Tax questions
Entity choice, self-employment tax, home office, vehicles, gig income, and keeping the IRS happy.
One-minute answer
Small business & self-employed
In this episode, Dr. Friday emphasizes the need for business succession planning, highlighting its importance for S corporations, LLCs, and sole proprietorships. She urges listeners to document their…
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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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…
ListenIn 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
ListenIn this episode of the Dr. Friday Show, financial counselor and tax consultant Dr. Friday covers a range of important tax-related topics, from recent IRS updates to practical…
#Beneficial Ownership Reporting#Inherited Property Basis#Estimated Tax Payments#IRS Notice Resolution
ListenIn this episode of The Dr. Friday Show, Dr. Friday, discusses various tax-related topics and answers questions from callers. She provides insights on the new Tennessee franchise tax…
#Inherited IRA Distributions#IRS Debt Resolution#Tax Filing Status#Medical Expense Deductions
ListenIn this episode of Dr. Friday's Tax Tips, the focus is on claiming tax deductions for small business startup expenses. Dr. Friday explains that these expenses don't necessarily…
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Bookkeeping & payroll
Dr. Friday emphasizes the crucial role of proper record-keeping for self-employed individuals and small business owners. She highlights that keeping accurate records, including tracking expenses and maintaining receipts,…
ListenIn this episode of the Dr. Friday Show from March 23, 2024, Dr. Friday discusses various tax-related topics and answers caller questions. As the tax deadline approaches, Dr.…
#IRS Notice Resolution#Interest Income Reporting#Amended Tax Returns#Retirement Tax Planning
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Small business & self-employed
Single member LLCs, often synonymous with small businesses, require careful attention to tax obligations and compliance. While excise tax may not apply, self-employment tax is a crucial consideration.…
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Deadlines & filing
Dr. Friday, of Dr. Friday's Tax and Financial Firm, offers valuable insights on handling 1099-K forms for individuals selling personal items. The IRS allows the declaration of these…
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Small business & self-employed
Dr. Friday, president of Dr. Friday's Tax and Financial Firm, shares exciting news for small business owners in Tennessee. She discusses the recent Notice 2308, issued in May…
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