Dr. Friday Tax Tips

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...

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...

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...

Dr. Friday explains that the cash charitable deduction limit is now permanent at 60% of income. She also discusses how the higher standard deduction makes itemizing harder and why bunching may still help some taxpayers. 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. Cash c...

Dr. Friday explains that the alternative minimum tax (AMT) thresholds remain in place. She discusses why AMT can surprise taxpayers, especially when large capital gains are involved. 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. AMT thresholds remain the same under the ne...

Dr. Friday reminds taxpayers that today is an important deadline for the final estimated tax payment. She explains that missing it can trigger penalties and encourages making the payment to stay ahead. 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 tax day. Not th...

Dr. Friday introduces herself as an enrolled agent who focuses on tax preparation and IRS representation. She explains the types of situations where professional help can make a difference, from filing to 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. I am Dr. Fr...

Dr. Friday explains that the estate and gift tax exemption stays at a higher level, giving families more certainty. She notes how that stability can help with long-term gifting and charitable 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. The estate and gift tax...

Dr. Friday breaks down the 20% QBI deduction and why its permanency is good news for eligible taxpayers. She shares a simple example showing how big the deduction can be when structured 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. The QBI 20% deduction is perma...

Dr. Friday explains the mortgage interest deduction limits and why only a portion of interest may be deductible for larger loans. She also notes that some older mortgages may be grandfathered under prior rules. 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. Mortgage interes...

Dr. Friday explains what the SALT deduction includes and why the cap increase matters for itemizers. She also discusses how bunching expenses may help, but only if you itemize. 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 SALT tax. You guys have heard talk about this...

Dr. Friday reviews the Child Tax Credit rules that remain in place, including the refundable portion and inflation adjustments. She also explains the income limits that affect eligibility. 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 Child Tax Credit. The child tax cr...

Dr. Friday explains that personal exemptions remain eliminated, even though many longtime taxpayers remember them. She also notes how the doubled, permanent standard deduction and age-65 benefits can change 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. The person...

Dr. Friday explains that the larger standard deduction was made permanent instead of reverting to older levels. She shares how this simplifies filing for many households, while itemizing may still help those with big mortgage interest or charitable giving. 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....

Dr. Friday walks through the current individual tax brackets and explains that the reduced rates were made permanent. She notes how knowing these brackets helps with long-term tax 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. Current 2025 tax brackets, after the...

Great news to start the year. Dr. Friday explains why making the 20% Qualified Business Income deduction permanent opens the door for real tax 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. The QBI 20% deduction is permanent, yes. All small business owners, all pe...