Welcome to the Dr. Friday Radio Show! Dr. Friday gives all the updates on taxes, deadlines, and the following topics:
and answers other caller’s questions!
TranscriptAnnouncer 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 and are we having another wild ride of it when it comes to tax season. People think sometimes my job is probably a little boring, all I do is taxes. But look at the last two years it has gone crazy. So just for all you that may have just tuned in, let’s remember that they have done an extension to May 17. Let’s start with that. May 17 is our new deadline for your 2020 tax filing for your tax returns on May 17, 2021. That will be an important date. Because if you have a need or something happening, then you need to make sure that you have done that which also means extensions will be extended. Right? We’ve always had April the 15th. I know last year was unique. We did it in July, this year, we’re doing it in May. And there are some really good reasons I have to give credit where credit is due. I know the American Association of CPAs, as well as the Enrolled Agents associations, have been ones that help push or encourage the IRS to take this into consideration. Because there are quite a few changes that have happened. And we need to make sure we know what’s going on. Because I know myself, I thought I was going to have to amend like 40 different tax returns. But we’re gonna talk about people that might have filed and then the changes affected them. Let’s go ahead and hit John about a loss of job unemployment limits. Hey, John.
Caller 2:02 Hey, Dr. Friday, thanks for taking my call today, I really appreciate it. I was unfortunately caught up in the COVID 19 turmoil like everybody else, and I lost my job because of that. So I’m now running a combination of like unemployment and gig work. I do realize like you just spoke about unemployment, it’s going to be treated a little bit differently because of that stimulus plan. But what’s the limit, when I have to start to be concerned about paying estimated taxes to the IRS? Is it the is worth using that standard deduction number that you get? Is there just no minimum? Or is there a maximum?
Dr. Friday 2:47 There is. It sounds like that you you work under as a musician or something along those lines, because it sounds like when you say gig work, I’m making that assumption. But anyway, so if you’re self-employed, or a combination of W2 and 1099 work, obviously all W2’s assuming that withholding is coming out, you don’t have to worry too much about those. But as subcontractors are 1099, anything over any money that we owe more than $500. So the standard deduction doesn’t come into play for our self-employment tax. So theoretically, you could have a negati
United States of Kennedy
United States of Kennedy is a podcast about our cultural fascination with the Kennedy dynasty. Every week, hosts Lyra Smith and George Civeris go into one aspect of the Kennedy story.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com