Dr. Friday Tax Tips

Dr. Friday reminds listeners that April 15 is the last day to file on time or submit an extension. She also notes final same-day timing for payments and IRA contributions. 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. It is April the 15th. This is tax day. Today is the las...

Dr. Friday urges taxpayers to submit and confirm extensions before the deadline. She emphasizes checking bank draft timing, payment plans, and proof that the extension was accepted. 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. Today you had better be making your extension...

Dr. Friday introduces her role as an enrolled agent and explains how she helps with tax filings and representation. She encourages taxpayers who still need to file to request an extension and get a second review. 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 am Dr. Frida...

Dr. Friday explains why Airbnb and short-term rental owners need careful tax allocation and recordkeeping. She also notes compliance requirements at federal, state, and local levels. 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 probably should have had this one a lot ea...

Dr. Friday explains that meeting the 750-hour test alone does not guarantee real estate professional status. She warns that taxpayers with full-time non-real-estate jobs often face IRS disallowance. 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. Real estate professional sta...

Dr. Friday discusses opportunity zones as another way to defer capital gains. She notes timing rules and longer holding periods can be key to the tax outcome. 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. Sometimes we’re just looking for good ways to save money, and...

Dr. Friday explains standard depreciation periods for residential and commercial rentals. She also covers cost segregation benefits and why recapture should be part of long-term 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. Rental properties continue to have depr...

Dr. Friday reviews the core 1031 like-kind exchange rule for real estate investors. She explains how reinvesting proceeds can defer capital gains instead of paying tax immediately. 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. 1031 exchange rules for real estate have no bi...

Dr. Friday discusses step-up in basis and why timing of transfers can affect taxes. She notes that gifting during life can sometimes leave tax savings on the table. 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. A step-up in basis. Have you ever heard better words? A step-u...

Dr. Friday explains that the adoption tax credit remains available with inflation adjustments. She highlights that unused credit can carry forward for up to five years. 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. Adoption tax credit continues under the extended rules, wi...

Dr. Friday uses an April Fool’s joke to remind listeners that taxes are still very real. She also points out that Congress makes tax law and encourages filers to handle extensions and tax planning on time. 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. Guess what? The...

Dr. Friday reviews home energy improvement credits and annual limits for items like HVAC and windows. She explains why receipts and manufacturer certificates are critical for claiming the credit. 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. Energy credit for home improvem...

Dr. Friday explains how alimony tax treatment differs depending on divorce date. She notes that most post-2018 agreements are no longer deductible to the payer. 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. Divorce, alimony, really doesn’t make a big difference to be...

Dr. Friday explains documentation thresholds for charitable gifts of cash and property. She warns that larger non-cash donations can be disallowed without proper appraisal support. 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. Let’s talk about charitable contribution...

Dr. Friday explains that Social Security benefit taxation remains unchanged, with up to 85% potentially taxable. She also highlights qualified charitable distributions as a way some retirees can lower taxes. 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 of you that...

Dr. Friday reminds taxpayers they can still fund a traditional or Roth IRA up to tax day. She explains that the best choice depends on long-term planning, not just this year’s deduction. 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 can still put money into a Rot...

Dr. Friday discusses a program she describes as Trump Savings for children born during eligible years. She explains the reported $1,000 initial funding and possible annual parent contributions. 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 for all new parents. Star...

Dr. Friday explains the Saver’s Credit and how it is expected to transition under SECURE 2.0. She notes the benefit is mainly aimed at lower-income savers, especially workers just getting started. 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 Saver’s Credit...

Dr. Friday explains that qualified student loan interest may still be deductible up to annual limits. She also covers income restrictions and why documentation is required. 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. Student loan interest is still deductible, up to $2,50...

Dr. Friday reviews the American Opportunity and Lifetime Learning credits and who they can benefit. She highlights the need for Form 1098-T and notes that rising tuition makes these credits more important. 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 American Opportun...

Dr. Friday explains why self-employed taxpayers on marketplace insurance can face repayment surprises. She stresses updating income estimates during the year to reduce end-of-year penalty risk. 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. Premium tax credit rules for the...

Dr. Friday uses a St. Patrick’s Day message to remind taxpayers to review all available deductions. She encourages filers to stay current with changing tax law and claim what they are entitled to. 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. Happy St. Patrick’...

Dr. Friday reminds partnerships, S corporations, and many LLC filers that March 16 is a key filing deadline. She urges taxpayers to confirm that returns or extensions were actually submitted to avoid penalties. 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. Today is a big d...

Dr. Friday explains that the Child and Dependent Care Credit can still provide nonrefundable relief for eligible care costs. She also mentions income limits and how 529 plans may help with related education expenses. 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. Child and...

Dr. Friday walks through key Child Tax Credit rules, including income phaseouts and age requirements. She also notes that the child must have a Social Security number and U.S. citizenship. 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. Child tax credit, wonderful thing. It&...