Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday gives all the updates on taxes and the following topics:
New Tax Filing Deadline Is May 17, 2021What To Do If You Haven't Received Your Tax RefundThe New Proposed Inheritance Tax and Estate Tax ChangesThe third Stimulus Coming March 15- April 15Stimulus Check for All Dependants On Tax ReturnTax Extention Date Will Be ExtendedThe IRS Won't Take Taxpayers Refund Money To Pay Off Federal DebtsIf You Didn't Recieve Stimulus 1 or 2, You Can Claim Them On 2020 Tax ReturnDo You Need Help With Tax Representation?Stimulus Check for All Dependants On Tax Return
and answers other caller's questions!
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. It is a stormy, kind of not a very happy outdoor Saturday. But we are still working taxes, guys. For all of you procrastinators, you do have another almost 30 days, it will go till May 17 is the new April 15 deadline, I guess if that makes sense. We usually file on April 15, they've extended it out to May 17. So you do have a little bit of time where you can go and make sure you've got all of your records, make sure you understand all the forms coming in. For small business owners make sure that you're getting those tax grants in your tax numbers. Because we don't want to have to come back later and have to amend those tax returns or you know deal with those.
Dr. Friday 1:17
If you want to join the show, you can 615-737-9986. As an Enrolled Agent, I'm licensed by the Internal Revenue Service to do taxes and representation. So that means guys, this show is about taxes or tax issues. So if you are working on your own tax return, or maybe you're trying to figure out what's going on with your refund. This morning, I've had a couple individuals texting and emailing me saying they haven't received their refunds yet, and what can be done about it. So we'll talk a little bit about that. Or if you're just trying to complete your tax return, and you're a little confused about some of the new things going on. We do want to reiterate out there for all of you that might have filed your taxes. I know I have about 40 returns who filed your taxes before the March 12 signing of the American Rescue bill. Do not amend your taxes if you have a change due to the $10,200 waiver. Now, I want to reiterate that there is a $10,200 waiver for people on unemployment but only for those individuals that earned $75,000 or less as an individual or a married couple making $150,000 or less. So if you did get unemployment and you made more money throughout the year on those, you are not going to be able to take the waiver for the $10,200. It's supposed to only be helping those particular individuals. But if you have questions about that, or something else going on, this is the show be interesting and also helps all the listeners. So let's go ahead and get to the phone lines. Let's go hit Larry. Hey, Larry, what's happening?
Quick question about IRA. Actually, cashed one out last year, about 160,000, and took out 418 taxes for that made a mistake by doing that. So I've opened another one for [inaudible] trying to offset some of the penalties and interest that I took. But I don't see how to claim that on my taxes. How does that work?
Dr. Friday 3:34
Okay, so you're gonna go and when you put it on, there's going to be an 8606. And on that there is a new one for just this year, where a lot of people took money out for the COVID situation,