Dr. Friday explains what qualifies as a legitimate business expense and highlights common misconceptions. She warns against claiming personal trips as business expenses without proper justification, as the IRS scrutinizes […]
In this episode, Dr. Friday breaks down what counts as taxable income and clears up common misconceptions. She emphasizes the importance of reporting all income sources, including business earnings, rental […]
The 1099 filing deadline has passed—did you file yours? Businesses must issue 1099-NEC, 1099-MISC, and 1099-INT forms for payments over $600. However, corporations with “Inc.” in their name are exempt. […]
Nonprofits and 501(c)(3) organizations must file Form 990 annually to maintain tax-exempt status. If a nonprofit fails to file for three consecutive years, it will lose its exemption. The IRS […]
If you or your child is in college, don’t miss out on valuable education tax credits! To qualify, you need Form 1098-T, which details tuition payments, scholarships, and grants. Additionally, […]
Tax season is in full swing! If you haven’t made your tax appointment yet, visit drfriday.com and schedule one today. Before filing, ensure you have all necessary documents, such as […]
Waiting for a 1099 form before reporting your income? That’s not how it works! The IRS requires you to report all earned income, regardless of whether you receive a 1099 […]
Casualty loss deductions have changed significantly over the years. Previously, if your insurance didn’t fully cover a fire or other loss, you could deduct the remaining amount on your taxes. […]
Dr. Friday discusses mortgage interest deductions for primary and secondary homes. Mortgages over $750,000 are only deductible for the first $750,000, especially if refinanced after 2017. Interest on second homes, […]
Self-employed individuals, including partners and S-corporation employees, can deduct 100% of their health insurance premiums above the line. This tax benefit reduces taxable income while encouraging health coverage. Dr. Friday […]
Dr. Friday explains the 2024 auto mileage rates: 67 cents per mile for business, 21 cents for medical, and 14 cents for charity. Business owners can benefit from these deductions […]
Dr. Friday discusses the challenges of itemizing medical expenses on your tax return. To deduct medical costs, they must exceed 7.5% of your adjusted gross income. For example, with $100,000 […]