Dr. Friday Radio Show – June 6, 2020

Welcome to another episode of the Dr. Friday show! In this episode, Dr. Friday talks all about taxes, upcoming dates, and the following topics:

• Do I Have To Pay Back The Stimulus/ Pay Taxes On It?
• How Much Of Unemployment Is Going To Be Taxed?
• Do You Need Help With Tax Preparation/Representation?
• How Entrepreneurs Need To Do Taxes
• Will There Be A Second Stimulus Check Coming Out?
• What To Do If You Need Help With Tax Preparation/Representation
• What To Do If You Don't Need/Want Your Stimulus Money
• I Owe The IRS Money, Will I Get The Stimulus?

And so much more! Transcript Announcer 0:01 No, no, no, she's not a medical doctor, but she can share cure your 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 0:30 Good day. I'm Dr. Friday and I am all set to have a wonderful show today. Hopefully, you guys are too. We've had a few chances for individuals that may be small business owners. The President didn't sign in and additional change. So instead of having the eight weeks we now have 24 weeks to spend the money for the PPP. Instead of some of them expiring in July it's going to go through December. We're going to have five years to pay back if you can't meet forgiveness instead of two. There's going to be some additional things with the extension of a company paying portions of their payroll taxes, they are going to be able to be forgiven. So they're really working hard to find ways to be able to help small business owners to continue to try to figure out how to get their doors open with all the people and things stopping and doing things. It's very difficult when you can't get the employees because, in my opinion, they've maybe over thought unemployment. The Federal the cares act, unemployment expires on July 31. I know many people who really need that money. In statistically in a large number of cases, people are making more money on unemployment than they were making when they were working, and that is a problem, which they are trying to address in the Heroes Act, which is now at the Senate. They're trying to figure out possibly another stimulus check, that's on the table. But we don't know for sure what or where that's going to lead. The president's office has basically said nothing's going to be done until after July and now with many people protesting, rightfully, some of the things going on, they're wondering if that's going to slow down what's happening in the Senate and Congress because they're going to be trying to figure out additional things that need to be done with that situation. Dr. Friday 2:34 So if you've got questions, if you're a small business owner, especially maybe dealing with PPP, or EIDL loans. At this point, I don't think there's a lot of ideal loans going out. But if there's either those you have questions on along with what we're going to do to move forward. Don't forget July 15, we have to file our taxes or we file an extension. Now, it used to be the extension was six months after the due date. That has changed, obviously, unless something changes from now, it used to be six months from April 15. So if you choose to file an extension in July, it will still be due in October for individuals, and in September for business owners. Either way, you can join the show 615-737-9986 if you have questions concerning taxes, or maybe something that's going on as far as the PPP or additional small business loans that are out there. 615-737-9986 talking about things mainly about taxes, that's what I love. So, there have been some changes, especially for people that are doing taxes or looking at taxes, you want to stay on top of this. We all know the due date is July