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In this festive episode of the Dr. Friday Radio Show, Dr. Friday combines holiday cheer with practical year-end tax advice. Whether you’re gearing up for Christmas celebrations or navigating the complexities of accelerated depreciation, this show has something for everyone. Dr. Friday answers listener questions, shares tips for staying on top of your taxes, and spreads Christmas joy through exciting gift card giveaways.
Topics Covered:
- Christmas Show Giveaway: Dr. Friday celebrates the holidays with Amazon, Olive Garden, Home Depot, and Outback gift card giveaways.
- Year-End Tax Planning: Insights into accelerated depreciation, year-end purchases, and tax-saving strategies for 2024 and 2025.
- Tax Compliance Help: Guidance for those behind on taxes, including representation options like payment plans and offers in compromise.
- Business Tax Queries: Selling a business, home office depreciation, and navigating capital gains and ordinary income taxes.
- Retirement Considerations: Tips on managing Medicare, Social Security, and income during retirement transitions.
- Listener Questions: Addressing issues like IRS love letters, missing 941 forms, and QuickBooks account management post-retirement.
Transcript:
No, no, no, she’s not a medical doctor, but she can sure cure your tax
problems or your
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.
G’day, I’m Dr. Friday and the doctor is in the house on this wonderful
Saturday.
Saturday.
And today is always a show I like to do because, well, I think we’ve been at
this 13, 14, getting close to 15 years.
this 13, 14, getting close to 15 years.
First year I’m doing it without Dr. Electric. It’s our big Christmas show
giveaway.
giveaway.
And so if you are listening and we’ll be giving away some Amazon cards, some
restaurant cards, some Home Depot cards for all my favorite listeners and
clients, the show will open up with just some fun facts.
restaurant cards, some Home Depot cards for all my favorite listeners and
clients, the show will open up with just some fun facts.
And if you have tax questions as well, I mean, it is a tax show, guys, and
it’s almost the end of the year.
it’s almost the end of the year.
So if you’re thinking, do I need to buy something? We may talk about the
potential of doing that.
potential of doing that.
We may also say buying something isn’t going to save you as much as you
think it will this year.
think it will this year.
So if you have your own tax person, I would definitely suggest talking to
somebody on what accelerated depreciation is at this point in the current
situation.
somebody on what accelerated depreciation is at this point in the current
situation.
But if you have questions, maybe you’ve inherited something or you are in
the process of selling something, then we need to talk.
the process of selling something, then we need to talk.
We need to find out what’s going to be the best thing and what’s going to be
for 2024, which is the year we’re finishing.
for 2024, which is the year we’re finishing.
and then what’s going to happen in 2025, you can join the show at
615-737-9986, 615-737-9986.
615-737-9986, 615-737-9986.
I am an enrolled agent licensed by the Internal Revenue Service to do taxes
and representation.
and representation.
That is what I do, guys. I help individuals that want to obviously file
taxes on a normal basis.
taxes on a normal basis.
If you have businesses, trust, I do all of those, also for multiple states.
And then for those individuals that maybe have had some tax issues, maybe
you haven’t filed taxes in a long time or you haven’t done much going on at
that point.
you haven’t filed taxes in a long time or you haven’t done much going on at
that point.
That will also be what I do as far as the representation. We can get you all
caught up, get you into compliance, and then we can talk about what is your
options.
caught up, get you into compliance, and then we can talk about what is your
options.
Do you want to be able, can you pay it in full? If you’re unable to pay it
in full, then what are your options?
in full, then what are your options?
Payment plan, offer and compromise, partial payment plan, non-collectible.
This is the kind of categories you may have.
This is the kind of categories you may have.
And sometimes it’s a little shocking because I know there’s a lot of
different things on TV and on the radio.
different things on TV and on the radio.
It says, oh, we can negotiate 10 cents on the dollar.
I mean, we’ve done it.
We’ve saved people hundreds of thousands of dollars in doing offering
compromises.
compromises.
But in all fairness, not everyone that walks in the door of my office is
going to get that deal.
going to get that deal.
It just isn’t going to happen.
Sometimes you have equity in a home, 401ks.
You have money that is in the bank or held someplace where you have the
ability stocks and things that you can actually sell.
ability stocks and things that you can actually sell.
You have multiple cars. A lot goes into that consideration.
So if you are dealing or talking to somebody and the first thing they say
is, oh, yeah, we can, you know, we’ll make this work with the IRS.
is, oh, yeah, we can, you know, we’ll make this work with the IRS.
Make sure they’re asking you the right questions before you sign on those
contract lines that say you’re going to pay $500 a month for the next six
months or more.
contract lines that say you’re going to pay $500 a month for the next six
months or more.
depending on, it’s often depends on how much money you owe the IRS, not how
much work they’re doing,
much work they’re doing,
but how much money they think they’re going to save you or even just how
much money you owe period.
much money you owe period.
So, um, again, just keep that in mind. All right. So this is the Christmas
show, right? So let’s go
show, right? So let’s go
ahead and do our first giveaway. Hopefully we’ve got some people out there
waiting to call in.
waiting to call in.
It’s a, it’s a quiet Saturday. So we’ll see the phone number here. If you
want to get a free gift
want to get a free gift
card to Olive Garden, Longhorn, Cheddar Yard, House, Bahama Breeze, a $50
gift card to number
gift card to number
five, which is a $50 Olive Garden. It goes to a couple other restaurants.
And if you call 615-737-9986
And if you call 615-737-9986
is the number here in the studio. 615-737-9986 is the number you’re going to
want to call. And we’re
want to call. And we’re
take caller number two, um, that calls in. So we’ll wait for the phones. Oh,
well, maybe they
well, maybe they
start lining up. You never know at this time. It’s a early Saturday. So I’ll
let, uh, my studio guys
let, uh, my studio guys
deal with that, but thank goodness. There’s a few of you listening. Thank
you very much. Uh, again,
you very much. Uh, again,
it’s a time of the year where, you know, I know you guys are all Christmas
shopping and I know
shopping and I know
there’s all kinds of different things. We’ve got a whole bunch of giveaways.
So if you don’t qualify
So if you don’t qualify
for this one, you know, the number will come in and we’ll be able to get
some more people for you.
some more people for you.
So, um, if you get them, uh, let’s put them on the phone if you can. And
then that way we can
then that way we can
wish them a very Merry Christmas and also talk a little bit about, uh, maybe
what they, uh,
what they, uh,
they’re doing today. So, um, while they’re getting the phone straightened
out again,
out again,
if you are calling and I know a lot of you guys, it’s Christmas time. I know
you’re calling for,
you’re calling for,
uh, for the giveaways. Heck I would be doing that if I was on the other side
of this,
of this,
but if you do have some questions or you have some tax issues or you have
anything you want,
anything you want,
You can also call the studio. We’ll get you in between some of the craziness
that will happen
that will happen
today. I know many of you guys are going to really miss Dr. Electric because
he always gave away
he always gave away
those deers, which were our number one giveaways. I can’t say I was ever a
huge deer meat. I can’t
huge deer meat. I can’t
say I’ve always loved deer meats, but that being said, I do have that. Oh
yes. Sorry. Number two,
yes. Sorry. Number two,
you got them on the line. Do you want me to do something? There you go.
Number two,
Number two,
I see the thing. Give me a name or tell me who it is. And then I will be
more than glad to,
more than glad to,
you guys can connect him online here if you don’t mind. Doug, Doug Rollins.
Doug Rollins is winner.
Doug Rollins is winner.
Doug Rollins. And hello, Doug. Merry Christmas, Dr. Friday. Merry, Merry
Christmas. Thank you for
Christmas. Thank you for
listening first. And second, what do you have? Do you have any plans for
Christmas this year, Doug?
Christmas this year, Doug?
Anything that’s going to happen different or exciting, or maybe it’s
traditional every year you do it?
traditional every year you do it?
Yeah, just visiting my family, what I do every year.
How about you?
This year, I’m actually going to be going, I’m visiting family, but family
in California.
in California.
So this year, I’m going to go to California and visit my brother, which I
have.
have.
He usually ends up coming to me.
So this is kind of a reversal, which is nice.
Weather will be nice of that, hopefully.
But yeah, so looking forward to it, though.
Going to get to spend about five days with a couple of the sibs.
So that would be great.
Fantastic.
So, all right.
So tell him to hold.
Sorry, guys.
I should know this after.
Hey, Doug, stay on the phone line.
Hold.
They’re going to make sure they get your phone number and everything.
So that way then I can get the gift card out to you.
Okay?
And Merry Christmas.
All right.
So we’ve got Doug.
So while he’s getting taken care of and all’s going well, again, if you are
picked, we’re
picked, we’re
just talk for a minute. And then the guys on the other end, we’ll make sure
we’ve got the phone
we’ve got the phone
numbers and all the contact information. So that way we don’t lose you guys.
And if for any reason
And if for any reason
we lose you, we will make sure that you guys, uh, we’ll get a call back on
that and move forward.
that and move forward.
So, um, I do want to mention again, I’ve had a lot of calls this week about
depreciation.
depreciation.
A lot of times people think right now’s the time, Hey, you know what, maybe
I need to think about
I need to think about
getting a new truck for my business or something like that. And so you can
think about it, but in
think about it, but in
20 services that go in 2025, it’s 40%. But right now, so if you pay a
$10,000, which would be a
$10,000, which would be a
heck of a deal, $10,000 for a truck, you’re going to save 6,000 in taxes,
maybe a little bit more
maybe a little bit more
for the straight line with the accelerated depreciation. So it’s not a
hundred percent,
hundred percent,
which it was a few years ago, that’s the important part. So if you’re out
buying something and you’re
buying something and you’re
thinking you’re going to reduce based on what you paid, and if it’s a
$70,000 or $80,000 vehicle,
$70,000 or $80,000 vehicle,
you’re still going to get a decent savings. But it is 60% accelerated
depreciation in 2024. And
depreciation in 2024. And
right now for 2025, it’s 40%. So they’re trying to eliminate the accelerated
depreciation. Hopefully
depreciation. Hopefully
with that and make it, you know, with the new administration. We’re hoping
that that will
that that will
change the thing. All right. So before the first break, we’re going to do
one more giveaway. It’s
one more giveaway. It’s
an Amazon $50 card for Amazon. You can buy anything you want pretty much
from Amazon.
from Amazon.
So we’re going to take caller number five, phone number again, 615-737-9986,
615-737-9986.
615-737-9986.
Start calling caller number five for an Amazon gift card. And while we’re
waiting for the
waiting for the
phone lines to start coming up. We’re going to answer an email here where
somebody wanted to know,
somebody wanted to know,
should they be depreciating their home for a home office? So I personally
think that that’s a,
think that that’s a,
it’s a question. It’s a kind of a crazy question a little bit only because,
um, if you depreciate
um, if you depreciate
a home that has the exclusion for a home, then you have to recapture that
depreciation when you
depreciation when you
sell the home, which is normally on an exclusion. So I like to do the $5 per
square foot or take it,
square foot or take it,
but don’t do the depreciation. Now, I know there’s a lot of people out there
that are accountants or
that are accountants or
whatever that will say differently, but my opinion is don’t depreciate your
primary home for the
primary home for the
office because it will come back and have to be recaptured. Jimmy King is
the winner of the Amazon
the winner of the Amazon
card. Hey, Jimmy, are you online? Yes, ma’am. I am. How are you doing today?
Hello. Merry Christmas,
Hello. Merry Christmas,
my love. Thank you for listening. Yes, ma’am. I listen all the time. I enjoy
your show.
your show.
Thank you. Do you have any plans for Christmas, Jimmy, or anything that you
usually do every year
usually do every year
around this time? Yeah, my family and spend some time with grandbabies. I
always enjoy that.
always enjoy that.
Those are the best. I didn’t have children, but I got my sister who had
three grandbabies. And so
three grandbabies. And so
we’re actually going down for a few days this next week just to go visit
them. They’re not babies
them. They’re not babies
anymore, may I say? They’re like 17 and 18, but it is still fun to see them
and to enjoy
and to enjoy
Christmas time around the kids and everything. And they’re the youngest in
the family,
the family,
so I guess that’s the youngest I get to have until someone starts having
more babies I can rent and
more babies I can rent and
return. Well, Jimmy, thank you for listening, and I hope you have a Merry
Christmas and enjoy your
Christmas and enjoy your
$50 gift card. Okay. Well, thank you, Dr. Friday. You too. Thanks, sir.
Alrighty. That was fun. And
Alrighty. That was fun. And
we are going to, um, in a minute here, we’ll go, we’ll get some more, but
we’ll take our first break.
we’ll take our first break.
Um, again, so if you have questions today, you can also email Friday at
drfriday.com again,
drfriday.com again,
Friday at drfriday.com. Cause I know getting through the phone lines today,
and I’m always
and I’m always
so excited when I see the phone lines light up. Cause you know, when you’re
sitting in a studio
sitting in a studio
and you’re like talking to yourself and you’re not always sure if there’s
always a lot of people
always a lot of people
listening sometimes. Um, so you’re, you’re hoping that you’re, you’re doing
a good job. So anyways,
a good job. So anyways,
it’s always fun to see the phone lines just start lighting up and you know,
people are willing to,
people are willing to,
to call the station. So that’s so cool. Um, we’re going to take our first
break here in a minute
break here in a minute
here, and then, um, we’ll come back and we’ll do some more cards. But again,
if you have a question
if you have a question
and you can either get through the phone lines or, um, and most of the time
it’s kind of click,
it’s kind of click,
click, click, because we’re looking for a particular caller, then you can
also email
also email
friday at drfriday.com and we can get to your questions between the waiting
for people to call
for people to call
in and do. The phone number here in the studio, if you’re getting ready to
register or get your
register or get your
finger ready and have the number in there for the next card giveaway is
going to be 615-737-9986.
going to be 615-737-9986.
615-737-9986. We’re going to take a quick break and then we’re going to come
back and we’ll give
back and we’ll give
away a few more cards because we’ve got plenty here for the giveaway. And
again, if you have a
again, if you have a
question, just email friday at drfriday.com. That way I can make sure I can
get your questions in
get your questions in
between. And we are going to take a quick break and we’ll be right back with
the Dr. Friday show.
the Dr. Friday show.
all righty we are back and thank you i love the christmas jesus thank you um
and we’re back with
and we’re back with
the doctor friday show and let’s see jeff is on the line let’s see if we can
actually see if i can
actually see if i can
help Jeff. Hey, Jeff, what’s going on? Hey, this is the appliance guy. You
know me. I do know who
know me. I do know who
you are. Hi. I miss being on your show. I have just sold my shop and I am on
Social Security.
Social Security.
I just sold my shop and I’m wondering what it’s going to do to my cap for
taxes for this year
taxes for this year
and then capital gains and what it’s going to do for as far as my social
security for, I guess it’d be 2025.
security for, I guess it’d be 2025.
You’re not on early social security though, are you, Jeff?
Jeff, you’re on regular, right?
You waited until your social security age, correct?
Right, right.
Okay.
So it’s going to make your social security, 85% of the social security is
going to be taxable.
going to be taxable.
You may run into a little of that because you may have taken it while you
were still working or whatever.
were still working or whatever.
But so that that will be the first thing, but it won’t affect how much you
get in Social Security.
get in Social Security.
The more the more concerning will be is will it hit your Irma or your
Medicare?
Medicare?
Because Medicare is based on how much money you actually make.
You know, I’m saying so capital gains, even though it’s a one time
situation, it may have actually or it could trigger where you end up paying
Medicare at a higher rate for the next year until the following year.
situation, it may have actually or it could trigger where you end up paying
Medicare at a higher rate for the next year until the following year.
you sold it in what 24 or is it actually going to close in 25 i closed
yesterday okay so you
yesterday okay so you
closed in 24 and i’m gonna i’m gonna kind of close my business up i’m gonna
still do some work but
still do some work but
i’m not gonna have any more employees i’m gonna quit all the all the
business business stuff i’ll
business business stuff i’ll
just do work for people now and then right well it keeps you out of trouble
if nothing else um you
if nothing else um you
know i mean i think it i actually think it’s good to still keep some busy
you’ve always worked so
you’ve always worked so
hard your whole life but i’m not saying you have to be as busy as you were
but uh anyways but i
but uh anyways but i
would say you might want to um you might want to sit down and just figure
out exactly since you
out exactly since you
sold it how much that’s going to affect and how much if there’s any
recapture if you sold any did
recapture if you sold any did
you sell some did you have some equipment or not really in the shop well
anything i had in the shop
anything i had in the shop
i’ve expensed out right but then if you sold it it becomes capital gains
again or ordinary okay no
again or ordinary okay no
No, I won’t actually. I might sell some of it and I’ll keep track of what I
do sell.
do sell.
Okay. Yeah. And I mean, the value obviously is worth a lot less than what
you paid for today. So,
you paid for today. So,
you know, that’s not the big deal, but yeah. So if you sold your business,
which I’m glad to hear
which I’m glad to hear
you might still be out there doing a little work. But I would say you need
to sit down and figure
to sit down and figure
out whatever you sold it for, you know, at least 15% of that’s going to be
taxable at least if not
taxable at least if not
20 because okay okay okay but now how much what’s the dollar limit with
social security that i could
social security that i could
make in a year without affecting me i can’t remember jeff are you married or
single married okay so
single married okay so
200 000 it’s basically i could make 200 000 a year without hurting my social
security
security
yeah without hurting your urma social security you can only make about 20
000 and then it becomes
000 and then it becomes
taxable but um it’s worth it if you consider you’re making 20 grand and
you’re only paying a few dollars
you’re only paying a few dollars
tax so um my opinion but you if you as long as you don’t affect the irma
which is the medicare
which is the medicare
you can go up to 200 000 okay so i’m okay i i think i’ll be under that one
so i’ll say then
so i’ll say then
one other quick question sure i’ve got quickbooks i’ve run every i’ve been
running quickbooks for
running quickbooks for
years and i had to go online because i had too much inventory that my
quickbooks wouldn’t hold it
quickbooks wouldn’t hold it
but now I’m doing it all online. If I cancel that online,
will I still be able to get?
You’ll have a one year to access it.
QuickBooks gives you one year to be able to access,
but you can also run all your reports and stuff if you need to.
I would probably make a backup somehow,
either convert it to desktop one more time or make sure you have some,
but after, after one year, they,
that you won’t have access to online unless you continue to pay the price.
Of course, I won’t be having them do my
I’m paying for the
Oh, for the year and stuff and all that, right?
For the wages and all that stuff
They do the income tax for my people
Right, W-2s and 941s and all that
So I won’t be paying that no more
So I don’t know how much the other thing by itself is
Well, I sure appreciate it
No problem
Thank you, Jeff
Merry Christmas
All right, Merry Christmas
Thanks
All right, well, I’m going to get Larry
on the phone here in a second, but let’s go ahead and give a $50 Outback
card to, I don’t know,
card to, I don’t know,
caller six. Caller six, Outback card. And meanwhile, if you want to put
Larry on the phone, we’ll see
Larry on the phone, we’ll see
what question he has for us, if that’s possible. Or did we just lose Larry?
We might have lost Larry.
We might have lost Larry.
Okay, that’s fine. Caller number six, Outback card, $50, 615-737-9986 is the
number here in the
number here in the
studio, 615-737-9986. Pick a number, pick a number, pick any number. All
right. And we’ll
right. And we’ll
go there. And then Larry, if you want to, uh, you know, call back in a
minute or two,
minute or two,
you might want to wait until after we, uh, get this card done because it can
get a little crazy
get a little crazy
sometimes. Um, but anyhow, all right. So again, it was an interesting
question for, um, one of my
question for, um, one of my
friends there because when you sell a business, it’s mostly capital gains.
But after that,
But after that,
it can be a little bit more crazy because then you have recapture of
depreciation and you’ll still
depreciation and you’ll still
have some ordinary income. All right. I’m not too sure if I’m going to say
the first name of this
the first name of this
individual, Sari or Siri, S-R-I, first name, the winner. He’s still talking
to her real quick.
to her real quick.
Oh, I’m sorry. I’m so sorry. I thought it was me. I thought I had the wrong
thing. Sorry, guys. All right. So we’ll let that go through. And then, like
I said, so if you sell a business, make sure you think about two sides,
ordinary income and then capital gains. All right. Is it Siri?
thing. Sorry, guys. All right. So we’ll let that go through. And then, like
I said, so if you sell a business, make sure you think about two sides,
ordinary income and then capital gains. All right. Is it Siri?
Yes, this is Sheree.
Sheree. Oh, I’m so sorry. I didn’t know for sure how to say the first name.
Hello, sweetheart.
Hello, sweetheart.
Hey, hello. This is exciting. Happy holidays.
Happy holidays. And hopefully, do you have any plans for the holidays?
Anything you do normally, traditionally, just take a nap and relax because
everything else is so busy?
everything else is so busy?
Just fun with family and friends. My daughter is coming back from college.
So that’s exciting. I’m just looking forward to spending some time with her.
Yes.
And making a few travel plans and such.
That sounds like a good time. Seriously.
Well, hopefully the $50 gift card to, it’s either going to be Outback,
Carrabba’s, Bonefish, or Fleming.
Carrabba’s, Bonefish, or Fleming.
I mean, they’re all under the same card.
So hopefully you’ll enjoy that.
And thank you for listening.
Sure.
Absolutely.
I’ve been listening for years together and we’ve used your services before.
Love your show.
Thank you so much.
Thank you, sweetie.
All right.
So again, I appreciate all of you guys that listen and we have the time and
the conversation.
the conversation.
That’s the reason we’ve started this show back in the first year when we
started doing the radio, because a radio show without listeners would not be
much of an enjoyment.
started doing the radio, because a radio show without listeners would not be
much of an enjoyment.
So it is always fun to to just be able to give back a little bit and
sometimes kind of listen all the you know, to what everyone’s doing.
sometimes kind of listen all the you know, to what everyone’s doing.
And thank you, David, for sending me a best wishes and Merry Christmas.
I appreciate that as well from from all my listeners.
Seriously, hopefully the holidays will give you and make you as happy as it
does me.
does me.
To be honest, I enjoy the holidays.
If you guys could ever see the front of my house, I probably have about 200
lighted things up all over the place.
lighted things up all over the place.
It is crazy. I’ll have to share it with my my my people, maybe put it on
Facebook or something.
Facebook or something.
But it’s fun. And I do. I’m one of those crazy light people for the
holidays.
holidays.
So it makes life so much more enjoyable and what we have something that
someone just emailed.
someone just emailed.
again. And I’m using the email because gosh knows the phone lines are harder
to get through at this
to get through at this
time. But one of the questions someone had was the IRS is actually sent them
some sort of love
some sort of love
letter and it says that they had it filed one of their 941s. So a 941 form
is what we file for our
is what we file for our
employees every quarter. And if the IRS is missing it, in this case, they
sent a letter saying they
sent a letter saying they
have an overpayment, but they’ve never received the form. So it’s a
straightforward, if you get a
straightforward, if you get a
love letter from the IRS and they’re basically saying they haven’t received
your tax return,
your tax return,
they haven’t received a 941, my suggestion is to put second copy at the top
or resubmitting,
or resubmitting,
re-sign the form, re-date the form, and then certify that to the government.
Even if you have
Even if you have
copies of proof of filing it the first time, like an e-file confirmation, or
if you have a
if you have a
certification because you mailed it, include that so you can show that you
did file it on time. But
did file it on time. But
at this point, you really want to make sure they have that because if they
don’t have your 941 on
don’t have your 941 on
file, that means they’re not matching your W-2s, which means social security
is having an issue
is having an issue
with balancing your W-2s as well. So that actually opens up a lot more issue
than just not having a
than just not having a
941 showing an overpayment. And the one thing I will tell you is back, I
mean, I’ve been doing
mean, I’ve been doing
this 30 years, but back about 10 or so years ago, if you filed your W-2s and
we had to certify them
we had to certify them
at the time to social security administration, um, you file them and the IRS
would come back and
would come back and
they say you never filed the social security would not. And they allowed us
to refile them
to refile them
and request for an error or waiver.
Now there is no waiver.
So if your W-2s are not submitted,
they will charge you 10% penalty of what your total wages.
So if you’ve got a $500,000 W-2s in total gross wages,
the penalty could be 50 grand.
That’s a very, very expensive penalty.
So we don’t want that to happen.
All right, let’s do this really quick.
We’re gonna do a $50 Home Depot card.
Caller 3.
Caller 3.
615-737-9986.
615-737-9986.
Caller 3 for a Home Depot.
Come on, guys.
This is one of my favorite places to shop.
If it’s not shoes, it is Home Depot.
So hopefully someone out there might need a new tool or something to play
with.
with.
So feel free to give us a call.
We’re looking for caller number 3, $50 Home Depot gift card.
And we’ll let that go through.
And then once that one goes, and we’ll be in good shape.
and we’ll be able to move along and make sure we have a lot of exciting and
different things to
different things to
talk about. All right. We already got someone coming in. It looks like it’s
going to be someone
going to be someone
named John. We’ll wait for them to get available and then we’ll get John on
the phone and we’ll
the phone and we’ll
take it from there. After we get this one, we’re going to take a quick break
and then we come back.
and then we come back.
We’re not even halfway through the gift cards, guys, so I may have to do
this a little faster
this a little faster
for the next half of the show.
But stay tuned.
We’re going to have more of them.
We’re going to be able to do a lot more of them.
Is John already?
Yes.
Hey, John, are you there?
Yes, I am.
Hello, John.
Thank you for listening.
Oh, my pleasure.
I learn a lot all the time.
I do too when I listen to other people.
So Home Depot is like one of my favorite places in the shop.
I don’t know why, but I have a tool chest that is like way too many tools.
Are you a Home Depot kind of, or a Lowell’s?
I mean, brand, I don’t care, but do you like to repair and do things?
Or is it more like it’s a, you know, just a little hobby thing?
Well, it tends to keep me off the streets, you know.
There you go.
That’s exactly.
My sister’s always like, what project are you doing now?
There is always a project at my house.
And it always seems to require me making at least one Home Depot run.
Because that’s closer to me than Lowell’s.
The only reason I push that one.
So anyways, Merry Christmas, John, and I hope that you enjoy your holidays.
Thank you.
Stay tuned, and there I’ll get your information.
All right, we’re going to take a quick break here.
When we get back, we’ll get to more of your phone calls
and more card giveaway in just a few minutes.
We’ll be right back.
All righty, we are back live here in studio.
So if you’d like to join the show, you can.
obviously at 615-737-9986, 615-737-9986.
But right now we’re giving away a second Olive Garden, which also is owned.
It’s all basically involved.
So it’s Olive Garden, Longhorn, Cheddar, Yard House, and Bahama Breeze,
and also Season 52.
You are all there.
And so we’ll be able to – thank you, sweetheart.
We’ll be able to keep it going.
So let’s go ahead and give this card.
Phone number is 615-737-9986.
And we’re going to go ahead and take caller one because those callers always
seem to get bypassed.
seem to get bypassed.
So we’re going to go right to caller one.
So that person who jumped on the phone really fast will be one of them who
gets it.
gets it.
Because sometimes I do number six and number seven.
And you guys are all awesome.
So we still have lots to give away here.
What was the gift again?
The gift card is a $50 Olive Garden.
Um, so, and it’s also like different restaurants, but Olive Garden. All
right. So my staff at the
right. So my staff at the
other end here is doing an awesome job keeping my people going and, and
being there. So, um,
being there. So, um,
anyway, so we’re talking about that. And then also wanting to make sure that
if you are thinking about
if you are thinking about
taxes, I realized I have a crazy show, but I love this time of the year. And
I just want to make
I just want to make
sure everyone has a good time too, is when you’re doing or thinking, we only
have a couple weeks
have a couple weeks
left. So think about the fact that you might have a conversion you want to
get done, or if you want
get done, or if you want
to put money into an IRA, you do have some extra time into the next year.
But you know, these are
But you know, these are
the kinds of decisions you really want to think about now and how that’s
going to help you or
going to help you or
affect you. All right, we have Debbie Brown on the phone, my girl, Debbie.
Hey, Debbie, are you there?
Hey, Debbie, are you there?
Yes, Dr. Friday, hello.
Hello, sweetheart. Thank you for being a listener.
Oh, I’ve been listening for years.
Thank you so much. I love that. And I’ve been doing this for years, so I
guess it’s a good team.
guess it’s a good team.
So any plans for the holidays? Anything fun or traditional that you usually
do?
do?
Well, we have all the kids over for Christmas Eve, and then we, instead of a
Dirty Santa, we do a gift card Dirty Santa.
Dirty Santa, we do a gift card Dirty Santa.
And it’s fun to watch the little grandkids and the parents argue over who
gets what.
gets what.
So it’s kind of fun.
I like that.
I will have to think about that.
I’m picking people’s brains to a point too, because we have some great
traditions like
traditions like
every family, but now we have more family and I’m, I’m one of eight.
So when we get together and their kids and their wives, I mean, it becomes
quite magical,
quite magical,
I guess is the word, if you like big, loud families.
So I’m always looking for ways to, to do just what you said, kind of make it
all a little
all a little
bit more fun.
So we’ll have to work with that.
Debbie, thank you for being a listener and Merry Christmas.
Thank you, Dr. Friday.
Same to you.
Thanks.
All right.
This is so much fun.
I love giving things away.
Okay.
So we, um, we are taking again, phone calls and then I know, and I
appreciate some of you
appreciate some of you
guys using the email bag today because I do realize that let’s be honest,
it’s a little
it’s a little
crazy on the other end.
So I want to bring up, someone was asking about the BOIR, which of course is
the business owner’s information reporting.
the business owner’s information reporting.
You’ve heard me talking about it.
You’ve heard a lot of people talking about this is the one where you had to
upload your driver’s license.
upload your driver’s license.
It’s through FinCEN or through the federal banking.
And if you didn’t do it by December 31st, there was going to be a penalty of
$500 a day.
$500 a day.
And they had this big scare thing going on.
And now there’s a hold on that, guys. Someone, which is not surprising if
you think about it,
you think about it,
someone has started a lawsuit. They’re suing to saying that this is against
our rights and they’ve
our rights and they’ve
got a whole thing. So there’s been a freeze put on the BOIs. So if you have
not filed your BOI or
not filed your BOI or
you’re just hearing about it right now, and again, you may have heard it as
business owners information
business owners information
reporting or BOI. And this is the one where you kept hearing people say it’s
a $50 or $500 fine
a $50 or $500 fine
by the day if we didn’t comply. Um, and I mean, we did probably close to 70,
a hundred of these.
a hundred of these.
And a lot of people are like, well, why should I have to do this? It seems
like, and we’re like,
like, and we’re like,
if you don’t, the penalties five, then the lawsuit happened. So now it’s a,
it’s a big deep breath.
it’s a big deep breath.
So if you were one of those people dragging your feet, or you really had not
heard about it,
heard about it,
This is definitely one of those situations where probably being slower is
good because a lot of us uploaded our driver’s license and did everything we
were supposed to do to comply. And then we found out that this was not going
to be a good situation when it came into to that. So just again. So if you
are a person that have a business, LLC, a corporation, anyone that’s listed
with the state as a charter. So that’d be single member LLCs, corporations
or any of that.
good because a lot of us uploaded our driver’s license and did everything we
were supposed to do to comply. And then we found out that this was not going
to be a good situation when it came into to that. So just again. So if you
are a person that have a business, LLC, a corporation, anyone that’s listed
with the state as a charter. So that’d be single member LLCs, corporations
or any of that.
the B O I R and right now don’t do anything. Just, just relax, just chill.
It may be one of those
It may be one of those
situations where you’re able to just see what you have and make sure you
have the ability to just
have the ability to just
relax and not worry too much about it or whatever. So again, just putting
that out there. Cause I’ve
that out there. Cause I’ve
gotten throughout the week, I’ve gotten a lot of them, but someone just
emailed and asked about that
emailed and asked about that
as well. And you know, the answer is a plain and simple. You don’t need to
do anything with the B O I
do anything with the B O I
are until later notice. They may bring it back depending on what happens in
the court situation,
the court situation,
and then we’ll take it from there about how or what they’re going to do. All
right, let’s see here.
right, let’s see here.
It looks like we may actually have a question with Dan and Gallatin about
2022 taxes or something.
2022 taxes or something.
Hey, Dan, what can I do for you? Hello, Dr. Friday. Hey, I received the
notices on 2023 taxes. I have
notices on 2023 taxes. I have
not got the return back yet and it was a notice in july or so and i don’t
have the paper in front
have the paper in front
of me but uh they said they’re reviewing the taxes my return uh we had just
got married last year
got married last year
and get a a joint and so the income was a lot higher than than what it would
be for a single
be for a single
anyway uh september got a second notice they’re still revealing and have not
heard back should i
heard back should i
call them or let it ride. Um, I would say, and, and if you, is there a
refund? Did you say a refund,
refund? Did you say a refund,
Dan? Yes, there’ll be a refund because did you check? And if you go on the
IRS website,
IRS website,
is it just say it’s still processing? Uh, I’m sure it does. I have not done
that though. Okay.
that though. Okay.
I would check the IRS.gov and click where’s my refund and just see, I, I
would not be surprised
would not be surprised
saying that there’s a, but there would be a phone number you can call versus
calling the regular
calling the regular
800-829-1040. This would be one that goes into that division and it might be
easier to get
easier to get
through. I did one just the other day and it was less than 40 minutes on
hold, which doesn’t sound
hold, which doesn’t sound
like a great day, but it was a nice day. So we were able to get ahold of
somebody and find out
somebody and find out
more information. We couldn’t resolve it because they were still reviewing
it, but at least we know
it, but at least we know
that the return wasn’t held up, that they needed documents or something that
I missed for that
I missed for that
client. So yeah, I would do that. Just see what the status is. Okay. Okay.
Thanks, Dan. Okay. I’ll
Thanks, Dan. Okay. I’ll
give it a try. Thanks. Bye. All right. Let’s do one more giveaway here
before the break. Which one
before the break. Which one
do I want to do? Let’s do Outback. We’re going to do another Outback, $50.
And again, the Outback
And again, the Outback
card does also do Caraba, Bonefish, and Fleming. It’s obviously these
franchises own multiple
franchises own multiple
locations of different things. $50 Outback card. And we’ll take caller
number four. Caller number
number four. Caller number
four, 615-737-9986, 615-737-9986. Let’s see those phones light up like a
Christmas tree. Oh my
Christmas tree. Oh my
gosh, it actually does light up like a Christmas tree. I love seeing that.
Too bad I can’t get that
Too bad I can’t get that
kind of excitement when I’m talking tax law sometimes. But that’s all right.
This is perfect.
This is perfect.
So as soon as we get that one, and then we’re, I’ll take one more break and
we still have
we still have
a few more cards, about three or four more cards to give away.
And we’ll make sure we get all those out.
So we’ll make do a few more extra cause this will be the last part.
So, you know, we got to do what we’re going to do.
And then hopefully everybody will not get hit tonight.
If you, if you have nothing to do, spring hills, Christmas parade is this
evening.
evening.
So if you like Christmas parades, which you guys all know, if you know me
for a while,
for a while,
I used to do them all the time.
then COVID hit and made it hard. But, uh, I still love Christmas parades.
Hopefully the rain will
Hopefully the rain will
not make it where it’s hard to go to it, but we will find out and see. But,
um, again, it’s, uh,
um, again, it’s, uh,
it is tonight. I think it starts around five or six. Um, all right. We have
a winner, Melissa,
a winner, Melissa,
Melissa, this is Dr. Friday. Thank you for listening. Oh, thank you, Dr.
Friday.
Friday.
This is exciting. I love giving things away and I love people that listen.
It’s a win-win.
It’s a win-win.
um so any plans for christmas melissa well uh spending time with family
doing a little traveling
doing a little traveling
and just trying to have some fun i think that’s perfect everyone forgets
sometimes i went to
sometimes i went to
walmart this morning and people were a little grouchy just saying some
people were not like
people were not like
smiling and giggling they were like scrooge a little bit i’m thinking people
need to to remember
need to to remember
the whole purpose of Christmas is really more about this,
like the smiling and fun and just enjoying yourself not to be stressed.
No stress. Yeah. Yeah. All right. Well, Merry Christmas.
Thanks for listening. Hopefully they’ve gotten your information.
If not stay on hold and they’ll get it and then we’ll get you your gift
card.
card.
Merry Christmas. Very Merry Christmas to you. Thanks. All right.
We’re going to take our last break for the show. And then when we get back,
we still have about four more cards. So don’t give up on it.
You may still be able to be a winner for these free gift cards.
And when we get back again, you might want to have the phone number.
It’s going to be 615-737-9986 is the number you’re going to be calling to
get on.
get on.
And again, and now who knows what number?
It’s just a number that comes out of my head that we’ll go with.
But we still have four more gift cards.
And then after that, we’ll be able to give you some of the information.
In case you did have a text question today, weren’t able to get through the
phone lines.
phone lines.
Totally understand.
This is a day of giving and enjoying and just wishing everyone a Merry
Christmas.
Christmas.
We’re going to be right back with the Dr. Friday Show.
All righty.
We are back.
Live here in studio with Frosty and all our friends.
So here’s what we’re going to do.
We have Jim from Spring Hill that has a question.
While I get Jim on the line, let’s see if I can also go ahead and give away,
because I’ve only got about eight minutes, a $50 Amazon card to caller
number seven.
because I’ve only got about eight minutes, a $50 Amazon card to caller
number seven.
I’ll leave that in the studio, and you guys can connect me with Jim, and
I’ll see if I can help him out.
I’ll see if I can help him out.
Hey, Jim, what’s happening?
Hey, I was wondering if there was like a handy set of rules to do to observe
before you retire to not just minimize taxes, but get in line with Medicare
and all that other stuff that you have to do when you retire.
before you retire to not just minimize taxes, but get in line with Medicare
and all that other stuff that you have to do when you retire.
That is an awesome question.
And I’m going to be honest to tell you that I have never yet, because when
my sister, I mean, obviously, I would suggest talking to your financial
planner and your tax person.
my sister, I mean, obviously, I would suggest talking to your financial
planner and your tax person.
Those are the two most important, probably. But like like a, you know,
simple checkoff list.
simple checkoff list.
Oh, let’s make sure I do this so that way I don’t do Irma.
Or if I a lot of times the year in which you retire, it’s difficult because
like my sister, she had a big buyout that she had to deal with.
like my sister, she had a big buyout that she had to deal with.
Right. And some of that affected how much she was going to pay in Irma and
all that.
all that.
So very important to to do. But I don’t have a great question.
I mean, answer besides if you’ve got a good tax person, I would shoot
through some of that information just to make sure that you’re not going to
be triggering.
through some of that information just to make sure that you’re not going to
be triggering.
Again, I talk a lot about more Irma because Medicare, Social Security is
what it is.
what it is.
You’re going to get paid whatever wages the year you with, you know, you
retire.
retire.
But if you can work it out where you don’t trigger having to pay another
year worth of high Medicare, that would be great.
year worth of high Medicare, that would be great.
But sometimes you can, sometimes you can’t.
And then also, like, if you have a health savings account, you can’t
contribute to that like six months before you go on to Medicare.
contribute to that like six months before you go on to Medicare.
Different things like that, Jim, that all these little rules that I find out
or I even found out after my sister retired, which you’d think I would know
some of those.
or I even found out after my sister retired, which you’d think I would know
some of those.
And I didn’t know until I didn’t deal a lot with that aspect.
So I’m not helping you much, Jim.
I am so sorry.
All right.
Thanks, buddy.
Merry Christmas, though.
Merry Christmas.
Thanks.
All right.
One of my best friends is on the line and happened to win, Milton Wills.
Hello, Milton.
Hey, Dr. Fryder.
How are you?
Merry Christmas.
I know that name, and I love that voice.
All right.
I got Bunchy here with me as well.
Oh, my girl is there.
Good.
That is so, now that she’s retired, she’s having to probably hang out with
you more.
you more.
Oh, yeah.
She’s a good pain in the neck.
After this many years, I’m sure you two have got it done.
But I’m sure she said the opposite.
Anyways, thank you guys for being listeners and awesome clients for gosh
knows how many years.
knows how many years.
Most definitely.
Hey, I got to give you a little insight.
We went to see Hank Parrish on Thursday.
And, of course, we brought your name up.
And the reason why, because we were doing the RMDs, and I said,
I said, Hank, I wish I could go to Dr. Friday and just tell her that I want
all my money at once.
all my money at once.
He said, wash your mouth out with soap.
Exactly. I can see him saying that.
And we all know that, Melton, the way you plan and put everything into
savings accounts,
savings accounts,
you would have a heart attack if you had to pay all your taxes at once.
Most definitely. Hey, you know what? We miss, this seems so different.
You’re doing a good job, but we miss Dr. Electric. Is he still in Florida?
he is yes he’s out playing around his son is now running the company here in
Tennessee he’s doing a great job I’ve worked with him a few times but yeah I
miss him too my friend I miss him too well we miss him but don’t worry
you’re
you’re
doing a great job you’re holding down the fort as always well thank you both
of
of
you and I look forward to seeing you in a few months hey fantastic Merry
Christmas
Christmas
to you and your staff yeah thank you Merry Christmas okay guys we’re gonna
go
go
ahead and jump on another giveaway because we still have like three left
let’s
let’s
Let’s do a second, my $50 Home Depot card, a $50 Home Depot to caller number
four.
four.
Caller number four, $50 Home Depot card.
So I’ll let you guys at the other side play with that because, well, let’s
just be honest.
just be honest.
The phone lines light up so fast.
I don’t know how you guys figure out who’s who, but they do a great job.
They’re counting them and highlighting them and doing their things.
But so we got $50.
We still have two more cards to give away and we have about five minutes to
do that in.
do that in.
So we’ll get those put through.
And again, I do want to thank all of you, all of you that serve in the
military, all
military, all
of you that have used my services for the last 30 years of being a person
here in Tennessee,
here in Tennessee,
working on taxes in about 12.
I don’t know how many years I’ve been on the radio, to be quite honest.
I think I need to figure that out.
Somewhere between 12 and 15 years.
And all those listeners that have actually listened for all of those years,
it is so amazing
it is so amazing
that you guys want to listen to somebody about taxes all year round, which
leads to some fun
leads to some fun
and exciting things we’ve actually been able to do together, right? We’ve
had some fun and make
had some fun and make
things exciting and happen and make them work with what we have. All right.
We have a Tim,
We have a Tim,
I think it’s Tim Coombs. Hey Tim, it’s Dr. Friday. Are you there? Dr.
Friday. I thought that might be
Friday. I thought that might be
you oh my goodness this is so much fun i know these voices oh my god i’ve
been calling just
been calling just
non-stop and what what he what he answers the phone he goes you’re the
winner of the home depot
winner of the home depot
card i went oh my god you’re always so excited anyways um so another another
wonderful client
wonderful client
that also is a listener so that that’s so cool um so uh what do you wait for
christmas shout out
christmas shout out
to you go ahead I give a shout out to you anybody listening to this lady let
me just tell you
me just tell you
something she is the best by far so if you don’t use her you need to I love
her thank you sweetheart
her thank you sweetheart
and I want to say I got two more cards to give away so I’m gonna say Merry
Christmas and I’ll
Christmas and I’ll
see you next year Merry Christmas sweetie bye okay bye all right we have a
very quick rush we’re
very quick rush we’re
going to give a $50 Olive Garden, $50 Olive Garden card to caller number
three, caller number three,
three, caller number three,
$50 Olive Garden. You guys choose it and we’ll have one more and we only
have a few more minutes.
have a few more minutes.
So I’m hoping to get all these given away because I talk too much. I think
don’t give them as fast.
don’t give them as fast.
If Joe is on the phone, he would be a boom, boom, boom. And we usually end
up doing two hours worth
up doing two hours worth
of it. So made it a little easier than just one hour, but we’ll have this
one. And that was so
one. And that was so
much fun to have you guys all calling and listening. And hopefully you guys
are all going to have
are all going to have
wonderful, seriously, wonderful Christmases. And hopefully the weather will
be nice. If you’re
be nice. If you’re
traveling and having to fly or drive, I will be flying over the holidays. So
that should be exciting.
that should be exciting.
But at least I’m heading towards California. So hopefully there’ll be no
major storms or anything.
major storms or anything.
All right, we’ve got Charlie on the line. He’s the winner of Olive Garden.
Hey, Charlie, you there?
Hey, Charlie, you there?
Hey, Dr. Friday. Yes, ma’am. I’m here. I’ve been trying to call and call and
call.
call.
Well, I am so happy and hopefully you’ll enjoy. It’s either Olive Garden,
Longhorn, about five different restaurants will take this card. And thank
you for listening, Charlie. I really appreciate it.
Longhorn, about five different restaurants will take this card. And thank
you for listening, Charlie. I really appreciate it.
I love you. Thank you.
Thanks. All right, guys, the last card, and we only have like two minutes
left. It’s going to be a $50 Outback card. I’m going to let the studio
choose the number.
left. It’s going to be a $50 Outback card. I’m going to let the studio
choose the number.
I’m just going to let them choose whatever because the phone lines are all
lit up.
lit up.
I’m going to let them figure out which one they want to go with and they
will be able to select and they’ll give me a name and that will be the last
one.
will be able to select and they’ll give me a name and that will be the last
one.
And we only have like two minutes left of the show. So we want to make sure
while we’re getting that through there.
while we’re getting that through there.
Oh, wow. You guys are fast today. So we have an Anthony Scott in a minute.
They’ll be able to join us on and I’ll be able to just thank you for
listening.
listening.
And hopefully you guys will all have a wonderful Christmas and do your
thing.
thing.
Hey, Anthony, you there?
Yes, I’m here.
All right.
Well, you are the wonderful final winner of the 2024 Christmas giveaway.
Well, I’ve been trying ever since you come on, and I can’t believe I got it.
Well, I appreciate all of you guys that try, because the phone lines have
been going crazy.
been going crazy.
And thanks for listening.
It’s so wonderful that you listen and everything.
Thank you.
I appreciate your show.
I love listening to it.
It’s worth listening.
Well, thank you.
And Merry Christmas.
If they haven’t gotten your info, stay on the line, and then we’ll be in
good shape.
good shape.
Other than that, guys, we’re going to be winding down the show.
Just keep in mind that, yes, if you have any tax issue, if you have any
problems with the
problems with the
IRS or the state, it’s what I do for a living.
It’s what we’ve done for 30 years here in this town.
So you can basically, all you have to do is pick up the phone Monday
morning, 615-367-0819.
morning, 615-367-0819.
If you’re not too sure who this crazy person was on the radio today, because
it was a little bit more of a crazy show than our normal.
it was a little bit more of a crazy show than our normal.
But it’s always so much fun to be able to, again, give back and just have
some Christmas with all my listeners.
some Christmas with all my listeners.
But if you want, you can check out the web.
It’s drfriday.com.
Also, you can email, as many of you guys have been doing, email Friday at
drfriday.com.
drfriday.com.
Or if you go to the DR Friday, you can set up an appointment for me or with
Chris, which
Chris, which
is my sidekick.
And you can also print, we have the 2024 tax organizer in there.
So if you’re thinking about starting to organize your tax documents, they’re
there.
there.
Or you can just, again, give us a call in the office at 615-367-0819.
Hope you guys have an awesome time.
Cop ya later, as we always say in Australia.
.