Dr. Friday Tax Tips

It’s the final day of the tax year. Dr. Friday lays out what still counts for 2025—and what no longer does if the transaction hasn’t closed. 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’m Dr. Friday, an enrolled agent licensed by the Internal Revenue Service to do...

With January 31 right around the corner, Dr. Friday reminds business owners and landlords to collect W-9s and file 1099s to avoid costly 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. It’s almost the end of the year. We need to make sure our tax documents a...

Tax season is almost here, and returning clients get priority. Dr. Friday reminds listeners to secure their appointment before the schedule fills. 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 all of you that are listening that are my already existing tax clients—hopefu...

Boxing Day may not be a U.S. holiday, but Dr. Friday uses it to remind everyone: you only have a few days left for 2025 tax-saving actions. 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 Boxing Day. I know you guys don’t do that in the United States, but all of...

On this special day, Dr. Friday shares a personal Christmas memory and reminds us what the season is truly about—giving, loving, and gratitude. 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. Christmas. Oh my goodness. We love Christmas. And it always remembers a lot about m...

It’s almost year-end, but there’s still time. Dr. Friday explains how boosting your 401(k) or IRA contribution can lower your taxable income. 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 we probably are pushing it close, but for all of you that are employees that have...

Thinking about buying a heavy vehicle before year-end just for the deduction? Dr. Friday walks through the math—and why it may not be worth 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. And right now there’s a mad rush of a bunch of people saying, “I’m gonn...

Year-end means 1099 season. Dr. Friday explains who should get a 1099-MISC or 1099-NEC and why Form W-9 is so 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. Very soon we need to be issuing our 1099 miscellaneous or 1099 NECs for anyone that provided services for...

Worried about an IRS audit? Dr. Friday explains why solid accounting records are your best defense—and how software can make it easier. 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. Using a tax software is great, but using an accounting software may be better for most self...

“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...

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...

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...