Self-employed individuals, including partners and S-corporation employees, can deduct 100% of their health insurance premiums above the line. This tax benefit reduces taxable income while encouraging health coverage.…
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Dr. Friday explains the 2024 auto mileage rates: 67 cents per mile for business, 21 cents for medical, and 14 cents for charity. Business owners can benefit from…
ListenDr. Friday discusses the challenges of itemizing medical expenses on your tax return. To deduct medical costs, they must exceed 7.5% of your adjusted gross income. For example,…
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Radio Show
January 18, 2025
In this episode of the Dr. Friday Radio Show, Dr. Friday covers essential tax updates and financial tips as tax season approaches. From changes in tax credits to…
#IRS Debt Resolution#Tax Scam Prevention#Choosing Tax Preparers#Claiming Dependents
ListenThe 2024 Child Tax Credit has reverted to $2,000 per child after the temporary increase under the American Rescue Plan in 2021. Children over 17 qualify for only…
ListenThe 2024 Adoption Tax Credit offers adoptive parents up to $16,810 as a dollar-for-dollar reduction of their tax liability. Unlike deductions, this credit directly lowers the taxes owed,…
ListenAre you maximizing deductions for charitable donations? Dr. Friday explains the challenges of itemizing under the higher standard deduction, especially for married couples. Learn how to properly document…
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Radio Show
January 11, 2025
In this episode of the Dr. Friday Radio Show, Dr. Friday dives into key tax updates and practical advice to help listeners navigate the 2024 tax season. From…
#Business Vehicle Deductions#Gambling Income And Losses#Tax Scam Prevention#Business Meal Deductions
ListenDr. Friday highlights the importance of understanding your 2025 standard deduction for accurate tax preparation. For singles, it’s $14,600; married couples get $29,200; and heads of household, $21,900.…
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Radio Show
January 4, 2025
Welcome to the January 5, 2025 episode of The Dr. Friday Radio Show! Dr. Friday, an experienced tax consultant and financial counselor, is here to answer your tax…
#Qualified Charitable Distributions#Cryptocurrency Tax Scams#Estimated Tax Payments#Retirement Tax Planning
ListenDr. Friday explains the 2024 phase-out ranges for tax credits like the Child Tax Credit and Adoption Credit. She highlights the income thresholds for singles and married couples,…
ListenDr. Friday shares tax tips for baby boomers supporting their parents. While dependent exemptions are unavailable, you may qualify for a $500 credit. Explore other deductions, like medical…
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