Dr. Friday Radio Show – September 28, 2024

In this episode of the Dr. Friday Show, financial counselor and tax consultant Dr. Friday discusses various tax-related topics, provides advice on business practices, and answers caller questions about specific tax situations.

Key topics covered:

• October 15th tax extension deadline and the importance of filing on time
• Quarterly estimated tax payments and penalties for late payments
• Business Ownership Information Act requirements and potential penalties
• Health insurance deductions for self-employed individuals
• Flex spending account carryover limits for 2024 and 2025
• Social Security benefits and taxation for those still working
• Medicare enrollment considerations and potential penalties
• 1031 exchanges and capital gains tax implications
• Employing children in family businesses and associated tax benefits
• Business mileage deduction rates for 2024
• Distinguishing between legitimate businesses and hobbies for tax purposes

Transcript

00:00.001 –> 00:06.640 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your 00:06.640 –> 00:07.640 financial woes. 00:07.640 –> 00:09.920 She’s the how-to girl. 00:09.920 –> 00:10.920 It’s the Dr. Friday Show. 00:10.920 –> 00:20.120 If you have a question for Dr. Friday, call her now, 737-WWTN. 00:20.120 –> 00:23.880 That’s 737-9986. 00:23.880 –> 00:27.640 So here’s your host, financial counselor and tax consultant, Dr. Friday. 00:27.640 –> 00:36.960 G’day, I’m Dr. Friday, and the doctor is in the house on this very rainy day. 00:36.960 –> 00:48.720 If you want to join the show, you can at 615-737-9986, 615-737-9986, taking your calls, talking about 00:48.720 –> 00:50.360 my favorite subject, taxes. 00:50.360 –> 00:54.700 Right now, we’re in the midst of finishing up the 2023 tax returns. 00:54.700 –> 00:57.280 They are due October 15th. 00:57.280 –> 01:02.180 If you filed an extension, if you are not on extension, you’re late. 01:02.180 –> 01:03.860 So probably makes no difference. 01:03.860 –> 01:08.740 But if you are on extension, you do need to file that return so you don’t get failure 01:08.740 –> 01:10.920 to file on time penalties. 01:10.920 –> 01:13.300 It does not extend the money. 01:13.300 –> 01:17.340 After all these years, it seems like I’ve said this a lot, but you need to realize it 01:17.340 –> 01:20.480 doesn’t extend the money that you owe. 01:20.480 –> 01:26.500 If you owe money and when you file in October, that money is going to have to be something 01:26.500 –> 01:31.540 that you should have paid back in April or even May quarterly throughout the time to 01:31.540 –> 01:33.140 do what you needed to do. 01:33.140 –> 01:38.860 So it’s not something that you can just say, “Hey, everybody would extend it to October 01:38.860 –> 01:40.220 15th if we didn’t have to pay. 01:40.220 –> 01:44.060 I mean, everyone would wait to the very last minute to make that payment.” 01:44.060 –> 01:46.220 So obviously, that’s not the case. 01:46.2