Dr. Friday delves into the complexities of the mortgage interest deduction, a topic that can stir quite a bit of confusion among homeowners. She clarifies that while many…
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Tax questions
Deductions & credits
What you can write off, which credits you qualify for, and the paperwork that proves it.
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352 answers
One-minute answer
Maximizing IRA Contributions: Deductions, Income Brackets, and Saver’s Credit
Deductions & credits
Dr. Friday, president of Dr. Friday's Tax and Financial Firm, highlights the importance of understanding IRA contribution deductions and the impact of income brackets on your tax benefits.…
ListenDr. Friday addresses the critical aspect of deducting gambling losses on your tax return. She highlights that gambling losses can only be deducted up to the amount of…
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Understanding SALT Taxes: Maximizing Deductions Within Limits
Deductions & credits
Dr. Friday, president of Dr. Friday's Tax and Financial Firm, demystifies the complexities surrounding state and local taxes (SALT). She explains common misconceptions about property taxes and the…
ListenDr. Friday addresses the complexities of maximizing medical deductions on tax returns. She outlines the initial hurdle of surpassing 7.5% of adjusted gross income before itemizing deductions, a…
ListenDr. Friday discusses strategies for taxpayers who itemize deductions, particularly focusing on charitable contributions. She explains that for those who itemize, consolidating several years' worth of charitable donations…
ListenDr. Friday, the head of Dr. Friday's Tax and Financial Firm, delves into the intricacies of the Earned Income Tax Credit (EITC) for the year 2023. She explains…
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Understanding the Student Loan Interest Deduction: Navigating Income Limits
Deductions & credits
Dr. Friday, President of Dr. Friday's Tax and Financial Firm, elucidates the intricacies of the student loan interest deduction. This tax benefit allows borrowers to deduct up to…
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Navigating Student Loan Interest Deductions: Understanding Income Limits
Deductions & credits
Dr. Friday, president of Dr. Friday's Tax and Financial Firm, discusses the crucial aspects of student loan interest deductions. The focus is on the income thresholds that affect…
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Maximize Savings with the Lifetime Learning Credit – Dr. Friday’s Tax Insights
Deductions & credits
episode, Dr. Friday illuminates the benefits of the Lifetime Learning Credit, a valuable tax break for education expenses. She explains that taxpayers can claim 20% of their first…
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Understanding the Child and Dependent Care Credit: Key Eligibility Criteria
Deductions & credits
Dr. Friday, President of Dr. Friday's Tax and Financial Firm, delves into the important aspects of the Child and Dependent Care Credit. She emphasizes that this credit is…
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Maximizing Your Child Tax Credit in 2023: Essential Filing Tips
Deadlines & filing
Dr. Friday, President of Dr. Friday's Tax and Financial Firm, sheds light on the Child Tax Credit (CTC) for the 2023 tax year. She emphasizes the importance of…
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