Podcast
One-minute tax tips from Dr. Friday. Quick answers to the questions clients ask most, more than nine hundred of them.
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Estate, gifts & inheritance
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.
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Estate, gifts & inheritance
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.
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Retirement & Social Security
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.
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Deadlines & filing
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.
ListenDr. Friday explains the income limits for taking early Social Security in 2024 and the penalties for exceeding them.
ListenDr. Friday highlights retirement savings options for self-employed individuals, including SEP IRAs and their contribution limits.
ListenDr. Friday explains how taxpayers can still maximize their IRA contributions for 2024, covering traditional and Roth IRA options and the impact of employer plans.
ListenDr. Friday explains the tax implications of different business structures, including LLCs, sole proprietorships, and C corporations.
ListenDr. Friday explains how a 1031 exchange allows real estate investors to defer capital gains taxes by reinvesting in a similar property.
ListenDr. Friday explains the tax differences between professional real estate investors and casual investors, highlighting the 750-hour rule.
ListenDr. Friday explains how to deal with IRS debt, emphasizing the importance of filing taxes before negotiating payment plans or offers in compromise.
ListenDr. Friday explains the importance of Schedule B for investors, covering capital gains, interest, and the tax benefits of qualified dividends.
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