Dr. Friday Radio Show – September 18, 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
• Operating Businesses Tax Extention Deadline September 15, 2021
• Quarter Estimates due September 15, 2021
• Apply For Forgiveness For PPP Loan
• Returns for C corporations That Are On a Calendar Year Have Now Been Extended to October 15, 2021
• How To Verify Your Identify With the IRS
• 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?

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 0:26 Good day, I'm Dr. Friday and the doctor is in the house. We're having a wonderful Saturday around here. All kinds of things getting finished and completed. As we know, if you had an 1120 S or a 1065, you were now late if you have not filed your 2020 returns, those were due on 9/15. Dr. Friday 0:45 So not single members, or LLC or sole proprietorships, or individual tax returns. Those are now due October 15, along with normal 1120 tax returns. So all of that being said, if you haven't filed your 2020 tax return, you need to get an appointment fast if you're trying to get in with my firm. Or if you do it yourself, you need to get them ready and file don't wait till the very last minutes because there's a likeliness that you will not get them filed on time. And then the penalties can even be worse than not filing in the first place. Dr. Friday 1:17 So you know, I mean, it's like a 25% penalty if you actually don't file on time. So filing with an extension, if you do not have an extension you're already late. So sooner you file better it's going to be so if you have a question and you need it, maybe you're working on that, or maybe you're actually pre-empting, your 2021 taxes, what a concept. Dr. Friday 1:39 You can join the show 615-737-9986. We are taking your calls here in the studio. If you have some questions concerning taxes, or maybe something that's come along, maybe you've inherited property and you're selling it or you've sold rental properties, you want to sell your primary home and you're not too sure what your taxes may or may not be, this would be the time to try to get at least the right basic answer which direction to go, everybody's got a slight difference. Dr. Friday 2:08 But that is all based on percentage of income so we can get you pretty close to what you need. So again, the phone number here in the studio is 615-737-9986. All right, so we're going to talk a little bit about, as I've told you, in the last couple shows. Dr. Friday 2:25 The fact is we've had several taxes, we've got the American Rescue Act and the consolidated appropriation act of 2021. We also had the Families Act, the economics for Families Act are going to be as follows. One of the reasons this is kind of important is there are some big changes that affect people with children, obviously. Dr. Friday 2:46 So the child tax credit will be fully refundable under this new Act, which came in effect for 2021. And the amount would increase from $3,000 per child to 3600 for children under the age of six. And then over the age of six, it is $3,000. So we're going to go up right now it's 1000. So that's huge numbers, right? Dr. Fr