Dr. Friday Radio Show – November 9, 2024

In this episode of the Dr. Friday Radio Show, Dr. Friday discusses essential tax updates, business requirements, and strategies for keeping on top of IRS obligations. Whether you’re a business owner, contractor, or simply have tax questions, Dr. Friday provides valuable insights and practical advice for tax season and beyond.

Topics Covered:

• Business Owner Information (BOI) Filing: New requirements for businesses registered with the state, with a December 31, 2024 deadline.
• Tax Deductions for Contractors: Advice on allowable deductions, including mileage and clothing guidelines for 1099 workers.
• Saving for Taxes as a Subcontractor: Importance of setting aside 20-25% of net income for tax payments to avoid surprises.
• Capital Gains Tax on Real Estate and Business Sales: Tips for managing taxes on large asset sales and avoiding financial pitfalls.
• Estate Planning and Collectibles: How to handle valuable collections in your estate, valuation issues, and charitable donations.
• IRS Payment Plans and Hardship Options: Guidance on payment plans, compromises, and asset considerations for those in debt to the IRS.
• Veteran’s Day Tribute: Appreciation for military veterans and their families, recognizing their service and sacrifice.

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 Doctor Friday show. 00:14-00:22 If you have a question for Dr. Friday, call her now. 737 W.WTN. That’s 7379986. 00:23-00:27 So here’s your host, financial counselor and tax consultant Dr. Friday. 00:27-00:57 Good day. I’m Dr. Friday, and I’m here live in the studio. So if you want to join us, if you’ve got questions concerning taxes or what we have to expect coming up, you can give us a call here in the studio at 615-737-9986. 615-737-9986. You’ll need to make the board live on X-screen. And then we… 00:57-01:04 As an enrolled agent, I am licensed by the Internal Revenue Service to do taxes and representations. 01:04-01:05 So that’s pretty much all I do. 01:05-01:11 So this show talks a lot about the different taxes that we are responsible for when we need to file taxes. 01:12-01:13 I’ve been talking quite a bit. 01:13-01:14 I thought it was funny. 01:14-01:20 One of my clients called me or text me the other day and said, have you heard anything about B-O-I? 01:20-01:26 And I’m like, yes, I have been talking about business owner’s information, the requirement that’s due by the last day of this year. 01:26-01:33 and if you’ve opened up a new company in 2024, you need to be doing it within like 30 days. 01:33-01:41 So pretty much anyone that sets up a new company needs to also basically set up their B-O-I. 01:42-01:46 So that way, and it’s not the most complicated thing, but if you need help, obviously we’re here. 01:46-01:52 But it’s important that it’s done because they’re very scary about the penalties that are coming out. 01:52-01:56 They’re saying $500 a day if you don’t comply. 01:57-01:58 I don’t know. 01:58-01:59 We’ve never seen this. 01:59-02:05 So I have no experience of knowing what is or what isn’t going to be available to us. 02:05-02:11 But it is important that we comply so we don’t even have to find out how that $500 a day is going to happen. 02:12-02:13 Phone system is off just so you know. 02:15-02:16 He’ll be turning it on in just a second. 02:17-02:18 It looks like it’s got X’s on the whole board. 02:19-02:20 You can give us a call here. 02:20-02:21 6.1. 02:21-02:21 Thank you. 02:21-02:22 615. 02:2