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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Struggling to navigate your business losses from tough years like 2020 and 2021? Many business owners fail to understand how Net Operating Losses (NOLs) work, missing out on…
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Small business & self-employed
Bonus depreciation has undergone significant changes over the past few years. Once at 100%, it dropped to 80% in 2023 and will decrease further to 60% in 2024.…
Listen2023 marked the phased reduction of real estate bonus depreciation, making cost segregation studies even more critical for maximizing tax savings. By breaking down property purchases into specific…
ListenTravel expenses can be a tax deduction, but only with the proper documentation. Dr. Friday explains the IRS rules for business travel, emphasizing that mixing personal trips with…
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Deductions & credits
When making non-cash donations, the IRS requires specific documentation based on the contribution amount. Donations under $250 need a receipt with the organization’s details, while gifts between $250…
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Health & insurance
For self-employed individuals, HSAs offer a strategic way to reduce taxable income and save for future medical expenses. In 2024, contribution limits are $4,150 for individuals and $8,300…
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" Dr. Friday highlights her firm’s extensive expertise in tax preparation and consulting for a wide range of clients, including individuals, corporations, LLCs, partnerships, and trusts. With over…
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Deadlines & filing
Starting January 1, 2024, the Business Owner Informational Reporting (BOIR) requirement mandates specific business types—like partnerships and corporations filing forms 1065, 1120, and 1120S—to submit essential documentation by…
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Small business & self-employed
In this episode, Dr. Friday highlights the tax differences between various business entities, such as LLCs, partnerships, and corporations. While popular choices like LLCs and S-Corps can offer…
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Retirement & Social Security
Wondering how much money to contribute to your retirement from a tax perspective? Dr. Friday shares strategic advice on managing your funds when you inherit an IRA. If…
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In this episode, Dr. Friday clears up common tax misconceptions that could lead to costly mistakes. She explains why outdated ideas about tax laws—such as the belief that…
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The 2024 tax season marks the last opportunity to take advantage of current tax benefits before significant changes potentially take effect in 2025. With tax reforms looming unless…
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