Dr. Friday Radio Show – May 1, 2021

Another episode of the Dr. Friday Radio Show is here, and you won’t want to miss it! In this episode, Dr. Friday talks all about taxes, new tax updates, and answers the caller’s questions:

• Tax Filing Deadline Is May 17, 2021
• Why Haven’t I Received My Tax Return?
• The SBA Has New Grants For Small Business Owners
• The PPP Is Open Until the End of May 31, 2021
• How Are Taxes Going Up?
• Who Is Going To Be Audited?
• Will There Be A Penalty For Early Withdrawal From My 401K or IRA?
• You Can E-File Tax Returns
• How To Find Your Stimulus
• Who Qualifies For A PPP Loan?

and so 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 0:29 Good day, I’m Dr. Friday and I’m live here in the studio. So if you have a question, the phone lines are open at 615-737-9986. We are taking your calls talking about my favorite subject only a couple of weeks left guys. Today is May 1, and we all know the deadline is May 17. So it is time to make sure if you haven’t filed taxes file an extension. Just a reminder, extensions are not extending the amount due, it only extends the paperwork required. So if you think you’re going to owe money, and you have the ability to pay some of it, my suggestion is to send a little of it along. Also, I’ve gotten quite a few phone calls this week, so I thought I’d go ahead and start the show out. For any of you that might be still in the marketplace, you have to file the 8962. Usually, many of you may have already done that early because you filed your taxes like we did. A lot of people with unemployment, if you did pay a penalty, if your income was exceeded the apt, then you usually file the 8962 to balance that out. Then you have to pay a portion of that back, they did waive that for the year 2020. It was a part of the American RescueAct that came in March 11, or 12th, of 2021. If you did already pay or you have it in the system to make a payment the IRS will be correcting. They’re asking people not if you have unemployment, and you filed early, or if you have 8962 or the repayment of the credits, do not file amended tax returns, they will be getting those corrected.

Dr. Friday 2:24 I also want to kind of put a little ear out there. I know a lot of people are looking for their refunds or looking for their stimulus checks their website is doing I’m assuming the best that they can do. Since I’m not a programmer, I don’t know how that all works very well. I will say that it seems like sometimes it doesn’t work really very well. But that being said, it is something that if you’re on the site, the IRS is running a little slow in doing the refunds. Some people seem to get it within 10 days, other people have been out 30-35 days. Keep in mind that the IRS now has to be matching for all these other things. If you have any unemployment if you’ve been on the marketplace, and you have 1095 and if you had stimulus money that you never received, all of these things are being added to the already extremely busy season for the IRS. So they’re having to make adjustments to make sure they’re not refunding money that is not entitled to that individual.

Dr. Friday 3:23 On the other hand, also making sure you’re not paying tax or not getting the refund that you should be getting with these adjustments. So my suggestion is to just keep watching, keep following. It may take a little bit longer than the usual 21 days. But the IRS is w