Did you know that gifting money to your children doesn't offer a tax deduction? In this episode, Dr. Friday clarifies common misconceptions about monetary gifts. While your children…
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Dr. Friday Tax Tips - One Minute Moment
One-minute tax tips from Dr. Friday. Quick answers to the questions clients ask most, more than nine hundred of them.
982 episodes
Dr. Friday outlines the key differences between flex savings accounts (FSA) and health savings accounts (HSA). While FSAs allow a rollover of only $640, HSAs offer the benefit…
ListenDr. Friday discusses capital gains tax under current laws, explaining how rates differ from ordinary income taxes. She highlights the zero-percent capital gains rate for single filers earning…
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Optimize Your Taxes: Adjust Withholdings and Contributions Early
Bookkeeping & payroll
Dr. Friday emphasizes the importance of early adjustments to your W-4, 401(k), or 403(b) to maximize your tax benefits. Starting early in the year allows you to make…
ListenDr. Friday highlights the importance of understanding your 2025 standard deduction for accurate tax preparation. For singles, it’s $14,600; married couples get $29,200; and heads of household, $21,900.…
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Understanding Capital Gains and Net Investment Income Tax
Investments & capital gains
Dr. Friday demystifies capital gains tax and the often-overlooked net investment income tax. While many know the capital gains rates of 15% or 20%, she explains how the…
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Tax Expertise You Can Count On: Dr. Friday’s 30 Years in Business
IRS letters & problems
Dr. Friday introduces her tax and financial firm, highlighting three decades of expertise in tax preparation and representation. As an enrolled agent licensed by the IRS, she offers…
ListenDr. Friday warns about the implications of receiving a 1099-C for debt cancellation. While forgiving debt might feel like a relief, it can lead to unexpected tax liabilities,…
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Kickstart Your 2025 Tax Planning on New Year’s Day
Dr. Friday shares essential tax planning tips to start 2025 right. While there's little you can do for 2024 taxes now, it's the perfect time to prepare for…
ListenDr. Friday emphasizes the power of early savings with a Roth IRA. A 15-year-old earning $2,000 annually and contributing to a Roth IRA could amass over $700,000 by…
ListenDr. Friday explains the 2024 phase-out ranges for tax credits like the Child Tax Credit and Adoption Credit. She highlights the income thresholds for singles and married couples,…
ListenDr. Friday shares tax tips for baby boomers supporting their parents. While dependent exemptions are unavailable, you may qualify for a $500 credit. Explore other deductions, like medical…
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