Dr. Friday reminds listeners that April 15 is the last day to file on time or submit an extension. She also notes final same-day timing for payments and…
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Dr. Friday Tax Tips - One Minute Moment
One-minute tax tips from Dr. Friday. Quick answers to the questions clients ask most, more than nine hundred of them.
982 episodes
Dr. Friday urges taxpayers to submit and confirm extensions before the deadline. She emphasizes checking bank draft timing, payment plans, and proof that the extension was accepted.
ListenDr. Friday introduces her role as an enrolled agent and explains how she helps with tax filings and representation. She encourages taxpayers who still need to file to…
ListenDr. Friday explains why Airbnb and short-term rental owners need careful tax allocation and recordkeeping. She also notes compliance requirements at federal, state, and local levels.
ListenDr. 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.
ListenDr. Friday discusses opportunity zones as another way to defer capital gains. She notes timing rules and longer holding periods can be key to the tax outcome.
ListenDr. Friday explains standard depreciation periods for residential and commercial rentals. She also covers cost segregation benefits and why recapture should be part of long-term planning.
ListenDr. Friday reviews the core 1031 like-kind exchange rule for real estate investors. She explains how reinvesting proceeds can defer capital gains instead of paying tax immediately.
ListenDr. Friday discusses step-up in basis and why timing of transfers can affect taxes. She notes that gifting during life can sometimes leave tax savings on the table.
ListenDr. Friday explains that the adoption tax credit remains available with inflation adjustments. She highlights that unused credit can carry forward for up to five years.
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April Fool’s Reminder: Taxes Are Still Due
Dr. Friday uses an April Fool's joke to remind listeners that taxes are still very real. She also points out that Congress makes tax law and encourages filers…
ListenDr. Friday reviews home energy improvement credits and annual limits for items like HVAC and windows. She explains why receipts and manufacturer certificates are critical for claiming the…
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