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 […]
In this episode, Dr. Friday breaks down what counts as taxable income and clears up common misconceptions. She emphasizes the importance of reporting all income sources, including business earnings, rental […]
The 1099 filing deadline has passed—did you file yours? Businesses must issue 1099-NEC, 1099-MISC, and 1099-INT forms for payments over $600. However, corporations with “Inc.” in their name are exempt. […]
Nonprofits and 501(c)(3) organizations must file Form 990 annually to maintain tax-exempt status. If a nonprofit fails to file for three consecutive years, it will lose its exemption. The IRS […]
If you or your child is in college, don’t miss out on valuable education tax credits! To qualify, you need Form 1098-T, which details tuition payments, scholarships, and grants. Additionally, […]