Dr. Friday Radio Show – October 26, 2024

In this episode of the Dr. Friday Radio Show, Dr. Friday addresses tax extensions for those impacted by Tropical Storm Helene, tax planning, and ways to manage unexpected IRS debts. She also discusses end-of-year gift ideas for clients, unique holiday plans, and shares a few personal anecdotes. This episode is packed with helpful tax tips and guidance for listeners navigating IRS and estate issues.

Topics Covered:

• Tropical Storm Helene Tax Extensions: Extended deadlines for Tennessee residents impacted by the storm.
• Voting Reminder: Importance of voting and early voting benefits.
• Tax Payment Plans: Steps for negotiating and maintaining affordable IRS payment plans.
• IRS Collection Hardship Options: Non-collectable status for those facing severe financial challenges.
• Estate Management: Tax considerations for inherited assets and stocks, including capital gains.
• Gift Ideas for Clients: Unique, personalized holiday gifts, featuring Lolita Roasters coffee.
• IRS 1099-K Changes: New transaction thresholds for 2024 and 2025.
• Avoiding Tax Scams: Recognizing fake IRS or sheriff calls.
• Energy Credits Update: IRS energy credit regulations and required PIN numbers for 2025.

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. 00:27-00:38 Gooday, I’m Dr. Friday, and the doctor is in the house, and we’re here on this wonderful Saturday to take questions concerning taxes. 00:39-00:41 I did want to start the show talking. 00:41-00:55 I had a person that sent me a question asking about the fact that they were affected by the Tropical Storm Helene in Tennessee, and they were not able to make the October 15th deadline. 00:56-01:06 If you were affected by the storm, we are under an additional extension only for the people that fit into those storm areas. 01:06-01:17 And they have until May 1st, 2025, that applies to your quarterlies, that applies to your final payments. 01:17-01:22 So that would be April 15th, April, January 15th, April 15th, the 25th. 01:22-01:30 The deadline applies to quarterly payroll and excise taxes that might have been due on October 31st or January or April. 01:31-01:39 In addition to penalties and excise deposits that were done after September 26, 24, that might have been due after that due date. 01:40-01:46 There are waivers and extended state circumstances, but you do need to be in the true affected area. 01:46-01:48 It’s not the entire state getting this waiver. 01:49-01:58 So in the case of this particular individual that was hit, there’s no question you have time, probably not to be worrying about taxes as much as other issues. 01:58-02:10 So if you have something like that that may have come up, there is, like I said, there is an additional extension for individuals that were affected directly or in the area of where that happened. 02:11-02:18 Then you’ll be able to, and this will be for companies as well, businesses, payroll taxes, things like that that might have been due. 02:18-02:47 you will be able to apply for penalty waivers if that was a situation. So if you’ve got questions on that, you can always call our firm. But if you’ve got questions today, you can give us a call at 615-737-99-86. 615-737-99-86. This morning I was out and I was able to do my part. I voted. Hopefully, anyone that’s listening that’s kind of on the fence that maybe yo