Dr. Friday Radio Show – November 27, 2021 - a podcast by Dr. Friday Tax & Financial Firm, Inc.

from 2021-12-01T19:18:27

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Welcome to the Dr. Friday Radio Show, where 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

  • Cryptocurrency and Taxes

  • What Is the Build Back Better Act

  • Why You Should Contact Dr. Friday Before Selling

  • Apply for PPP Forgiveness

  • RMD's Are Back on the Table for 2021

  • Should I File Married or Jointly?

  • How To Know If You Are Paying Penalties and Interests

  • The Capital Gaines Tax Changes

  • How to Get Back on Track With the IRS


and much more!
Transcript
Announcer 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 0:27
Good day, I'm Dr. Friday and the doctor is in the house and we are live today on this beautiful Saturday after Thanksgiving. I know many of you guys have probably enjoyed Black Friday a bit differently than when I was a child.

Dr. Friday 0:40
But then again, everything seems to change as we keep going. So we had some good time shopping, as well as then obviously, now we're going to be doing a lot more on the internet, right cyber. So making sure one of the big things I want to touch on a little bit is every one of my clients, I promise you are many of them almost are all great people they give, especially during the season, and many people are buying things for like Angel trees, buying food for families that maybe aren't able to have the same kind of Christmas or Thanksgiving that you were able to have.

Dr. Friday 1:14
So they're giving and sharing those things. Now keep in mind that under the new tax law that the $600 for married couples and $300 for single individuals that's above the standard deduction has to be cash. And that doesn't include if you go out and buy clothing, gifts, whatever for Angel Tree that is not going to be qualified for that type of charitable deduction. Just put it out there nothing wrong.

Dr. Friday 1:44
I know myself, my sister, and I, we've probably got four or five bins for the angel trees that we're working with. But just putting that out there that that is still a charitable contribution, but it would be considered non-cash because you're actually buying something for them not giving cash. Same way as if you go out and you buy a lot of food for a food bank helping to make Thanksgiving or Christmas baskets.

Dr. Friday 2:08
Again, you are using cash for but you are yourself you are not a nonprofit yourself. And so you're buying the food with after-tax dollars. And then giving that to the charity, the charity is claiming the food or the clothing. So therefore the money did not go through a 501 C three.

Dr. Friday 2:25
So just as a point and go fund me accounts kind of want to touch on those a bit. Because I know I have many clients especially at this time of the year, a lot of times they will go in and do a GoFundMe for different families in the neighborhood ones that are having health or medical issues. I have a client a case right now where one of my client's significant others, set up a GoFundMe account for someone in their church that was having a really hard time.

Dr. Friday 2:55
And they were trying to get money for treatments. Long story short, she raised, I don't know somewhere, I think it was around $25,000 on her GoFundMe. She physically wrote a check to those people. But she did not set it up as a nonprofit or charity. GoFundMe account because she was just trying to raise money for this family, the IRS came back and said wait for a second, we've changed your tax return. And you're going to pay tax now on that $25,000.

Dr. Friday 3:22
So there are ways in the

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