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 […]
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 […]