Dr. Friday Radio Show – January 30, 2021 - a podcast by Dr. Friday Tax & Financial Firm, Inc.

Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday shares all the updates on taxes and also the following topics:

• Have Your Documentation For Your 2020 Tax Returns


• The IRS Is Not Processing Tax Returns Until February 12th


• Unemployment Is A Taxable Income


• What To Do If You Haven't Received Your 2020 Stimulus Check


• Self-Employed Individuals Can Apply For PPP 1 and PPP 2


• Do You Need Help Preparing Your 2020 Taxes?


• Is Timing Really Important When Filing Taxes?


• Small Business Money Is Available


• Do You Need Help Preparing Your 2020 Taxes?


• Why You Should Get Help With Tax Representation

and so much more!
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 and are we having fun this season. I will tell you tax season, of course, has officially I guess you would say has opened but since the IRS is not processing any forms until after February 12, we are just accumulating them in a holding period until the IRS starts opening up e-file. But obviously we are getting them completed, making sure that we have everything we need. Don't forget, some people get so excited about coming in. I know we're excited people what can I say but you know, sometimes the mortgage statements, unemployment, the 1099 G's, according to the Department of Labor, they weren't going to be putting them out until as late as February 2. So you have time to get all your documentation together, make sure we have it all. So we can complete the tax returns 100% the way they are.

Dr. Friday 1:25
Also remember that it's a little tricky with the $300 extra charitable contribution. So if you don't qualify for itemizing, but yet you gave more than $300 to charity, make sure at least in our system, we have to complete the Schedule A even if you're not itemizing, and then it will roll over that additional 300. If you don't complete that it will not there's no place to put it in, it's rolling over from the Schedule A at least again in our software. So that way we have that information. You know, you don't want to leave any money on the table, because a lot of people do give to charity, but they're not getting enough to be able to get the you know, the rest of the view or whatever they have. So just if you have charitable contributions, maybe you only did $100-$200, whatever it might be, then you have what it takes to do what you need.

Dr. Friday 2:16
So if you've got questions, you can certainly join the show 615-737-9986. We've got callers on the line. You've been a busy boy in that studio, haven't you? Alright, go ahead and hit the first one. Hey, Bob, what's happening?

Caller 2:49
Good to talk to you. Hey, I have a question for you. There's been a lot in the news lately about proposed tax changes by the Biden administration, one of which is to eliminate the step-up in basis on inherited property. Right. And what I wanted to ask you, are there any strategies that someone could take on right now to possibly get around that later on for their heirs down the road?

Dr. Friday 3:16
I mean, we are talking a lot about that too. And I find it hard to believe, because that wasn't even something that was actually put into by the Trump administration, we've had the step-up in basis for a long time. But I know they're trying to find ways. I mean, they're spending trillions of dollars, and they're needing to find ways to get that money back into their pockets. So they're eliminating things that doesn't make sense. Since throughout your life, we've paid tax on that pr

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