Dawn talks with Kristine Stevenson, personal finance coach, enrolled agent, and author of “How to Avoid Trouble with the IRS: 10 Best Tax Tips for the Self-Employed, Gig Worker, and Indie Contractor”.
In this episode…
Who is Kristine and whom does she serve? (1:40).
How IRS debt is different from other debt. (2:58).
Where does Kristine see businesses getting in the most trouble with the IRS, and the price they end up paying for getting in that trouble. (3:49).
Employers must withhold a percentage from employees and pay the other half themselves (5:35).
The differences between employees, gig employees, independent contractors and why it’s important to get it right. (7:29).
By law though, in some cases you can’t just contract work, you are required to hire an employee. (12:18).
When you hire an employee, you are paying their wage plus… (15:29).
Taking care of all the tax and withholding does not have to be difficult. (16:31).
Setting up systems is crucial. (17:12).
EFTPS. (19:45).
Reasonable and prudent. (24:30).
What else does a business owner need to know and do to stay out of trouble with the IRS? (26:43).
Resource links:
Kristine’s Website- www.kristinestevensonea.com
Kristine’s Book- How to Avoid Trouble with the IRS: 10 Best Tax Tips for the Self-Employed, Gig Worker, and Indie Contractor. https://www.amazon.com/How-Avoid-Trouble-IRS-Self-Employed/dp/B09XBS7WS1/ref=sr_1_1?crid=1M8G8XEW25BDY&keywords=how+to+avoid+trouble+with+the+irs&qid=1653591824&s=books&sprefix=how+to+avoid+trouble+%2Cstripbooks%2C117&sr=1-1
Dawn’s Website: https://dawnkkennedy.com/
Links and Freebies- https://dawnkkennedy.com/free/
What Clients Say About Working with Dawn- https://entremoneycoach.com/about-dawn/
In-Depth Information, Tips, and Strategies- https://entremoneycoach.com/blog/
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