Dr. Friday Tax Tips

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 person’s tax return. In 2025, standard deduction for dependents is limited to $1,350 and the sum of $450 plus the dependent’s earned income, whichever is greater. So this is gonna be big for some people that may be able to claim their children. Normally if they have small income that comes in on W-2s, we can wash it. A lot of times you don’t get that with this new standard. So you’re going to need to revisit if you’re a small business owner paying your children. You have questions: 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

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 surviving spouses: $31,500, up about $2,300 from 2024. Single and married filing separately: $15,750, up about $1,150. And head of household: $23,000. If you’re over the age of 65, there will be some additional deductions that you’ll be able to claim. But the important number is if you had your standard deduction prior to the OBBB, you’ll see that they’ve gone up again. So it’s important to stay on top of your tax questions—and also your tax answers. 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

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, right? We don’t want to wait until the first of the year and run around like crazy chickens. We want to have our documents in line. So first I would say get yourself a manila envelope. Put on there what you may be expecting—especially if you’re a person that’s self-employed. You may have 1099s that need to be coming in. Go ahead and take all those receipts that are on the kitchen table that you’ve spread out, start adding them together, put them in Excel, get the numbers together so you only have to add the last few weeks here. Earlier you get in, the sooner you know how much money you might owe, and the easier it is to ease any kind of penalties or interest. Check us out at drfriday.com. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

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 people that have been devastated by a federal disaster from 2018 through 2020. The relief is going to take place in 2021 through 2024. You’re going to be able to take some of the damages from Hurricane Ian and some of the other ones that have—I mean goodness gracious—we have a whole list here of disasters that’s hit Nashville from that time period. But what you want to do is if you were affected by those and you did not get to claim those losses, you need to sit down and talk to a tax expert. See if you qualify for any additional tax credits that may have come across the board. You can catch me on the internet. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

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 less than $75,000 or $150,000 as your AGI, there is an additional deduction that’s going to happen to your standard deduction of $6,000 for each person over that age that has Social Security. So this is something you’re going to want to make sure—if you do your own taxes, nothing wrong with that, perfectly cool. But make sure that when you’re doing them that you’re using not just paper and pen… maybe you’re using software nowadays. Keep in mind, the IRS isn’t going to be mailing your refunds in a check form this year. So you’re going to have to put your bank, or you’re going to have to get a card—either way—to get your refund. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

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. The loss of the sale of a timeshare held for personal use is not deductible. So when you’re dealing with timeshares—and I’ll be honest, guys, I am not a fan of a timeshare. I like visiting, I like to travel, but it seems like they always lock you into something that 20 years later you’re still paying and it’s increased and you don’t have any asset really. So you sell it, you have a loss. We can’t claim the loss because it’s a personal loss. And therefore, think about what you’re investing into so that you won’t end up putting money into something that us tax people cannot deduct off your tax returns. Check us out on the web at drfriday.com. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

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 friends, get to eat a lot of turkey. And I know some of you guys make those things where they take the pig and they put the chicken inside and all these different layers and they have this amazing food. I hope you enjoy the time that you get with your family. It is limited sometimes. So this moment is just dedicated to families and being able to spend time with our family. So from my family to yours, I’m really wishing you a very Happy Thanksgiving. And then hopefully you’ll make some time—if you have questions, just check us out on the web at drfriday.com or email Friday at drfriday.com. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

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 get rid of paper checks. That’s right—recipients of any benefits, tax refunds, and other payments, effective October 1st. So this is in effect. He has ordered all federal departments and agencies to use electronic fund transfers, including direct deposits, prepaid cards, or other digital options. That means that after September 30th, you will no longer be receiving tax refunds in the form of paper checks. So if you filed your tax return recently and you have a refund, be surprised—there’s not going to be a check coming in the mail. If you’ve got more questions, just check us out on the web. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Dr. Friday explains the current and upcoming rules for 1099-MISC and 1099-NEC forms—and reminds businesses of their reporting responsibilities. 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. 1099-MISC, 1099-NECs—this is where we report our subcontractors or services that we have, and we need to send them the 1099 so that they then can file their taxes. Keep in mind: if you do not receive a 1099, but you did receive money from somebody, it is your responsibility to file that money even if you did not receive the form. But those forms are going to be changing in 2026. For 2025, you still have $600—anything that’s made over $600, you should be issuing a 1099 for any services that were performed, be it your lawn man or anything else. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Have a large capital gain? Dr. Friday explains how investing through Qualified Opportunity Zones can eliminate tax and help struggling communities. 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 one of those things you don’t hear a lot about—the qualified opportunity zone. It’s been made permanent and it’s been enhanced, which is for people that may have a large capital gain from the sale of a business or personal asset. By investing into a qualified opportunity fund that will help develop struggling communities, a lot of those capital gains can physically disappear—and in like five, ten years you’re able to take the money out tax-free because you are basically using the money to help an underprivileged community. So if you have a situation like that, you might want to talk to us at 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Still waiting on your Employee Retention Tax Credit refund? Dr. Friday explains why long delays are happening and what you should do next. 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. Back in 2023 and early 2024, many employers were doing the ERC/ERTC—Employee Retention Tax Credits—and some people had no issue. But there was so much fraud that they found during an audit that if you’re still waiting… In fact, I saw something from like ADP or something saying that it was still out there available. You need to just basically wait. If your account is out there, they may eventually process it. They have put a hold—they’re doing an audit. It’s gonna take a while for you to see any of that ERTC money at this time. But if you need help with doing your accounting or taxes, just give me a call, 367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Dr. Friday explains changes affecting large businesses with significant debt—especially industries hit by today’s higher interest rates. 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. Interest deduction on business debts of larger companies is tweaked a little bit. After 2024, adjusted taxable income is figured without regard to the deduction of depletion, depreciation, and amortization, thus allowing higher interest deductions. So it’s just giving us a way—because for a long time we weren’t able to take all of the interest in that year, especially if you buy a hotel or something. You’ve got some pretty high interest rates right now at nine and ten percent. So if you have that in your business, there are ways. Laws are changing—you need to make sure you’re taking advantage of them. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Great news for businesses investing in research and development—Dr. Friday explains how R&D expenses can now be deducted much faster than before. 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. Full expense of domestic R&D cost is fully restored. We were getting it downward like 15 and 20 percent. Businesses can now elect to amortize R&D costs over five years, which to be honest, was over fifteen before. So this is great because now again, a lot of this money’s coming out—we’re doing these repairs, we’re doing these investments, we’re doing this and we don’t have the cash flow. Normally then we end up having to pay tax on a percentage because we didn’t get to deduct it all. Now, if you do your taxes right, you can take big chunks of that, spread it over a shorter period of time, put more money in your pocket. That’s what we all love about taxes. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Big purchases for your business? Dr. Friday explains how Section 179 lets you deduct 100% of equipment costs—up to millions—in the first 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. The Section 179 has soared, meaning we now in 2025 have $2.5 million of assets that can now expand that and get a 100% deduction on over $4 million. I don’t think any of us—or very few of us—will be spending $4 million on assets, which means if you go out, you buy a new piece of equipment, you buy a new dozer, you buy something, we can take 100% in the first year. Which is great, because that’s a way of paying back some of that money you had to take out to get that piece of equipment—to give a little less burden on your business, making it a little easier. If you have questions, now’s the time. 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN

Good news for small business owners! Dr. Friday explains the now-permanent 20% qualified business income deduction and who can benefit. 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. Businesses get lots of tax breaks—most of them are maybe more permanent than others. Some are going to disappear. But one that we did like, that was made permanent, was the 20% qualified business income deduction for us self-employed independent contractors, S Corps, LLCs. This is where we get a percentage of the profits that we make kind of as a deduction on our return so we can reinvest that back into our businesses. It’s a great way for us to get a little bit of an incentive to be more profitable, to make more money, pay a little more taxes, and get a rebate. 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Selling online or using payment apps? Dr. Friday explains the latest IRS updates to 1099-K reporting and what income levels trigger the form. 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 1099-K—we all know that’s been coming around. The last couple of years they kept threatening to do it if you made more than $5,000, and then $20,000, and then over $600 was going to be the current year. It was appealed to send 1099-Ks out to anyone that made over $600. That has been changed. It has to now be over 200 transactions or over $20,000 to get a 1099-K. That’s good news! Doesn’t mean you don’t need to report it, doesn’t mean it’s not important to have on your taxes—it just means you won’t have a report that you’re going to be giving us. 615-367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN .

Planning to install solar panels or make energy-efficient upgrades? Dr. Friday warns that many clean energy tax breaks are set to expire by 2026. 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. Many of the clean energy breaks that we had in 2021 are going to expire as of September 2025; many of them end on June 30, 2026. So if you are looking at doing something that may qualify under those particular tax brackets, you may want to first make sure it’s still in existence. And if not, then you may have to figure if there’s another way of doing it. Because right now, getting things under the Clean Energy Act isn’t probably going to be a very big tax advantage to you. That’s why you need to do tax planning now—to know what you can and can’t do. You should call us at 615. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Many people think not filing taxes only risks penalties—but it can also mean missing refunds. Dr. Friday explains why filing late could still help. 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 with Dr. Friday’s Tax and Financial Firm. I’m an enrolled agent licensed by the Internal Revenue Service, which really means all I do is taxes, right? So if you’re dealing with a tax issue, if you’ve got the IRS, or maybe you just haven’t filed taxes—you’d be amazed how many people come in and haven’t filed for like 20 years. And it doesn’t mean the IRS is even after them. They’ve left money on the table in many cases because we can only get refunds for three years. So by you not filing, sometimes you have reasons, sometimes it just becomes a habit. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Dr. Friday highlights a little-known opportunity for investors who hold qualified small business stock for five years or more—potentially eliminating capital gains tax. 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 a moment I hear very rarely talked about—the qualified small business stock. It is an enhancement under the current rules: individuals who acquire qualified small business stock after September 27, 2010, and sell over five years later can deduct 100% of their capital gains from the sale. I mean, that seems pretty simple—up to, I think, $10 million, which won’t be a problem for most of us. This is a small break, and it’s something not a lot of people take advantage of. You have to be a C corporation, set it up properly, and move forward doing it right. Got questions? 367-0819. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Dr. Friday explains a new tax-advantaged savings program that helps parents build retirement savings for children born between 2024 and 2029. 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 OBB created a new tax-advantaged savings account. This is kind of interesting—many people may not have heard of it. This is accounting for young children. Up to $5,000 can be contributed to an account each year. The federal government will automatically put $1,000 for each child born after 2024 through 2029. Contributions are not tax deductible, but the fact is you’re starting to save for their retirement. We all know Social Security is a little questionable. Your little ones may need it extra and get $1,000 a year from the government to put into that account. 615-365-2500. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.