Dr. Friday highlights the 2024 changes to Section 179, where only 60% of equipment costs are deductible, down from the previous 100%. She advises business owners to adjust their tax […]
Dr. Friday discusses the benefits of 529 college savings accounts for gifting and tax-free growth. Each year, contributions up to $18,000 are considered gifts, which grow tax-free and can be […]
Dr. Friday explains how to maximize your Dependent Care FSA before it expires at the end of the year. Unlike health savings accounts, FSAs have use-it-or-lose-it rules, with only a […]
Dr. Friday recounts a case involving a charitable deduction disallowed by the IRS due to improper valuation. She stresses the importance of appraisals for non-cash donations over $250 and explains […]
Dr. Friday shares essential tips on managing withdrawals from different accounts, such as Roth IRAs and annuities, to minimize tax burdens. She highlights the importance of understanding how taxes apply […]
In this episode, Dr. Friday emphasizes the importance of addressing back-tax issues and planning for future taxes. She explains her role as an enrolled agent licensed with the IRS, sharing […]
In this episode, Dr. Friday explains the tax advantages of C corporations, especially for small businesses. She highlights the 2017 tax law changes that reduced corporate tax rates from 35% […]
Dr. Friday dives into the benefits of like-kind exchanges, explaining how they allow investors to defer taxes when swapping similar assets. While not applicable to primary homes, these exchanges are […]
Dr. Friday discusses how to maximize itemized deductions, including mileage for charity, medical expenses, and long-term care deductions. She emphasizes identifying overlooked deductions that can help taxpayers reach the threshold […]
In this heartfelt episode, Dr. Friday expresses gratitude to those who serve the community, including members of the armed forces, firefighters, police officers, and teachers. She recognizes their invaluable contributions […]
Dr. Friday breaks down how progressive tax rates work, explaining why it’s essential to adjust your tax planning. Many taxpayers misunderstand their tax brackets, leading to unexpected liabilities. She highlights […]
Dr. Friday explains the Alternative Minimum Tax (AMT), a parallel tax system designed to ensure wealthy taxpayers pay a fair share. While many may never encounter it, the AMT applies […]