Dr. Friday Tax Tips

Dr. Friday explains the updated child tax credit for 2025, including how much you can claim, who qualifies, and what’s refundable. 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 will be up to $2,200. That’s up from $2,000 that we had at the beginning of 2024 or in 2024....

Is an S corporation or a C corporation better for your business? Dr. Friday explains the pros, cons, and tax implications of each. 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 had a conversation the other day with a client about keeping his business either as a sub-S corporation, which i...

Still donating from after-tax dollars? Dr. Friday explains how a Qualified Charitable Distribution (QCD) can save you money while supporting your favorite causes. 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. Qualified charitable deductions. I still don’t think enough people understand thos...

There’s a lot of confusion about the new $6,000 deduction for seniors. Dr. Friday clears up the difference between a deduction and a 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. I’m gonna talk a lot about the OBBB, because especially for seniors, Social Security, there’s a lot of m...

Driving for work? Dr. Friday explains the rules for mileage deductions, who qualifies, and what trips don’t count toward your tax write-offs. 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 my people that drive their car for making money—meaning your Ubers, or if you’re a real esta...

Dr. Friday reminds us not to wait until the last minute. With 2024 filings still open and 2025 nearly done, now is the time to plan. 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. When we’re talking about taxes and we’re looking at 2024 tax filings still on the table, as well as the tax year...

In this One-Minute Moment, Dr. Friday explains how many energy-related tax credits are set to expire at the end of 2025 and what that means for homeowners. 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. Under the OBBB, the One Big Beautiful Bill, credits and deductions are going to be expiri...

Good news for seniors: Dr. Friday explains a new deduction for people 65+ on Social Security and how it can reduce 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. Under the One Big Beautiful Bill, you have one thing that’s going to help people that are over the age of 65...

From 2025–2028, part of your overtime pay won’t be taxed. Dr. Friday explains exactly what qualifies and how much you can save. 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. New tax, new laws, new year. From 2025 through 2028, no tax on overtime. So this is a little more complicated than wh...

Behind on taxes or getting “love letters” from the IRS? Dr. Friday explains how she helps clients find a path forward and reduce stress. 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 an enrolled agent licensed by the Internal Revenue Service to do taxes and representation. I’ve been doi...

Don’t miss this year’s unusual tax deadline. Dr. Friday shares why the final 2024 tax filing date is November 3 instead of October 15. 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 in the middle of still filing for 2024 and preparing for 2025 taxes. With the One Big Beautiful Bill, t...

In this One-Minute Moment, Dr. Friday explains a new temporary deduction for vehicle loan interest. Learn which purchases qualify and what doesn’t. 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 have a new tax deduction effective 2025 through 2028. Individuals may deduct interest paid on...

In this One-Minute Moment, Dr. Friday explains the new “One Big Beautiful Bill” (OBBBA) provision that removes taxes on certain tips. She breaks down what qualifies, how it’s reported, and what you need to know so you don’t miss the details. 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...

In this one-minute moment, on Tax Day itself (April 15th), Dr. Friday gives last-minute advice: file an extension immediately and make a payment if you haven’t filed. 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, April the 15th, is Tax Day, which means I&#821...

In this one-minute moment, with the tax deadline looming (April 15th), Dr. Friday advises on filing an extension and making a payment 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. And it’s April the 14th, which means we have less than 24 hours to...

In this one-minute moment, as the tax season deadline approaches, Dr. Friday addresses common reasons people need to file past-due tax returns, like FAFSA requirements or marriage. 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 with Dr. Friday Tax and...

In this one-minute moment, Dr. Friday discusses the IRS Personal Identification Number (PIN) required for e-filing if you’ve opted for identity protection or been flagged. 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. Personal PIN number: The IRS will give it to you...

In this one-minute moment, Dr. Friday emphasizes the importance of reviewing and adjusting your W-4 form to ensure correct tax withholding throughout the 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. I keep pushing: Make sure you’re looking at your W-4. That i...

In this one-minute moment, Dr. Friday encourages aspiring entrepreneurs starting businesses in 2025 but stresses the importance of consulting with legal, tax, and financial professionals for proper setup, asset protection, and succession 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...

In this one-minute moment, Dr. Friday issues a crucial reminder as tax day approaches: filing an extension gives you more time to file your return, but not more time to pay taxes owed. Pay by April 15th 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. And...

In this one-minute moment, Dr. Friday clarifies that everyday clothing worn for work (like jeans or casual shoes) is generally not tax-deductible unless it functions specifically as a uniform, possibly bearing a company logo. 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....

In this one-minute moment, Dr. Friday encourages sole proprietors and family partners to formally pay their working children, highlighting potential tax advantages like tax-free income up to the standard deduction 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-minu...

In this one-minute moment, Dr. Friday highlights that costs for parents in assisted living or long-term care facilities can often qualify as a significant medical expense deduction, necessitating itemization. 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 it’s fo...

In this one-minute moment, Dr. Friday shares an April Fools’ Day joke about taxes being cancelled before reminding listeners that the April 15th tax deadline is real and requires action: either filing or getting an extension. 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 mo...

In this one-minute moment, Dr. Friday emphasizes the need for self-employed individuals to meticulously track business mileage (at 67 cents per mile) using logs or apps and document trip purposes to withstand IRS scrutiny. 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. If...