In this one-minute moment, Dr. Friday clarifies that everyday clothing worn for work (like jeans or casual shoes) is generally not tax-deductible unless it functions specifically as a uniform, possibly […]
In this one-minute moment, Dr. Friday encourages sole proprietors and family partners to formally pay their working children, highlighting potential tax advantages like tax-free income up to the standard deduction […]
In this one-minute moment, Dr. Friday highlights that costs for parents in assisted living or long-term care facilities can often qualify as a significant medical expense deduction, necessitating itemization. Transcript: […]
In this one-minute moment, Dr. Friday shares an April Fools’ Day joke about taxes being cancelled before reminding listeners that the April 15th tax deadline is real and requires action: […]
In this one-minute moment, Dr. Friday emphasizes the need for self-employed individuals to meticulously track business mileage (at 67 cents per mile) using logs or apps and document trip purposes […]
In this one-minute moment, Dr. Friday stresses that making estimated tax payments is mandatory to avoid penalties, warning against trying to out-earn the IRS penalty rates by holding onto the […]
In this one-minute moment, Dr. Friday advises against delaying tax filing even if you owe money, emphasizing that filing on time prevents additional penalties and interest; payment plans can be […]
In this one-minute moment, Dr. Friday discusses the upcoming 2025 change where merchant fee income over $600 will require business tax reporting, urging online sellers to track costs now. Transcript: […]
This episode dives into the various types of trusts available for estate planning. Dr. Friday reviews A.B. trusts, living trusts, insurance trusts, charitable remainder trusts, and even disability trusts to […]
In this episode, Dr. Friday discusses how transferring assets to your grandchildren can trigger generation-skipping tax (GST) and explains why setting up trusts through your children is the smart move […]
Dr. Friday clarifies that while most inherited life insurance proceeds are tax-free, cashing in a whole life policy can result in taxable gains due to accumulated growth. Transcript – Formatted […]
Dr. Friday explains the rules for gift taxes in 2024, including the $18,000 annual exclusion and the $13 million lifetime limit, clarifying who is responsible for taxes. Transcript – Formatted […]