Dr. Friday explains the rules for tax-free gifting, allowing up to $18,000 per person annually. She highlights how this strategy can reduce estate size and benefit recipients without tax implications. […]
Dr. Friday highlights the importance of ensuring Required Minimum Distributions (RMDs) are taken on time to avoid a hefty 50% penalty. She explains how to avoid common missteps, such as […]
Dr. Friday explains the importance of accurately reporting all income, even if you don’t receive a 1099 form for every payment. Underreporting income is a major audit trigger with significant […]
Dr. Friday shares smart strategies to reduce taxes by maximizing contributions to retirement accounts like 401(k)s or IRAs before year-end. She explains the tax benefits of traditional vs. Roth IRAs, […]
Dr. Friday discusses the tax implications of early IRA withdrawals, emphasizing the need to account for penalties and tax brackets accurately. If you’re under 59 ½, expect a 10% penalty […]
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% […]