something came up in 2025. 00:58-01:07 Usually we have a lot of people that are either selling homes or inheriting property, and they’re not always sure how that’s going to affect the taxes. 01:07-01:09 Maybe you’re working on a conversion. 01:09-01:15 All of those come into play, to be quite honest, as we get going here in the real world. 01:15-01:24 So if you have a question on that, don’t hesitate to give us a call here at 615-737-9986. 01:24-01:28 615-737-9986. 01:28-01:30 We’ll take your calls, taking things. 01:30-01:33 I do want to start out the day or at least start. 01:33-01:35 We may have probably covered this a couple different times. 01:35-01:38 Beneficial ownership information, BOI. 01:39-01:41 We talked a lot about this last year. 01:41-01:50 And then we said, wait, you didn’t have to do anything with it because, you know, it came back and they said, oh, we’re going to take it to court and we’re not going to be dealing with this. 01:50-01:52 And then boom, guess what? 01:52-01:53 They’re dealing with it. 01:53-02:17 So this is something that’s very important that you need to make sure that if you are any entity that’s registered with the state, so that would be single member LLCs, sub-S corporation