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 bearing a…
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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
Pay Your Kids, Save on Taxes: Smart Strategy for Family Businesses
Deductions & credits
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 and IRA…
ListenDr. 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.
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Maximize Your Mileage Deduction: Track Business Miles Accurately
Deductions & credits
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 to withstand…
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Radio Show
March 8, 2025
Welcome to the Dr. Friday Radio Show recap for March 8, 2025! Dr. Friday, a financial counselor and tax consultant, discussed crucial tax topics, business regulations, and answered…
#Family Property Transfers#Charitable Contribution Deductions#Beneficial Ownership Reporting#W-4 Withholding
ListenIn this episode, Dr. Friday explains how you can qualify for up to $7,500 in tax credits when purchasing a new electric vehicle—or $4,000 for a used one.…
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Radio Show
February 22, 2025
Join Dr. Friday, trusted financial counselor and tax consultant, as she dives into this week’s hottest tax topics! From IRS refund delays to capital gains on property sales,…
#Debt Cancellation#Missing W-2 Forms#Retirement Tax Planning#Business Vehicle Deductions
ListenIn this episode, Dr. Friday breaks down the home office deduction. Find out if you qualify, what expenses you can deduct, and why W-2 employees working from home…
ListenDr. Friday explains phase-out thresholds for tax credits like child tax credits, adoption credits, and education deductions. She highlights how marriage can impact eligibility.
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Radio Show
February 1, 2025
Welcome to another episode of the Dr. Friday Radio Show, where tax expert and financial consultant Dr. Friday breaks down the latest tax updates, answers listener questions, and…
#IRS Debt Resolution#Capital Gains Taxes#Tax Filing Status#IRA Withdrawals
ListenCasualty loss deductions have changed significantly over the years. Previously, if your insurance didn’t fully cover a fire or other loss, you could deduct the remaining amount on…
ListenDr. Friday discusses mortgage interest deductions for primary and secondary homes. Mortgages over $750,000 are only deductible for the first $750,000, especially if refinanced after 2017. Interest on…
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