In this one-minute moment, Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, reminds listeners that Tax Day 2023 has arrived. She emphasizes the importance of making final contributions to IRAs and HSAs for the 2023 tax year, as well as submitting estimated payments for 2024 and any remaining balance for 2023 taxes. Dr. Friday warns that failing to make these payments on time may result in penalties. She also invites listeners to tune in to her live call-in show every Saturday afternoon from 2 to 3pm on 99.7 WTN. Transcript G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and F ..read more

As the tax deadline approaches, Dr. Friday urges listeners who haven’t filed their taxes to submit Form 4868 and pay their estimated tax liability to avoid penalties. By filing an extension, taxpayers gain until October to complete the necessary paperwork. Additionally, Dr. Friday reminds listeners to review and adjust their W-4 forms, especially if they have children turning 18 or are going through a divorce, to ensure accurate withholding throughout the year. Transcript G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is ..read more

Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, warns that selling personal items at a gain can trigger a 1099-K from the IRS. To properly report these sales, taxpayers must use either Form 8949 or Schedule D. The challenge lies in providing proof of the original cost of the item sold, as the IRS requires this information during audits. Without a receipt or other evidence of the purchase price, the cost basis will be considered zero, potentially leading to a higher tax liability on the sale. Transcript G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To ge ..read more

In 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 have to be incurred in the same year the business starts operating. Entrepreneurs who have been working on their business for a year or two prior to the official launch can still claim related expenses, such as educational materials and books, as tax deductions. However, it’s important to distinguish between legitimate business expenses and hobby-related costs, as the latter are not tax-deductible. Dr. Friday emphasizes ..read more

In 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 as dependents, even if they are providing financial support. The eligibility of dependents depends on various factors, such as the duration of their stay and the taxpayer’s role as the sole breadwinner. Making mistakes when claiming the Earned Income Credit can result in severe consequences, including being barred from collecting the credit in the future. Taxpayers are advised to exercise caution and ens ..read more

In this one-minute moment, Dr. Friday emphasizes the importance of taking your time when filing your taxes. Many mistakes occur when people rush to file their taxes or are overly eager to receive their refund. Incomplete or inaccurate information can lead to the IRS sending “love letters” that often result in changes to your return, refund, and potential penalties and interest. Dr. Friday’s advice is simple: don’t rush, and ensure you file everything you have to avoid costly mistakes. Transcript G’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www ..read more

As the tax season comes to a close, it’s crucial to consider filing for an extension if you anticipate any delays in submitting your tax return. Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, emphasizes the importance of ensuring your extension is filed properly, especially if you’re a client of her firm. While an extension grants you additional time to file your paperwork, it’s essential to send in a payment to the IRS if you owe taxes. Taxpayers can easily make payments through the IRS website at irs.gov. Transcript G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Fina ..read more

Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, offers valuable advice for those dealing with the IRS. She emphasizes the importance of persistence when communicating with the agency, noting that a single rejection letter doesn’t necessarily mean the case is closed. Dr. Friday encourages individuals to be tenacious and even consider taking their case to tax court if needed. She explains that in tax court, you’ll often deal with an IRS attorney who is well-versed in tax law and more likely to listen and make adjustments compared to the automated responses sometimes received from t ..read more

In this one-minute moment, 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, is not only a legal requirement but also essential to avoid potential issues with the government. Dr. Friday stresses that good bookkeeping practices will be the key to success in 2024 and encourages listeners to seek help if needed by visiting her website, drfriday.com. Transcript G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Fi ..read more

April Fools! Gotcha! In this episode of Dr. Friday’s Tax Tips, Dr. Friday clarifies that while the IRS is indeed hiring new employees, they are not out to get taxpayers who file and pay their taxes on time. Dr. Friday reminds listeners that the IRS is primarily a collection agency and encourages those who need help with IRS issues to reach out to her office at 615-367-0819. Transcript G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment. Alert! The IRS is hiring hundreds of thousands of armed revenue offi ..read more