Dr. Friday Tax & Financial Firm, Inc.

Dr. Friday explains that more W-2s and 1099s may be delivered electronically, which can surprise people waiting for mail. She recommends updating your email with employers and payers so you receive your tax documents. 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. So you&#8...

Dr. Friday shares a positive IRS update: some notices can now be handled through a digital correspondence portal. She explains how uploading your response can reduce mail delays and help the IRS reply faster. 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. IRS digital corres...

Dr. Friday explains that IRS relief options may be available when taxpayers face hardship, disasters, or serious processing delays. She recommends documenting issues and getting help when resolving a case with the IRS becomes difficult. 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-minut...

Dr. Friday explains that the IRS may send letters asking you to verify your identity after a return is filed. She warns that ignoring these notices can delay processing and prevent refunds from being released. 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. And yes, the IRS...

Dr. Friday explains a new IRS form, 1099-DA, that begins in 2025 for digital assets. She notes it will work much like a 1099-B and makes it easier for the IRS to track crypto activity. 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. The IRS is significantly expanding oversig...

Dr. Friday explains why 1099-K reporting matters for people selling online or earning through apps. She warns that ignoring these forms can lead to IRS notices because the IRS receives the same information. 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. Making sure that you...

Tax season questions came in fast this week, and Dr. Friday opened by correcting confusion around overtime and tip-related tax treatment. She walked through RMD caller scenarios, including what to do after a late distribution and when extra documentation may be needed. The show also covered audit-ready recordkeeping, mileage versus vehicle write-offs, and practical questions on gifts and interest...

Dr. Friday reviews IRS modernization efforts like expanded e-filing and faster processing. She points out that it can still be difficult to reach an IRS agent, and that representation can help when you need answers. 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. This comes...

Dr. Friday explains that the higher estate and gift tax exclusion continues and rises with inflation. She shares why this helps families plan wealth transfers and when you may need help with an estate tax return. 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. Because of the...

Dr. Friday explains why the premium tax credit through the Marketplace can be confusing and how it is based on your taxable income. She warns that income changes during the year can create a large repayment if you do not update the Marketplace. 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 o...

Dr. Friday explains how employer-provided commuting benefits like transit passes and workplace parking can be tax-free. She notes that inflation adjustments may raise the monthly limits and that small businesses can use these perks to help employees. 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...

Dr. Friday explains how the Social Security wage base keeps rising and can increase payroll taxes for many workers. She also notes that Medicare tax stays uncapped, so higher earners should plan for it. 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. Social Security wage bas...

Tax season is open and Dr. Friday jumps right in, clearing up confusion around tips and overtime deductions and the documentation required. She warns against preparers who charge by refund or fabricate numbers, then takes calls on senior deductions, energy credits, gift tax rules, IRS resolution delays, and business/investment questions. Summary Points Tips and overtime deductions must be backed b...

Dr. Friday explains that long-term capital gains rates still generally fall into the 0%, 15%, and 20% brackets. She also reminds higher earners to factor in the 3.8% net investment income tax when planning a sale. 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. Long-term cap...

Dr. Friday closes out January by reminding listeners that tax season is underway. She shares a simple system for gathering W-2s and 1099-Rs and using SmartVault to speed up preparation. 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. And the last one for the month of January...

Dr. Friday explains why knowing your earned income and investment numbers matters for tax planning. She shares how tracking those numbers can help maximize credits and avoid unpleasant surprises later. 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. Maximizing your earned in...

Dr. Friday explains how marriage and divorce affect your taxes, especially filing status. She clarifies that a divorce at any point in the year counts for the entire year, which can create surprises. 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. You know, when life happens...

Dr. Friday explains that the earned income tax credit amount hasn’t changed much, but the IRS audits these claims frequently. She stresses the importance of documenting where a qualifying child actually lives. 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. The earned incom...

This week, Dr. Friday breaks down the Trump account election (Form 4547) and what it means for parents, grandparents, and employers. She also revisits tips and overtime reporting, the new car loan interest deduction, and the recordkeeping needed for basis and mileage. The show closes with guidance on selecting ethical preparers and staying ahead of 2025 filing changes. Summary Points Form 4547 ele...

Dr. Friday explains why she is a strong advocate for health savings accounts (HSAs), even though she doesn’t sell insurance. She describes how HSAs can grow and help cover medical costs in retirement. 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. I do not sell insurance....

Dr. Friday encourages taxpayers to think beyond filing their 2025 return and start planning for 2026. She highlights common events like conversions, real estate sales, and IRA moves that can change your tax bill. 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. Preparing tax...

Dr. Friday explains that retirement plan contribution limits keep increasing with inflation and highlights catch-up contribution rules. She encourages taxpayers to take advantage of these options as they approach retirement. 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. R...

Dr. Friday explains how inflation and income changes can affect tax brackets and credit eligibility. She warns that raises can sometimes push taxpayers out of credits like EITC or the child tax credit without planning. 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. Taxpaye...

Dr. Friday explains why permanent tax provisions make long-term planning easier than laws that constantly expire. She also clarifies how enrolled agents help taxpayers plan, prepare, and handle IRS issues. 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. One of the things we...

Kick off the 2025 filing season with Dr. Friday as she walks through the additional senior deduction and how the new tips and overtime deduction works at year end. She stresses documentation, correct W-2 reporting, and the importance of keeping business and personal records separate. Callers ask about overtime calculations, hobby vs business income, filing status after a spouse’s death, car...