As the tax season draws to a close, it’s crucial to take action if you haven’t filed your taxes yet. If you’re unsure about completing your tax return on time, […]
In this one-minute moment, Dr. Friday highlights the importance of understanding how selling assets can affect Medicare IRMAA (Income-Related Monthly Adjustment Amount) for individuals over 67 who are on full […]
In this episode of Dr. Friday’s Tax Tips, the importance of maintaining accurate mileage logs for tax deductions is emphasized. Dr. Friday advises listeners to use mileage tracking apps or […]
In this one-minute moment, Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, emphasizes the importance of not rushing through your 2023 tax preparation. She advises ensuring you have […]
In this one-minute moment, Dr. Friday, a seasoned tax expert and enrolled agent with nearly 25 years of experience, introduces herself as the president of Dr. Friday’s Tax and Financial […]
Real estate agents can significantly reduce their tax liability by claiming auto expense deductions. The two primary methods for claiming these deductions are actual expenses or mileage, with mileage being […]
In this one-minute moment, Dr. Friday explains the importance of below the line deductions in reducing your taxable income. These qualified deductions, such as standard deductions, charitable contributions, medical expenses, […]
In this one-minute moment, Dr. Friday discusses the importance of above-the-line deductions in reducing your taxable income. These deductions, which include contributions to retirement accounts, health savings accounts, and student […]
Dr. Friday cautions taxpayers that the IRS employs software to analyze lifestyle factors when determining audit targets. Even if your tax returns are consistent and accurate, living a lifestyle that […]
Single member LLCs, often synonymous with small businesses, require careful attention to tax obligations and compliance. While excise tax may not apply, self-employment tax is a crucial consideration. Failing to […]
In this one-minute moment, Dr. Friday discusses the mortgage interest deduction and its impact on tax savings. She explains that unless the mortgage interest, property taxes, and sales tax exceed […]
When it comes to charitable deductions, cash donations up to 60% of your income are straightforward. However, for non-cash donations like stocks, art, or furniture valued over $2,500, an appraisal […]