In this episode, Dr. Friday highlights the tax differences between various business entities, such as LLCs, partnerships, and corporations. While popular choices like LLCs and S-Corps can offer benefits, they […]
Wondering how much money to contribute to your retirement from a tax perspective? Dr. Friday shares strategic advice on managing your funds when you inherit an IRA. If you are […]
In this episode, Dr. Friday clears up common tax misconceptions that could lead to costly mistakes. She explains why outdated ideas about tax laws—such as the belief that you have […]
The 2024 tax season marks the last opportunity to take advantage of current tax benefits before significant changes potentially take effect in 2025. With tax reforms looming unless Congress extends […]
When preparing your taxes, understanding your unique situation is crucial. Dr. Friday highlights essential questions to consider, such as your marital status, whether you have dependents, or if you’re self-employed. […]
Wondering how to maximize deductions for a car used for both business and personal purposes? Dr. Friday explains the two main methods: the mileage deduction and the actual expense method. […]
Thinking of buying a heavy vehicle like a truck or SUV for your business? Dr. Friday explains how Section 179 can work in your favor, allowing you to deduct the […]
In this episode, Dr. Friday emphasizes the critical importance of filing taxes, even if you’ve missed years of returns. Whether you’re up-to-date or haven’t filed in decades, filing taxes not […]
In this Halloween-themed episode, Dr. Friday emphasizes the serious consequences of not filing taxes. The IRS recently reminded taxpayers that failure to file could lead to up to two years […]
Discover a savvy tax-saving strategy: donating appreciated stock to charity. Dr. Friday shares how this approach can help you avoid capital gains taxes while securing a full deduction for the […]
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 […]