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 […]
Dr. Friday discusses the upcoming reduction in the Child Tax Credit for 2024, highlighting that the credit will decrease to $2,000 for children under 17 and $500 for those over […]
In this one-minute moment, Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, reminds listeners that Tax Day 2023 has arrived. She emphasizes the importance of making final contributions […]
As the tax deadline approaches, Dr. Friday urges listeners who haven’t filed their taxes to submit Form 4868 and pay their estimated tax liability to avoid penalties. By filing an […]
Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, warns that selling personal items at a gain can trigger a 1099-K from the IRS. To properly report these sales, […]