Dr. Friday Radio Show – October 23, 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:

• Dr. Friday's Tax Tips For the End of the Year
• What You Should Know About the Build Back Better Act
• How To Be Prepared for the Advanced Child Credit
• Does the IRS Know How Much Money I've Gifted Someone?
• Certain Limitations Contributing to A Roth IRA
• Standard Deduction Changes for 2020 Tax
• Am I Being Audited By the IRS?
• The New Charitable Contribution Deduction
• How To Know If You Are Paying Penalties and Interests
• The Capital Gaines Tax Changes
• How to Get In Touch with the IRS
• Dr. Friday Talks About How to Get Back on Track With the IRS

and much more!

Transcript

Caller 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. We are all working on our last big weekend for the final numbers for the individual and corporate. If you're less than 20, your due date is 10/15, which is next Friday. So now's the time to hopefully sit in front of that computer, when it's a little bit quiet, I hope, and make those numbers sing for you. Dr. Friday 0:52 So that way, and I have quite a few people to be quite honest with you, I am in the process of working with many people or you know, my clients at least will email me things that are coming up with things that have changed. And there, you know, we have quite a few people that sold real estate, it's that simple. Dr. Friday 1:11 So quite a bit of real estate. And in doing so you may have created some tax situation, especially if it was rental real estate because rental real estate can usually have recapture of capital gains along with recapture of depreciation sorry, which is ordinary income plus the capital gains. Dr. Friday 1:30 So we might need to make sure that you're covering both of those so that you are ready when it comes few more months, and we get ready to start looking at doing taxes, that we're not telling you that you owe another, you know, $50,000 in taxes. Dr. Friday 1:45 I know in the last just today alone, I've had three people I've been working with clients that have sold real estate that has been rental real estate, and all of them have had some pretty good tax bills, one of them only paid like 40,000 and sold it for like 410,000. So obviously in those situations, you're looking at some pretty big capital gains. Dr. Friday 2:06 So if you've got questions because it's not just straight across the board 15% If you've got questions, give me a call, you can do it here in the studio at 615-737-9866. Taking your calls, talking about pretty much all things when it comes to taxes. Dr. Friday 2:25 So if you're in the process of finishing your 2020s, or prepping for your 2021, you know that there's going to be certain things like some changes, the standard deduction in 2021 is going to be 25,100 for married filing jointly 12,550 for single and 18,800. For the head of household. This is including inflation, so every year will go up a little bit, I do want to make sure individuals that are receiving the advanced child tax credit that you have prepared that information. Dr. Friday 3:01 Especially, it's just going to be a little confusing in my mind, because maybe I deal with a lot of people that go two different directions. But income has