Dr. Friday walks through key Child Tax Credit rules, including income phaseouts and age requirements. She also notes that the child must have a Social Security number and U.S. citizenship. […]
Dr. Friday explains who may qualify for the small business health insurance credit and why planning matters. She also notes the two-year limit and the value of employee benefits. Transcript […]
Dr. Friday highlights expanded IRS partnership audit enforcement under the Bipartisan Budget Act framework. She stresses clean records for basis, allocations, and distributions to protect partners. Transcript G’day, I’m Dr. […]
Dr. Friday explains how entity choice planning still matters, even with the 21% corporate tax rate remaining in place. She recommends working with both a tax professional and an attorney […]
Dr. Friday discusses annual vehicle depreciation limit adjustments and why business-use percentage matters. She reminds owners that personal-use vehicles generally cannot be fully depreciated. Transcript G’day, I’m Dr. Friday, president […]
Dr. Friday explains that self-employment tax rules still apply, including annual Social Security wage base changes and Medicare add-ons for higher earners. She encourages self-employed taxpayers to review projected taxes […]
Dr. Friday warns that Employee Retention Credit claims from 2020 and 2021 are still under heavy IRS scrutiny. She emphasizes tracking the claim details now so audit responses are easier […]
Dr. Friday reviews the current deduction split between business meals and entertainment. She explains what documentation is needed and why a true business meal is different from entertainment spending. Transcript […]
Dr. Friday explains how gig workers and freelancers now face tighter reporting under Forms 1099-K and 1099-NEC. She also highlights self-employment tax exposure and why estimated payments matter to avoid […]
Dr. Friday explains that the home office deduction can still apply to self-employed taxpayers who use a space exclusively and regularly for business. She also reminds listeners to document details […]
Dr. Friday explains the difference between Section 179 and bonus depreciation when writing off business equipment. She notes that the best choice can depend on your situation and encourages taxpayers […]
Dr. Friday explains why inherited property can receive a step-up in basis, which may reduce future taxes. She cautions that quitclaiming property to children early can be a poor tax […]