Do you support your parent? Do they maybe live in your house or live in a care facility in which you basically help support them? Remember there is…
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Dr. Friday Tax Tips - One Minute Moment
One-minute tax tips from Dr. Friday. Quick answers to the questions clients ask most, more than nine hundred of them.
982 episodes
In the past, we've always been able to find things like job-hunting expenses, maybe being able to take off a certain amount of miles, or all these different…
ListenFor anyone that has had a large real estate sale maybe creating capital gains are all of my entrepreneurs, remember estimated tax payments. I know we all hate…
ListenKids are going to go to college, guys, at least we hope so. And what we want to be able to do is find out where are the…
ListenIf you have capital gains or dividend income and have investment interest expense, you may want to consider calculating the break-even point so you can optimize both the…
ListenThe Consolidated Appropriations Act of 2021 maintains and enhances the charitable contribution provision that was originally created by the COVID Aid and Relief Economic Security Act or the…
ListenFederal Tax Code encourages charitable contributions after the age of 70 and a half. You may be able to make this directly from your RMD or required minimum…
ListenStudent loan interest. This can be a tricky thing because a lot of times parents have actually gotten the loans for the kids because they wanted to help…
ListenInterest expense. Keep in mind that back on the Tax Cut and Jobs Act of 2017, they reduced the amount of mortgage interest that you can have. Many…
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Health Insurance Premiums for Self-Employed Are 100% Deductible
Deductions & credits
Again, for my entrepreneurs, remember health insurance premiums for the self-employed are 100% deductible for your insurance premiums on and above the line deduction. Meaning guys, it's going…
ListenMedical expenses. In 2021, all individuals may deduct a qualified medical expense that exceeds 10% of your adjusted gross income. Guys, this is the hardest part, because first…
ListenWe all know that the tax law changed back in 2017 when they pretty much eliminated, starting in 2018, the "2106" or expenses for employees. But if you…
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