Dr. Friday Tax & Financial Firm, Inc.

“Why is my refund smaller than my friend’s?” Dr. Friday explains why comparing tax results rarely helps—and what you should do instead. 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. What can we do to save taxes? That’s the first thing most people ask when we’re...

Had a major loss from an accident and wondering if it’s deductible? Dr. Friday explains why, under current law, most non-disaster losses can’t go on your 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. Talking about losses, client came in, they had some losses of...

Is your estate plan a “cure” or a “woe” for your family? In this episode, Dr. Friday is joined by board-certified estate planning attorney Russ Cook of the Cook Telman Law Group . With over 30 years of experience, Russ dives into the critical steps every family should take to protect their assets from creditors, minimize taxes, and avoid the public headaches of probate. Fro...

When you inherit real estate, the stepped-up basis can save you from paying taxes—but only if you document the property’s value correctly. 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. Inheriting property—in most cases, it’s a parent’s house or something like t...

Not every workspace qualifies as a home office deduction. Dr. Friday breaks down what the IRS considers a true dedicated business space. 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. Home office expense. Wow—we’re getting close to the tax season, getting ready to end Decem...

Mileage can be a valuable deduction—but only if it’s properly documented. Dr. Friday explains what a valid mileage log must include. 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. Tracking miles. So I tell people all the time—you’ve got to have miles. If you’re in a b...

The One Big Beautiful Bill (OBBB) brought major tax law changes for 2025. Dr. Friday explains why year-end is the time to revisit withholdings and strategy. 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. On February 4th, 2025, President Trump signed in the HR1—commonly know...

When parents share custody, deciding who should claim the children can make a big difference at tax time. Dr. Friday explains why the financially optimal choice isn’t always the obvious one. 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. Figuring out our taxes, trying to t...

G’day! In this episode of the Dr. Friday Show, the Doctor is in the house to help you navigate the end of the year and prepare for the 2025 tax season. Dr. Friday breaks down the major changes introduced by the “One Big Beautiful Bill” (OBBB), including shifting tax brackets, new credits for families, and substantial changes for service industry workers. Whether you are looking t...

In this reflective One-Minute Moment, Dr. Friday explains why staying informed matters—and how small tax insights can lead to big savings. 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. As an individual that’s been doing taxes for over 30 years as an enrolled agent, I...

Claiming a dependent—or being one—can change the standard deduction amount. Dr. Friday explains the 2025 limits. 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. What about dependents? Your standard deduction amount may differ if you can be claimed as a dependent on another p...

With 2025 right around the corner, Dr. Friday breaks down the new standard deduction amounts for every filing status. 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. Getting prepared for 2025. Let’s talk about our standard deductions. Married filing jointly and survivi...

The year is almost over—Dr. Friday shares simple steps to get organized now so tax season goes smoother and with fewer 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. We are getting close to the end of the year and now is the time. Time to start getting organized,...

If you were affected by federally declared disasters between 2018 and 2020, Dr. Friday explains how new legislation may let you claim tax relief retroactively. 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. Legislation has passed by Congress last year that eases the tax for...

Dr. Friday breaks down an additional deduction for seniors on Social Security—and reminds taxpayers that refunds will no longer arrive by mail. 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. For all people that are age 65 and older, you have Social Security and you earn les...

If you’re thinking about selling a timeshare, Dr. Friday explains why losses on personal-use timeshares can’t be deducted on your 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. Most people who sell timeshares sell them at a loss. That’s just the way it is....

A special Thanksgiving greeting from Dr. Friday—focusing on gratitude, family, and cherishing the moments we get together. 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. First, Happy Thanksgiving. I’m hoping that all of you guys have the time to spend with family and...

Dr. Friday explains a major federal change: tax refunds and government benefit payments will no longer be issued as paper checks. 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. Donald Trump signed an executive order earlier this year mandating that the Treasury Department...

Dr. Friday explains the current and upcoming rules for 1099-MISC and 1099-NEC forms—and reminds businesses of their reporting responsibilities. 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. 1099-MISC, 1099-NECs—this is where we report our subcontractors or services that we have, and we need...

Have a large capital gain? Dr. Friday explains how investing through Qualified Opportunity Zones can eliminate tax and help struggling communities. 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 is one of those things you don’t hear a lot about—the qualified opportunity zone. It’s been...

Still waiting on your Employee Retention Tax Credit refund? Dr. Friday explains why long delays are happening and what you should do next. 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. Back in 2023 and early 2024, many employers were doing the ERC/ERTC—Employee Retention Tax Credits—and som...

Dr. Friday explains changes affecting large businesses with significant debt—especially industries hit by today’s higher interest rates. 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. Interest deduction on business debts of larger companies is tweaked a little bit. After 2024, adjusted taxab...

Great news for businesses investing in research and development—Dr. Friday explains how R&D expenses can now be deducted much faster than before. 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. Full expense of domestic R&D cost is fully restored. We were getting it downward like 15 an...

On this episode, Dr. Friday dives into critical year-end tax planning strategies and offers expert advice for listeners facing tough IRS issues. From the tax implications of an inheritance to navigating W-4 withholding for multiple jobs, Dr. Friday provides actionable steps to protect your finances. Learn the pitfalls of dealing with national tax resolution firms, the strict rules for vehicle dedu...

Big purchases for your business? Dr. Friday explains how Section 179 lets you deduct 100% of equipment costs—up to millions—in the first 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 a one-minute moment. The Section 179 has soared, meaning we now in 2025 have $2.5 million of assets that can now expand tha...