Top Tax Tips for Small Businesses with Special Guest Kristine Stevenson, EA

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/