Dr. Friday takes a festive break to remind listeners about itemized deductions. With thresholds at $14,600 for singles and $29,200 for married couples, many won’t need to itemize.…
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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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Deductions & credits
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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…
ListenDr. 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…
ListenTracking 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…
ListenTravel 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…
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Radio Show
November 16, 2024
Welcome to the Dr. Friday Show from November 16, 2024! Dr. Friday, an enrolled agent and tax consultant, dives into timely financial tips and tax strategies to help…
#Estate Planning#Qualified Charitable Distributions#IRS Debt Resolution#Beneficial Ownership Reporting
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Essential Documentation for Non-Cash Charitable Contributions
Deductions & credits
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…
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Radio Show
November 9, 2024
In this episode of the Dr. Friday Radio Show, Dr. Friday discusses essential tax updates, business requirements, and strategies for keeping on top of IRS obligations. Whether you’re…
#Beneficial Ownership Reporting#IRS Notice Resolution#IRS Debt Resolution#Self-Employed Tax Deductions
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Simplifying Business Car Deductions: Mileage vs. Actual Expenses
Deductions & credits
Wondering how to maximize deductions for a car used for both business and personal purposes? Dr. Friday explains the two main methods: the mileage deduction and the actual…
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Maximize Tax Savings by Donating Appreciated Stock to Charity
Deductions & credits
Discover a savvy tax-saving strategy: donating appreciated stock to charity. Dr. Friday shares how this approach can help you avoid capital gains taxes while securing a full deduction…
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Maximize Tax Savings with Qualified Charitable Distributions (QCDs) for RMDs
Deductions & credits
If you're 70+ or 73 and older and making required minimum distributions (RMDs), consider using a Qualified Charitable Distribution (QCD) to enhance your tax savings. By directing your…
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Upcoming Changes to Meals and Entertainment Deductions in 2025
Deductions & credits
In this episode, Dr. Friday discusses the significant tax changes set to take place after 2025, specifically regarding the meals and entertainment deduction. Currently, businesses can claim a…
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