In this episode of the Dr. Friday Radio Show, Dr. Friday delves into crucial tax updates and financial strategies. From the essentials of tax preparation to navigating new IRS regulations, this episode offers valuable advice for both individuals and businesses. Key highlights include: Preparation for Tax Season: Importance of gathering W-2s and 1099s without rushing the filing process to ensure accuracy. 1099-K Form Thresholds: Updated requirements for digital and small-scale sellers, emphasizing its effect on gig economy participants. Tax Filing Requirements: Guidance on who needs to file taxes, focusing on income thresholds and specific financial circumstances. Dependents and Education Credits: Tips on claiming dependents and maximizing education-related credits. Digital Assets and IRS Regulations: Overview of new IRS guidelines on reporting digital assets. Business Tax Compliance: Insights into beneficial ownership information compliance and clean energy credits under new tax laws. This episode is packed with expert advice to help listeners efficiently navigate their tax responsibilities and optimize financial planning for the year ahead. Transcript 00:00:00.000 --> 00:00:06.280 No, no, no, she's not a medical doctor, but she can sure cure your tax problems or your 00:00:06.280 --> 00:00:07.280 financial woes. 00:00:07.280 --> 00:00:09.540 She's the how-to girl. 00:00:09.540 --> 00:00:11.120 It's the Dr. Friday Show. 00:00:11.120 --> 00:00:19.800 If you have a question for Dr. Friday, call her now, 737-WWTN. 00:00:19.800 --> 00:00:23.520 That's 737-9986. 00:00:23.520 --> 00:00:29.520 So here's your host, financial counselor and tax consultant, Dr. Friday. 00:00:29.520 --> 00:00:34.600 G'day, I'm Dr. Friday and the doctor is in the house today. 00:00:34.600 --> 00:00:38.920 We're going to be talking about my favorite subject, which of course is taxes. 00:00:38.920 --> 00:00:44.120 There has been a few minor upchanges on a few things that might be on the other, ununique 00:00:44.120 --> 00:00:47.480 side of things, but we're going to cover that. 00:00:47.480 --> 00:00:51.960 And of course, many of you are probably getting all of your tax records together, so it's 00:00:51.960 --> 00:00:56.280 time for you to probably start thinking about, I wouldn't rush still because I know many 00:00:56.280 --> 00:00:57.840 people are still waiting. 00:00:57.840 --> 00:01:00.760 W-2s do not have to be out quite yet. 00:01:00.760 --> 00:01:05.120 1099s are still being processed, at least in our office. 00:01:05.120 --> 00:01:11.360 So many of those will be something that may hold you up in processing that information 00:01:11.360 --> 00:01:15.520 and don't rush to file something until you have all of your documentation. 00:01:15.520 --> 00:01:20.760 It's not worth the IRS turning around and changing your tax return, which is something 00:01:20.760 --> 00:01:26.380 that can happen anytime they don't have the right information on the right lines that 00:01:26.380 --> 00:01:28.160 matches what they think you should have. 00:01:28.160 --> 00:01:30.360 All right, we're going to go right to the phone lines. 00:01:30.360 --> 00:01:31.360 We've got Ryan. 00:01:31.360 --> 00:01:34.040 I love it when my phone lines start lighting up early. 00:01:34.040 --> 00:01:35.040 Hey Ryan, what's happening? 00:01:35.040 --> 00:01:36.040 I hope it's Brian because that's me. 00:01:36.040 --> 00:01:37.040 Oh, okay. 00:01:37.040 --> 00:01:38.040 Brian, I am so sorry. 00:01:38.040 --> 00:01:39.040 My typo on that one. 00:01:39.040 --> 00:01:50.040 Let me give you my total and see if I need to say federal. 00:01:50.040 --> 00:01:51.040 29,865. 00:01:51.040 --> 00:01:55.820 Social Security of that is 27,816. 00:01:55.820 --> 00:02:00.820 And the other is PBC and just a little bit of

In the January 20th episode of the Dr. Friday Tax Show, Dr. Friday, an experienced financial counselor and tax consultant, delves into crucial topics for the 2024 tax season. This episode highlights important updates including: Beneficial Ownership Information Compliance: Urgent for business owners to comply by January 1, 2025, with significant penalties for non-compliance. IRS E-file Opening Delayed: Now starting January 29th, impacting early filers, especially those with earned income and child tax credits. Social Security and Tax Liabilities: Discusses how income changes affect Medicare costs and child support calculations. Small Business Tax Filings: Critical deadlines for 1120-S and 1065 forms emphasized. Handling Disability Benefits and Trust Incomes: Insight into tax implications for those receiving disability benefits and beneficiaries of trusts. Interactive Listener Queries: Addresses a variety of questions, from personal tax situations to complex issues. Essential for business owners, retirees, and individual taxpayers, this episode offers a wealth of information to smoothly navigate through the tax season. Transcript 00:00:00.000 --> 00:00:07.000 No, no, no, she's not a medical doctor, but she can sure cure your tax problems or your financial woes. 00:00:07.000 --> 00:00:11.000 She's the how-to girl. It's the Dr. Friday Show. 00:00:11.000 --> 00:00:22.000 If you have a question for Dr. Friday, call her now. 737-WWTN. That's 737-9986. 00:00:22.000 --> 00:00:28.000 So here's your host, financial counselor and tax consultant, Dr. Friday. 00:00:29.000 --> 00:00:36.000 G'day, I'm Dr. Friday and the doctor is in the house on this very cold Saturday. 00:00:36.000 --> 00:00:41.000 Many of you may be at the house, not actually out running around, but who knows? 00:00:41.000 --> 00:00:44.000 When I went out earlier, it looked like it was a bit busy out there. 00:00:44.000 --> 00:00:48.000 So, I will say that many people probably have enjoyed the snow a little bit. 00:00:48.000 --> 00:00:52.000 But, hopefully that will go away so we can get back into some serious business. 00:00:52.000 --> 00:00:56.000 A little hard for people to get to their tax appointments when there's snow coming down. 00:00:56.000 --> 00:01:03.000 So, if you want to join the show today, if you've got questions concerning taxes or things that you may have heard or you're working on, 00:01:03.000 --> 00:01:09.000 either your 2023 filings or preparing for 2024, something that may be coming up, 00:01:09.000 --> 00:01:19.000 all you have to do is pick up the phone. 615-737-9986. 00:01:19.000 --> 00:01:27.000 We're getting a lot of phone calls on the BOI or the Small Business Compliance Guide that's put out by the Finance Criminal Enforcement Network. 00:01:27.000 --> 00:01:32.000 This is a true thing, beneficial ownership information, BOI. 00:01:32.000 --> 00:01:38.000 Many of you are getting emails or being told by other individuals that this needs to be filed. 00:01:38.000 --> 00:01:43.000 It does need to be filed and the rules are kind of interesting. 00:01:43.000 --> 00:01:52.000 So, if you already have a business and it started prior to 2024, you have until January 1st, 2025. 00:01:52.000 --> 00:02:01.000 If you've opened it in this first period, you only have less than 90 days to actually put this BOI in. 00:02:01.000 --> 00:02:10.000 So, if you've just opened up a new LLC or a new corporation, then you need to make sure if you are required to file the beneficial ownership information, 00:02:10.000 --> 00:02:14.000 that that is done. Basically, they're going to have us doing it within 30 days. 00:02:14.000 --> 00:02:23.000 And the penalties, guys, are ridiculous. According to the last thing I read, the fine is $500 a day if it is not done. 00:02:23.000 --> 00:02:32.000 That is ridiculously high. Again

Welcome to the Dr. Friday Radio Show! In this episode, Dr. Friday provides valuable insights into the intricacies of tax preparation and compliance. Key topics include the delay in IRS e-file opening, the crucial Small Entity Compliance Guide, and the urgent need for business owners to understand the Beneficial Ownership Information requirements. Dr. Friday emphasizes the importance of accurate tax documentation and the potential implications on Medicare and Social Security. The episode also covers payroll tax issues, child support considerations in relation to Social Security, and questions about capital gains on real estate sales. Insightful call-ins add to the dynamic discussion, making this a must-listen for anyone seeking practical tax advice. Key Highlights: IRS E-file Delay: The opening of IRS e-file is postponed to January 29th, impacting the filing process for basic tax returns. Beneficial Ownership Information Compliance: A critical alert for business owners about the substantial penalties for non-compliance by January 1, 2025. Medicare and Social Security Impacts: Discussions on how income changes, including Social Security benefits, can affect Medicare costs and child support calculations. Real Estate Sales and Taxes: Guidance on the tax implications and exclusions related to selling property, particularly for seniors in different living situations. Interactive Listener Queries: Dr. Friday addresses a variety of caller questions, from payroll tax concerns to retirement account rollovers. Whether you're a business owner, retiree, or individual taxpayer, this episode is packed with essential information to help you navigate the complexities of tax season. Transcript 00:00:00.000 --> 00:00:06.880 No, no, no, she's not a medical doctor, but she can sure cure your tax problems or your 00:00:06.880 --> 00:00:07.880 financial woes. 00:00:07.880 --> 00:00:10.100 She's the how-to girl. 00:00:10.100 --> 00:00:11.600 It's the Dr. Friday Show. 00:00:11.600 --> 00:00:18.720 If you have a question for Dr. Friday, call her now. 00:00:18.720 --> 00:00:19.720 737-WWTN. 00:00:19.720 --> 00:00:20.720 That's 737-9986. 00:00:20.720 --> 00:00:27.720 So here's your host, financial counselor and tax consultant, Dr. Friday. 00:00:27.720 --> 00:00:35.600 Hey, this is Dr. Friday and the doctor is in the house. 00:00:35.600 --> 00:00:42.800 We are here live in studio on this very cold Saturday, getting ready to start our tax season. 00:00:42.800 --> 00:00:45.680 Well, actually, it's already started, already completing returns. 00:00:45.680 --> 00:00:53.000 I will let you know that the IRS is now saying January 29th for many of my very basic W-2 00:00:53.000 --> 00:00:58.560 only tax returns, that e-file will not open until January 29th. 00:00:58.560 --> 00:01:02.640 So in some cases, if you were thinking to rush to that line and get your money back 00:01:02.640 --> 00:01:07.920 from the IRS, you may have to wait a little longer than you expected. 00:01:07.920 --> 00:01:12.040 But if you're working on your taxes this weekend or you've got some questions, a little call 00:01:12.040 --> 00:01:17.600 out to all my prior or existing clients that we, you know, every year obviously handle 00:01:17.600 --> 00:01:19.200 your taxes. 00:01:19.200 --> 00:01:23.960 If you don't see a time, our calendar, the calendar is open at drfriday.com. 00:01:23.960 --> 00:01:26.560 If you don't see an available time, just call the office. 00:01:26.560 --> 00:01:31.040 We do have available time, so we just can't open up on the calendar because, well, if 00:01:31.040 --> 00:01:35.400 we do, then we'll have no more time because it goes as quickly as we have. 00:01:35.400 --> 00:01:38.680 So that being said, just keep us in the loop. 00:01:38.680 --> 00:01:48.920 And then if you want to join the show, 615-737-9986, 615-737-998

Welcome to the Dr. Friday Radio Show, January 6th, 2024 edition! In this insightful episode, Dr. Friday, a seasoned tax consultant and financial counselor, navigates through the complexities of the tax season. The show delves into various tax-related topics, including the implications of real estate transactions, capital gains tax, and retirement account distributions. Additionally, Dr. Friday provides personalized advice to callers on issues ranging from tax deductions and inheritance taxes to Social Security and Medicare impacts. This episode is a treasure trove of valuable information for anyone looking to make informed decisions during the tax season. Key Highlights: Real Estate Insights: Dr. Friday discusses the tax implications of buying and selling real estate, offering expert advice on how these transactions affect tax filings. Capital Gains Clarifications: Callers receive detailed explanations about capital gains tax, especially concerning the sale of long-held stocks and assets. Retirement Accounts and Taxation: The episode covers the tax treatment of distributions from traditional IRAs, including the tax liabilities arising from such withdrawals. Social Security and Medicare Considerations: Dr. Friday addresses questions about the taxation of Social Security benefits and the potential Medicare implications of increased income. Interactive Q&A: The show features interactive segments where listeners call in with specific tax queries, which Dr. Friday addresses with her expertise. Small Business Tax Tips: Valuable information is shared about business tax filing deadlines, the importance of updating business licenses, and other regulatory compliances. Whether you're a taxpayer seeking guidance on personal finance, a retiree grappling with tax implications, or a small business owner, this episode offers a wealth of knowledge to navigate the tax season confidently. Transcript 00:00:00.000 --> 00:00:06.780 No, no, no, she's not a medical doctor, but she can sure cure your tax problems or your financial woes. 00:00:06.780 --> 00:00:10.320 She's the how-to girl. It's the Dr. Friday Show. 00:00:10.320 --> 00:00:21.800 If you have a question for Dr. Friday, call her now. 737-WWTN. That's 737-9986. 00:00:21.800 --> 00:00:26.960 So here's your host, financial counselor and tax consultant, Dr. Friday. 00:00:29.320 --> 00:00:33.360 G'day, I'm Dr. Friday and the doctor is in the house. 00:00:33.360 --> 00:00:37.880 It is that time of the year where it's going to start getting a bit more crazy. 00:00:37.880 --> 00:00:44.320 Tax season is upon us and we have just finished up, it feels like, the last tax year. 00:00:44.320 --> 00:00:46.320 So we will be talking mostly about 00:00:46.320 --> 00:00:52.080 2023. Doesn't mean that if you haven't filed prior tax years or if you're having tax issues in other ways 00:00:52.080 --> 00:00:55.540 that there might be something that we need to still address as well. 00:00:55.680 --> 00:01:00.440 But the important part of all this is we are ready to get going with 00:01:00.440 --> 00:01:05.360 2023 tax season, which is going to be a crazy one. 00:01:05.360 --> 00:01:11.040 Not a lot of changes from last year to this year to be quite honest if we're looking at certain things. 00:01:11.040 --> 00:01:16.240 You know, tax brackets always change a little bit and itemizing. 00:01:16.240 --> 00:01:20.480 But I still have a large number of people that seem to be buying and selling real estate. 00:01:20.480 --> 00:01:22.880 And so that does have an effect on us. 00:01:23.480 --> 00:01:27.640 And different times and if you have some of that. 00:01:27.640 --> 00:01:29.640 So that will be something we'll take. 00:01

Welcome to the Dr. Friday Radio Show Christmas Special 2023! Hosted by financial counselor and tax consultant, Dr. Friday, this episode promises a blend of financial insight, lively discussions, and festive giveaways. Joined by special guest Dr. Electric (Joe Macri), the show celebrates the season of giving with its annual Christmas giveaway, a tradition for nearly 15 years. Tune in for a unique mix of business updates, expert advice, and exciting prizes! Key Highlights: Special Guest Appearance: Dr. Electric (Joe Macri) joins the show, providing insights into his business and joining the festive giveaway. Annual Christmas Giveaway: Celebrating a 15-year tradition, the show features a range of giveaways, including Netflix cards, restaurant gift cards, and more. Business Updates: Discussions about the latest happenings and seasonal trends in Dr. Friday's tax consultancy and Dr. Electric's business. Interactive Segments: Listeners call in for a chance to win various prizes and ask questions related to finance, taxes, and electrical issues. Practical Financial Advice: Dr. Friday addresses listener questions, offering guidance on topics like tax deductions for businesses, dealing with inheritances, and navigating changes in tax laws. Unique Prizes: The giveaways include items like half a deer for a holiday feast, signifying the show's blend of practicality and festive cheer. Listener Engagement: Engaging with the audience through calls, the show fosters a sense of community and offers direct assistance to individuals. Join Dr. Friday and Dr. Electric for an episode filled with warmth, wisdom, and the spirit of Christmas. Whether you're seeking financial advice or just in for the festive atmosphere, this special show has something for everyone! Transcript Part 1 00:00:00.000 --> 00:00:06.400 No, no, no, she's not a medical doctor, but she can sure cure your tax problems or your 00:00:06.400 --> 00:00:07.400 financial woes. 00:00:07.400 --> 00:00:09.640 She's the how-to girl. 00:00:09.640 --> 00:00:11.360 It's the Dr. Friday Show. 00:00:11.360 --> 00:00:19.880 If you have a question for Dr. Friday, call her now, 737-WWTN. 00:00:19.880 --> 00:00:23.600 That's 737-9986. 00:00:23.600 --> 00:00:27.400 So here's your host, financial counselor and tax consultant, Dr. Friday. 00:00:27.400 --> 00:00:34.280 G'day, I'm Dr. Friday and the doctor is in the house. 00:00:34.280 --> 00:00:40.160 And today we have a show of shows that we're going to be putting on every year. 00:00:40.160 --> 00:00:45.560 I'm fortunate enough, many of you know that Dr. Electric is not on the show as often or 00:00:45.560 --> 00:00:50.680 he doesn't have his normal Saturday shows, but I have dragged him onto the radio. 00:00:50.680 --> 00:00:54.360 So we're going to have a really good time having Joe here and myself. 00:00:54.360 --> 00:00:57.000 This is our annual Christmas giveaway. 00:00:57.000 --> 00:00:59.800 We have done for nearly 15 years together. 00:00:59.800 --> 00:01:04.160 So I'm so glad that he's going to join us on the show. 00:01:04.160 --> 00:01:08.000 We'll talk a little bit about what his business is doing, what my business is doing, but most 00:01:08.000 --> 00:01:13.720 importantly what we're going to do is talk about what we're giving away. 00:01:13.720 --> 00:01:14.720 That's right. 00:01:14.720 --> 00:01:16.600 This is always, usually we had two hours. 00:01:16.600 --> 00:01:18.840 We got to get it all into one hour. 00:01:18.840 --> 00:01:21.240 So we're going to have a lot of fun doing that. 00:01:21.240 --> 00:01:22.240 Is Joe on the line? 00:01:22.240 --> 00:01:23.240

Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday delves deep into the complex world of taxes, offering clarity, guidance, and solutions for listeners. Here are some of the topics she addresses: Roth IRA conversions and the best time to undertake them, especially considering the holiday season. Maximizing your 401(k) contributions and the strategic timing for doing so. Advice on gifting significant amounts to children, including tax implications and necessary forms (like Form 709). Clarifications on tax credits and debunking myths regarding their repayment. Year-end tax planning for small business owners, including equipment purchases and the importance of placing new equipment into service before year-end for tax deductions. Tax implications of receiving a trust fund distribution. Guidance on home equity and mortgage issues in estate planning. Updates on Tennessee Department of Revenue's new policies for small business owners regarding gross business receipts. Live calls from listeners with specific tax-related questions and scenarios. And more! Transcript Part 1 00:00:00.000 --> 00:00:07.000 No, no, no. She's not a medical doctor, but she can sure cure your tax problems or your financial woes. 00:00:07.000 --> 00:00:11.000 She's the how-to girl. It's the Dr. Friday Show. 00:00:11.000 --> 00:00:22.000 If you have a question for Dr. Friday, call her now. 737-WWTN. That's 737-9986. 00:00:22.000 --> 00:00:28.000 So here's your host, financial counselor and tax consultant, Dr. Friday. 00:00:29.000 --> 00:00:34.000 Good afternoon. I'm Dr. Friday and this is the Dr. Friday Show. 00:00:34.000 --> 00:00:46.000 And we are talking about my favorite subject. It is December, so it means that we are thinking about what can we still do for the year of 2023. 00:00:46.000 --> 00:00:50.000 We only have something like 20, 24, 25 days left of the season. 00:00:50.000 --> 00:00:57.000 So we need to really start concentrating on if you're considering the Roth conversion, you want to do it earlier versus later. 00:00:57.000 --> 00:01:02.000 Later you get towards Christmas. A lot of people are out of town. It's hard to make that conversion. 00:01:02.000 --> 00:01:11.000 The other would be maximizing your 401(k). Sometimes people will put their final paycheck into their 401(k) to help reduce their overall income 00:01:11.000 --> 00:01:16.000 because you really have a tough time knowing what your income is until this time of the year for year to day, 00:01:16.000 --> 00:01:20.000 especially if you work with some limited bonuses and things like that. 00:01:20.000 --> 00:01:26.000 Maybe you got an inheritance or something and you can't really convert your inheritance into a retirement. 00:01:26.000 --> 00:01:32.000 But you can maximize your work or your 401(k) or put money into an IRA of some sort. 00:01:32.000 --> 00:01:37.000 And then that would help you reduce the overall tax that maybe you're looking at. 00:01:37.000 --> 00:01:40.000 So these are the kinds of things we really want to go with. 00:01:40.000 --> 00:01:44.000 Oh, wow. Awesome. You guys are ready for the Dr. Friday Show today. I love it. 00:01:44.000 --> 00:01:49.000 It's not been quite tax season. We usually get that. Let's go to Ron in Nashville and we'll go right to it. 00:01:49.000 --> 00:01:50.000 Hey, Ron. 00:01:51.000 --> 00:01:52.000 Hey. 00:01:52.000 --> 00:01:53.000 I've got a question. 00:01:53.000 --> 00:01:54.000 Hey, there's... 00:01:54.000 --> 00:02:04.000 I've got several million. I want to gift my kids, four kids, maybe half a million dollars, 17,000 this year, half a million next year. 00:02:04.000 --> 00:02:08

Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday delves deep into the complex world of taxes, offering clarity, guidance, and solutions for listeners. Here are some of the topics she addresses: Nonprofit Tax Compliance: Understanding the IRS regulations for nonprofits, particularly the importance of filing the 990, 990-EZ forms to maintain nonprofit status. Charitable Contributions: Insights on verifying the legitimacy of charities, especially for online and overseas donations, and ensuring they qualify for tax deductions. Personal Tax Situations: Addressing unique tax scenarios that arose in 2023, including inheritance taxes and selling properties with shared interests. Tax Basis Tracking: The importance of accurate tracking for tax basis in properties to ensure correct capital gains tax payments. Gift Tax Concerns: Guidance on gift taxes and how to navigate them, especially in anticipation of potential tax law changes in 2026. Estate Planning: Emphasizing the need for wills and trusts to ensure your assets are distributed according to your wishes and not left to default government plans. IRS Representation: Offering advice on dealing with the IRS, including the significance of having an enrolled agent for representation in tax issues. Tax Planning for Life Events: Discussing how life changes like marriage, divorce, or job switches can impact tax liabilities and the need for proactive tax planning. Year-End Tax Strategies: Tips on year-end tax strategies for individuals and businesses, including adjusting W-4s, managing investment losses, and maximizing retirement contributions. Tax Loss Harvesting: Strategies for leveraging investment losses against capital gains for tax benefits. Retirement Contributions and Distributions: Guidelines on required minimum distributions from retirement accounts and the impact of various types of contributions. Updating Personal Information: The importance of keeping personal information up-to-date with financial institutions and the IRS for accurate tax record-keeping. Tax Record Retention: Advice on how long to keep tax records and the best practices for storing them securely. Join Dr. Friday as she navigates these and other tax-related topics, providing valuable insights for effectively managing your taxes. Transcript Part 1: 0:00 Announcer 0:00 Oh, no, no, no, she's not a medical doctor, but she can share cure your tax problems or your financial woes. She's the How to girl. It's the doctor Friday show. If you have a question for Dr. Friday, call her now. 737-WWTN that 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. We are here live in studio today. So if you have any questions, you can jump right on the phone 615-737-9986 - 615-737-9986. I want to touch on a couple things that have come up this week. One of the big things I think the IRS and it really just depends on when your nonprofit started, you have three years if you have not filed a 990 in or 990 or 990 ez, they will discontinue or dis basically remove you from the nonprofits. I've had a couple phone calls this last couple of weeks on this situation. So if your nonprofit has received that love letter saying, you know we're determination has been removed for your exemption, you do need to deal with that issue. You cannot continue to be a nonprofits, you can't continue to take money if you're if you don't have in good standing. And tha

Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday delves deep into the complex world of taxation, offering clarity, guidance, and solutions for listeners. Here are some of the topics she addresses: Year-End Tax Strategies: Dive into the intricacies of 2023 finances, the nuances of business purchases for tax savings, and the critical decisions surrounding major expenses. Discover the world of depreciation, the significance of timely equipment updates, and individual tax pointers, from medical expenses to maximizing deductions. Decoding Inheritance Tax: Uncover the potential tax impacts of inheritance, the capital gains maze when selling inherited property, and the latest limitations on retirement accounts like 401ks and IRAs. Medicare Insights: Clarify the myths and confusions around Medicare payments and get the lowdown on a recent payment discrepancy. Guidance on Tax Payments: If you're bracing for a higher tax bill this year, learn why it's pivotal to pay at least 110% of the previous year's tax. Engaging with the IRS: Good news! IRS response times have improved post-COVID. Learn about the positive shifts and how the landscape has evolved in recent years. Tax Advocate Office Explained: An ally in the complex tax world, this office not only collaborates with the IRS but champions taxpayers. From resolving IRS-related challenges to the specifics of the 'nine one one' form, get acquainted with how they can be your tax savior. Dr. Friday's Expertise: As an IRS-licensed representative, Dr. Friday underscores the value of professional advocacy, emphasizing her role in standing up for taxpayers. Navigating Tax Filing & Refunds: The clock is ticking! Understand the importance of prompt tax filing, the three-year refund window, and the need to claim stimulus funds. Inheritance & Disability Dynamics: Explore the tax implications when inheriting revenue-generating assets on disability. Emphasize the need for specialized counsel, especially during major life transitions, and the strategies to shield assets and revenue. Book Your Tax Session: A gentle reminder to secure your tax appointments for the upcoming 2023 tax season. Golden Tax Nuggets: As always, Dr. Friday stresses the significance of seeking advice from seasoned experts, be it lawyers, financial advisors, or tax pros. After all, in the realm of taxation, forethought and proactive measures reign supreme. ... And so much more! Transcript Part 1 - 00:00 Announcer: 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, 737-WWTN. That's 737-9986. So here's your host, financial counselor and tax consultant, Dr. Friday. Dr. Friday: G'day, I'm Dr. Friday and the doctor is in the house on this absolutely beautiful Saturday. It is perfect weather outside to be working outside for some of us crazy people. I was just mentioning to my engineer that I have started to put my Christmas decorations up and I know that's a little early for some people, but you know, it takes me a little while to get all my outdoor decorations up, so it's time to start getting them down and getting them prepared. So it's getting close to the end of the year and what do we have to do by the time the end of the year? We need to be making sure that we have looked at our 2023, evaluated, do we need to buy something if that would help save tax dollars if you're a business owner? Keep in mind, I am a firm believer that we don't ju

Welcome to this episode of the Dr. Friday Radio Show! Join tax expert Dr. Friday as she navigates through: Introduction & Upcoming Tax Season: Dr. Friday's role as a financial counselor and tax consultant. Preparations for the upcoming tax season, including scheduling, deadlines, and extensions. The significance of tax planning and understanding personal tax situations. Life Events & Taxes: How events like withdrawing from a 401k, selling real estate, and changes in marital status affect taxes. Tax Programs & Scams: Warnings about misleading advertisements, especially concerning the Employee Retention Tax Credit (ERTC). The difference between the ERTC and PPP (Paycheck Protection Program) funds. Offer and Compromise with the IRS: Handling negotiations with the IRS and the importance of maintaining good standing. Entrepreneurial Tax Challenges: The tax dilemmas faced by self-employed individuals. Emphasizing the need to stay updated on tax obligations. Caller Queries: Inquiries on topics like inheritance, unfiled taxes, and the implications of sales and investments. Complexities in Taxation: The intricate nature of taxation, particularly for those with varied income streams. The importance of comprehensive tax documentation. Advice for Business Owners: Challenges faced by entrepreneurs regarding taxes, including different types of taxes. Guidance on the Tennessee Department of Revenue's "TNTAP" system. Capital Gains & Medicare: Discussions on capital gains, especially related to selling homes. Potential Medicare implications due to significant capital gains. Closing Thoughts: The significance of understanding capital gains and their broader impact. A festive sign-off wishing listeners a Happy Halloween. Stay tuned as Dr. Friday demystifies the complex world of taxes and offers her expert advice! Transcript Part 1 - 00:00 Announcer 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, 737-WWTN. That's 737-9986. So here's your host, financial counselor and tax consultant, Dr. Friday. Dr. Friday G'day, I'm Dr. Friday and the doctor is in the house. We are very busily getting prepared for the next tax season. Honestly, I got to play hooky the last week or so. So I am all ready to get ready to get organized, really. If you are a tax client of mine and you want to set up your tax appointment, the calendar is on the website. So you can go ahead and set up your time for your tax appointments. If you are looking to have a tax appointment. And then of course we still have to deal with some of the issues that are still coming out there. There were a few extensions out there for individuals that might've been, I know in California they have an extension. There may be a couple other small ones for the year of 2022, but all in all, most everybody should have already filed your 2022 tax return. It was due on the 16th of October and hopefully that was all filed. If you've gotten love letters containing something in them, or you have a question concerning maybe this year, because we're what, 10 months into 2023, about time we start really talking about

Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday has invited Nathan Wright from https://medi65.com back to the show. Below are several topics discussed in this episode. Medicare overview - Explaining the different parts of Medicare (Part A, B, C, D) and options like Medicare Advantage and Medigap/Medicare Supplement plans. Medicare enrollment - When and how to initially enroll in Medicare and make changes during the open enrollment period. Medicare penalties - Penalties for not enrolling in certain parts of Medicare when you are first eligible. Comparing Medicare plans - How to use online tools to compare different Medicare plans based on your doctors, prescriptions, etc. Plan changes - Reasons to review your Medicare coverage annually as plans and costs can change year to year. Getting help with Medicare - Using an insurance broker/agent to understand Medicare and make the best plan selections. Medicare and retirement - Transitioning from employer insurance to Medicare at age 65. Medicare coverage gaps - Parts of healthcare that original Medicare doesn't cover like vision and dental. Medicare Advantage pros/cons - Discussion of the tradeoffs between Medicare Advantage and Medigap plans. Medicare savings programs - State programs to help pay Medicare costs based on income.’ And much more! Transcript Part 1: 00:00 Announcer: 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, 737-WWTN. That's 737-9986. So here's your host, financial counselor and tax consultant, Dr. Friday. (upbeat music) Dr. Friday: G'day, I'm Dr. Friday and the doctor is in the house. We have a really good show scheduled for today. And as you know, you can always join our show live at 615-737-9986. And we today are going to be talking with Nathan Wright. Many of you guys have been listening to me for well over 10 years now. And Nathan's been on the show a few times and he is my go-to when it comes to Medicare. And it's probably one of the more confusing. People think taxes, Nathan, are confusing. First I should say, hello, Nathan, join the show. Nathan: Hey, how you doing, Dr. Friday? Dr. Friday: I am good. I was just gonna say that, you know, Medicare is a subject in itself. I know a lot of people think taxes can be complicated, but having to deal with Medicare, in my opinion, is just so much advice out there. and some of it can just seem like it's more confusing than probably it needs to be. So I'm hoping today we can always take your calls if you're dealing with Medicare or if you have a family member and you might be helping them make decisions. Remember, this is, I don't know, this is the time when people can start getting ready to make changes, right? 'Cause there's only a certain time of the year, Nathan, that people can do adjustments to their Medicare? Nathan: Yes, you are absolutely correct. This is the annual election period which starts on October 15th and runs through December 7th. So we are almost there. Dr. Friday: Yeah, so this is the time. So if they're wanting to add or if they feel that they have too much of something, this is the only window of time that they can really do that. They can't like, if I don't like my insurance today, I can go out and change my insurance. You can't do that in Medicare. Nathan: That's generally correct. Although there is what's called special election period. So there are sometimes life events that fall outside this time of year that you can have and you can make changes during the year, throughout the year. But this is the time typically everyone thinks about Medicare. Okay. So let's take and exp