In this episode, Dr. Friday breaks down the home office deduction. Find out if you qualify, what expenses you can deduct, and why W-2 employees working from home may not […]
In this episode, Dr. Friday discusses the tax implications of divorce. Learn how to navigate financial pitfalls, minimize taxes, and avoid unexpected liabilities before finalizing your divorce. Transcript: G’day. I’m […]
In this episode, Dr. Friday shares a tax-savvy way for parents to help their working teens save for the future. Learn how contributing to a traditional or Roth IRA can […]
Dr. Friday explains phase-out thresholds for tax credits like child tax credits, adoption credits, and education deductions. She highlights how marriage can impact eligibility. Transcript: G’day, I’m Dr. Friday, president […]
Dr. Friday explains depreciation rules, including accelerated depreciation and recapture. She highlights mandatory depreciation for rental property owners. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial […]
Dr. Friday discusses how marriage can impact your taxes, including penalties on capital gains, child tax credits, and educational savings. She highlights why understanding these tax rules is important before […]
Dr. Friday explains tax requirements for household employees, including the need to file a Schedule H and pay Social Security and Medicare taxes for workers earning over $2,700 per year. […]
Dr. Friday clarifies that estimated tax payments are not optional but required to avoid penalties. She explains how failure to pay on time results in monthly penalties from the IRS. […]
Dr. Friday reminds taxpayers enrolled in the health care marketplace to obtain their 1095-A form. She also discusses the importance of the IRS-issued IPN number for certain individuals. Transcript: G’day, […]
Dr. Friday explains the benefits of 529 savings plans, including the ability to contribute five years’ worth of gifting at once. She highlights how these funds can grow tax-free for […]
Dr. Friday explains various education-related tax benefits, including student loan interest deductions, employee tuition assistance, and tax-free scholarships. She highlights income limits and how 529 plans can help families save […]
Dr. Friday explains what qualifies as a legitimate business expense and highlights common misconceptions. She warns against claiming personal trips as business expenses without proper justification, as the IRS scrutinizes […]