Money Guy Show Are You In Trouble (With the IRS)?
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Mar 26, 2025 Tax season brings stress, and this discussion breaks down how to tackle IRS issues without losing your mind. They provide tips on managing penalties for self-employment taxes and the vital distinctions between employee and contractor obligations. The conversation turns to raising financially savvy kids, emphasizing work ethic and smart money habits. With insights on Roth IRA contributions and new doctors navigating salary jumps, they highlight staying grounded in financial goals. Plus, an entertaining take on managing finances in relationships, especially around whole life insurance!
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Staying Out of IRS Trouble
- Understand IRS ground rules: Pay 90% of current year's taxes as you earn or 100% of the prior year's.
- If you owe penalties, explore the annualized installment method using Form 2210 to potentially minimize them.
Adjust Withholding
- Adjust your W-4 withholding to avoid estimated tax payments if you have a day job and a side hustle.
- This can prevent giving the government interest-free loans if slightly owing.
Raising Financially Savvy Kids
- Teach kids scarcity by having them contribute to large purchases and work part-time jobs.
- Prime their financial pump with matched Roth IRA contributions to foster smart saving habits.