Dr. Friday Radio Show – September 11, 2021

Welcome to the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

• Tax Extension Deadline Oct. 15 To File Your Tax Return
• Operating Businesses Tax Extention Deadline September 15, 2021
• Quarter Estimates due September 15, 2021
• Returns for C corporations That Are On a Calendar Year Have Now Been Extended to October 15, 2021
• Apply For Forgiveness For PPP Loan
• How To Verify Your Identify With the IRS
• Why You Need To Adjust To Your W4
• What Are The Current Capital Gains Rates?
• Is the $300 Charitable Deduction for 2021?
• Do You Have An IRS Issue That You Need Help With?
• Do You Need Help With Tax Representation?
• Tips On How To Lower Your Taxes

and 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 0:30 Good day, I’m Dr. Friday and the doctor is in the house and we are here live. So if you do want to join the show, you can pick up the phone at 615-737-9986. That’s a number here in the studio. Many of you are probably working this weekend possibly like I am because this is the last big weekend before tax season.

Dr. Friday 0:53 For businesses, it’s going to be here on September 15, which is next Wednesday is the final day. If you filed an extension on a corporation and LLC, trust in some cases 1120, 1120 S, and 1065 are the main ones. And if you file any of those, and you follow the extension, this coming Wednesday, 9/15 will be the deadline and so many of us are working on tax returns this weekend to make sure that they get filed on time.

Dr. Friday 1:22 And if you’ve got a question or if you’re in the process of filing one and you’ve come across something you need to ask feel free to give us a call again here in the studio at 615-737-9986.

Dr. Friday 1:35 I have been taking quite a few appointments this week, talking to people that are trying to figure out 2021, we’re already three-quarters of the way through almost. And there’s a lot of talk of what’s happening back in the House and the Senate.

Dr. Friday 1:50 Just to bring up to date for some of the people that may not follow everything happening there is that you have the ability to Secure Act that passed in 2019. And then there, of course, they changed a few things for IRAs and workers. But now there are some more proposals in front of the House and the Senate that will even go further than what happened on the Secure Act.

Dr. Friday 2:13 Of course, one of the proposals is raising the age for taking minimum distributions from 72, which is what happened in the Secure Act up to the age of 75, which means you can leave your money longer in an IRA, let it grow. And then that way you would be able to sorry about that guys, let it grow longer. And that means your mandate to take it out of an IRA would be longer.

Dr. Friday 2:39 So it was 70, it went to 72. And now they’re trying to approach the age of 75. Also allowing more part-time to participate in 401 K’s enhancing tax credits for small business owners that had the workplace and letting people age 60 and older to contribute still to a 401k. And expanding the charitable contribution.

Dr. Friday 3:03 The qualified charitable deduction or distribution, I think is a pretty well unknown text to break for people that are taking RMDs. Mo