New episode of the Dr. Friday Show

We spend the day swinging and climbing our way through some obstacle courses at the Treetop Adventure Park at Nashville Shores with our guests Dr. Electric and Steve Mckinzie of Mckinzie Mechanical.

This two-parter takes you through the realities of owning your own business and being an entrepreneur from how to hire employees to doing things right to some of the challenges of being your own boss and staff (like waking up at 4am to go fix something for a customer!).

Enjoy! And don't forget to watch Part 2.

2016

I just got back from seeing the show 2016 Obama.That show scared me to death.What if Obama wins, the united states as we know it is finished.
I have heard so many people say Romney won't take care of sick, poor and he won't get us jobs that is just (not true).
Obama has alway been there for us.
Will you people better wake up
Go see 2016 Obama and tell me how you feel about It. I hope when you
vote you think about what best for
this country and the people living here
remember your vote might be the tie
Breaker and every vote counts.

What do you think of the come back state

Michigan is a come back state the state
is taking over the responsible of their state. Instead of the federal government!
Why does the federal government want
to control what we eat by food stamp and government control.What we drive
By gas prices and expensive small car that are uncomfortable and unsafe.
Health care the government tell us what type of health care we can have.
I think we should be a come back country .Take back our countries money wise, religious wise and moral wise if we don't this country will never be "The country of the free again."

Let make a deal

IRS might be willing to make a deal."
Alway have representation when talking with the IRS the best is a EA -enrolled agent.
The IRS is looking for money.They are willing to make a deal. Some money is
better than no money.
When the tax bill arrives from Uncle Sam, some might find they're in over their head. Those who want to settle their bills for less than what they owe might apply for what's called an "offer in compromise." Just over one third of OIC applications were accepted in fiscal year 2011, up from 25% in 2010. But getting that approval isn't easy. Taxpayers must show they don't have the assets or income to pay the amount owed and there may be an application fee of $150.

There are other options for those who can't afford the bill. Those who owe $50,000 or less can start a monthly installment agreement with the IRS. Taxpayers going through a financial hardship may be able to temporarily suspend collection actions until their situation improves. And a program introduced this year gives some filers more time to pay their taxes penalty free. A six-month grace period is available for people who have been unemployed or self-employed and whose income decreased by 25% or more in 2011.

What do you want to be when you grow up

Do you want to sit at home or in a coffee shop and play games all day if so. How do you eat and provide for your self? I know you could go on to the food stamp program - Welfare - or if you are really smart you could collect disability, that way you don't have to get up tell noon. You will have know responsible for anyone.Wrong!
Who pays for your food stamp - your welfare check and your disability check.
Every tax paying american. We give the taxes to the government and they pay your bills.So what do you want to
be when you grow up? A dependent
on the system, with no respect
or a person that finds work, contributes to society and gives back to this great country. Their are millions of ways to make money.The question is are you
making a plan so you can stand tall and say I am proud to be me. Not sitting in a chair and eat chips and hope the other guys work hard so they can take care of you. If each of us would be responsible for ourselves and our families this country would be great again.

Small business speaks out

What happening to our country? We are all from somewhere else and came here for a better life. I was rises to work hard and respect other people. I also was raised you should take care of myself and other that need it. I am self employed and I am building my own business. I am an independent and have a problem with anyone that votes for a party and I will never vote for someone that doesn't believe in the Small Business. This is my feeling on small businesses they are and have always been the back bone of this Country. If you want to turn around this country I believe that small business is the one to do this.
I work as a shield between the IRS
and small business as a EA.
I have seen small businesses win against all the odds.
So Obama when you say entrepreneurs do not build their own businesses, I just have one thing to say where were you when I mortgaged my home to build my business and worried over each payment. If you push business owners they will push back.

The Importance of Teamwork

Last Friday, I had some special guests on my show The Dr. Friday Show. With me were my friends Lee Berry, Attorney at law, business broker, Barry Burke, Hank Parrot, CFP, and Denise Ruiz, real estate expert.

Watch and learn and feel free to continue on to parts 2 and 3 on my Youtube Channel. Also, don't forget to subscribe!

That Loan You Found On TV May Cost You Five Times More Money

I understand you are having tough times and someone offers you money and you figure your budget and say, "Great! I can swing this every month!"

BUT what are you really paying??

For example, here is what a company called Western Sky Financial is offering:  "$10,000.00 deposited into your bank overnight." Thing is, who is Western Sky Financial and how much is your payback.

Western Sky Financial (WSK) is owned wholly by an individual tribal member of the Cheyenne River Sioux Tribe but is not actually owned or operated by the Cheyenne River Sioux Tribe or any of its political subdivisions. WSK is a Native American business operating within the exterior boundaries of the Cheyenne River Sioux Reservation, a sovereign nation located within the United States of America.

The interest rate on a typical loan of $2,600 is APR of approximately 139%. Borrowers may prepay their loans at any time without penalty. There are no upfront fees. If you are approved and your loan is funded, we will collect a $75 loan origination fee from the proceeds of the loan.

So let's break this down based on what is on their website WesternSky.com/General/Rates.aspx

Here are Western Sky's current rates.

For the amount of $2,600, they will deposit 2525.00 (a $75 fee to process the loan) into your bank at a rate of 139.22% APR.

Basically they want 47 payments of $294.46 with a total payback of $13,839.62

For your $2,525.00 loan, you pay end up spending, out of pocket, $13,839.62. That's over FIVE times what you borrowed.

Need another example? Say you want to borrow $10,000.00:

They deposit into your bank $9,925 (a $75 fee to process the loan)
You pay 89.68% APR.
They will have you pay 84 payments of $743.49.
Your total payback is $62,453.16 that is, once again, more than five times what you borrowed.

Still think it's a great deal?

If you think this is the only company do this you would be wrong how about these title loans.

Did you know that Tennessee has the highest interest rate for title loans (up to 22%) but the average is 13% per month? The average loan lasts 10 months so a $2,600.00 loan at 13% a month (assuming we just do a simple calculation) that would be 130% for a 10 month loan.

Really, people, why not just rework your budget? Move to a smaller home, eat a lot of soup, get a second or third job - find a way to live without! More than 20% of the people that get these loans lose their autos, boats, and motorcycles. The rest pay way more than they borrow. These places and companies are scary and I've seen a lot of people in trouble but I would never tell them to use any of these companies. There are better solutions to clear your debt that won't end up dragging you further down that rabbit hole. Talking to a tax or financial professional is the first step.

Does My Small Business Need Help From a Tax Professional?

It really is simple if you want to save tax dollars you hire someone that knows taxes. This is the same in most professions. I could most likely repair my vehicle but does that mean I am qualified to do it no. It is not only about preparation but also about arranging your money in a way so you can reduce you taxes and keep more of your hard earned money throughout your life. Also you need someone in your corner that can represent you if the internal revenue services decides they don't like something that you filed or if they need more information. This is why you hire a tax professional enrolled agent.

Give me a call at 615-367-0819 or email me at Friday {at} DrFriday {dot} com now and see how I can help you get your business up and running.

Could Your Beer Be Costing You Unnecessary Taxes?

New York's craft brewers say loss of tax exemption will cause beer prices to rise

As you hoist a beer this 4 of July (especially if it’s a made-in-New York craft brew), the state Brewers Association has a sobering message:

"The price of beer made by most of the state’s 90-plus craft brewers could be going up, perhaps by as much as $1 a pint for draft beer or $1 a six-pack."

The reason: A state court, in March, ruled a special excise tax exemption enjoyed by almost all of the state’s breweries is illegal. An out-of-state beer distributor had sued over the tax exemption, saying it placed an unfair cost burden on beers it hoped to sell in New York.

The brewers association is lobbying for bills being drafted by some state lawmakers that would restore the exemption while addressing the state Apellate Division’s legal concerns. The brewers hope the bills can be passed before the Legislature adjourns for the summer.

David Katleski, owner of Empire Brewing Co. in Syracuse and president of the state brewers association, said the exemption, which took effect in the late 1990s, has helped the state’s brewing industry double in size during the past decade.

The state’s 90 or so breweries and brewpubs pump $200 million into the state’s economy and employ more than 3,000 people, according to the brewers association. “The pace of growth for the brewing industry in New York has been phenomenal,” Katleski said. “But it could be hitting a wall with this tax issue.”

Some brewers faced with the new tax bills are beginning to scale back their expansion plans, Katleski said, even if they’re brewing at capacity and need to grow.

The exemption applied to any New York-based brewery that produces its beer in the state. It eliminated the excise tax on production up to 200,000 barrels a year. A similar exemption eliminated the $150 per brand label registration fee collected by the state, for New York-brewed brands that sell less than 15,000 barrels a year.

Only a handful of breweries in the state exceed those numbers or otherwise fail to qualify for the exemption. One of those is the Anheuser-Busch InBev plant in Lysander, which is oowned by a company based in Belgium.

Katleski said the loss of the exemption could cost his small brewpub in Armory Square about $20,000 a year and put a crimp in his plans to open a free-standing microbrewery in Cazenovia.

The much larger Brooklyn Brewery in New York City would have to pay more than $500,000 in excise tax without the exemption.

The current state budget was approved before the exemption was ruled illegal, so eliminating the tax would not cause any shortfalls in the state’s revenues, Katleski said.

What are your thoughts on this? Leave it in comments or email me at Friday {at} DrFriday {dot} com!