In this episode, Dr. Friday breaks down the home office deduction. Find out if you qualify, what expenses you can deduct, and why W-2 employees working from home…
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Tax questions
Small business & self-employed
Entity choice, self-employment tax, home office, vehicles, gig income, and keeping the IRS happy.
All topics
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
Bookkeeping & payroll
Health & insurance
122 answers
One-minute answer
Depreciation Rules for Business Owners and Landlords
Small business & self-employed
Dr. Friday explains depreciation rules, including accelerated depreciation and recapture. She highlights mandatory depreciation for rental property owners.
ListenDr. Friday explains what qualifies as a legitimate business expense and highlights common misconceptions. She warns against claiming personal trips as business expenses without proper justification, as the…
ListenSelf-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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Radio Show
December 14, 2024
In this festive episode of the Dr. Friday Radio Show, Dr. Friday combines holiday cheer with practical year-end tax advice. Whether you're gearing up for Christmas celebrations or…
#IRS Notice Resolution#Beneficial Ownership Reporting#Medicare IRMAA Surcharges#IRS Debt Resolution
ListenDr. Friday highlights the 2024 changes to Section 179, where only 60% of equipment costs are deductible, down from the previous 100%. She advises business owners to adjust…
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How C Corporations Offer Tax Advantages for Small Businesses
Investments & capital gains
In this episode, Dr. Friday explains the tax advantages of C corporations, especially for small businesses. She highlights the 2017 tax law changes that reduced corporate tax rates…
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Understanding Bonus Depreciation Changes: What You Need to Know for 2024
Small business & self-employed
Bonus depreciation has undergone significant changes over the past few years. Once at 100%, it dropped to 80% in 2023 and will decrease further to 60% in 2024.…
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Understanding BOIR: New Reporting Requirement for Business Owners in 2024
Deadlines & filing
Starting January 1, 2024, the Business Owner Informational Reporting (BOIR) requirement mandates specific business types—like partnerships and corporations filing forms 1065, 1120, and 1120S—to submit essential documentation by…
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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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Choosing the Right Business Entity: Tax Implications to Consider
Small business & self-employed
In this episode, Dr. Friday highlights the tax differences between various business entities, such as LLCs, partnerships, and corporations. While popular choices like LLCs and S-Corps can offer…
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Maximize Tax Savings with Section 179 for Business Vehicles
Small business & self-employed
Thinking of buying a heavy vehicle like a truck or SUV for your business? Dr. Friday explains how Section 179 can work in your favor, allowing you to…
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