Dr. Friday dives into the benefits of like-kind exchanges, explaining how they allow investors to defer taxes when swapping similar assets. While not applicable to primary homes, these exchanges are […]
Dr. Friday discusses how to maximize itemized deductions, including mileage for charity, medical expenses, and long-term care deductions. She emphasizes identifying overlooked deductions that can help taxpayers reach the threshold […]
In this heartfelt episode, Dr. Friday expresses gratitude to those who serve the community, including members of the armed forces, firefighters, police officers, and teachers. She recognizes their invaluable contributions […]
Dr. Friday breaks down how progressive tax rates work, explaining why it’s essential to adjust your tax planning. Many taxpayers misunderstand their tax brackets, leading to unexpected liabilities. She highlights […]
Dr. Friday explains the Alternative Minimum Tax (AMT), a parallel tax system designed to ensure wealthy taxpayers pay a fair share. While many may never encounter it, the AMT applies […]
Tracking your mileage is essential for maximizing tax deductions for business, charity, or medical purposes. In 2024, the standard rates are 67 cents per mile for business, 21 cents for […]
Struggling to navigate your business losses from tough years like 2020 and 2021? Many business owners fail to understand how Net Operating Losses (NOLs) work, missing out on valuable tax […]
Bonus depreciation has undergone significant changes over the past few years. Once at 100%, it dropped to 80% in 2023 and will decrease further to 60% in 2024. This means […]
2023 marked the phased reduction of real estate bonus depreciation, making cost segregation studies even more critical for maximizing tax savings. By breaking down property purchases into specific assets like […]
Travel expenses can be a tax deduction, but only with the proper documentation. Dr. Friday explains the IRS rules for business travel, emphasizing that mixing personal trips with business without […]
When making non-cash donations, the IRS requires specific documentation based on the contribution amount. Donations under $250 need a receipt with the organization’s details, while gifts between $250 and $500 […]
For self-employed individuals, HSAs offer a strategic way to reduce taxable income and save for future medical expenses. In 2024, contribution limits are $4,150 for individuals and $8,300 for families, […]