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 […]
In this episode, Dr. Friday discusses the rules for deducting mortgage interest in 2024. If your mortgage exceeds $750,000, only interest on the first $750,000 is deductible, unless your mortgage […]
In this episode, Dr. Friday emphasizes the benefits of health insurance for the self-employed, noting that premiums are 100% tax-deductible. She also highlights the advantages of Health Savings Accounts (HSAs), […]
In this episode, Dr. Friday, an IRS-enrolled agent, explains how she can assist with tax filing and IRS-related issues. Whether it’s handling K-1 forms, real estate sales, or unique tax […]
In this episode, Dr. Friday discusses the challenges of deducting medical expenses. She explains how the IRS subtracts 7.5% of your adjusted gross income from medical expenses, making it harder […]
Dr. Friday highlights the 2024 mileage rates, crucial for self-employed individuals. The business mileage rate is set at 67 cents per mile, while medical and moving miles (typically for the […]
Dr. Friday explains the key difference between tax credits and tax deductions. While both reduce your taxes, credits are more valuable since they reduce your tax bill dollar for dollar. […]
In this episode, Dr. Friday explains the benefits of the Adoption Tax Credit, which offers up to $16,810 in dollar-for-dollar tax savings. Although not all of the credit is refundable, […]
Dr. Friday breaks down the 2024 itemized deduction limits, noting that singles have a limit of $14,600, married couples $29,200, and heads of households $21,900. Those over 65 receive an […]