Dr. Friday Radio Show – February 20, 2021 - a podcast by Dr. Friday Tax & Financial Firm, Inc.

from 2021-02-23T22:00:39

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The Dr. Friday Radio Show is here, and you won't want to miss it! In this show, Dr. Friday explains all the latest tax updates, including the following topics:


  • Partnership Form 1065 S and Corporation Form 1120S Due March 15, 2021

  • Available Forgiveness Without Documentation for PPP Loans Under $150,000

  • Need Help Preparing Your 2020 Taxes?

  • Can My Child Get a Stimulus Check If They're My Dependant?

  • A 1099 Payment Is Taxable Income

  • Unemployment Is A Taxable Income

  • IRS Says It Will Take 21 Days To Get Tax Refunds

  • The Third Stimulus Coming March 15- April 15

  • Why You Should Get Help With Tax Representation


and answers other caller's questions!
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 0:30
Good day, I'm Dr. Friday and the doctor is in the house. Yes, we are live today. You can reach us at 615-737-9986, is the phone number here. In case you want to reach us we have some great news from the SBA and Treasury. They have simplified anyone that received PPP loans for less than $150,000, they are going to be offering forgiveness without supporting documentation. So you can't ask for anything easier than that, can you? So that will be something that's going to be for the this is right now for first PPP. Forgiveness hasn't been offered on number two, I don't know very many people who have received PPP number two yet.

Dr. Friday 1:17
So that is the first thing and then they say portals remain open for PPP two, you can still register. So here's the deal, guys. A lot of people I meet with quite often just see people that are self-employed individuals, they did not know how or what they should have been filing to get a PPP loan. Remember, if you're a Schedule C individual, and you paid self-employment tax on the money, you can get your PPP and you can get around one, round two. Round two is open people. So if you missed the first window, it may be something that you need to do when it comes to getting ready to do that. So just a heads up, if you are having a hard time and you did not get the first PPP, you may be looking to be able to get the second. All right, mate, let's go ahead and go to line five. Hello, Mitch.

Caller 2:10
Hi, I have a question about those stimulus payments. My wife and I received both of them, we received the first and the second. And we have two dependent children. We didn't receive the payments for my two dependent children. I'm wondering if my Social Security has something to do with it?

Dr. Friday 2:28
Well, I have to ask, are your dependent children 16 and older or 16 and younger?

Caller 2:33
16 and younger.

Dr. Friday 2:35
Okay, well, that's good news. It would have nothing to do with your ID being in all honesty, your Social Security because anyone on Social Security can receive stimulus as well. So it would be that, were they listed on your 2018 and or 19?

Caller 2:52
Both of them were and we received the earned income credit from my wife.

Dr. Friday 2:58
You would have gotten yours under Social Security sounds like you, you. I'm assuming you know, you weren't working, you're disabled, or whatever you might have in your situation. But it doesn't make a difference. You should have received the extra, I think it was 500 for the first one for each child and 600 for the second one. The good news is when you file your 2020 because let's be honest, the IRS was never set up to really be doing stimulus checks. I mean, they're there for collecting, not necessarily forgiving money back.

Caller 3:30
There was a portion on the filing on Tax Act where you click if you were missing it.

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