Dr. Friday Tax Tips

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 permanent, yes. All small business owners, all people with rental income, and anyone dealing with investments that may have QBI are going to be extremely excited, as I am, because this is 20%. That means if I have $100,000, I could get a $20,000 deduction if it’s done correctly. Understanding QBI is something I find a lot of times people don’t, but it is permanent, which means now you can do some planning and you can do some investing. If you’ve got rental properties, you’ve got a small business, or a big business, QBI may be a way to put more money in your pocket. 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 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 interest deduction remains at the $750,000, reflected as a permanent extension with the one big beautiful bill. Now some taxpayers could qualify as grandfathered under $1 million, that was back in 2017. So if you haven’t refinanced your home in a number of years, then you may still have the $1 million situation. But most of you are at $750,000, and believe it or not, I see people with mortgages for one, one and a half, two million, and they’re trying to deduct all that interest. It is not all tax deductible. You must amortize the portion that isn’t. If you need help with tax questions, just go to 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 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 many times. That’s where you put in your property tax, and your state income, or for us, sales tax, and it’s always had, these last few years, a limit of $10,000. Well, guess what? It’s going up to $40,000. So for many of you that used to do bunching, where we’d pay our property taxes twice, we’d do our sales tax, and we’d add it all up, and we’d buy the bigger things in the years we’re doing this bunching, that’s the way we’re going to start putting more money in our pocket. Now remember, you still have to meet the itemization before you can take a dollar off your tax return. Check us out, 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 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 credit remains at the level of $2,000 per qualified child, with $1,600 currently refundable, and it will adjust with inflation. Under the one big beautiful bill, it did not revert back to the earlier 2017 numbers, which is good because that was like $500 a child, or $1,000 depending on what year. There are limitations, guys: $200,000 if you are single and $400,000 if you’re married. If you need help or you just want to book a tax appointment with me, Dr. Friday, just go to 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 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 personal exemption remains eliminated under the current tax law. For many of you that have been filing taxes as long as I have, almost 30-plus years, you know that at one point we had a personal exemption. Now that is zero, and for the foreseeable future. But the standard deduction is now permanent, which is actually better because they doubled the typical standard deduction. And there’s some more wonderful things coming in if you’re over the age of 65. If you keep listening to these tax moments, you’re going to hear all kinds of ways you can save tax dollars. But if you need help today, 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.

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. This is a one-minute moment. Standard deduction in 2025, under permanency from the TCJA extension. Again, we were expecting a lot of these things to expire at the end of ’25 and then go back to the 2017 levels. That would have been a bad situation for many of us. Now the standard deduction is permanent. It simply reduces the number of taxpayers who itemize, which simplifies the compliance for most households. However, taxpayers with substantial mortgage interest and charity will still be able to take advantage of itemizing. It is a great way to make sure you’re putting more money in your pocket and not paying the IRS too much money. 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 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 one big, beautiful bill permanently extended the TCJA rates. I know I’m talking about a lot of things, but tax rates are now permanent, and that’s great because we can now make plans. We know that the 10% is staying in play. We know the 12%, the 22%, 24%, 32%, 35%, and 37%. So now we can look into the future, because if we had not passed the one big beautiful bill, these would have been expiring at the end of ’25. So this is awesome news for all of us. If you need help, just go to the website 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.

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 people with rental income, and anyone dealing with investments that may have QBI are going to be extremely excited, as I am, because this is 20%. That means if I have $100,000, I could get a $20,000 deduction if it’s done correctly. Understanding QBI is something I find a lot of times people don’t, but it is permanent, which means now you can do some planning and you can do some investing. If you’ve got rental properties, you’ve got a small business, or a big business, QBI may be a way to put more money in your pocket. 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.

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 taxes and representation. You’re gonna need someone to be doing taxes in just a day or two because—you know what—we’re at the end of the year. So anything that you’ve done for 2025 had better have been finished up. If you were doing conversions, if you were buying that truck to save tax dollars, it better have closed, because at this point most people do their taxes on the cash basis. Meaning if it didn’t happen by today, it’s not going to happen for the tax year of 2025. If you’ve got questions, or you haven’t done any tax planning and need some help with that—or just help with the tax preparation—give us a call 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.

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 are in order. Get ready—if you haven’t already put together your list for subcontractors and 1099s, go ahead and get those W-9s out there. We need to get those all out by January 31. Now is the time so you can make sure you have W-9s completed, you know the dollar amounts, you have the information. There are serious fines—$500 for each 1099 you do not issue. So let’s make this year 2026, for the tax year of 2025, the year that we actually file all the proper forms. And again, this isn’t just for people in business. People in real estate rentals also have to do this. 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.

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—hopefully you have already set up your tax appointments. If not, you need to be going to drfriday.com, clicking on “schedule,” and making your appointment ASAP. If you don’t see an appointment available, please call our office at 615-367-0819. One of us will answer the phone, and we’ll get you put on the schedule because it is booking up fast. I want to make sure I have all my returning clients. If you’re a new client, we’ll also be trying our best to get you in—but returning clients, number one. 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.

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 us Aussies do. And so basically just, you know, enjoy the day. Meanwhile, think about taxes. We have like four days left. And if you’re gonna do anything to save taxes, you have to write the checks pretty much now to reduce your taxes. Holding back people’s checks doesn’t really work. I’ve had a couple cases where people get 1099s for the total amount—even if they didn’t put it in the bank. There are ways around that, but make sure you understand your numbers. Make sure you know when you’re saving tax dollars and when you might not be. If you have questions, you need to make the appointment ASAP 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.

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 my mom. My mom always did this thing where she would take cash and, you know, go pay people’s layaways and do that. She had heard about it. She enjoyed it. It was something that she would enjoy doing for people. And I think that’s what Christmas is all about—basically spending time with the people we love, helping those that maybe, to be honest, have a little rougher time. Maybe they don’t have all the support that we all get to have. So think about those that you can help. Love those that are around you today. And I hope that you have a very Merry Christmas. Don’t forget the reason, the cause behind Christmas. Go to church. Put a little prayer in. This is Dr. Friday. Love y’all. 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.

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 401(k)s and you’re sitting there thinking, “Wow, my income may just be a little higher. I can afford to put a little bit more.” Maybe you need to think of taking that last paycheck that may be coming up here and giving more of it to your 401(k). It will save more money today—well, I should say it will reduce your income. And then obviously later you’ll have to pay taxes, but you know, it’s a 401(k). That’s what we do. So think about doing that. And of course, it doesn’t hurt if you have IRAs or Roth IRAs. Those are all tax-related decisions. Talk to your financial planner, see what works out best for you. But from a tax standpoint, reducing your income always saves us tax dollars. 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.

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 gonna go out there and buy myself a big truck over 6,000 pounds so I can actually write that vehicle off and get that tax deduction.” Okay. First, doesn’t it sound crazy when I say that out loud—just like I just said that? Because you’re gonna go spend sixty, seventy, eighty thousand dollars to get a tax deduction that, if you’re in the 20% tax bracket, is gonna save you—if it’s $80,000—what, $16,000? So you’re still paying the rest out in money. I mean, if you need a vehicle, it’s a legitimate tax deduction, and you’re gonna make money by having a new truck, go out there, buy it before the end of the year. Otherwise, think twice before you go spend thousands of dollars to save hundreds. 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.

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 us. That would include all of you that have rental properties—your lawn man, your repairman, your handyman, your roofer. If he’s an LLC—anyone that is operating as LLCs or partnerships or sole proprietors—the only person we do not 1099 is if their company has an Inc. Only way we really know that is to have them complete a Form W-9. Have that on file at your office so if there is ever a question on what you need to do, then you have that right there to prove you did not need to 1099 them. Get your numbers together so you can do that on time. Call 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.

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-employed individuals. First thing you need to do is have good numbers—tracking your expenses. If you’re ever worried about the IRS coming knocking—which, let’s be honest, all of us are always worried about it—having good tax records is the secret to defending yourself against an audit. I had a gentleman we went through an audit with just a few weeks ago, and to be quite honest with you, we went through with no problems. His documents were in good order. The questions they had, we had exact numbers. They didn’t dig very far because the answers that we gave them stopped them pretty much. Where if you’re not organized, they’re gonna keep digging to get more information. You have questions, just call me. 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.

“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 working on their taxes. Nothing wrong with it—it’s a great question, I love it. But you have to figure out that what advice I give you is based on your situation, because what happens often is they say, “Well, you know, my neighbor doesn’t pay this kind of money in taxes. My friend just did their taxes and they got this big refund and they’re making about the same as we are.” One, most people never share exactly what they’re making. Two, you don’t know if they have losses—maybe they lost some money, maybe they have more children. You’re not sure what the situation is. So if you really want to know how to save tax dollars, you need to make a tax appointment and let’s talk about your 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.

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 a vehicle due to accidents. It was not to do with a federal disaster. And they were sure that they should be able to write off the losses of these vehicles because, well, they lost them. The answer is no. So keep in mind, nowadays, under the current tax law, at one point there was casualty loss and disaster loss available on your taxes—years ago, back in the 2000s, 2007, 2008. Now we have to have a federal disaster to be able to claim any loss of property. If you need a question, 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.

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 that. And so when you inherit, it’s very, very important to find out what was the value of that home within 30 days of the death of the person you inherited from. Now, you can get comps, you can get appraisals depending on the value of this property. Sometimes it’s very smart to get an appraisal if there’s a number of people, because that number is what we’re going to use. So if you inherit a house worth $500,000 and you sell it for $500,000, guess what? You’re paying zero tax. And that’s all tax-free. Proper documentation puts money in your pocket. 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.