Let's Get Fiscal – EP09 - Avoiding Costly Contractor vs Employee Misclassifications

In this episode of Let's Get Fiscal, hosted by Anastasia Myiesha and Danielle from Coterie Tax, listeners are advised on the financial implications and legal risks of misclassifying workers as contractors instead of employees. The hosts break down the criteria that differentiate an employee from a contractor, highlighting specific state regulations and the importance of compliance. They also discuss practical solutions and workarounds for business owners to protect their financial interests while meeting legal requirements. This episode is an essential guide for creative business owners who aim to scale confidently and legally.

00:00 Introduction to Business Classification

00:39 Common Misclassification Mistakes

00:58 Employee vs. Contractor: Key Differences

01:54 State Regulations and Compliance

02:26 Payroll Systems and Benefits

04:14 Workarounds and Solutions

06:48 Long-term Implications and Legal Risks

08:53 Ensuring Proper Classification

11:19 Understanding Employee Classification

12:07 Navigating State Regulations

12:49 Workarounds and Tax Implications

14:14 Employee Benefits and Tax Planning

16:12 Contractor vs. Employee: Key Considerations

19:17 Final Thoughts and Advice

🔗 Helpful Links & Resources

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