Dr. 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,…
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181 answers
Dr. Friday discusses the benefits of 529 college savings accounts for gifting and tax-free growth. Each year, contributions up to $18,000 are considered gifts, which grow tax-free and…
ListenDr. Friday explains how to maximize your Dependent Care FSA before it expires at the end of the year. Unlike health savings accounts, FSAs have use-it-or-lose-it rules, with…
ListenWhen preparing your taxes, understanding your unique situation is crucial. Dr. Friday highlights essential questions to consider, such as your marital status, whether you have dependents, or if…
ListenIn this episode, Dr. Friday highlights a tax-saving opportunity for small business owners—hiring your children under 18. Sole proprietors and partnerships can pay their children up to $14,600…
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Understanding Kiddie Tax: How It Affects Your Child’s Investments
Family & education
In this episode, Dr. Friday explains the concept of the "kiddie tax," which applies to unearned income from children's investment portfolios. She highlights the tax thresholds—$2,300 for minors…
ListenDid 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…
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 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…
ListenIn this episode of Dr. Friday's Tax Tips, the importance of accurately claiming dependents on tax returns is discussed. Dr. Friday cautions listeners about claiming their girlfriend's children…
ListenIn this episode, Dr. Friday explains the Child Dependent Care Credit, which allows you to claim up to $3,000 in expenses for a single child and a maximum…
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Maximize Your Education Tax Credits: Lifetime Learning Credit Explained
Deductions & credits
In this episode, Dr. Friday provides valuable insights into the Lifetime Learning Credit, a tax credit designed to help offset the costs of higher education. He explains the…
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