Did you know parents can gift student loan interest to their children for a tax benefit? In this episode, Dr. Friday explains how up to $2,500 in interest…
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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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IRS letters & problems
Deadlines & filing
Deductions & credits
Small business & self-employed
Real estate & rentals
Retirement & Social Security
Family & education
Estate, gifts & inheritance
Investments & capital gains
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352 answers
One-minute answer
Understanding Mortgage Interest Deductions for 2024 Tax Returns
Deductions & credits
In this episode, Dr. Friday discusses the rules for deducting mortgage interest in 2024. If your mortgage exceeds $750,000, only interest on the first $750,000 is deductible, unless…
ListenIn this episode, Dr. Friday emphasizes the benefits of health insurance for the self-employed, noting that premiums are 100% tax-deductible. She also highlights the advantages of Health Savings…
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Understanding Medical Expense Deductions: What You Need to Know
Deductions & credits
In this episode, Dr. Friday discusses the challenges of deducting medical expenses. She explains how the IRS subtracts 7.5% of your adjusted gross income from medical expenses, making…
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2024 Mileage Rates: What Self-Employed Individuals Need to Know
Deductions & credits
Dr. Friday highlights the 2024 mileage rates, crucial for self-employed individuals. The business mileage rate is set at 67 cents per mile, while medical and moving miles (typically…
ListenDr. Friday explains the key difference between tax credits and tax deductions. While both reduce your taxes, credits are more valuable since they reduce your tax bill dollar…
ListenIn this episode, Dr. Friday explains the benefits of the Adoption Tax Credit, which offers up to $16,810 in dollar-for-dollar tax savings. Although not all of the credit…
ListenDr. Friday breaks down the 2024 itemized deduction limits, noting that singles have a limit of $14,600, married couples $29,200, and heads of households $21,900. Those over 65…
ListenDr. Friday discusses the upcoming reduction in the Child Tax Credit for 2024, highlighting that the credit will decrease to $2,000 for children under 17 and $500 for…
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Radio Show
September 28, 2024
In this episode of the Dr. Friday Show, financial counselor and tax consultant Dr. Friday discusses various tax-related topics, provides advice on business practices, and answers caller questions…
#Capital Gains Deferral#Capital Gains Taxes#Estimated Tax Payments#Social Security Benefits
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Radio Show
September 07, 2024
In this episode of the Dr. Friday Radio Show, tax expert Dr. Friday discusses various tax-related topics, focusing on inheritance, property sales, retirement accounts, and tax planning strategies.…
#Inherited IRA Distributions#Inherited Property Basis#Estimated Tax Payments#Family Property Transfers
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Radio Show
August 24, 2024
In this episode of the Dr. Friday Radio Show, financial counselor and tax consultant Dr. Friday answers caller questions and provides valuable insights on various tax-related topics. From…
#Retirement Tax Planning#Business Recordkeeping#Business Vehicle Deductions#Home Sale Exclusion
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