Dr. Friday highlights the 2024 mileage rates, crucial for self-employed individuals. The business mileage rate is set at 67 cents per mile, while medical and moving miles (typically for the […]
Dr. Friday explains the key difference between tax credits and tax deductions. While both reduce your taxes, credits are more valuable since they reduce your tax bill dollar for dollar. […]
In this episode, Dr. Friday explains the benefits of the Adoption Tax Credit, which offers up to $16,810 in dollar-for-dollar tax savings. Although not all of the credit is refundable, […]
Dr. Friday breaks down the 2024 itemized deduction limits, noting that singles have a limit of $14,600, married couples $29,200, and heads of households $21,900. Those over 65 receive an […]
Dr. Friday discusses the upcoming reduction in the Child Tax Credit for 2024, highlighting that the credit will decrease to $2,000 for children under 17 and $500 for those over […]
In this one-minute moment, Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, reminds listeners that Tax Day 2023 has arrived. She emphasizes the importance of making final contributions […]
As the tax deadline approaches, Dr. Friday urges listeners who haven’t filed their taxes to submit Form 4868 and pay their estimated tax liability to avoid penalties. By filing an […]
Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, warns that selling personal items at a gain can trigger a 1099-K from the IRS. To properly report these sales, […]
In this episode of Dr. Friday’s Tax Tips, the focus is on claiming tax deductions for small business startup expenses. Dr. Friday explains that these expenses don’t necessarily have to […]
In this episode of Dr. Friday’s Tax Tips, the importance of accurately claiming dependents on tax returns is discussed. Dr. Friday cautions listeners about claiming their girlfriend’s children as dependents, […]
In this episode of Dr. Friday’s Tax Tips, Dr. Friday addresses a common question among taxpayers who have already filed their taxes: “Where’s my refund?” She provides two convenient methods […]
In this one-minute moment, Dr. Friday emphasizes the importance of taking your time when filing your taxes. Many mistakes occur when people rush to file their taxes or are overly […]