Dr. Friday Radio Show – October 2, 2021

Welcome to another episode of 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
• How To Know If You Are Paying Penalties and Interests.
• Have There Been Tax Changes Done to the Capital Gains?
• The New Charitable Contribution Deduction
• Can I Get My Child Into College If I Haven't Paid My Taxes?
• How to ensure your Stimulus Status
• FBAR Extention Until Oct. 15, 2021
• New Tax Increase In ETax and Cigarettes
• How the Increase of Labor
• Earned Income Credit for taxpayers with Non-Qualifying Children
• How To Get Back on Track With the IRS

and much more!

Transcript

Announcer 0:00 No, no, no, she's not a medical doctor, but she can share a cure for your tax problems or 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. 615-737-9986. So here's your host, financial counselor, and tax consultant, Dr. Friday. Dr. Friday 0:28 Good day, I'm Dr. Friday and the doctor is in the house. So if you've got tax questions, we all know that October 15 is just around the corner. And it is time for all of you procrastinators, which usually includes me this year, I did manage to get mine done before October 15. Dr. Friday 0:44 But been there done that, you need to be able to get your taxes filed on time. And remember, it doesn't extend the money you owe. So one of the hardest thing is always to, you know, explain to people, "You owe this and there's going to be penalties." Dr. Friday 0:59 Your money is due on or before April 15. Normally in the normal worlds where we don't have all these extensions and things. And then if they do give us an extension, an actual federal extension like we had one because of storm damage and things like that many people in Nashville, Williamson County, Davidson had until August 2, right? Dr. Friday 1:20 And there wasn't going to be a penalty if you hadn't paid like normally in April. But at this point, anything you haven't paid after that August 2, assuming that you were not in that extension, you are now paying penalties and interest. Assuming you have a legitimate extension, you will not pay a late failure to file a penalty until after October 15. Dr. Friday 1:43 They're still going to get you to fail to pay on time failing to make quarterly estimates all kinds of other failures to do. But that one is one that you really do want to have. Because most of the other ones are like point 5%, when you get a failure to file, it is 5% per month up to 25%. So that was really, really painful. Dr. Friday 2:05 So just wanted to put that out there. If you've got questions, or maybe you've been following a little bit about what's happening in the news as far as what's kind of passed the house, and now they're looking at some proposals of what they're going to do. They keep calling these changes that they're doing that they're not going to affect the middle class, which is obviously what Biden ran on. Dr. Friday 2:27 And the thing is, he ran on he wasn't going to do proposals that were going to be over, it wasn't gonna affect anyone unless you make $400,000 or more. But yet, a couple of things that are now on the table, of course tax unrealized capital gains, some other ideas of mainly the capital gains tax. Dr. Friday 2:49 They're also going to hit some new taxes that they have out there raising cigarette tax and adding in E tax. I don't smoke, so I guess it would have no effect directly to me. But I have a real issue when they just start throwing in luxury