Dr. Friday Radio Show – November 16, 2024

Welcome to the Dr. Friday Show from November 16, 2024! Dr. Friday, an enrolled agent and tax consultant, dives into timely financial tips and tax strategies to help you navigate the end-of-year tax planning season. Whether you’re preparing for changes in tax law, exploring charitable giving options, or tackling IRS debt, Dr. Friday has you covered.

Topics Covered

• End-of-Year Tax Planning:
  • Review tax situations before year’s end to make smart financial decisions.
  • Consider Roth conversions, stock sales, and tax estimates.
• Accelerated Depreciation:
  • Current depreciation rate is 60% for 2024, impacting major asset purchases.
• Charitable Contributions & Qualified Charitable Distributions (QCDs):
  • Maximize giving while lowering taxable income through QCDs.
  • Understand standard deduction limits for single and married taxpayers.
• Estate Planning & Trusts:
  • Importance of wills and trusts to avoid probate and protect assets.
  • Planning for special needs or addiction issues within families.
• IRS Debt Solutions:
  • Options include non-collectible status, payment plans, and offers in compromise.
  • Bankruptcy as a potential last-resort strategy.
• Business Owners Information Act (BOI):
  • New filing requirements for 2024 to avoid steep penalties.
• Maximizing Standard Deductions:
  • Sales tax, property tax, and mortgage interest strategies.
• Unique Holiday Gifting Idea:
  • Highlighting Lolita Roasters’ custom coffee blends for client gifts.

Transcript

00:00-00:07 No, no, no. She’s not a medical doctor, but she can sure cure your tax problems or your financial woes. 00:08-00:11 She’s the how-to girl. It’s the Dr. Friday Show. 00:14-00:22 If you have a question for Dr. Friday, call her now. 737-WWTN. That’s 737-9986. 00:23-00:27 So here’s your host, financial counselor and tax consultant, Dr. Friday. 00:27-00:34 G’day, I’m Dr. Friday and the doctor is in the house. 00:35-00:40 And we’re going to be here talking for the next hour about my favorite subject, which is taxes. 00:41-00:56 And seeing if there’s anything new we need to be covering as far as at the moment, nothing has obviously changed due to the president coming into the White House or will be coming in in January. 00:56-01:12 That’s not going to change anything at this moment. So we’re just waiting to see what will come if you’ll extend the current tax changes. But at the moment, what we’re looking at is just what we know, which means the current tax laws will change at the end of 2025. 01:12-01:32 This year, right now, accelerated depreciation is at 60%, which is important to know because at 60% means if you go buy, and a lot of people like to go buy new trucks or buy a new dozer or a piece of equipment, and you’re looking at being able to write the entire thing off, you will not be able to do this. 01:32-01:36 You couldn’t do it last year, but it’s also less this year than what you had. 01:36-01:41 So we’ll be one of those deals where you’re like, OK, got it. No big deal. 01:41-01:47 But I just want to make sure that we’re all on the same page and that we’re able to make sure we’re estimating our taxes. 01:47-01:57 Now is the time to have those conversations. Right. Because we don’t have anything that we can count on other than what we know. 01:57-02:00 And if we want to make a change, met with a couple the other day. 02:00-02:08 And the biggest reason you have someone that helps you with taxes,