Dr. Friday explains that meeting the 750-hour test alone does not guarantee real estate professional status. She warns that taxpayers with full-time non-real-estate jobs often face IRS disallowance.
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Archive recordings reflect their original dates; tax rules and deadlines may have changed.
Dr. Friday explains who may qualify for the small business health insurance credit and why planning matters. She also notes the two-year limit and the value of employee…
ListenDr. Friday explains how entity choice planning still matters, even with the 21% corporate tax rate remaining in place. She recommends working with both a tax professional and…
ListenDr. Friday discusses annual vehicle depreciation limit adjustments and why business-use percentage matters. She reminds owners that personal-use vehicles generally cannot be fully depreciated.
ListenDr. Friday reviews the current deduction split between business meals and entertainment. She explains what documentation is needed and why a true business meal is different from entertainment…
ListenDr. Friday explains that the home office deduction can still apply to self-employed taxpayers who use a space exclusively and regularly for business. She also reminds listeners to…
ListenDr. Friday explains the difference between Section 179 and bonus depreciation when writing off business equipment. She notes that the best choice can depend on your situation and…
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Use the IRS Portal to Respond to Notices
Dr. Friday shares a positive IRS update: some notices can now be handled through a digital correspondence portal. She explains how uploading your response can reduce mail delays…
ListenDr. Friday explains why 1099-K reporting matters for people selling online or earning through apps. She warns that ignoring these forms can lead to IRS notices because the…
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Tax-Free Transit and Parking Fringe Benefits
Dr. Friday explains how employer-provided commuting benefits like transit passes and workplace parking can be tax-free. She notes that inflation adjustments may raise the monthly limits and that…
ListenDr. Friday breaks down the 20% QBI deduction and why its permanency is good news for eligible taxpayers. She shares a simple example showing how big the deduction…
ListenGreat news to start the year. Dr. Friday explains why making the 20% Qualified Business Income deduction permanent opens the door for real tax planning.
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