Apr 20, 2021
Dr. Friday Radio Show – April 17, 2021
Another episode of the Dr. Friday Radio Show! In this episode, host John Haggard talks with Dr. Friday about all the updates on taxes and the following topics:
* New Tax Filing Deadline Is May 17, 2021
* First Quarterly Taxes and Other State Taxes Due April 15, 2021
* “I Haven’t Filed Taxes In Years. Why Did I Receive My Stimulus Checks?”
* What Qualifies For a 179 Deduction?
* “Under What Conditions Does a Driver Qualify as an Independent Contractor?”
* Tax Extention Date Will Be Extended
* If You Didn’t Recieve Stimulus 1 or 2, You Can Claim Them On 2020 Tax Return
* Do You Need Help With Tax Representation? Call Dr. Friday
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.
John Haggard 0:30
Live from America’s Music City, it may be Saturday where you are but it’s Friday, all day, every day, all the time with the tax doctor, the tax lady, the doctor of accounting known in these parts of America as Dr.Friday. Right here she is. Hello, Dr. Friday.
Dr. Friday 0:47
Hello, John. What an intro. I always love when you host my show. You’re so enthusiastic about my name.
John Haggard 0:53
Well, we’ve had such a fun time, and boy, do we need you more than ever? What’s getting ready to come up here a lot of activity they’ve extended. You know the tax filing deadline. Is there any breaking news doctor Friday, anything that you’re hearing on the inside about what might happen with the tax code for 2021? Does anybody have an idea?
Dr. Friday 1:15
I don’t think anyone has a good idea. But I did want to jump in because I know they extended obviously till May 17, the 2020 tax filing. But they did not extend making your estimated tax payments for 2021. It was due on the 15th. So a lot of people did not realize they thought everything got extended. Also business license, franchise excise tax, anything that had a deadline pretty much for April 15. On the state side, many of those did not get extended. So you want to be very careful about thinking that you made things on time. If you haven’t filed your first quarterly for example, John, you’re self-employed, I’m assuming, like myself, and so we have to pay those. Those were due on the 15th. They did not extend them out to May 17.
John Haggard 2:04
Well, folks, now did you hear that? Because most people or a lot of people would have thought, well, “I’ve got until May!” Well, no you don’t. Based on what Dr. Friday said. You know what’s interesting, the government always wants their money on time. They’ll take the paperwork a little bit later.
Dr. Friday 2:23
Correct. They want their money early, not late. They definitely, I think it’s a great way to explain, anything we do most of the time, from the tax standpoint, we’re really just following up with paperwork. They want people to be paying their taxes on a monthly or quarterly basis.
John Haggard 2:37
Early and often. Right?
Dr. Friday 2:41
So true.
John Haggard 2:42
Folks, you’re listening to the Dr. Friday show. Every single week someone will be tuning across the dial or on the internet or something. So what is this? What are you listening to? Well, this is an advice show and not only advice, but you can actually get work done and get a consultation done with Dr. Friday. I mean there are a lot of people out there that do that type of work. Now there’s one thing you might not know about Dr. Friday, especially if you’re a new listener, and you’re here for the very first time, so you want to listen to this.
John Haggard 3:13
Dr. Friday is an enrolled agent with the Internal Revenue Service. No, she does not work for the IRS. If you were going into a court of law and needed an attorney to speak on your behalf because you didn’t want to testify or talk to the IRS ever again. She can do that for you. She is your representative. She works for you, not the IRS. You know, I looked up an enrolled agent. And if I got this wrong, Dr. Friday, correct me. An enrolled agent likes Dr. Friday, which is a federally-authorized tax practitioner who has technical expertise in the field of taxation, who is empowered by the US Department of Treasury to represent taxpayers before all administrative levels of the IRS for audits, collections, and appeals. Did I get it right?
Dr. Friday 4:06
Right. You are good. Very good.
John Haggard 4:08
All right. So people say “Well, okay, so what?” I like to brag on Dr. Friday when we get the opportunity to be on the air because she doesn’t brag on herself. But I’m going to. Here’s an actual live case, and I can’t give you a name. And of course, everybody’s case is different, and some people may not be able to get anything done because of whatever their situation is. But she did have a situation a few years back there was a person who owed to get a hold of this, folks, this is not a typo and not a mistake. Over one million dollars, and through all the negotiations working with the IRS. You got that down to about $100,000. Am I right about that?
Dr. Friday 4:47
Correct. Yep.
John Haggard 4:49
You know, people say, “Well, that just sounds too good to be true.” How do you do that?
Dr. Friday 4:55
Well, I think your caveat, in the beginning, is it’s different for every individual. In this particular case, first, he wasn’t in compliance, which meant that the IRS had done a great favor for him. They just filed taxes based on no information, basically no expenses, and he’s self-employed. So they had him assessed for taxes that he didn’t actually owe. So filing your taxes could save you a lot of headaches. Then, obviously, depending on your assets, everybody has different situations. How much money do you have in the bank? Are you married? How much do you guys earn together? How many children? All these come into play. Do you have a 401k? Do you have equity in a house? A lot of times you’ll hear on the news, it’s always all if you owe more than $10,000, we can help you settle with the IRS for pennies on the dollar. Not always true. I mean, sure, I can tell you some wonderful situations as low as $25, where somebody owed $75,000. But in all reality, those individuals also had very little to their name, they were at a perfect time, where they were at the lowest of their situation. They were renting, they didn’t have any assets, they didn’t have any equity, they didn’t have anything, and the IRS can’t go against something that they don’t have. So, a lot of times, unfortunately, people come in after they’ve gotten back on their feet. That’s not the time you really want to deal with an IRS issue. You want to deal with an IRS issue when you’re really trying to deal with all the other hard things in your life. Because that’s the time you might be able to make the deal that will maybe get them off your back and give you a fresh start.
John Haggard 6:29
Alright folks, now if you have a question, something that’s been bugging you, or maybe somebody said, “Well, this is what you need to do to handle this tax situation, or this is how you need to put this on your own return.” If you’re doing your own returns, now is the time to call. We’re here live. When we say live, that means call in now and get the answers to your questions. We’re only here until three o’clock. So t-minus 50 minutes time flies when you’re having fun. Here’s the phone number to call. By the way, some people are a little bit shy about that. Or some people say “Well, I don’t want the IRS to recognize my voice.” Put a sock over the phone and disguise your voice, if you’re worried about it. Call this number but…