Dr. Friday Radio Show – June 13, 2020 - a podcast by Dr. Friday Tax & Financial Firm, Inc.

Another episode of the Dr. Friday show is here! In this episode, Dr. Friday talks about taxes, representation, and the following questions:

• New Changes To The PPP Loan


• How To Do Taxes As A Small Business Owner


• Get Help With QuickBooks


• Is It Too Late To Apply For A PPP Loan?


• Why It's Important For Someone To Represent You


• Is The Stimulus Check Taxable Money?


• Help With Tax Preparation/Representation


• Will There Be A Second Stimulus Check Out?

And so much more!
Transcript
Announcer 0:01
No, no, no, she's not a medical doctor, but she can share cure your 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. We are here today to talk about my favorite subject as an enrolled agent licensed with the Internal Revenue Service. What I do is taxes, top taxes, live taxes, love taxes. So if you have questions concerning your tax preparation, remember July 15 is the new deadline. So if it comes to time and you need to be able to do something with your taxes, you need to be able to go in there and see what you can do to make it happen for you. But otherwise, the phone number here in the studio 615-737-9986. We are taking your calls and let's go ahead and hit Joe since he was nice enough to call. Hey, Joe.

Caller 1:13
Hi Dr. Friday. Thank you for taking your time on Saturdays to come in here and help us out. Here's my question. We have terminated about 10 days ago at my job. The new company came in and gave us positions now. I'm going to need to do a 401 rollover. My old 401 daily access in the new one is like fidelity. Do you do 401 rollovers for people? Should I come in and see you?

Dr. Friday 1:52
I don't sweetheart, thank you for even asking. No, I did the tech side. So thank goodness you're not taking the money out. As a rollover, there's really not a lot of things to worry about to the extent that they're going to re-ask you to reallocate, possibly. Are you going to take plan one plan to plan three? I'm not sure how old you are and what your situation is, but I'm assuming they're going to have you when you do the rollover reevaluate since you're going to a new company. Other than that, as long as you're not taking any money out, there shouldn't be any tax situation.

Caller 2:27
Excellent. One more thing, Dr. Friday. I snail mail my taxes every year and sent them in on April the 14th. I haven't seen anything was about eight weeks ago. So they're probably that far backed up. Would you agree?

Dr. Friday 2:44
Yeah, I'm getting quite a few phone calls on this to be quite honest with you. Thanks for bringing it up because it's probably other people listening to asking that same question and the answer is yes. I am working with the idea that especially with snail mail, as you know, I love to say but if You mailed it, it can take 60-90 days for that to actually get processed. But even people that are filing they're finding delays longer than the 21 days. So just be prepared to wait a few a bit longer as my suggestion.

Caller 3:14
Dr. Friday, have a blessed day. Thank you again.

Dr. Friday 3:18
Thank you appreciate the phone call very much. All right, let's go ahead and continue this with Dallas.

Caller 3:25
Hey, Dr. Friday. I just helped a mother in law redeem some stock price, and she got capital gains and I looked online and I got some confusing information about when you pay that capital gains tax. Do you pay it right after you get the capital gains or do you wait till you file the next year?

Dr. Friday 3:49
Great question and it's gonna be capital gains is kind of unique only to the extent that if you helped your mother. I'm making a wild guess that you are

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