Dr. Friday Radio Show – August 28, 2021

This is the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

• Tax Extension Deadline Oct. 15 To File Your Tax Return
• Operating Businesses Tax Extention Deadline September 15, 2021
• Apply For Forgiveness For PPP Loan
• How To Verify Your Identify With the IRS
• Why You Need To Adjust To Your W4
• What Are The Current Capital Gains Rates?
• Is the $300 Charitable Deduction for 2021?
• Do You Have An IRS Issue That You Need Help With?
• Do You Need Help With Tax Representation?
• Tips On How To Lower Your Taxes

and much more! Transcript Announcer 0:00 No, no, no, she's not a medical doctor, but she can sure cure your tax problems or your financial woes. She's the how-to girl. It's the Dr. Friday show. If you have a question for Dr. Friday, call her now at 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday. Dr. Friday 0:29 Good day. I'm Dr. Friday and the doctor is in the house and we are live here on Saturday, this wonderfully sunny, I guess is the proper term. It's a really nice Saturday outside, I've been working all day. But I did get a chance to go out earlier. And it's very nice. Dr. Friday 0:44 So hopefully you guys are enjoying your Saturday. And if you have any tax questions, we all know we're coming up on another deadline here. Now, most of us already hit the, I guess you would say, one deadline of August 2. Now the next one is going to be the true extension deadline date, which is October 15. For individuals, all operating businesses are going to be on September 15. So those are coming up. And you know, before you know it, you'll also have your third estimated payment, which is going to be due on September 15, unless something changes. So making plans. Dr. Friday 1:16 You know, there's a lot of changes every year. And I think this year, maybe more than some because of the real estate market here in Tennessee, I have had an out rageous number of individuals that have decided to sell either a rental property or second home, a primary home. And so you're going to be looking at some tax changes that you might not normally have in your situation. So that would be one of those times when it's between the crazy seasons, to talk to your tax person, and make sure that you've set enough money aside for the potential of capital gains. So that way we know. Dr. Friday 1:58 Right now capital gains rates are zero if you're in the 15% tax bracket, which is kind of now the 12th. Then it goes to 15%, then it'll go to 18.8%, and then it'll go to 23.8. And that pretty much when you hit over 400 and some up 460,000s when you're maximizing that for a married couple. Dr. Friday 2:21 So that will be something you need to be looking at making sure you understand. And if you have questions about that, or maybe you're just getting ready to start thinking about changes that might be happening, changing of jobs, many people are relocating to different areas, it seems like. These can also cause some tax changes if you get a job that makes more money. It's a good problem to have, but it can't happen. Dr. Friday 2:44 And you can reach us here, the radio phone number is 615-737-9986. And we can take your calls here live. Again, if you're dealing with any of those. I took a meeting earlier this week with someone that was– another thing. When you're selling real estate a lot of times in some cases, you might have a lot of leftover furniture goodwill, per se, items. And how do you track that? And is it even going to be a tax deduction in the year 2021? Dr. Friday 3:23 And so what we did do in this particular person's situation, they haven't b