Dr. Friday Radio Show – July 24, 2021

Welcome to another episode of the Dr. Friday Radio Show! In this podcast, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

• How To Audit and Proof Your Business Documentation
• Tax Extension Deadline Oct. 15 To File Your Tax Return
• Tax Deadline Extension to Aug. 2 for Victims of Tennessee Disasters
• Why You Should Pay Quarterly Taxes as an Entrepreneur
• Can I Make A Deal With the IRS?
• When Can I Apply For Forgiveness for Second PPP Loan?
• The Latest Biden Campaign Tax Changes
• Tax Returns Are Beginning to be Distributed
• Reasons Why You May Not Have Received Your Stimulus Check
• Do You Have An IRS Issue That You Need Help With?
• Do You Need Help With Tax Representation?

and much more! Transcript Announcer 0:01 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. So if you've got questions, remember, if you haven't filed your taxes yet, and you have a balance due, we have until, many counties I should say not every county in Tennessee, but most of the ones surrounding us, Davidson, Williams, and Murray all of us had till August 2, as a federal exclusion because of storm damage and things. Dr. Friday 0:50 So if you haven't, now's the time to really try to prepare those taxes. Don't wait until October, which is when your extension is good. Get it done early. So maybe you can actually waive some penalties and not get hit as hard as it is. People are always so shocked by how much money can cost. I mean, I do a lot of people's taxes that we've done for six, seven years back most of the time, a minimum of six years, we have to go back. And you know, if you owe $3,000, you might as well figure in six years, you're likely to owe $6,000 with penalties and interest. Dr. Friday 1:25 There is some possibility of waiving some penalties, but in most cases, there isn't a legitimate reason, you know, lifeless, difficult things happen. But there's really no reason why back six years ago, you couldn't have filed within the last six years. And so that's what the IRS is looking for. If there were some reasons that there's an explanation, otherwise, they may waive one out of the six years. But other than that, they may not because you may not have been actually even a good filer prior to that. So they're looking at people that you know, "Hey, you know, I made a mistake once I did this or whatever." Dr. Friday 2:00 And yeah, they're looking at that history. But otherwise, they're looking at the fact that you might actually owe that money. And they're like, "Well, you have it, you paid it." And so often people come in and you know, I love the ads that are often running on the radio shows and things. And many of them turn around and they say things like, "Well, we can negotiate you 10 cents on the dollar." Dr. Friday 2:21 Well, that is true, we've made some awesome deals, I've had people that are owed hundreds of 1000s of dollars, and paid minimally, I mean, like 1%, you know, I mean, less than $10,000 or $1,000. Um, but it's not the everyday situation. If you're sitting with a house, and this is fairly new, the last couple of years, the IRS has gotten a bit smarter. But if you're sitting on a house with equity, even if you can't get the equity out, it's possible that you won't be able to make a deal that you can afford, because the access that you have, because the IRS is saying, "Hey, you paid your mortgage, you didn't pay u