Dr. Friday Tax Tips

In this one-minute moment, Dr. Friday stresses that making estimated tax payments is mandatory to avoid penalties, warning against trying to out-earn the IRS penalty rates by holding onto the funds. 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. Making estimated tax paymen...

In this one-minute moment, Dr. Friday advises against delaying tax filing even if you owe money, emphasizing that filing on time prevents additional penalties and interest; payment plans can be set up 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. We are winding dow...

In this one-minute moment, Dr. Friday discusses the upcoming 2025 change where merchant fee income over $600 will require business tax reporting, urging online sellers to track costs now. 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. Okay, so if you’re a person that...

This episode dives into the various types of trusts available for estate planning. Dr. Friday reviews A.B. trusts, living trusts, insurance trusts, charitable remainder trusts, and even disability trusts to help you plan for the future. Transcript – Edited for Readability: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.d...

In this episode, Dr. Friday discusses how transferring assets to your grandchildren can trigger generation-skipping tax (GST) and explains why setting up trusts through your children is the smart move to avoid a steep 40% tax. Transcript – Edited for Readability: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.co...

Dr. Friday clarifies that while most inherited life insurance proceeds are tax-free, cashing in a whole life policy can result in taxable gains due to accumulated growth. Transcript – Formatted for readability: 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 was asked a questio...

Dr. Friday explains the rules for gift taxes in 2024, including the $18,000 annual exclusion and the $13 million lifetime limit, clarifying who is responsible for taxes. Transcript – Formatted for readability: 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. Gifting friends and/or...

Dr. Friday breaks down estate tax thresholds under the latest law and offers planning tips using trusts and gifting to avoid a steep 40% tax rate. Transcript – Formatted for readability: 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. Estate tax. Most of us are not going to reall...

Dr. Friday explains the urgency of taking your IRA required minimum distributions on time to avoid a steep 50% penalty—even if it’s for an inherited IRA. Transcript – Formatted for Readability: 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. IRA required minimum distributions. If...

In this episode, Dr. Friday emphasizes the importance of filing your tax return extension by March 16 to avoid steep penalties for businesses, partnerships, and LLCs. 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. March 16th is a big deadline for people with businesses, su...

In this one-minute moment, Dr. Friday explains the income limits for taking early Social Security in 2024 and the penalties for exceeding them. 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—so in 2024, if you decide you want to take out early Social Secur...

In this one-minute moment, Dr. Friday highlights retirement savings options for self-employed individuals, including SEP IRAs and their contribution 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. For all my entrepreneurs—individuals who don’t have retirement...

In this one-minute moment, Dr. Friday explains how taxpayers can still maximize their IRA contributions for 2024, covering traditional and Roth IRA options and the impact of employer plans. 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 few things we can do stil...

Dr. Friday explains the tax implications of different business structures, including LLCs, sole proprietorships, and C corporations. 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. Planning for a new business or changing your business entity? First, I’d say check with an at...

Dr. Friday explains how a 1031 exchange allows real estate investors to defer capital gains taxes by reinvesting in a similar property. 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—you need to put that term in your brain, especially if you’re in real estate...

Dr. Friday explains the tax differences between professional real estate investors and casual investors, highlighting the 750-hour rule. 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 investments—I love investing in real estate personally. But am I a profession...

Dr. Friday explains how to deal with IRS debt, emphasizing the importance of filing taxes before negotiating payment plans or offers in compromise. 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. Friday, president of Dr. Friday’s Tax and Financial Firm. We have bee...

Dr. Friday explains the importance of Schedule B for investors, covering capital gains, interest, and the tax benefits of qualified dividends. 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. Schedule B’s—very important papers for us investors, right? Because it tells us abo...

In this episode, Dr. Friday explains how capital gains tax works, why your total income matters, and the hidden tax rate many forget about. 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. Capital gains tax. A lot of people come in asking me, “Hey, if I sell this, what...

In this episode, Dr. Friday explains why tax planning for next year should start now. Learn how adjusting withholdings and contributions early can save you money and prevent 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. Year-end tax planning—now, you might be t...

In this episode, Dr. Friday explains how you can qualify for up to $7,500 in tax credits when purchasing a new electric vehicle—or $4,000 for a used one. Learn the key requirements and how to claim your 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. Qualified plug-...

In this episode, Dr. Friday breaks down the tax implications of cryptocurrency. Learn why tracking transactions is crucial and how the IRS treats crypto like any other investment. 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. Cryptocurrency. Oh boy, over Christmas, my sis...

In this episode, Dr. Friday explains how managing the timing of your income can impact your taxes. Learn how accelerating or deferring income can be a strategic tax move, especially for self-employed individuals. 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. Managing rece...

In this episode, Dr. Friday discusses how small business owners can lower their taxable income by paying their children for legitimate work. Learn how this strategy can benefit your family’s finances. 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. Lower your taxable income...

In this episode, Dr. Friday explains the tax consequences of selling your home, including home exclusions, rental conversions, and potential deductions. 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. Selling your home. So nowadays, it’s not quite as simple. Most peop...