Social Security benefits are not taxable if they’re your only income, and you won’t need to file a tax return. However, if you have additional income, the IRS may tax […]
If you’re 70+ or 73 and older and making required minimum distributions (RMDs), consider using a Qualified Charitable Distribution (QCD) to enhance your tax savings. By directing your charitable contributions […]
In this episode, Dr. Friday emphasizes the importance of organizing tax documents early, even though it’s October. She advises preparing a checklist of all jobs and sources of income from […]
In this episode, Dr. Friday highlights some important tax changes for 2024. Required minimum distributions (RMDs) remain mandatory at age 73. Additionally, employers may now transfer former employees’ retirement accounts, […]
Life changes like divorce or loss can impact who inherits your assets. Dr. Friday emphasizes the importance of updating your “Paid on Death” designations to avoid unwanted beneficiaries. By simply […]
In this episode, Dr. Friday emphasizes the need for business succession planning, highlighting its importance for S corporations, LLCs, and sole proprietorships. She urges listeners to document their plans, ensuring […]
In this episode, Dr. Friday discusses the significant tax changes set to take place after 2025, specifically regarding the meals and entertainment deduction. Currently, businesses can claim a 50% deduction […]
In this episode, Dr. Friday highlights a tax-saving opportunity for small business owners—hiring your children under 18. Sole proprietors and partnerships can pay their children up to $14,600 without owing […]
In this episode, Dr. Friday explains the concept of the “kiddie tax,” which applies to unearned income from children’s investment portfolios. She highlights the tax thresholds—$2,300 for minors and full-time […]
In this episode, Dr. Friday highlights the importance of strategic tax planning. With current tax rates at historic lows, she suggests it may be wise to pay more taxes now […]
October 15th marks the final day to file your 2023 taxes if you were on an extension. Dr. Friday warns that failure to file by today can lead to hefty […]
Did you know parents can gift student loan interest to their children for a tax benefit? In this episode, Dr. Friday explains how up to $2,500 in interest paid by […]