Dr. Friday clarifies that while most inherited life insurance proceeds are tax-free, cashing in a whole life policy can result in taxable gains due to accumulated growth. Transcript – Formatted […]
Dr. Friday explains the rules for gift taxes in 2024, including the $18,000 annual exclusion and the $13 million lifetime limit, clarifying who is responsible for taxes. Transcript – Formatted […]
Dr. Friday breaks down estate tax thresholds under the latest law and offers planning tips using trusts and gifting to avoid a steep 40% tax rate. Transcript – Formatted for […]
Dr. Friday explains the urgency of taking your IRA required minimum distributions on time to avoid a steep 50% penalty—even if it’s for an inherited IRA. Transcript – Formatted for […]
In this episode, Dr. Friday emphasizes the importance of filing your tax return extension by March 16 to avoid steep penalties for businesses, partnerships, and LLCs. Transcript: G’day, I’m Dr. […]
In this one-minute moment, Dr. Friday explains the income limits for taking early Social Security in 2024 and the penalties for exceeding them. Transcript: G’day, I’m Dr. Friday, president of […]
In this one-minute moment, Dr. Friday highlights retirement savings options for self-employed individuals, including SEP IRAs and their contribution limits. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax […]
In this one-minute moment, Dr. Friday explains how taxpayers can still maximize their IRA contributions for 2024, covering traditional and Roth IRA options and the impact of employer plans. Transcript: […]
Dr. Friday explains the tax implications of different business structures, including LLCs, sole proprietorships, and C corporations. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. […]
Dr. Friday explains how a 1031 exchange allows real estate investors to defer capital gains taxes by reinvesting in a similar property. Transcript: G’day, I’m Dr. Friday, president of Dr. […]
Dr. Friday explains the tax differences between professional real estate investors and casual investors, highlighting the 750-hour rule. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial […]
Dr. Friday explains how to deal with IRS debt, emphasizing the importance of filing taxes before negotiating payment plans or offers in compromise. Transcript: G’day, I’m Dr. Friday, president of […]