Tax questions
Entity choice, self-employment tax, home office, vehicles, gig income, and keeping the IRS happy.
Dr. Friday uses this episode to step back from the rush of tax season and look at what taxpayers can still control after the Tennessee filing extensions. She…
#Business Versus Hobby Losses#LLC Versus S Corporation#IRS Debt Resolution#Trust Income Distributions
ListenDr. Friday explains standard depreciation periods for residential and commercial rentals. She also covers cost segregation benefits and why recapture should be part of long-term planning.
ListenDr. Friday reminds partnerships, S corporations, and many LLC filers that March 16 is a key filing deadline. She urges taxpayers to confirm that returns or extensions were…
ListenDr. Friday explains who may qualify for the small business health insurance credit and why planning matters. She also notes the two-year limit and the value of employee…
ListenDr. Friday highlights expanded IRS partnership audit enforcement under the Bipartisan Budget Act framework. She stresses clean records for basis, allocations, and distributions to protect partners.
ListenDr. Friday explains how entity choice planning still matters, even with the 21% corporate tax rate remaining in place. She recommends working with both a tax professional and…
ListenDr. Friday discusses annual vehicle depreciation limit adjustments and why business-use percentage matters. She reminds owners that personal-use vehicles generally cannot be fully depreciated.
ListenDr. Friday explains that self-employment tax rules still apply, including annual Social Security wage base changes and Medicare add-ons for higher earners. She encourages self-employed taxpayers to review…
ListenDr. Friday warns that Employee Retention Credit claims from 2020 and 2021 are still under heavy IRS scrutiny. She emphasizes tracking the claim details now so audit responses…
ListenDr. Friday reviews the current deduction split between business meals and entertainment. She explains what documentation is needed and why a true business meal is different from entertainment…
ListenDr. Friday explains how gig workers and freelancers now face tighter reporting under Forms 1099-K and 1099-NEC. She also highlights self-employment tax exposure and why estimated payments matter…
ListenDr. Friday explains that the home office deduction can still apply to self-employed taxpayers who use a space exclusively and regularly for business. She also reminds listeners to…
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