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 […]
In this episode, Dr. Friday explains the Child Dependent Care Credit, which allows you to claim up to $3,000 in expenses for a single child and a maximum of $6,000 […]
In this episode, Dr. Friday provides valuable insights into the Lifetime Learning Credit, a tax credit designed to help offset the costs of higher education. He explains the eligibility criteria, […]
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, of Dr. Friday’s Tax and Financial Firm, offers valuable insights on handling 1099-K forms for individuals […]
In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, the president of Dr. Friday’s Tax and Financial Firm, clarifies the evolving situation regarding 1099-K forms, […]