Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

I probably should have had this one a lot earlier. Short-term rentals and Airbnbs are everywhere.

If you don’t run those right, and you’re taking a portion of your house and turning it into an Airbnb, you may find that the IRS is gonna be looking a lot closer at you.

Also, how are you handling all the utilities and things? Because if it’s not 24-7 an Airbnb or rental, are you using the proper percentages?

Are you depreciating things on the proper percentages? Are you making sure that you’re complying with not only federal but state and local regulations, with licensing and other additional taxes due for compliance?

If you need help, go to drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Real estate professional status, wow, this is a big question.

I have a lot of people that swear they’re real estate professionals because they put in more than 750 hours. That is only part of it.

If you have a full-time job and you want to claim that you’re a real estate professional, you’re gonna find out it doesn’t work. The IRS will disallow it.

If you are a licensed real estate person and you’re doing it 24-7 like most of us do our business, sure, you’re a real estate professional. But sometimes there’s pros and sometimes there’s cons.

Do you really want to be paying self-employment tax on a rental property? You may have to if you’re treated as a real estate professional.

Need help? Go to drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Sometimes we’re just looking for good ways to save money, and one way to do that is opportunity zones.

They continue to have favorable tax treatment for investors who reinvest capital gains into what we call QOFs, or qualified opportunity funds, within required time windows.

A lot of times you have to do it for the long term, five to ten years. There are different rules, but instead of doing a 1031 exchange, you might want to look into an opportunity zone.

That may be another way for you to defer capital gains and potentially reduce taxes in the future. If you need help, go to drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Rental properties continue to have depreciation rules: 27.5 years for residential and 39 years for commercial. Bonus depreciation may apply to improvements, although bonus rates decrease on schedule.

Landlords can still use cost segregation studies. That’s big, because if you’re buying something and you want to do cost segregation, you can pull out air conditioners and other equipment for faster depreciation.

But if you’re doing all that, you need to understand in the big picture you do have to do the other side, which is called recapture of depreciation.

So make sure you’re saving money today and not putting a big old hole in your pocket tomorrow.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

1031 exchange rules for real estate have no big change. It’s what’s called a like-kind exchange.

A like-kind exchange basically means we can defer, that’s a good word, right, defer capital gains and buy something else.

The simplistic side of this is, let’s say you sell something for a million dollars and you’ve got a ton of capital gains in that, right? Maybe you originally paid 200, so you’d have like 800 grand of capital gains that you have to pay tax on.

Guess what? You go buy something else, or up to three other properties, for that million dollars, and you don’t have to pay tax right now.

You exchange it for one big property, maybe some other types of property. This is something that can work to save tax dollars. You need help? Go to drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

A step-up in basis. Have you ever heard better words? A step-up in basis. I love it. It’s a lot of money in my pocket if I get a step-up in basis.

Now sometimes people think they’re really helping the family by doing quitclaims or giving the kids or the grandchildren something during their lifetime. Sometimes it is.

You need to plan it, though, because most of the time you’re leaving tax dollars on the table by giving something during your lifetime instead of waiting until you pass away.

Not saying it’s always one way or the other, but you need to consider both sides of this situation before you make that decision. If you need help, just go to the website at drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Adoption tax credit continues under the extended rules, with annual inflation adjustments increasing the maximum credit amount.

It’s a great thing. First, you’re adopting a child. That’s a wonderful thing. You’re helping people and doing important things, and you may also get the credit.

Maybe you can’t use it all in the first year. Well, this can roll forward up to five years, so it’s not like you’re gonna lose it if you don’t have all that expense in the first year.

So it’s a wonderful thing to do, A, to adopt a child, and B, to get a few more dollars in your pocket, because everyone knows that children are not inexpensive.

If you need help understanding how tax law works, or maybe you’re dealing with the IRS, just come to drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Guess what? The IRS just passed the law saying no more taxes. That’s right. We’re not paying taxes anymore. Ha, April Fool’s.

For one, the IRS does not pass laws. It’s Congress and the Senate, people. But that being said, we will be paying taxes. We’ll pay taxes actually after we’re dead, so think about that.

If you need help understanding taxes, maybe you need to file an extension now and you need to be able to get some tax work done and explain it all, you can certainly call us, 615-367-0819, or check us out on the web at drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Energy credit for home improvements is still on the table. HVAC, windows, insulation, and energy-efficient property improvements are subject to annual limitations, but you still have them on the table.

It’s very important, but you do need the receipt and the manufacturer certificate to prove they meet IRS code. That’s the important part.

A lot of times people come in and say, well I got a new AC unit. Okay, we need the receipt. We need to see, did it really meet the energy credit, or was it just a new unit that was cheaper and not able to meet those criteria?

If you need help with this, just go to the web at drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Divorce, alimony, really doesn’t make a big difference to be quite honest, because none of it’s tax deductible anymore.

If you got divorced after 2018, your alimony or your payments of any kind going to your ex are not going to become deductible.

If you divorced prior to 2018, you still have that deduction in play.

So if you’re looking at divorce and you’re the one that’s the breadwinner, you might want to take into account how much you’re gonna be paying in taxes because the other person will be paying zero. Very interesting way to work out a deal.

You need help on taxes? Come to us, drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Let’s talk about charitable contributions for a minute. Remember, if you give cash or you give away clothes for $250 or less, really all you need is a basic receipt.

If it goes over that, and this would be a combination thereof, I had a gentleman that gave $40,000 worth of clothing. His father had passed away, they cleaned out the house, they gave it all to Goodwill.

Without an appraisal, he was not allowed to do that. It’s that simple.

So if you’re giving big chunks of things away thinking you’re gonna help them and put some money in your pocket, you need an appraisal done on anything over $500. And that’s if it’s a lump together or not.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

For all of you that are on Social Security, Social Security taxation has not changed. Up to 85% of your benefits will be taxed.

There is something called a QCD, though, for all of my listeners that are 70 and a half. If you give to charity, remember you can take that directly out of your IRA, your 401(k), any of them where you would normally have a required minimum distribution.

At 70 and a half, you can give it direct, save 100% of taxes on that money, and not worry about itemizing at all.

If you don’t know about that, you need to talk to your financial person. But you can also contact me at drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

You can still put money into a Roth or a traditional IRA until tax day, and it may be something you want to think about.

Now, I am not a financial planner, so I’m not going to tell you it’s going to save you tax dollars or not, because I don’t know.

Every time we can put a few dollars aside and save tax dollars, it might be a good idea. But sometimes it may be better just to do Roth, let the money grow tax-free, and not worry about saving taxes today.

These are decisions you need to make. Your best bet is to contact an actual financial planner. They will then make up a plan and help you figure that out. But if you need help on the tax side of things, just go to my website and send me a note at drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

This is for all new parents. Starting as of January 1, 2025, it’s called the Trump Savings.

For each child, he will put $1,000 into an account for children born during these years, and then a parent can put up to $5,000 a year into that account.

It will be a managed fund, and then at the age of 18 they will have access. It will be limited to IRS taxes, as far as an IRA kind of situation.

But hey, it’s a thousand free dollars and you can also put money aside. Why not put more money aside to help for college and other things? If you need help understanding tax law, drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The Saver’s Credit, you know, I don’t think a lot of people talk about that.

Under the SECURE Act 2.0, the Saver’s Credit is scheduled to transition into a federal savings match. You heard that right, that they are actually going to be setting up a retirement account within the IRS where they will help match some of your savings.

Now remember, savings credits are really for people in the much lower income bracket, especially young people, because they’re just getting started.

This is a way for them to have some money set aside and a way to start. Every dollar counts. If you need help, all you have to do is go to drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Student loan interest is still deductible, up to $2,500 per year per qualified taxpayer.

There are income limitations, so you have to make sure you understand what those are. You also need Form 1098-E that will tell us exactly how much interest you paid.

You can’t do it on your own without documentation. It needs to have been turned into the IRS, otherwise it will be disallowed.

So if you need help, or you’re filing your own taxes, just make sure you’re looking at what’s being filed and you understand the boxes that you’re saying yes and no to. If you need help, go to drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The American Opportunity Tax Credit and Lifetime Learning Credit continue unchanged under current law to help benefit students and families.

Annual inflation rates have increased, and it’s one of those things where you do need to have a form called a 1098-T from the college or school to see if you qualify. Very important.

Also, with rising tuition prices, you might need that credit to help offset costs.

If you need help doing taxes, or maybe you just have a question, you can try to reach us at 615-367-0819 or send us an email at friday@drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Premium tax credit rules for the marketplace. Again, guys, I am not a fan of the marketplace.

Mainly because a large number of my clients in it are self-employed, which means we can’t always control our income, and therefore we end up making too much money and get penalized.

That is never a good day when you have to tell somebody that expected to owe maybe a thousand or two that they owe five or six because of the penalty of not paying enough in the marketplace.

Make sure you have told them how much money you’re making, and if it’s going up throughout the year, you can change the amount in the system. Don’t get caught having to pay a big fine at the end.

If you need help, check us out on the web at drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Happy St. Patrick’s Day. Hopefully you’re going to enjoy something green, maybe even putting more green in your pocket by doing your taxes and saving tax dollars.

What a great way to celebrate St. Patrick’s Day. You might not think so, but I would think it’s a great way to put more money in your pocket.

One way to do that is to make sure you have taken all of your tax deductions. Tax laws are changing all the time. Make sure that you understand what you are entitled to and what’s available to you.

If you need help filing taxes, just call our office at 615-367-0819, or you can send a message right through the internet at drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Today is a big day for anyone that is a partnership, an S corporation, and many LLCs filing Form 1065, because today is your tax day.

If you have not filed, or your tax person hasn’t communicated with you, you need to make sure and confirm that the extension is filed.

The IRS is now saying if you haven’t confirmed that the extension is filed, you may be liable for penalties. It’s very important.

All you have to do, if you’re one of my clients, is call our office at 615-367-0819 or send an email to friday@drfriday.com, and they can confirm filing or extension.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Child and Dependent Care Credit continues to offer non-refundable tax relief for qualified child care, with eligible percentages and expense caps adjusted over time.

All I’m trying to say is maybe you have a kid in daycare, maybe you have a child in private school, and there are some tax credits that could apply. A lot of this depends on your income.

Now, if you have a 529 plan, you could be taking money out of that and you won’t even have to worry about the taxes.

If you need help understanding how you might be able to put money aside, or maybe even help your kids or grandkids because you have some money you want to help with, just go to drfriday.com and ask a question.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Child tax credit, wonderful thing. It’s now permanent, so we’re getting $2,000 per child.

The child must be a U.S. citizen and must have a Social Security number. Other than that, you don’t have many other limitations besides income.

Income for a single person, anything over $200,000 will phase you out. A married couple, anything over $400,000 will phase you out.

That’s what you need to know, and make sure your child is under the age of 17. If they’re older than that, they will not qualify for that credit.

If you need help, or you just want to know more about who I am or what I can do to help you, pick up the phone and give us a call.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Small business health insurance credit. To claim the credit, businesses generally must purchase insurance through a SHOP marketplace, through available varieties by the state.

The credit remains limited to two consecutive tax years, requiring employers to plan strategically, and rising health care costs make the credit particularly valuable.

It’s really important for you to understand that we’re always looking for ways to give more to our employees without having to up their taxes. One of those ways would be benefits, and one would be health insurance.

That way, you get a credit for doing it. It may not zero out the cost, but it does give something back to the employees as well as put money in your pocket. If you need help, drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

And this is really for people that are in partnerships, which would also be LLCs.

The IRS is expanding its partnership audit regime against the Bipartisan Budget Act framework, which allows adjustments to be assessed at the partnership level rather than partner level.

That means the partnership can actually end up with the partner being in trouble, so you need to make sure proper documentation is in place.

The partnership must maintain clear records supporting basis calculations, income allocations, and distributions. These are important words, and you need to make sure your tax person and accountant are doing them. You need help? drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The permanency of the one big beautiful bill comes into play when it comes to business entity selection.

One of the big things that people weren’t sure about is how long the 21% corporate tax rate would stay in play. Should I be an LLC, a C Corp, an S Corp, a partnership? It’s a lot.

Really, your best bet is to sit down with two important people. One would be a tax person. We can give you all the advantages and disadvantages of the entities. The second is a good attorney, because without that person you’re never gonna have it set up properly.

You need to make sure you’ve got all those people working together as a team. If you need help, first go to the web, drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Vehicle depreciation limits continue to adjust annually for inflation, impacting deductions for business owners’ cars, SUVs, and trucks.

Luxury auto vehicle depreciation treatment is an important thing to understand.

If your vehicle is not used 100% for business, and if you only have one vehicle that would be impossible, you do not qualify for full depreciation.

You need help with your car, taxes, anything, just check us out on the web at drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Self-employment tax obviously continues under the current tax law. Social Security wage base increases annually, and the Medicare surcharge applies to higher earners.

2025 self-employed taxpayers must plan for potential higher tax burdens due to inflation. Again, everyone loves the idea that they’re making more money because, well, last year I made 20, this year I made 25.

That’s great, but you also have higher tax rates you’re going into because they’re not adjusting them for the higher dollar amounts people are making. It’s a great way for the government to make more money.

If you’re self-employed, you need to review your tax stuff before you file. 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

And it’s not really about current taxes, but I wanted to bring up employee retention tax credit. It really was about 2020 and 2021.

But in 2025, audit and compliance reviews remain very aggressive. A number of people have come to my office and we’re having to deal with audits because somebody else filed the ERC.

Now they’re like, well, I don’t know how we got that number, and we spent the money, and we don’t know where the money went. This is important to be able to track.

If you haven’t done it, you might want to go ahead and get it set up in your system because the IRS is aggressively reviewing these numbers. If you need help, check us out on the web, drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Business meals and entertainment. Currently, business meals remain a 50% deduction while entertainment continues to be a 0% deduction.

That’s right. If you’re taking someone to a football game or you’re taking them out to the clubs, whatever, to entertain them, that is not a tax deduction.

Sometimes people seem to be confused on what is or what isn’t. A meal needs to be a meal, not just hors d’oeuvres and liquor. It needs to be a meal and you need to be able to write that off for business purposes, which means you need to have discussed something about business.

You still need names, receipts, and who you had that bill with. If you need help, just check us out on the web, drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Gig workers and freelancers face increased tax reporting requirements as the platform economy expands with Form 1099-K and Form 1099-NEC. In 2025, enforcement efforts focus on accurate income reporting.

Many gig workers are newly exposed to self-employment tax, and they’re not sure exactly how they’re supposed to be doing it, especially paying estimated tax.

Understanding current gig economy tax rules is essential to avoid penalties, and that includes making estimated tax payments. If you need help doing taxes, or maybe you just got some love letters and you’re like, I have no idea what the IRS is talking about, give our office a call, 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Home office deduction remains available for self-employed who work part-time from their home exclusively and regularly for business. With remote or hybrid working becoming more common, many taxpayers are seeking clarification on how this works.

Well, basically what you have to make sure is, A, you’re working from home for the benefit of the company you’re doing it for. If you’re self-employed, well it’s for your own self.

Documenting the essential parts of square footage, utilities, how involved the landscape and cleaning services are.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Section 179: it’s a depreciation, it’s a bonus depreciation concept, but you have two things. You have Section 179 and you have bonus depreciation, and sometimes you need to figure out which one is going to be better for you.

Bonus depreciation rate, 40%, decreasing over the years. Now it’s 100% again. And then you have Section 179, which is 100, but you need to figure out sometimes bonus is better than Section 179 and sometimes Section 179 is better than bonus.

You need to understand the different percentages and how that’s going to affect you. If you need help, just check us on the web, drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Step-up in basis for inherited properties: seems to be a misconception out there of how this works. Because a lot of times I talk to someone and they’re like, oh no, I quitclaim my property to my children, so I knew they would get it. That is not a good tax decision.

It may be a mental or physical or some other kind of decision, but you know, there’s a five-year look back from Medicare or Medicaid. Therefore, unless it’s gonna be something that happens after that, you really just want to let them inherit.

And you know that also applies if a husband and wife own joint property, half of them dies, the other half can get a step-up. Need help? Call me.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Adoption tax credit is in play, and I always think it’s pretty awesome. My parents had eight children, so I don’t think adoption was ever on the table, but I have a number of clients that have adopted children.

And there’s also a credit that you can get, and it can be carried forward up to five years. It may not all be refundable, in fact, very little is it now, but it is still something that can go towards paying your taxes.

So if you have adopted a child, then you might want to think about making sure that you’ve gotten all the documentation and you must have a Social Security number for that child. Otherwise, we are not able to report them on the tax return.

If you need help with taxes, check us out, drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The IRS has put some new deadlines for filing W-2s and 1099s, and again, those deadlines should have already passed. January 31st would have been the last day they should have given you an email, unless they file for an extension and they should have notified you of that.

If you have not received your W-2, 1099, 1099-K, 1099-B, 1099-Rs, and all the other ones, then you need to make sure you’re contacting the companies. Do make a list, because sometimes you forget you work for somebody and you have two W-2s, not just one.

Then you have to amend the return, which takes longer. You need help? All you have to do is check us out on the web, drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

You are now ready to prepare your taxes. You are doing everything you can to prepare your taxes, and now you’re ready to move forward.

And this is the time when you need to think about what do I need to understand? Have I taken all of my tax deductions? Maybe you can’t itemize, meaning there’s not a lot of room for deductions, right? Maybe you have the ability to start putting some money into charity.

Well remember, in 2026 we have that extra thousand dollars this year that will be coming in. So sometime during this year you might want to set aside a thousand dollars for charity so you can get that above the line. So if you need help, go to drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

I am Dr. Friday, an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. If you’re looking for someone to do your taxes, make sure they are enrolled agents. We are the only tax person that is licensed by the IRS. We have been tested by the IRS. This is what we do. We do taxes.

If you’re looking for someone to audit your financial statements, to do a compilation, go to a CPA. But there are awesome CPAs too. Don’t want to knock them, but there’s a lot of tax preparers. Those are people that just prepare taxes. They’re not gonna help you with tax audits though. They’ll throw numbers in the return.

You need help? You need to check us on the web, drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The IRS enforcement priorities for 2021: the IRS expanding enforcement in several key areas. Higher income taxpayers, not a surprise, they always like them.

Large pass-through entities, that would be like 1065s, 1120-S’s, complex partnerships facing heightened scrutiny. Again, 1065s usually are one of the areas that they like to audit, prioritizing audits related to digital assets and offshore holdings.

This is all those kind of things. You want to make sure you have good documentation. You’re not in trouble if you’re doing these things. All you need to do is make sure you document right. You need help with taxes? 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

So you’re sitting there thinking, I haven’t received my W-2, I haven’t received my 1099s. It’s halfway through February almost, and we do not have our documents, so I can’t do my taxes.

Well beginning in twenty-five, employers and payers face extended rules of electronically issuing W-2s and 1099s. They do have the ability to just file them electronically to you, making you print out those forms.

So if you have not updated your email, not just your address, but your email with an old employer or someone else, then you need to contact them because it could be your responsibility to get that form. If you want to check out more about us, go to drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

IRS digital correspondence update in 2025: this is actually a positive. Just like everything else in the world, we’re getting more AI and getting more computerized, and the IRS is finally catching up to this.

There is a portal now that you can use to upload your communication for a number of different IRS letters that you might receive. So if you’ve received a CP504B for your business, you can go on there and you can upload your correspondence, which you don’t have to worry about snail mail, which means it should get responded to faster.

If you need help with any of your IRS issues, call me, 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

IRS protocol updates: IRS relief options in 2025 may include expanded criteria for taxpayers impacted by economic hardship, natural disasters, or just delay in IRS processing.

Keep in mind the IRS is basically closed for almost two to three months, and even now it’s difficult to get information. Now they will not say if you can’t reach someone on the phone that that’s a good reason for hardship, but you could put together a decent case of explaining how many times you called, how many times you got misinformation, or maybe no information because the person answering the phone doesn’t know.

You need help with that? 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

And yes, the IRS is expanding. In fact, I can probably say five, maybe even eight of my people got love letters saying something like, you need to verify your information. A tax return was filed, but we need to confirm it is you who filed it. This is the kind of information you’re getting.

Those are not fraudulent letters. And if you have not responded, they will not process that tax return, which means if you filed it, you get a letter and you don’t respond to them, you’ll never get the refund, or you’ll not get proof that it was received on time.

You need to respond, and if you need help, go to our website, which is drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The IRS is significantly expanding oversight of digital assets through the rollout of a form called a 1099-DA. All of my crypto people, all of my people into virtual currency need to listen. 1099-DA is new and it begins in 2025.

This form will functionally simulate the 1099-B for stock trades, but guess what? It’s going to be showing all that for cryptocurrency and digital assets.

If you do not have this or understand what this is, you need to talk to us because this is new and they’re gonna know where your money is. 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Making sure that you are paying taxes on all the income you earn. 1099-K thresholds have gone up. So they originally planned for $600, then they went up to $5,000. $5,000 isn’t much in a year if you’re selling items on the internet or you’re doing a small business through the internet.

This is merchant fees. 1099-K is, if you’re an Uber driver, you get a 1099-K. If you don’t understand and you’re getting these forms, or you’re ignoring them thinking, well, no one knows about them, guess what? The IRS does.

I’ve had a number of people come in my office that have prepared their own taxes but did not report that. Guess what? They now are reporting it.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

This comes from the IRS. The IRS continues a multi-year modernization effort and expands electronic filing capacities and digital communication tools. In 2025, taxpayers benefited from the faster processing speeds.

I’m gonna kinda stop right there, because we all live in the real world. You can’t reach an agent on the phone, and you have a difficult time confirming if something’s been e-filed, where the money is actually at. They may be able to get it into the system faster, they still need to expand the telephone system.

So if you need help and you need help contacting the IRS, as an enrolled agent I can represent you. All you have to do is call 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Because of the OBBA permanent extension, the higher estate and gift tax exclusion continues to rise annually with inflation. In 2025, the exemption reaches its highest level ever, providing substantial protection for family wealth and transfers that money onto the beneficiaries.

It helps us plan, finalize the valuations due to certain favorable tax environments, and makes it easier for surviving spouses and children and married couples. Anybody that has an estate is gonna benefit from these higher rates, and it also keeps the government out of our pocket, which is what we’ve done after working so hard to build up these assets.

You need help with an estate tax return? Just call our office.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

And personally, this is one of the most confusing tax things we have. It’s the premium tax credit. It has to do with the Marketplace, and how much money you’re paying for your insurance and how much money you’re actually earning.

Remember the Marketplace bases this all on your taxable income, and the problem is sometimes people don’t know how much money they’re making. They sell something, they get a second job, they increase their income, and don’t tell the Marketplace.

And guess what? I had a couple last year that had to pay $21,000 back, another one that paid $16,000, and another one that had to pay. That’s a lot of money. Make sure you’re keeping up with these taxes with the Marketplace.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Qualified transportation fringe benefits, including mass transit passes and workplace parking allowances, continue to offer tax-free benefits to employees when offered by an employer. For 2025, inflation adjustments may increase monthly limits, providing greater tax savings for commuters.

Employers offer these benefits mostly to upgrade the payroll system and help benefit their employees. This is a great way.

If you’re a small business owner and people have to pay for parking or they have to pay to come in and they’re willing to use transit, you can give them those passes for nothing, and that actually increases their payroll. If you need help, give us a call, 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Social Security wage base continues to rise due to the national average wage income inflation, increasing the amount we have to pay. So as employees, we pay 6.2% in Social Security tax. As employers, we pay 6.2% in Social Security tax.

Higher wage earners will eventually threshold out. It’s around $200,000 this year. And then after that, you’ll still continue to pay your Medicare, but it will continue to go up.

The remaining Medicare tax will stay uncapped, which means you will always be paying your Medicare tax. Again, something you should be working and planning on. If you’re in the higher income, you may be able to maximize some other taxes. If you need help, give me a call.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Long-term capital gains structure remains intact due to the one big beautiful bill, and those three rates are 0%, 15%, and 20%.

But I do want to throw in there, there is a 3.8% net investment income tax that came with Obama, and that is still also in play, which means that those rates of 0%, 15%, and 20% most of the time go 0%, 15%, 18.8%, and 23.8%. We really do not have a 20% capital gains.

If you’re selling, you need to understand taxes because if you don’t, you’re gonna pay more money or be surprised when tax day comes. You need help? Check us out, drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

And the last one for the month of January, which means we are fully into tax season. If you haven’t, you should be receiving your final W-2s and your 1099-Rs.

You should have an envelope on your kitchen table, or someplace where you’ve written all the forms you need. So if you prepare your own taxes, or you’re coming to us or some other tax person, you’ve got everything organized.

And if you’re coming to us, remember we have the SmartVault. So you should be uploading those documents so that we can get your taxes done as fast as possible. And if you have no idea what I’m talking about, you need to call our office: 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Maximizing your earned income tax credit. Thresholds help taxpayers maximize the value they get under the tax law.

Understanding your tax numbers: so often people are like, I don’t know how much my earned income is. I don’t know how much I’ve made in investments. You need to at least keep those numbers somewhat in your head. I get it, none of us know exactly, especially as self-employed people. Sometimes that’s a moving target, right?

But you do need to know if you’re going to do any kind of tax planning, not just throw numbers on a tax return and hope you don’t owe money, but actually plan. Because sometimes paying taxes today will be lower than paying them later, with penalties. If you need help, go to drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

You know, when life happens, sometimes people get married, sometimes people get divorced, sometimes you have children, sometimes the children grow up and move out. All these things are life-affecting and mostly tax-affecting events.

So if you are divorcing, I have to reiterate what people I thought knew but I have found out don’t: it doesn’t go into effect the day you divorce, it goes into effect the year you divorce. So if you divorce any day today or December 31st, you are considered divorced the entire year.

It’s not a half-year thing, it’s not a quarter-year thing. So that means if you’ve been claiming married, you may end up with a huge tax problem. If you need help, call me.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The earned income tax credit amount for 2025 hasn’t really changed. It has remained the same.

One thing you do need to know: the IRS has specifically put out that it remains the most frequently audited part of a tax return. One of the reasons that’s happening is because a lot of times people are not keeping record of the residency of where that child is living.

If that child is not living with you for more than six months and one day a year, and you’re not the primary custodian, and you’re claiming your girlfriend’s child or something else, you may be breaking the law. drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

I do not sell insurance. I’m putting that at the beginning of this because I am a huge advocate for health savings accounts.

HSA contributions increase with inflation, and if you happen to be blessed where you don’t need to use it, you don’t have to. You don’t lose it. It just grows and grows. It’s another way of increasing your retirement.

And you’ll need it, let’s be honest. Statistically, you’re going to have to have 200,000 to 400,000 in retirement just for medical expenses. Imagine if you had that sitting in your HSA, so you could take your other retirement and live off it or pass it down, whatever works for you.

If you need help, check out the video. Check us on the web, drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Preparing taxes is what I do. I’m Dr. Friday, an enrolled agent, licensed by the Internal Revenue Service to do taxes and representation.

When you’re doing your taxes, right now it’s tax time, guys, and all you’re thinking about is preparing your 2025 taxes. And you’re not thinking about what do I need to be looking towards in 2026? When you’re working on your ’25s, put a thought in your mind about what might be happening.

Do you want to do a conversion? Are you selling real estate? Are you taking money out of an IRA? Are you doing a bad thing, a backdoor IRA? All these things affect your taxes, and if you know in advance what the tax bill is, you can plan for it.

If you need help, go to the web drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Retirement plan contribution limitations for 401(k)s, 403(b)s, and 457 plans continue to rise with inflation. The SECURE Act 2.0 enhancements remain in effect, expanding those catch-up contributions for all of us that are over the age of 55, and in some cases, some of the catch-ups that qualify for over 50. Then you can actually start putting more money aside.

They understand a lot of times when you’re raising your family and doing things, you don’t have the ability to maximize retirement. But sooner or later we will have to retire. So putting your money into a retirement plan is a good idea.

If you need help with taxes, go to drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Taxpayers should evaluate how inflation changes thresholds, especially for credits like the child tax credit and earned income tax credit. High inflation years can meaningfully increase brackets, and reduce effective tax rates.

What I’m basically saying is everyone’s making more money. But when you’re making more money and they’re not adjusting those thresholds, you could be getting yourself outside of earned income credit because you made too much money. You may not qualify for the child tax credit because you’ve made too much money, even though all those raises help you feed your family and do good things.

It doesn’t always help you when it comes to taxes. You need to plan. If you need help, drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

One of the things we all like about the one big beautiful bill is, plain and simple, it gives us the tools to do long-term planning. Under the last couple passes of tax law, there’s been four years, five years, and then they expire. A lot of expiring, and that leads to a difficult time for us as tax people and also just as taxpayers to sit down and say, hey, in the next five years I’m going to do this, this, and this.

If you don’t have that kind of window, it’s difficult to do good planning. And remember, tax preparers are preparers. Enrolled agents help you plan as well as prepare your taxes, and also represent you if you need help. drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Cash contributions were 50%, went up to 60%, and now that is permanent under the one big beautiful bill.

The years of having 100% of our charitable deductions deductible probably isn’t going to be on the table for a long time, especially with the standard deduction going up every year. It’s harder and harder for individuals to actually itemize under the current tax law unless you have a very healthy mortgage, or unless you do bunching.

Bunching is basically taking your sales tax, adding it up, buying bigger things in the year, and you also pay your property taxes. Remember here, we don’t have a state income tax. If you need help, just go to drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

AMT thresholds remain the same under the new current one big beautiful bill. Alternative minimum tax. Many of you guys aren’t sure what I’m talking about, but this is a tax code within the tax code.

If you were to talk to someone at the IRS, they would say this is a way they try to level the playing field so that the rich can’t get richer and the poor stay the same as they are. So I don’t know if I agree with that, but either way, middle income people are going to get hit, ever since 2017. Higher incomes have ways of avoiding it.

So make sure if you’re selling and you’ve got a lot of capital gains, you need to talk to someone: 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Today is tax day. Not the day we’re going to file our final tax returns, but it is the day you’re going to make your final estimated tax payment.

And if you haven’t made any, remember we made the first three estimated payments in 2025, and then the last one is due today. And if you don’t make that payment, there are penalties.

I don’t care what people say, it’s not elective. If you don’t want to pay penalties, you want to understand where your money’s going and give the IRS less money, make your estimate today. Or check us out on the web at drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

I am Dr. Friday, an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. That’s all I do. 31 years of doing it here in the Nashville, Brentwood area.

If you don’t know how to get out of that with the IRS, if you need help, or just basically need some tax help, completing your 2025 taxes or planning for your 2026, I am your person. Maybe you’ve inherited money. Maybe you have a situation where you need to sell your primary home.

All you have to do is go to the web drfriday.com. Or maybe you want to talk face to face or on the phone, 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The estate and gift tax exemption is permanently extended, so there isn’t a drop in 2026. That’s right.

In 2025, this means estate planning and large gifts can continue operating under the favorable higher exemption threshold. Wealthy families have long-term certainty on how they can structure their gifts and their wealth, and making sure that they’re able to give.

Because a lot of people, you know, they give a lot of money to charities and they gift a lot to other individuals. This isn’t just making the rich richer. This is a way to help the world be a better place by helping us manage the money in a better way. 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The QBI 20% deduction is permanent, yes. All small business owners, all people with rental income, and anyone dealing with investments that may have QBI are going to be extremely excited, as I am, because this is 20%.

That means if I have $100,000, I could get a $20,000 deduction if it’s done correctly. Understanding QBI is something I find a lot of times people don’t, but it is permanent, which means now you can do some planning and you can do some investing.

If you’ve got rental properties, you’ve got a small business, or a big business, QBI may be a way to put more money in your pocket. drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Mortgage interest deduction remains at the $750,000, reflected as a permanent extension with the one big beautiful bill. Now some taxpayers could qualify as grandfathered under $1 million, that was back in 2017. So if you haven’t refinanced your home in a number of years, then you may still have the $1 million situation.

But most of you are at $750,000, and believe it or not, I see people with mortgages for one, one and a half, two million, and they’re trying to deduct all that interest. It is not all tax deductible. You must amortize the portion that isn’t.

If you need help with tax questions, just go to drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The SALT tax. You guys have heard talk about this many times. That’s where you put in your property tax, and your state income, or for us, sales tax, and it’s always had, these last few years, a limit of $10,000.

Well, guess what? It’s going up to $40,000. So for many of you that used to do bunching, where we’d pay our property taxes twice, we’d do our sales tax, and we’d add it all up, and we’d buy the bigger things in the years we’re doing this bunching, that’s the way we’re going to start putting more money in our pocket.

Now remember, you still have to meet the itemization before you can take a dollar off your tax return. Check us out, drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The Child Tax Credit. The child tax credit remains at the level of $2,000 per qualified child, with $1,600 currently refundable, and it will adjust with inflation.

Under the one big beautiful bill, it did not revert back to the earlier 2017 numbers, which is good because that was like $500 a child, or $1,000 depending on what year.

There are limitations, guys: $200,000 if you are single and $400,000 if you’re married. If you need help or you just want to book a tax appointment with me, Dr. Friday, just go to drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The personal exemption remains eliminated under the current tax law. For many of you that have been filing taxes as long as I have, almost 30-plus years, you know that at one point we had a personal exemption. Now that is zero, and for the foreseeable future.

But the standard deduction is now permanent, which is actually better because they doubled the typical standard deduction. And there’s some more wonderful things coming in if you’re over the age of 65.

If you keep listening to these tax moments, you’re going to hear all kinds of ways you can save tax dollars. But if you need help today, 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Standard deduction in 2025, under permanency from the TCJA extension. Again, we were expecting a lot of these things to expire at the end of ’25 and then go back to the 2017 levels. That would have been a bad situation for many of us.

Now the standard deduction is permanent. It simply reduces the number of taxpayers who itemize, which simplifies the compliance for most households. However, taxpayers with substantial mortgage interest and charity will still be able to take advantage of itemizing.

It is a great way to make sure you’re putting more money in your pocket and not paying the IRS too much money.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Current 2025 tax brackets, after the one big, beautiful bill permanently extended the TCJA rates. I know I’m talking about a lot of things, but tax rates are now permanent, and that’s great because we can now make plans.

We know that the 10% is staying in play. We know the 12%, the 22%, 24%, 32%, 35%, and 37%. So now we can look into the future, because if we had not passed the one big beautiful bill, these would have been expiring at the end of ’25.

So this is awesome news for all of us. If you need help, just go to the website drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The QBI 20% deduction is permanent, yes. All small business owners, all people with rental income, and anyone dealing with investments that may have QBI are going to be extremely excited, as I am, because this is 20%.

That means if I have $100,000, I could get a $20,000 deduction if it’s done correctly. Understanding QBI is something I find a lot of times people don’t, but it is permanent, which means now you can do some planning and you can do some investing.

If you’ve got rental properties, you’ve got a small business, or a big business, QBI may be a way to put more money in your pocket. drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

I’m Dr. Friday, an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. You’re gonna need someone to be doing taxes in just a day or two because—you know what—we’re at the end of the year.

So anything that you’ve done for 2025 had better have been finished up. If you were doing conversions, if you were buying that truck to save tax dollars, it better have closed, because at this point most people do their taxes on the cash basis.

Meaning if it didn’t happen by today, it’s not going to happen for the tax year of 2025.

If you’ve got questions, or you haven’t done any tax planning and need some help with that—or just help with the tax preparation—give us a call at 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

It’s almost the end of the year. We need to make sure our tax documents are in order. Get ready—if you haven’t already put together your list for subcontractors and 1099s, go ahead and get those W-9s out there.

We need to get those all out by January 31. Now is the time so you can make sure you have W-9s completed, you know the dollar amounts, you have the information.

There are serious fines—$500 for each 1099 you do not issue. So let’s make this year 2026, for the tax year of 2025, the year that we actually file all the proper forms.

And again, this isn’t just for people in business. People in real estate rentals also have to do this. 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

So all of you that are listening that are my already existing tax clients—hopefully you have already set up your tax appointments. If not, you need to be going to drfriday.com, clicking on “schedule,” and making your appointment ASAP.

If you don’t see an appointment available, please call our office at 615-367-0819. One of us will answer the phone, and we’ll get you put on the schedule because it is booking up fast.

I want to make sure I have all my returning clients. If you’re a new client, we’ll also be trying our best to get you in—but returning clients, number one.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Happy Boxing Day. I know you guys don’t do that in the United States, but all of us Aussies do. And so basically just, you know, enjoy the day. Meanwhile, think about taxes. We have like four days left.

And if you’re gonna do anything to save taxes, you have to write the checks pretty much now to reduce your taxes. Holding back people’s checks doesn’t really work. I’ve had a couple cases where people get 1099s for the total amount—even if they didn’t put it in the bank. There are ways around that, but make sure you understand your numbers.

Make sure you know when you’re saving tax dollars and when you might not be. If you have questions, you need to make the appointment ASAP at 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Christmas. Oh my goodness. We love Christmas. And it always remembers a lot about my mom. My mom always did this thing where she would take cash and, you know, go pay people’s layaways and do that. She had heard about it. She enjoyed it. It was something that she would enjoy doing for people.

And I think that’s what Christmas is all about—basically spending time with the people we love, helping those that maybe, to be honest, have a little rougher time. Maybe they don’t have all the support that we all get to have. So think about those that you can help. Love those that are around you today.

And I hope that you have a very Merry Christmas. Don’t forget the reason, the cause behind Christmas. Go to church. Put a little prayer in. This is Dr. Friday. Love y’all.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

And we probably are pushing it close, but for all of you that are employees that have 401(k)s and you’re sitting there thinking, “Wow, my income may just be a little higher. I can afford to put a little bit more.”

Maybe you need to think of taking that last paycheck that may be coming up here and giving more of it to your 401(k). It will save more money today—well, I should say it will reduce your income. And then obviously later you’ll have to pay taxes, but you know, it’s a 401(k). That’s what we do.

So think about doing that. And of course, it doesn’t hurt if you have IRAs or Roth IRAs. Those are all tax-related decisions. Talk to your financial planner, see what works out best for you.

But from a tax standpoint, reducing your income always saves us tax dollars.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

And right now there’s a mad rush of a bunch of people saying, “I’m gonna go out there and buy myself a big truck over 6,000 pounds so I can actually write that vehicle off and get that tax deduction.”

Okay. First, doesn’t it sound crazy when I say that out loud—just like I just said that? Because you’re gonna go spend sixty, seventy, eighty thousand dollars to get a tax deduction that, if you’re in the 20% tax bracket, is gonna save you—if it’s $80,000—what, $16,000?

So you’re still paying the rest out in money. I mean, if you need a vehicle, it’s a legitimate tax deduction, and you’re gonna make money by having a new truck, go out there, buy it before the end of the year.

Otherwise, think twice before you go spend thousands of dollars to save hundreds.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Very soon we need to be issuing our 1099 miscellaneous or 1099 NECs for anyone that provided services for us. That would include all of you that have rental properties—your lawn man, your repairman, your handyman, your roofer.

If he’s an LLC—anyone that is operating as LLCs or partnerships or sole proprietors—the only person we do not 1099 is if their company has an Inc.

Only way we really know that is to have them complete a Form W-9. Have that on file at your office so if there is ever a question on what you need to do, then you have that right there to prove you did not need to 1099 them.

Get your numbers together so you can do that on time. Call us at 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Using a tax software is great, but using an accounting software may be better for most self-employed individuals. First thing you need to do is have good numbers—tracking your expenses.

If you’re ever worried about the IRS coming knocking—which, let’s be honest, all of us are always worried about it—having good tax records is the secret to defending yourself against an audit.

I had a gentleman we went through an audit with just a few weeks ago, and to be quite honest with you, we went through with no problems. His documents were in good order. The questions they had, we had exact numbers.

They didn’t dig very far because the answers that we gave them stopped them pretty much. Where if you’re not organized, they’re gonna keep digging to get more information. You have questions, just call me.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

What can we do to save taxes? That’s the first thing most people ask when we’re working on their taxes. Nothing wrong with it—it’s a great question, I love it.

But you have to figure out that what advice I give you is based on your situation, because what happens often is they say, “Well, you know, my neighbor doesn’t pay this kind of money in taxes. My friend just did their taxes and they got this big refund and they’re making about the same as we are.”

One, most people never share exactly what they’re making. Two, you don’t know if they have losses—maybe they lost some money, maybe they have more children. You’re not sure what the situation is.

So if you really want to know how to save tax dollars, you need to make a tax appointment and let’s talk about your taxes.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Talking about losses, client came in, they had some losses of a vehicle due to accidents. It was not to do with a federal disaster. And they were sure that they should be able to write off the losses of these vehicles because, well, they lost them.

The answer is no. So keep in mind, nowadays, under the current tax law, at one point there was casualty loss and disaster loss available on your taxes—years ago, back in the 2000s, 2007, 2008.

Now we have to have a federal disaster to be able to claim any loss of property. If you need a question, 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Inheriting property—in most cases, it’s a parent’s house or something like that. And so when you inherit, it’s very, very important to find out what was the value of that home within 30 days of the death of the person you inherited from.

Now, you can get comps, you can get appraisals depending on the value of this property. Sometimes it’s very smart to get an appraisal if there’s a number of people, because that number is what we’re going to use.

So if you inherit a house worth $500,000 and you sell it for $500,000, guess what? You’re paying zero tax. And that’s all tax-free. Proper documentation puts money in your pocket. 367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Home office expense. Wow—we’re getting close to the tax season, getting ready to end December, getting ready to go into 2026, and we’re thinking about: is this home office a true tax deduction?

Keep in mind, if you are self-employed, it is your only office—home office—as long as it’s not your kitchen table or a dining room where there’s something else. It has to be a specific room in which you have your office equipment and your ability to do your work.

It cannot have a bed. Nowadays I don’t know if the IRS is as picky about TVs—at one point it could not have a TV in it, but now people use that for their screens.

So if you’ve got questions on this call the firm, 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Tracking miles. So I tell people all the time—you’ve got to have miles. If you’re in a business, you’re self-employed, you use your vehicle, miles are big—70 cents a mile adds up pretty quick.

But you can’t just come in and say, “I did 30,000 miles. I did 20,000.” For one, what’s the odds of you doing a full, even number of miles? Two, you need a log.

If you are ever audited, the IRS specifically asks for a log. It’s a specific log: Who did you go see? How far was it from your office? What was the purpose of the meeting? All these different details.

If you don’t have that, they can disallow those miles—and that can be tens of thousands of dollars out of your pocket just for not keeping the proper paperwork.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

On February 4th, 2025, President Trump signed in the HR1—commonly known as the One Big Beautiful Bill Act, or the OBBB. And that extended a lot of the Tax Cuts and Jobs Act that was in there, but it also added a lot of new tax laws.

So now is the time. We’re getting ready to go into 2026. 2025 is almost over. A lot of these went into effect in 2025. If you have not already sat down, talk to your tax person.

How are you gonna do this? Are you gonna get more money back? Should you be taking out less on your paycheck? These are the kinds of questions you need to ask. If not now, when you sit down to do your taxes—make your tax appointment today.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com . This is a one-minute moment.

Figuring out our taxes, trying to track our taxes, and we’re getting to the end of the year. It’s important to also think about—if you are a husband and wife that are divorced but you have children. I had a situation that came in the office the other day.

And you know, good news is both of them came—they’re divorced, but they’re trying to figure out who benefits most from the children. Because sometimes it’s like, I’m taking the children no matter what. They’re with me, but you’re basically 50–50 caregivers.

And sometimes one makes a lot less and qualifies for a lot better benefits than the other. Sometimes they don’t get any benefit—but it’s all a personal situation. Take that out of it. Put more money in your pocket. Know your taxes.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

As an individual that’s been doing taxes for over 30 years as an enrolled agent, I’m here to basically help first—make you think. That’s what these moments are all about.

Maybe there’s something one day you’re like, “That doesn’t apply to me at all.” The next day you’re like, “Oh, I didn’t even know that happened.” That’s the reason I try to do these—just make you think and apply.

Because a lot of times people just get into this monotony. They just keep doing the same thing over and over and they don’t realize they should have been getting better tax deductions, they should have been tracking different expenses.

Tax law is always changing, and sometimes those changes actually put more money in your pocket. So pay attention. Make sure you know what’s going on. If you’ve got questions, 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

What about dependents? Your standard deduction amount may differ if you can be claimed as a dependent on another person’s tax return.

In 2025, standard deduction for dependents is limited to $1,350 and the sum of $450 plus the dependent’s earned income, whichever is greater.

So this is gonna be big for some people that may be able to claim their children. Normally if they have small income that comes in on W-2s, we can wash it. A lot of times you don’t get that with this new standard.

So you’re going to need to revisit if you’re a small business owner paying your children. You have questions: 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Getting prepared for 2025. Let’s talk about our standard deductions. Married filing jointly and surviving spouses: $31,500, up about $2,300 from 2024. Single and married filing separately: $15,750, up about $1,150.

And head of household: $23,000. If you’re over the age of 65, there will be some additional deductions that you’ll be able to claim.

But the important number is if you had your standard deduction prior to the OBBB, you’ll see that they’ve gone up again. So it’s important to stay on top of your tax questions—and also your tax answers.

615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

We are getting close to the end of the year and now is the time. Time to start getting organized, right? We don’t want to wait until the first of the year and run around like crazy chickens.

We want to have our documents in line. So first I would say get yourself a manila envelope. Put on there what you may be expecting—especially if you’re a person that’s self-employed. You may have 1099s that need to be coming in.

Go ahead and take all those receipts that are on the kitchen table that you’ve spread out, start adding them together, put them in Excel, get the numbers together so you only have to add the last few weeks here.

Earlier you get in, the sooner you know how much money you might owe, and the easier it is to ease any kind of penalties or interest. Check us out at drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Legislation has passed by Congress last year that eases the tax for people that have been devastated by a federal disaster from 2018 through 2020. The relief is going to take place in 2021 through 2024.

You’re going to be able to take some of the damages from Hurricane Ian and some of the other ones that have—I mean goodness gracious—we have a whole list here of disasters that’s hit Nashville from that time period.

But what you want to do is if you were affected by those and you did not get to claim those losses, you need to sit down and talk to a tax expert. See if you qualify for any additional tax credits that may have come across the board.

You can catch me on the internet. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

For all people that are age 65 and older, you have Social Security and you earn less than $75,000 or $150,000 as your AGI, there is an additional deduction that’s going to happen to your standard deduction of $6,000 for each person over that age that has Social Security.

So this is something you’re going to want to make sure—if you do your own taxes, nothing wrong with that, perfectly cool. But make sure that when you’re doing them that you’re using not just paper and pen… maybe you’re using software nowadays.

Keep in mind, the IRS isn’t going to be mailing your refunds in a check form this year. So you’re going to have to put your bank, or you’re going to have to get a card—either way—to get your refund.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Most people who sell timeshares sell them at a loss. That’s just the way it is. The loss of the sale of a timeshare held for personal use is not deductible.

So when you’re dealing with timeshares—and I’ll be honest, guys, I am not a fan of a timeshare. I like visiting, I like to travel, but it seems like they always lock you into something that 20 years later you’re still paying and it’s increased and you don’t have any asset really.

So you sell it, you have a loss. We can’t claim the loss because it’s a personal loss. And therefore, think about what you’re investing into so that you won’t end up putting money into something that us tax people cannot deduct off your tax returns.

Check us out on the web at drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

First, Happy Thanksgiving. I’m hoping that all of you guys have the time to spend with family and friends, get to eat a lot of turkey. And I know some of you guys make those things where they take the pig and they put the chicken inside and all these different layers and they have this amazing food.

I hope you enjoy the time that you get with your family. It is limited sometimes. So this moment is just dedicated to families and being able to spend time with our family.

So from my family to yours, I’m really wishing you a very Happy Thanksgiving. And then hopefully you’ll make some time—if you have questions, just check us out on the web at drfriday.com or email Friday at drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com . This is a one-minute moment.

Donald Trump signed an executive order earlier this year mandating that the Treasury Department get rid of paper checks. That’s right—recipients of any benefits, tax refunds, and other payments, effective October 1st.

So this is in effect. He has ordered all federal departments and agencies to use electronic fund transfers, including direct deposits, prepaid cards, or other digital options.

That means that after September 30th, you will no longer be receiving tax refunds in the form of paper checks. So if you filed your tax return recently and you have a refund, be surprised—there’s not going to be a check coming in the mail.

If you’ve got more questions, just check us out on the web.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

1099-MISC, 1099-NECs—this is where we report our subcontractors or services that we have, and we need to send them the 1099 so that they then can file their taxes.

Keep in mind: if you do not receive a 1099, but you did receive money from somebody, it is your responsibility to file that money even if you did not receive the form.

But those forms are going to be changing in 2026. For 2025, you still have $600—anything that’s made over $600, you should be issuing a 1099 for any services that were performed, be it your lawn man or anything else.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

This is one of those things you don’t hear a lot about—the qualified opportunity zone. It’s been made permanent and it’s been enhanced, which is for people that may have a large capital gain from the sale of a business or personal asset.

By investing into a qualified opportunity fund that will help develop struggling communities, a lot of those capital gains can physically disappear—and in like five, ten years you’re able to take the money out tax-free because you are basically using the money to help an underprivileged community.

So if you have a situation like that, you might want to talk to us at 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Back in 2023 and early 2024, many employers were doing the ERC/ERTC—Employee Retention Tax Credits—and some people had no issue. But there was so much fraud that they found during an audit that if you’re still waiting…

In fact, I saw something from like ADP or something saying that it was still out there available. You need to just basically wait. If your account is out there, they may eventually process it. They have put a hold—they’re doing an audit.

It’s gonna take a while for you to see any of that ERTC money at this time. But if you need help with doing your accounting or taxes, just give me a call, 367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Interest deduction on business debts of larger companies is tweaked a little bit. After 2024, adjusted taxable income is figured without regard to the deduction of depletion, depreciation, and amortization, thus allowing higher interest deductions.

So it’s just giving us a way—because for a long time we weren’t able to take all of the interest in that year, especially if you buy a hotel or something. You’ve got some pretty high interest rates right now at nine and ten percent.

So if you have that in your business, there are ways. Laws are changing—you need to make sure you’re taking advantage of them.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Full expense of domestic R&D cost is fully restored. We were getting it downward like 15 and 20 percent. Businesses can now elect to amortize R&D costs over five years, which to be honest, was over fifteen before.

So this is great because now again, a lot of this money’s coming out—we’re doing these repairs, we’re doing these investments, we’re doing this and we don’t have the cash flow. Normally then we end up having to pay tax on a percentage because we didn’t get to deduct it all.

Now, if you do your taxes right, you can take big chunks of that, spread it over a shorter period of time, put more money in your pocket. That’s what we all love about taxes.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The Section 179 has soared, meaning we now in 2025 have $2.5 million of assets that can now expand that and get a 100% deduction on over $4 million.

I don’t think any of us—or very few of us—will be spending $4 million on assets, which means if you go out, you buy a new piece of equipment, you buy a new dozer, you buy something, we can take 100% in the first year.

Which is great, because that’s a way of paying back some of that money you had to take out to get that piece of equipment—to give a little less burden on your business, making it a little easier.

If you have questions, now’s the time. 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Businesses get lots of tax breaks—most of them are maybe more permanent than others. Some are going to disappear. But one that we did like, that was made permanent, was the 20% qualified business income deduction for us self-employed independent contractors, S Corps, LLCs.

This is where we get a percentage of the profits that we make kind of as a deduction on our return so we can reinvest that back into our businesses.

It’s a great way for us to get a little bit of an incentive to be more profitable, to make more money, pay a little more taxes, and get a rebate. 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The 1099-K—we all know that’s been coming around. The last couple of years they kept threatening to do it if you made more than $5,000, and then $20,000, and then over $600 was going to be the current year.

It was appealed to send 1099-Ks out to anyone that made over $600. That has been changed. It has to now be over 200 transactions or over $20,000 to get a 1099-K. That’s good news!

Doesn’t mean you don’t need to report it, doesn’t mean it’s not important to have on your taxes—it just means you won’t have a report that you’re going to be giving us. 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN .

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Many of the clean energy breaks that we had in 2021 are going to expire as of September 2025; many of them end on June 30, 2026.

So if you are looking at doing something that may qualify under those particular tax brackets, you may want to first make sure it’s still in existence. And if not, then you may have to figure if there’s another way of doing it.

Because right now, getting things under the Clean Energy Act isn’t probably going to be a very big tax advantage to you. That’s why you need to do tax planning now—to know what you can and can’t do.

You should call us at 615.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

I am Dr. Friday with Dr. Friday’s Tax and Financial Firm. I’m an enrolled agent licensed by the Internal Revenue Service, which really means all I do is taxes, right?

So if you’re dealing with a tax issue, if you’ve got the IRS, or maybe you just haven’t filed taxes—you’d be amazed how many people come in and haven’t filed for like 20 years. And it doesn’t mean the IRS is even after them.

They’ve left money on the table in many cases because we can only get refunds for three years. So by you not filing, sometimes you have reasons, sometimes it just becomes a habit.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

This is a moment I hear very rarely talked about—the qualified small business stock. It is an enhancement under the current rules: individuals who acquire qualified small business stock after September 27, 2010, and sell over five years later can deduct 100% of their capital gains from the sale.

I mean, that seems pretty simple—up to, I think, $10 million, which won’t be a problem for most of us. This is a small break, and it’s something not a lot of people take advantage of.

You have to be a C corporation, set it up properly, and move forward doing it right. Got questions? 367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The OBB created a new tax-advantaged savings account. This is kind of interesting—many people may not have heard of it. This is accounting for young children. Up to $5,000 can be contributed to an account each year.

The federal government will automatically put $1,000 for each child born after 2024 through 2029. Contributions are not tax deductible, but the fact is you’re starting to save for their retirement.

We all know Social Security is a little questionable. Your little ones may need it extra and get $1,000 a year from the government to put into that account.

615-365-2500.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

529 plan—it’s a wonderful plan. It’s a great way for family to help others put their kids through kindergarten or first grade, second. Now it goes through K to 12, right?

Normally, we could only take out $10,000. But now starting in 2026, you can use $20,000 per year tax-free for K–12. This is wonderful.

This is a great way for people to get tax-free withholding and use it to pay for college as well, which is where it used to start out. So now you can use it all the way from kindergarten through college. Great way to help fund this thing.

615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

There has been some helpful easing of the adoption credit. First, I’d like to thank anyone that’s ever adopted a child. I think that’s an awesome thing to do, and to be able to get some financial help from your taxes—another financial wonder.

So beginning in 2025, up to a $5,000 credit, adjusted for inflation, is refundable when you’re dealing with an adoption. Sometimes we didn’t have that, right? Sometimes you could take off your expenses, you got reimbursed for them, it would roll over.

This is pretty straightforward, and this way you get a little extra money to help put in your pockets and raise those perfect little babies. 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Bad news for gamblers. Starting in 2026, they can deduct only ninety percent of the losses against their taxable winnings. Right now, gamblers can report total winnings on Schedule 1 of the 1040 and deduct losses on Schedule A up to the amount of their winnings.

So this is going to mean a higher tax for many people that are actually going to win—I don’t know, the Super Bowl or whatever you might gamble on. Just one of those things. So be sure that you’re tracking that information.

A lot of times, the casinos will do a pretty good job of providing us the proper forms, but it is your responsibility to turn that in. If you have any questions, just check me out on the web.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

And today is D-Day for taxes of 2024. This was our final time. You need to be sending in any payments that you owed for first, second, and third quarter of 2025—those estimates are due today.

Whatever balance you may have had for 2024, those balances are due today. Otherwise, you’re looking at quite a bit more penalties, interest, and even for those that may have extended 941 payments or any other payments that were delayed, everything is due today, guys.

So now is the time. Hit the button, file your taxes. 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment and happy Halloween.

I happen to be one of those people that love Halloween. Not only because I’m in a profession, which is very scary, but also because let’s be honest. Where else can you run around in a costume and scare people and be allowed to do that? Normally you can’t.

And get out free candy. I mean both of those are win-win situations. But if you’re thinking about doing your taxes on this day, I would say probably wait till Monday—just because you know you don’t want to jinx anything.

But if you haven’t filed your 2024 taxes, you only have a few days left. November 3 will be the deadline. And don’t be scared, that would be the time. If you wait till November 4, you’ve got huge penalties—failure to file, failure to pay, and all other failures that will happen.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

I am Dr. Friday, an enrolled agent licensed with the Internal Revenue Service to do taxes and representation. I’ve been doing this for over 30 years here in the Brentwood area.

And if you have questions—maybe you haven’t filed taxes, maybe you have a friend that just keeps getting these love letters, they’re concerned they’re gonna lose their house, they could take my car, they can whatever. There’s a lot of myths out there about what the IRS can do, but there’s also a lot of things the IRS can do.

I had an employee that came in the other day, and a friend of theirs was getting their paycheck levied. It’s not something we can’t help with. In fact, it’s something we do every day.

So if you’re having these kinds of problems, why don’t you just give us a call and set up an appointment? 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

GOP lawmakers get their wish to expand school choice for K through 12 students. There’s a new income tax credit for donating to scholarship organizations, giving a non-refundable federal tax credit up to $1,700 to individuals who donate cash to qualified organizations providing scholarships to K–12 students.

Additionally, scholarship recipients won’t be taxed on the funds. Note this is a credit, and a portion of it will be refundable. This is going to begin in 2027, so start thinking—how can you start helping the scholarships?

615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

We’re always talking about taxes because that’s what I do, but also organizing your taxes. Again, we are between two years where if you haven’t filed your 2024, you still have time, and if you’re getting prepared to file your 2025.

So it’s time to think—is there any kind of tax planning I should be looking at? Is there anything that’s happened new this year? I got married. I got divorced. I had a baby. I purchased a house. Is any of this going to have an effect on your tax return?

If so, are you prepared to know? Because sometimes if you’ve gotten divorced in a year that you are claiming married on your W-2, many times you’re going to owe more money.

So if you’ve got questions, just check us out on the web, drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Auto loans can deduct up to ten thousand dollars of interest, but there’s always a but—it has to be new. It has to be a new car, minivan, SUV, pickup truck, or motorcycle after the year of 2024.

And you need to have, again, limitations to income: $100,000 for individuals and $200,000 if filing joint. If your income is above that, you will not be able to qualify. If it’s under, you might be able to qualify.

So maybe this is a good time to think—do I need a car now or within the next few months? Because if you don’t buy at the right time and the right car, you may not be able to deduct this interest, which normally we can’t.

Check me out, drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

One of the other things we’re looking at is the $12,500 of overtime pay that is deductible. Again, this can only be what’s on the time and the half—the half that’s above. They’re not taking and including that in the $12,500.

If you’re married and you both get overtime, $25,000. Again, you cannot exceed $150,000 if you’re single, $300,000 if you’re married. If you are self-employed, you’d have to have a W-2. I had someone ask me that earlier, and I’m like, that’s not gonna happen.

You do have to make sure you’re following all the proper technologies that they’re allowing for us to deduct and calculate this. If you’ve got questions, just give my firm a call.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

There are a few things we want to go over. First, there’s a new senior deduction. I keep talking about it, but I want everyone to understand that’s $6,000 per person that’s 65 and older, deduction part of your standard deduction.

Second would be up to $25,000. Qualified tips are deductible. Again, this has to be reportable. Your AGI cannot exceed over $300,000 if married, $150,000 if single. And it has to be something that has been reported on your income tax. It’s not something you can just say, “Oh yeah, I’m sure I collected $25,000.” It’s not gonna fly.

Questions? 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment, and this is a moment that I’m very excited about.

2025 through 2029, many of you know we had SALT that is on the Schedule A, where we were deducting our sales tax and our property taxes, and there was a limitation of $10,000. People from other states like California and New York, where their income tax was more than that, had a cap of $10,000.

Now starting in 2025, we’re gonna have $40,000 available there. So more opportunities to be able to itemize fully your state withholding along with your property taxes for any state that you have.

You can call us 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The higher lifetime estate and gift extension is now permanent and bigger. I don’t know about a lot of you, but we were concerned when they started saying that it was going to be like a million or two million dollars, which I know sounds like a lot, but when you’re talking a lifetime, it isn’t as much.

But it’s going to be $15 million starting in 2026, up from about $13.9 million that we had in 2025. And if you exceed that—if you’re fortunate enough to have an estate larger than that—then you will be paying a 40% gift tax on anything above that. But for most of us, let’s be honest, lifetime or not, we’ll have no worries.

If you got questions, all you have to do is call us 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The child tax credit will be up to $2,200. That’s up from $2,000 that we had at the beginning of 2024 or in 2024. The refundable portion for people with lower income would be about $1,700 per child. The child does have to have a Social Security number. It cannot be a non-resident, it has to be a U.S. citizen.

So if that helps you, I hope you’re going to be able to do that. I hope it does, because anytime we can put more money in our pocket, that’s what we want you to do. We want you to understand that that’s the way you’re going to keep your taxes in the right place.

If you need help just doing your taxes, 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

I had a conversation the other day with a client about keeping his business either as a sub-S corporation, which is a pass-through, or a C corporation. Because the top rate for an individual could be 37% and a corporation is 21%. Sounds great.

But then when you take money out of that corporation, you’re still paying tax on the profits if you’re getting a distribution. So you need to sit down and really do the math.

Either you’re gonna be drawing out all the money through payroll, which again you’re gonna have to pay the tax rate on that at 37% if your income’s that high, or you’re gonna have to figure out if there’s a better way of doing the distributions.

Call us 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Qualified charitable deductions. I still don’t think enough people understand those. Now, given that they keep changing the dates when people have to take the required minimum distributions, but in many cases, people pay money out of their pocket every month to their charity or their church, and that’s after-tax dollars.

Whereas if you are receiving qualified required minimum distributions, you can then take that money, have it directly sent to your charity, and pay zero tax. Called a QCD.

You need to know more about this? Talk to us at 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

I’m gonna talk a lot about the OBBB, because especially for seniors, Social Security, there’s a lot of myths and things going on out there that you’re gonna get $6,000 if you have Social Security. It’s not going to be the same thing.

This is a deduction, right? Deductions mean we get to reduce our income. Credits mean we get to put the money in our pocket dollar for dollar.

So if we have a $6,000 deduction that you’ll be able to add if you have taxable Social Security and your income source is trackable, that’s great. But you’re not going to be $6,000 in your pocket. That is not a refundable credit.

If you got more questions, call us 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

For all of my people that drive their car for making money—meaning your Ubers, or if you’re a real estate individual and you’re tracking your miles—this is a perfect time. We get 70 cents a mile for true business miles.

Now that does not include commuting. So if you’re at home and you’re going to your office and then you’re coming back home, even if you have a home office, in some cases you cannot deduct two offices. If you’re working from home for your own purpose, that’s not gonna be a deduction.

If you’re doing it because the boss says, “Hey, we don’t have room in the office, you work from home,” then that home office may qualify as long as you’re on a 1099.

You have any more questions, just give our office a call.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

When we’re talking about taxes and we’re looking at 2024 tax filings still on the table, as well as the tax year of 2025, which we’re only a few months from the end of, we need to be thinking both years.

Even if you’re delaying your preparation or filing—physically hitting the button to do your 2024—you’ve only got a few more months to make changes. So if you’re thinking Roth conversions, you’re thinking about contributing money to your 401k, that has to be done through paychecks if you’re an employee.

These are the kinds of times now. Tax planning is what you should be doing for 2025. Otherwise you may miss that window.

615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Under the OBBB, the One Big Beautiful Bill, credits and deductions are going to be expiring for energy credits. So if you have a clean energy credit that you would normally get for putting something in your house, most of those are all expiring by December 31st, 2025.

So if there is something you want to get—if you’re looking for a new AC unit or something like that—and we have the credit, it’s gonna expire now as of December 31st, 2025. This may be something you do not want to delay into 2026 and still put money in your pocket.

Questions? 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com.

This is a one-minute moment. Under the One Big Beautiful Bill, you have one thing that’s going to help people that are over the age of 65 and receiving Social Security.

People are a little confused. What’s this $6,000? What’s this $12,000? So it’s going to be added to your standard deduction. So if you’re 65 and you have a certain dollar amount, your standard deduction, and you have Social Security, you make less than $75,000 as an individual, less than $150,000 as a married couple, you will qualify.

If you’re both on Social Security, up to an additional $12,000 as a deduction. It is not additional money in your pocket per se, but it will reduce your taxes.

Got questions? Just call my office. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN .

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com.

This is a one-minute moment. New tax, new laws, new year. From 2025 through 2028, no tax on overtime. So this is a little more complicated than what a lot of people thought.

They were thinking every dollar I make in overtime, I’m not going to pay tax on. It is only the halftime or the part that is truly overtime that we’re going to be able to get credit for, up to $25,000.

And it has to be on your tax W-2. It cannot just be a number you put together. It has to be reported to the IRS.

You know, if you want to know more, you need to give our office a call. Set up an appointment or call us at 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com.

This is a one-minute moment. I’m an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. I’ve been doing this for over 30 years.

If you’ve got questions, maybe you haven’t filed taxes for a number of years, maybe you’re just behind or you’re getting love letters and you’re like, I’m just putting them in a drawer. I don’t know what to do. I’m afraid if I do something and they’re gonna trigger and come back at me. I’m unsure.

Well, let me tell you something. If you want to have help, all you need to do is come to me. I can give you a path of how we can get the IRS straight with you, and that way you can move forward—maybe with a little less stress.

Call me at 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN .

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com.

This is a one-minute moment. We are in the middle of still filing for 2024 and preparing for 2025 taxes. With the One Big Beautiful Bill, there’s gonna be a lot of changes for 25.

But don’t forget we have only until November 3 to file for 2024. I know some of you are scrambling and you’re saying, wait, it’s October 15th. Normally it will be, usually it is, but this year, final payment, final filing, November 3rd. So we have time to get everything done and paid without almost any penalty.

If you’ve got questions, just call me. 367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

We have a new tax deduction effective 2025 through 2028. Individuals may deduct interest paid on loans used to purchase a qualified vehicle. This is not part of your itemizing.

The tricky part is it is what is a qualified vehicle. It has to be assembled here in the United States. Lease payments do not qualify. This must be a new purchase. It has to be a minimum purchase of $10,000.

If you’ve got more questions or you just have to, you know, want to get to know me, 615-367-0819.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The OBBBA is in effect, which means the one big beautiful bill is going to be what we’ll be a lot, a lot of talking about. So one of the big things, no tax on tips. What does that really mean? In very short time, I’m gonna tell you it’s basically based on a specific statement, qualified tips, which means voluntary cash or charge tips that you receive. It has to be put on either a 4137 or on your W-2. It can’t be part of your normal ordinary income. If you’ve got more questions, you know the number 615-367-0819.

You can catch the Dr. Friday Call-in-Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Today, April the 15th, is Tax Day, which means I’m pulling my hair out. It’s going crazy. And you, if you haven’t already filed, think ‘extension’. You can go to IRS.gov, and you will find extensions available to be e-filed there. You can call our office at 615-367-0819. We will do our best to assist you in filing an extension. It is vital to at least have that done. If you haven’t filed taxes for a number of years or if you’re just waiting for one document, any of those things, now’s the time: think extension. Also, make a payment today, even if you don’t know how much you owe.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

And it’s April the 14th, which means we have less than 24 hours to file your taxes. If you haven’t actually finished your taxes, you’re pondering, you’re delaying, again, make sure you have filed an extension. It will eliminate one of the penalties: the failure-to-file penalty. And then if you have the money, but you just haven’t had the ability to finish the taxes, make a payment. Go ahead and send it. Go to IRS.gov. Click on the little button that says ‘Pay’. You can do ACH or credit card. They do charge you a 3% or 2.5% or 2.5% fee. But make the payment. That way, then, all you’re having to do is the documentation. You need help? 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

I’m Dr. Friday with Dr. Friday Tax and Financial Firm. We are almost at the end of the 2024 tax season. And if you haven’t filed your taxes, or maybe you haven’t filed for a number of years, and you’re sitting there going, “I have a child that’s getting ready to go to college and they need FAFSA,” or “I’m just wanting to get married, and I don’t want to bring my tax issues into my relationship.” These are things we can help you with. We can fix you. We can fix the situation that will fix that situation. So if you need help, give us a call 615-367-0819. Or just check us out on the web at drfriday.com or email me at friday@drfriday.com.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Personal PIN number: The IRS will give it to you because you’ve either been thought of as having identity theft or you’ve opted in because you’re trying to protect your identity. Nothing wrong with that. But so far, we have about six people that have not provided that number, and so we cannot e-file, which means we cannot file tax returns for those individuals. We don’t have any way of getting it. The IRS will only give it to you. So, my suggestion would be: sign up for IRS.me and get that information if you haven’t already received it in the mail. Again, it’s your personal PIN number – it’s six digits. Call us if you need help, 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

I keep pushing: Make sure you’re looking at your W-4. That is what we use when we’re preparing payroll. So, if you have a balance due in 2024 because you didn’t have enough money come out, then let’s adjust it for ’25. It’s a lot easier to pay 50, 100, 150 per paycheck than thousands of dollars the next year, and sometimes interest and penalties. It’s not worth it. Sit down and take a look. If you had a big refund, the same conversation: make an adjustment. Let’s not give a loan to the IRS. As long as you don’t have to make any payments or you don’t owe any penalties, keep the money in your pocket. 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Starting a new business in 2025? I think it’s an awesome idea. I love entrepreneurs. It amazes me sometimes on the things people come up with and create to make a new business.

But let’s make sure that you’ve also consulted with a good attorney, a good tax person, maybe even your financial planner, making sure that it is set up in a way to protect your assets. So if something does go wrong, you don’t lose things you didn’t want to lose.

And also make sure that you have succession planning. For all those that have built very good businesses, without that, sometimes things can go awry for the people that you love.

So, if you need help with any of it, give us a call: 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

And tax day is just around the corner. If you have not filed your taxes, you do not have a tax appointment… Now, when you file an extension, please listen carefully: it does not extend the money you owe.

So, if your tax person says, ‘Hey, we’re going to file an extension. It’s going to make it much better. It’s a lot easier’—from our standpoint, sometimes it’s a great idea. But if you know you’re going to owe $15,000 or $20,000, pay that now. Pay it before April 15th. Otherwise, you’re looking at penalties and interest, which cost a lot.

615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Self-employed individuals: sometimes I think you guys sit around and think about what ridiculous tax deduction can I write off. ‘My blue jeans are a tax deduction because I wear them for work.’ ‘I have really nice Uggs that I wear every day to work, so those are going to be a tax deduction.’

Keep in mind, people, anything that can be worn on the streets—which is a lot, if you think about it—is not a tax deduction; it is not a uniform; it is not an outfit. What you do have is if you have your logo on something, then you may be able to consider that maybe a uniform.

You need help? You need to call us: 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

And I am shocked when I see where parents have children—they’re 15, 16, 17 years old—working for them because they’re sole proprietors or their family-held partners, and they’re not paying them. They basically don’t; the kids come in, they do the work, they’re working on the website, they’re doing the bookkeeping, they’re helping answer phones, but they’re not paying them.

You can pay a child $13,000 a year and pay zero tax because the standard deduction is zero [for them on that income, assuming no other income]. Put another seven or eight [thousand], depending on their age, into an IRA, and you can save that too. Teach them how to work and to be paid. It’s going to give them a better start in life.

You need help? 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

And it’s for all those adults that maybe have parents that are in long-term care situations. One of the things I have noticed this year is that many people are missing the whole point that in long-term care, when a parent has to be in assisted living, that is considered a medical deduction.

Many times, people are having to take quite a bit of money—$7,000, $9,000 a month—to keep their parents in those facilities. A large chunk of that could be considered a medical expense, so therefore, itemizing is a must.

So, if you need help understanding how that could be a way of putting more money in your parents’ pocket, give us a call: 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

And I’ve got something hot off the lines. They have passed the law that says no one has to file taxes this year. That’s right, no one. And I also have a bridge in Arizona for sale and a few other things—if you really want to believe that.

April Fools! That’s right. I am just teasing. I don’t want anyone to come back and say, ‘Hey, Dr. Friday says I don’t need to file taxes.’ That is a joke, but today is April Fools’ Day.

But in reality, you only have a few more days left before tax day, April 15th. So, make sure that you have either filed an extension or filed your taxes.

And if you have questions or need help, give us a call: 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

If you are a self-employed individual and you use your vehicle for work, remember: 67 cents per mile. That’s only good if you’re tracking the miles. Looking up and telling your tax person, ‘Well, I think I put about 20,000 miles on my car,’ is never going to stand up in any kind of scrutiny.

You need to have something like Mileage IQ, some sort of paper book that you keep in the car. You need to have a purpose. Why did you go to this location? I went for tax preparation. Why was it this, and why was that? Who did you meet? What was the purpose?

You need that information because if you ever get audited, I will tell you, that will be one of the top things they audit.

615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Making estimated tax payments, people, are not a choice. Sure, you can choose not to do it, but there is a penalty. Who wants to pay the IRS more money just because you have to hold on to it? You better be earning 6 to 8 percent, or you’re going to be paying more in penalties than you’re earning on the money.

I’ve had more than one person say, ‘I can do better than the IRS,’ but the IRS is the one penalizing you. Take the money out of the bank, pay the IRS so that the money in your bank is your money. Keeping the IRS out of your bank is so much easier than having to deal with penalties and interest.

Need help understanding that? Give us a call at 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

We are winding down on tax season. So, if you are deciding maybe you don’t want to file your tax because you just found out that maybe you owe $20,000, or $5,000, or $2,000—it doesn’t make a difference depending on your own budget, but it’s a lot of money. And you’re thinking, ‘Well, if I don’t file the taxes, the IRS won’t know; therefore, I’m going to be able to stretch this out a little longer.’

And I can’t say that’s not true. But the fact is: file your taxes on time, then figure out how you’re going to make a payment plan. Pushing it down the line is only going to add more penalties, more interest, possibly failure-to-file penalties.

If you need help, 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Okay, so if you’re a person that is working and selling small things—maybe on eBay or one of those types of sites—and you have merchant fees, remember: 2025, it will be going to $600, what they threatened to do back in 2022. They’re finally implementing that.

It is important to understand that if your merchant fees are over $600 for the entire year, you’re going to start having to report this as a business. So, think now about cost of goods, expenses. You can’t always show losses. So, what are you in business for?

615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript – Edited for Readability:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Let’s talk a little bit about trust, different types of trust. You have a typical, you know, A.B. Trust, living trust, an insurance trust, a charitable remainder trust. All these are great. There’s also a disability trust. One of my nieces is on the spectrum. And we’ve set one up probably almost 10 years ago, in which many of us have also set up a life insurance policy. So if something happens to us, it will go into the trust. And then that way, she will always have money even when we’re not here. Think about things like that. Sometimes it’s a better way of setting it up than putting cold cash and hoping that it will grow. You need help with that again. Talk to a good estate attorney, but you can call or go to drfriday.com.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript – Edited for Readability:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Something to talk about. Transferring to your grandchildren may be a subject of generation skipping tax. We do have GST tax, and that is 40%. So if you decide to skip a generation and you say, hey, I really want to leave everything to my grandchildren, even though your children are still alive, the government says, wait, you’re trying to spread it out further. So we’re going to tax you on that if you do certain things. Your best bet is to set it in trust, put it to your children, keep the trust to have certain regulations so the grandchildren can still inherit. There are ways, but talk to a good estate attorney.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript – Formatted for readability:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

I was asked a question last week about life insurance: Is it always tax-free? And the answer is no. It’s not always tax-free. One of the main things to consider with life insurance is that if you cash in your own policy—particularly whole life—sometimes people reach a point where they no longer need it. If you do cash it in, the gain on the amount paid is taxable income because it’s considered growth, much like investing in a stock or savings bond. So, keep in mind that if you inherit a policy or receive life insurance proceeds after someone passes away, 99% of the time, that money is tax-free.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript – Formatted for readability:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Gifting friends and/or family—$18,000 in 2024 is the annual exclusion. Anything over that, you need to file a gift tax return. But remember, lifetime gifting is $13 million, so you have a little wiggle room to understand how much to give. You do not have to give it to a family member; you can give it to someone on the street—it doesn’t make a difference. The person giving the money is responsible for any taxes that could be due, while the person receiving the money will not pay taxes. Important to understand.

If you need help understanding how to file a gift tax return or any of that, call 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript – Formatted for readability:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Estate tax. Most of us are not going to really worry about estate tax because, under the newest tax law, the exemption is $13,610 for an individual and $27,220 for a married couple. That’s quite a bit to exceed. And then if you do exceed that, the tax would be 40%, which is pretty steep when you think about it. So, making sure you have a good tax plan by setting up a trust—an A, B trust if you happen to have a large estate—and considering gifting money away is advisable. I mean, I’m sure anyone with a good tax planner will help figure out a charity trust and all those—they’ll put more money in your hot pocket. You need help; call 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript – Formatted for Readability:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

IRA required minimum distributions. If you did not already take your 20-24, I want to let you know you’re late. They can assess a 50% penalty on whatever you did not take out. So if you’re only taking out $5,000, the penalty could be $2,500. There are ways to request a waiver, and the IRS has been pretty lenient on that. So, make sure you do that, and ensure you’re set up to take it. And this is not just for people over the age of 73 on RMDs but also if you inherited an IRA and are required to take the money out. So, very important.

If you need help, give us a call.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

March 16th is a big deadline for people with businesses, sub-s corporations, partnerships, and LLCs that are treated as partnerships or sub-ses. It’s important because today is the deadline. If you have not filed the return, you need to check with your tax person to make sure an extension has been filed. Those penalties can be very expensive—I’ve seen penalties reach tens of thousands based on the number of partners. It is very important to make sure you file the extension to save money. It’s a pretty easy thing to do. If you don’t have anyone to help you, give us a call today at 615-367-0819, and someone on the other end will help you.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Social Security—so in 2024, if you decide you want to take out early Social Security, which means you’re 62 and older but not at your full retirement age, you can earn up to $22,320. If you make more than that, you’ll have to pay back $1 for every $2 over. And if you earn more than $59,000, you have to pay back $1 for every $3 over.

So bottom line—if you’re going to work, make sure your income stays low enough. Otherwise, you might want to think twice about getting onto early Social Security.

Need help? Call 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

For all my entrepreneurs—individuals who don’t have retirement plans but have income through self-employment—remember, you still have what’s called a self-employment plan, or SEP, that you can contribute to. They’re beautiful things as well. And sometimes, you can put in up to, I don’t know, $50,000 a year, depending on your overall income. It is based on your income.

So, if you’re looking for ways to reduce your taxable income and prepare for retirement, you might want to consider it. The problem with most entrepreneurs is that they often think it’s better to reinvest money in their business rather than invest in their retirement.

But if you need help, call 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

One of the few things we can do still right now for the year of 2024 is possibly maximizing our IRAs. Now keep in mind, this would be most likely a traditional IRA from the tax standpoint because a Roth does not reduce your taxes. But it also matters on if you have an employer program. how much money you’ve made, if your wife works or doesn’t work, all of that comes into place. So not everybody can contribute to an IRA or contribute to a Roth IRA. There are backdoor Roth IRAs. There are backdoor IRAs. You need to talk to a financial planner before you make those decisions. If you want to help with taxes, 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Planning for a new business or changing your business entity? First, I’d say check with an attorney. But for tax purposes, you should talk to your tax professional. There are advantages to being an LLC, just as there are to being a sole proprietorship. Many people jumped into C corporations because the tax rate dropped to 21%, but there are limitations and double taxation risks. If you don’t understand how to properly take money in and out of a business, you might end up paying more in taxes than expected.

Need help understanding your business entity and tax obligations? Call 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

1031 exchange—you need to put that term in your brain, especially if you’re in real estate and looking to buy and sell properties. Instead of paying taxes every time you sell with a markup, consider a 1031 exchange. This isn’t for everyone, and you cannot use it for your primary home—that’s very important. But for investment properties, you can reinvest the proceeds into a like-kind property and defer your capital gains tax. This can be a powerful tool for real estate investors looking to grow their portfolio while reducing tax liabilities.

Need help? Call 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Real estate investments—I love investing in real estate personally. But am I a professional real estate investor? No. I don’t spend more than 750 hours a year on real estate because I have a full-time job. It’s very hard to justify professional status. There are advantages if you qualify. If you have a lot of rental properties, manage them yourself, and can document your hours, you may be able to take more losses than a casual investor. It’s very important to understand the difference between being a professional real estate investor and a passive investor for tax purposes.

Need help? Give us a call at 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

I am Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. We have been in business almost 30 years, and I specialize in representation and taxes. That’s what I do. So if you have IRS issues and are trying to figure out how to reduce what you owe or get out of debt, you need to be in compliance first. You cannot make a deal with the IRS unless your taxes have been filed—even if they’ve assessed you a balance. Once you’re in compliance, we can help you with an offer in compromise or a payment plan and guide you in the best direction.

Just go to drfriday.com for more information. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Schedule B’s—very important papers for us investors, right? Because it tells us about our capital gains, our wash sales, our interest, and whether our dividends are qualified or ordinary. What’s the difference between qualified dividends and ordinary income, you ask? Well, it’s pretty straightforward, but it’s important. Ordinary income is taxed at ordinary income rates, while qualified dividends are taxed at capital gains rates. If you’re in the higher tax brackets, you might like that qualified rate. You may be in the 24%, 28%, or 30% tax bracket, but you may only pay 15% or less on qualified dividends.

Need help? Give us a call. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Capital gains tax. A lot of people come in asking me, “Hey, if I sell this, what happens?” Remember, capital gains tax isn’t a separate tax—it’s based on your overall income.

Let’s say you make $100,000, and then you sell something for a $150,000 gain. If you’re single, $50,000 of that gain is going to be taxed at 18.8%—not 15%.

Even though the tax code says anything between $47,000 and $518,000 falls in the 15% bracket, many forget about the net investment income tax of 3.8%. Don’t forget that part!

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Year-end tax planning—now, you might be thinking, “Why is she talking about this at the beginning of March? We haven’t even finished our 2024 tax return!”

Because now is exactly when you should be thinking about it. If you need to make a change—adjust federal withholdings, contribute more to your 401(k), or decide whether to save or withdraw money—this is the time to plan.

Starting early gives you a full year to make adjustments. If you wait six or seven months, you’ll only have a few months to fix things, and chances are you’ll still owe taxes.

Now’s the time to think ahead to 2025 while filing your 2024 return.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Qualified plug-in electric car credit. You may qualify for a credit of up to $7,500 under IRS code 30D if you buy a new electric vehicle. Or now, they even have one for $4,000 if you buy a used EV.

Now remember, it has to be used primarily in the United States, and it has to be for your own use—not for resale. Also, you’ll need the VIN number and the date of purchase to ensure it’s a qualified vehicle.

But if you’re someone who’s been considering an all-electric car, this could be a great tax deduction. If you need help with this or any other tax questions, call 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Cryptocurrency. Oh boy, over Christmas, my sister-in-law got big into crypto. Nothing wrong with that—just not sure she totally understands the tax implications.

Remember, crypto is just like any other investment or stock. They’re going to tax you, and tracking it is key. So often, my crypto people think, “Okay, I take U.S. dollars, turn it into Bitcoin, then from Bitcoin, I went to Ethereum or whatever, and now there’s no paper trail.”

That’s not true. If you ever bring it back to U.S. currency, all of those transactions become taxable. You’re not hiding, and if you want to sleep well at night, you better track it—that’s all I can say.

If you need help, call 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Managing receipts of income. When considering how to best manage your taxes, keep in mind that deductions are only part of the story. Income is also a major factor.

For example, if you expect to have a higher tax break next year, you may want to think about accelerating income in your current year. That really only works, to be quite honest, when we’re talking about self-employed individuals.

Sometimes, you can have someone say, “Hey, can you send me a check in December so I can pick it up for next year instead of having it all come in the next year?” That is doable sometimes. Most of the time, we don’t have control over what income comes in.

If you need help, call 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Lower your taxable income by shifting income to other family members. That works great, especially for self-employed or small business owners. You may have children who are 14, 15, 16, or 17, who are really working for you.

Instead of just paying household expenses through yourself, think about paying those kids. It’s a great lesson for them and a smart tax move for you. Also, consider calculating the value of benefits for educational deductions.

Another tip: if you put something on a credit card, according to tax law, that’s a deduction—not when you pay it, but when you charge it. If you need help and want to talk to someone, just go to drfriday.com.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Selling your home. So nowadays, it’s not quite as simple. Most people live in their home. As long as you’ve lived in it two out of the last five years, you can qualify for a home exclusion.

But a lot of times, people will turn those homes into rentals, or they’ll rent part of the house out and live in the other. And when they’re doing that, they’re appreciating or turning that part of the home into an investment. And in doing so, there can be pros and cons.

One of the pros is that we can’t take a loss if you happen to sell your primary home at a negative dollar amount. But if it’s a business, if it’s a rental, we can take that loss. So it’s important to understand if you’re making money or losing money. If you need help, just go to drfriday.com.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Home office space. So again, I want to say if you are a W-2 individual and you’re working from home, that is a benefit. It is not a tax deduction. I know you’re going to say that you’re spending your own electricity and you’re having to take up space, and you have heating and air conditioning. The IRS has pretty much come back and said, yeah, but you’re not putting wear and tear on your car, and you’re not paying for any more petrol. So it’s a give or take on that one.

But if you are self-employed or an individual that has the ability, a home office is a great deduction—if you know how to account for it. So make sure, if you need help, call 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Taxes and divorce. I can’t tell you how many meetings I take on this particular subject. Sometimes I actually am fortunate enough to have both people getting divorced in the office, and we’re really able to do serious tax planning because there are ways that you can save money when you’re divorcing, and there are ways that you can make that other partner pay big if that is your dream.

But either way it looks, you do need to consider—if you’re in the process of getting divorced or getting married—sit down. Talk about the finances. Talk about the taxes. Again, how many people even ask the person they’re marrying if they’re up to date on their tax returns? If not, you could end up paying that person’s tax bill.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

I want to put the caveat first that I am not a financial planner. I look for ways to save tax dollars. But one way is, let’s say you have a 15-year-old child that’s doing babysitting or working, and maybe they even work for your company as a partner in a partnership or sole proprietorship, and they’re making that $7,000 to $10,000.

One thing they could do is open up a traditional IRA, and that $7,000 would be tax-deferred, or $8,000. And then the other side of that would be, let’s say they put it into a Roth. They would defer all of that growth for the next, what, 60 years? That sounds like a wonderful tax plan for your kids.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Some things have what we call a phase-out. For example, the child tax credit—it starts at about $200,000 for a single person and about $400,000 for a married couple. Adoption credit? Pretty much $252,000 for a single, and guess what? The same exact number for a married couple. So there’s the marriage penalty for you. Interest on education? $80,000 for a single, $165,000 for a married couple. You get where I’m going here. In most cases, the limit doubles for married couples, but not always. Educational savings bonds? Again, another marriage penalty. You need to understand these dollar amounts—otherwise, you won’t be able to take the tax credit.

Need help? Call 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Let’s think about depreciation, especially for business owners or renters. There are a lot of different things that can be depreciated. And the thing is, do you want to accelerate? We still have accelerated depreciation. You need to understand how that will affect you in the long run for recapture of depreciation. Also, keep in mind that you don’t have a choice with rental properties—you have to depreciate. It is not an “Oh, I might want to or not.” Tax law says it’s a mandate. So understanding what you have to do to stay in compliance, how you might be able to reduce it now for less recapture later—these are important things to know.

Understanding taxes is what I do, so call me if you need help. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Happy Valentine’s Day! And for some of you, maybe even an anniversary. That being said, let’s think a little bit about getting married and how the tax law doesn’t necessarily reward individuals who are married. There are a lot of marriage penalties. Look at capital gains—if I’m single, I have $200,000. If I’m married, I only get $250,000. Also, keep in mind child tax credits if your income is too high. So when you’re thinking about Valentine’s, your sweetheart, and being smart about your money, consider what kind of tax advantage it may be to stay single or file as head of household.

If you need help, call 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Domestic helpers. Now, a lot of times people think that, well, they don’t really have to do much. Someone comes to my house, I’ll give them a 1099 at the end of the year and make a payment. But keep in mind, if you’re paying somebody basically as an employee and it’s over $2,700 per year, they really do need to file a Schedule H. Schedule H is where you report your household employees. You actually need to pay their Social Security and Medicare, just like an employer would. It’s important to understand—just because someone is working in your house, that’s still a job for them, and therefore, they are still your employee.

If you don’t understand that or need help, give us a call at 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Let’s talk about estimated tax payments. So often people come in and think it’s some sort of voluntary thing that all of us are doing—as if we would voluntarily want to pay money before we had to pay it! That’s not the case. We don’t want to pay penalties. There is an exact penalty for failure to make estimated tax payments. So you make a choice: You can pay 0.5% every month that you forget to do it or choose not to, or you can pay it on time. I kind of like to get the IRS out of my bank as soon as possible, so I make my payments. But people make that choice. Just understand there’s a penalty for not doing it.

Need help? Call 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

If you still participate in the health care marketplace, do not forget to get the 1095-A form—that is necessary for us to prepare your taxes. We so often have individuals that forget two major things. One, the 1095-A from the marketplace because you don’t really think about it since you have an insurance card or whatever, and it’s there. The other is the IPN number that the government will give to individuals who are already listed at risk. If you don’t have those, we can’t file your taxes, and they will be wrong.

You need help? Give us a call at 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

A 529 plan. That is something that I find is great if you happen to have a fairly big family or some very nice grandparents. One of the laws that they’ve passed is that you can actually give up to five years’ worth of gifting into a 529 in one year. So, for example, if it’s $17,000—this year’s actually $18,000—but let’s say they want to give five years’ worth or $85,000. They could do it all at once, not worry about the gifting laws, and put it into that 529 to grow for later, for where your children are going to go to school. Very important. These funds can even be used for secondary or even preschool if necessary.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Educational-related tax benefits. Let’s talk about student loan interest. If you make less than $90,000 as an individual, less than $185,000, you will be able to take up to $2,500 of interest. Employee tuition assistance—$5,200 is tax-deferred. If you have scholarships, some of that can be non-taxable and some can be used for tuition and fees. Make sure you’re maximizing these benefits, especially if you have kids in college. It’s expensive! So if you need help understanding what you can deduct and how a 529 plan can help, give us a call at 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Business expenses. What really is a business expense? Probably the biggest thing that people think about for a trade or business is something that it takes for you to actually do your business. So I have sometimes people that will say they’re real estate agents, and then they say that they’ve taken four trips to other states or other countries to possibly look at real estate, but yet they don’t actually own or have even licenses in those states. Keep in mind, the government isn’t quite that gullible, right? So make sure that it’s a necessary expense, not just something you want to take as a family vacation.

You need help? Give us a call at 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

What is income? I mean, what do we really have to report? What can we just say, “Ah, that’s not really income, so Uncle Sam does not need to know about it?” One would be, of course, the simple things—gross income from your business or W-2s. How about rental income, interest, royalties, dividends, and alimony if it happened before 2019?

I’ve had a number of people come in after hearing that alimony is no longer taxable, so they stopped reporting it—even though they’ve been divorced for 20 years. This is a new law that only affects recent cases, so make sure you’re reporting all your income.

If you need help, go to drfriday.com.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The 1099 filing deadline has passed! Make sure you’ve sent out all required forms, including 1099-NEC, 1099-MISC, and 1099-INT. Businesses must issue 1099s for any payments over $600 to contractors or service providers.

If you paid a corporation (one with “Inc.” in its name), they are usually exempt, but they must provide a W-9 form to confirm their status. If you haven’t filed your 1099s yet, get them done now!

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

If you work for a 501(c)(3) nonprofit, make sure you’re in compliance! The IRS requires nonprofits to file Form 990 every year. If you fail to file for three consecutive years, your organization will lose its tax-exempt status.

You can check your standing on the IRS website by searching for your organization’s name under Tax Exempt Status. If you’re not listed or marked as non-compliant, you may need to take action.

Need help? Call me today.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

When preparing your tax forms, don’t forget about college expenses! Many people qualify for education tax credits, but you’ll need Form 1098-T to claim them. This form shows how much tuition was paid, as well as grants and scholarships received.

If you have a 529 plan, ensure you report the distributions correctly. Keep in mind that while tuition is covered, housing, food, and other education-related expenses may also be deductible.

Need help? Give us a call at 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

We are busy working on taxes! If you haven’t scheduled your appointment yet, go to drfriday.com, click on the calendar, and book a time so we can help you. If you’re new to our services, give us a call at 615-367-0819, and let’s see how we can assist you.

When preparing your taxes, don’t rush! Make sure you have all your documents, or you may end up needing to file an amended return. For example, 1099-B forms—which report investment income—often don’t arrive until late February. Filing without them could cause major issues. Be patient and make sure everything is in order before submitting your return.

If you need help, call my firm today!

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

If you are waiting to receive a 1099 before figuring out how much money you earned for the year, let me tell you—that’s not how it’s supposed to work. It doesn’t matter if you receive a 1099 or not. I’ve seen cases where people were audited, and after reviewing past records, the IRS went back three years and reissued 1099s. This caused major tax issues for those involved.

Remember, tax law states that any money you earn must be reported unless it’s tax-free income. Whether you’re paid in cash, checks, or another form, it’s still taxable. Don’t risk an audit by underreporting!

If you need help, call my office at 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Casualty loss has changed a lot over the last few years. It used to be that if you had a fire in your house and your insurance company didn’t cover the full amount, you could write off the losses on your taxes. However, under current tax law, that is no longer allowed—unless the loss is due to a federally declared natural disaster. There are a few on record, so if you’ve been affected by storms or other disasters, be sure to check your eligibility for a tax deduction. You could be entitled to some tax savings.

If you need help understanding this, just call my office at 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Interest paid on a house. One of the things I think people need to remember is that in 2017, if you have a mortgage over $750,000 and you had it from that point, you can continue to take your interest. But let’s say you refinanced in 2019 or 2020, and you have a million-dollar mortgage. You cannot write off all of that interest, only up to $750,000. Now, you can also write off the interest on your second home. Maybe you have a house in Florida or a camper or a houseboat. Remember, those are considered second residences, and they are deductible for tax purposes. 615-367-0819. Looking forward to hearing from you.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

If you’re self-employed, you may deduct 100% of your health insurance premiums above the line. And this could also go for individuals that are part of partnerships, limited liabilities, or employees’ share of an S-corporation. These are all considered self-employed for the purpose of tax law. So this could be a great thing if you are paying $4,000 or $5,000 a year in premiums, and this is an above-the-line tax deduction. This is a way of putting more money in your pocket while also making sure that you have health insurance. You need help? Just call our firm. The easiest way to do it is to pick up the phone, 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Auto expense. Now let’s first clarify: if you work for an employer that you have a W-2, you’re not deducting mileage. There’s no place, no 2106, no home office—that isn’t going to happen. But if you’re a sole proprietor or business owner, you will be. And it’s 67 cents a mile in 2024 for business, 21 for medical, and 14 for charity. These are huge numbers, especially for business owners. The cost of petrol and maintenance has gone up, and they’re accounting for that in these numbers. But you must have a mileage log to justify these deductions. You need help? Go to the web, drfriday.com.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Many times people will ask me about medical deductions, because when I talk about itemizing, I very rarely bring that up because of the fact that first you have to say, let’s say you earn $100,000. And if that’s the case, then you have $7,500 worth of exemption, right? So if you have a $10,000 bill that you’ve paid for medical and you’re thinking you can deduct that, you’re really only going to get $2,500 of it under that scenario. Itemizing medical is very hard, and making sure you maximize the year that you do have a lot of medical will be the only way you’re going to put more money in your pocket.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Child tax credit. We all know the ARP, the American Rescue Plan that came in in 2021, temporarily expanded the tax credit, right? It was up to $3,000 and $3,600 depending on the age of the children. But in 2024, remember, that is only $2,000. And if they’re over the age of 17, it drops to $500. That can make a huge difference. If you’ve been using these other numbers and kind of calculating your withholding and now you’ve lost up to $1,600 on a child, that can make a difference on you owing taxes. Again, making sure now in January that you’re making these adjustments so you’re not going to feel the pain when the tax returns are being e-filed.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The 2024 adoption tax credit is $16,810. The tax credit is not a deduction that reduces your income for the purpose of determining tax liability. Rather, it’s a tax refund that is based on a dollar-for-dollar reduction of your tax liability. So it’s a credit, right? Simply put, an adoption credit in, and you will save $16,810 if you have spent that. You need to make sure you have a Social Security number for the child that you have adopted. We’ve had to file extensions more than once just to make sure we had the paperwork in line. You need help, 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The Alternative Minimum Tax (AMT)—people often forget about this. It often kicks in when you sell stocks from a business, such as through an ESOP program. You might think the W-2 includes everything, but it only shows the basis. Capital gains still need to be reported. This is when AMT often applies and lands people in my office dealing with the IRS. Don’t forget to file your capital gains and account for AMT. Need help? Call us at 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Charity deductions—it’s so much harder now, especially for married couples, to reach the nearly $30,000 threshold for itemizing. You’ve got the SALT tax (state and local taxes) limit of $10,000, and mortgage interest may only add $5,000 or $6,000 with today’s low-interest rates. That’s only halfway there. Charitable donations play a significant role. Make sure you have proper documentation for cash contributions, clothing, food, or other items. Proof is essential to claim those deductions. Need help? Call us at 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

If you’re thinking about selling real estate, let’s categorize them. First, your primary home. Taxes on that can include some exclusions—$250,000 for individuals and $500,000 for married couples. Then there are investment properties, subject to capital gains. Rates start at 0% but can go up to 15%, 18.8%, and even 23.8%. There’s also the option of a 1031 exchange, which involves swapping like-kind properties to defer taxes. It’s crucial to understand your tax advantages and pay taxes before spending the money. If you need help, call us at 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.