Lets Get Fiscal

If you live or work in Los Angeles, there's a city business tax you might not know about—and ignoring it could cost you hundreds (or thousands) in penalties. The catch? Most creatives qualify for a massive exemption if they file on time. Miss the deadline by even one day, and you'll owe taxes you could have avoided entirely.In this episode, CPAs Anastasia Aiello and Myiesha Fisher break down everything LA-based creatives need to know about the City of LA Business Tax. You'll learn who has to file (hint: working in LA for just 3 days triggers it), how the \$300,000 creative exemption works, why your zip code might not determine if you owe this tax, and the critical February 28th deadline that makes or breaks your exemption. Whether you're a photographer, director, writer, or any other creative professional, this episode gives you the exact steps to stay compliant without overpaying.⏱️ Timestamps:00:00 Introduction to LA Business Tax00:54 Understanding the LA Tax Filing Requirement03:08 Filing on Time and Avoiding Penalties06:08 Creative Exemptions and Income Thresholds07:30 Account Setup and Reporting09:26 Special Cases and Exemptions11:52 Understanding Income Categories12:07 Navigating the Website12:30 Exemptions and Worldwide Income13:21 Classification and Subcategories14:03 Filing and Deadlines14:32 City of LA's Support System16:55 Steps for New Business Owners20:05 Compliance Health Check20:33 Conclusion and Contact InformationWhy subscribe? Every week, Let's Get Fiscal shares tax strategies and business finance advice that actually work for real entrepreneurs—not corporate-speak you can't use. You'll get specific, actionable tactics, real client scenarios, and answers to the money questions keeping you up at night. The goal is simple: make business finances less intimidating and more profitable.🔗 Listen everywhere:Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast📊 Helpful resources:Got a question for the show? Submit it here: https://www.coterietax.com/qaWant to listen to more episodes? Start here: https://www.coterietax.com/podcastNeed personalized help with your business finances? Visit: https://www.coterietax.comWhat's your biggest tax or money question right now? Drop it in the comments below—Anastasia and Myiesha read every comment and love helping with real-world situations.#LABusinessTax #LosAngelesTax #CreativeExemption #LACreatives #SmallBusinessTaxes #CityOfLA #FreelancerTaxes #PhotographerTaxes #DirectorTaxes #WriterTaxes #CreativeBusiness #LetsGetFiscal

If tax season always turns into a frustrating back-and-forth with your CPA, it’s usually not because your accountant is slow—it’s because key documents are missing. In this episode, CPAs Anastasia Aiello and Myiesha Fisher break down the *exact* information and paperwork creatives need to provide so your return can be filed quickly, accurately, and without unnecessary fees.You’ll learn why certain forms (like the 1095-A from the health insurance marketplace) can *instantly* block e-filing, why your bookkeeping and balance sheet matter (especially for S-Corps), and how to avoid common gaps like missing 1099s, K-1s, and documentation for large purchases. If you want your taxes filed on time with fewer surprises, this is your checklist.⏱️ Timestamps:00:00 Introduction: Essential Documents for Creatives00:34 Meet Your Hosts: Anastasia and Maisha00:52 Key Information Your CPA Needs02:21 Understanding the 1095-A Form03:50 Importance of Financial Statements04:29 Reconciling Bank Accounts07:39 Prior Year Tax Returns and Other Documents11:09 Daycare Expenses and Tax Deductions11:30 Life Changes and Tax Implications12:03 Detailed Information Needed for Tax Preparation13:04 Address Changes and Home Office Deductions14:01 Reviewing and Comparing Tax Returns15:54 Documenting Large Purchases and Equipment17:28 Handling K-1 Forms and Business Partnerships18:46 Importance of Timely and Accurate Information21:28 Major Life Events and Insurance Changes22:04 Final Tips and Contact InformationWhy subscribe? Every week, Let's Get Fiscal shares tax strategies and business finance advice that actually work for real entrepreneurs—not corporate-speak you can't use. You'll get specific, actionable tactics, real client scenarios, and answers to the money questions keeping you up at night. The goal is simple: make business finances less intimidating and more profitable.🔗 Listen everywhere:Apple Podcasts: [https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448](https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448)Spotify: [https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11](https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11)Watch on YouTube: [https://www.youtube.com/@letsgetfiscalpodcast](https://www.youtube.com/@letsgetfiscalpodcast)📊 Helpful resources:Got a question for the show? Submit it here: [https://www.coterietax.com/qa](https://www.coterietax.com/qa)Want to listen to more episodes? Start here: [https://www.coterietax.com/podcast](https://www.coterietax.com/podcast)Need personalized help with your business finances? Visit: [https://www.coterietax.com](https://www.coterietax.com)What's your biggest tax or money question right now? Drop it in the comments below—Anastasia and Myiesha read every comment and love helping with real-world situations.#SmallBusinessTaxes #TaxPrepChecklist #TaxSeasonTips #CreativeEntrepreneur #SelfEmployedTaxes #CPAAdvice #BookkeepingTips #1095A #1099 #SCorp #TaxWriteOffs #LetsGetFiscal

Most creatives file their taxes without a plan, which is why they end up stressed, surprised by their tax bill, or overpaying because they missed key opportunities. The problem isn't that tax planning is complicated—it's that most entrepreneurs don't have a simple system to stay on track all year long. That's where the one-page plan comes in.In this episode, Anastasia and Myiesha walk you through how to build a simple, actionable one-page tax plan that covers everything you need: quarterly estimated payment dates, your projected tax liability, savings goals for retirement, payroll schedules if you're an S-Corp, and the strategic moves you need to make throughout the year. You'll learn why setting your intention at the start of the year is the most powerful financial decision you can make, how to budget when your income fluctuates wildly, and why your tax return should be a summary of work you've already done—not a last-minute scramble. Whether you juggle multiple income streams or struggle with knowing how much to set aside, this episode gives you the roadmap to take control of your finances so you're never caught off guard again.⏱️ Timestamps:00:00 Introduction to Tax Planning for Creatives00:35 Meet Your Hosts: Maisha and Anastasia00:52 Creating an Annual Forecast01:10 Understanding the One Page Plan01:52 Key Components of the Plan03:31 Tax Strategies and Obligations08:21 Handling Multiple Income Streams12:43 Budgeting for Fluctuating Income15:07 Setting Goals and Intentions18:26 The Importance of Regular Check-ins19:37 Conclusion and Contact InformationWhy subscribe? Every week, Let's Get Fiscal shares tax strategies and business finance advice that actually work for real entrepreneurs—not corporate-speak you can't use. You'll get specific, actionable tactics, real client scenarios, and answers to the money questions keeping you up at night. The goal is simple: make business finances less intimidating and more profitable.🔗 Listen everywhere:Apple Podcasts: [https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448](https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448)Spotify: [https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11](https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11)Watch on YouTube: [https://www.youtube.com/@letsgetfiscalpodcast](https://www.youtube.com/@letsgetfiscalpodcast)📊 Helpful resources:Got a question for the show? Submit it here: [https://www.coterietax.com/qa](https://www.coterietax.com/qa)Want to listen to more episodes? Start here: [https://www.coterietax.com/podcast](https://www.coterietax.com/podcast)Need personalized help with your business finances? Visit: [https://www.coterietax.com](https://www.coterietax.com)What's your biggest tax or money question right now? Drop it in the comments below—Anastasia and Myiesha read every comment and love helping with real-world situations.#TaxPlanning #CreativeBusiness #SmallBusinessTaxes #QuarterlyTaxes #TaxStrategy #EntrepreneurFinances #BusinessBudgeting #SelfEmployedTaxes #SCorpTaxes #FreelancerTaxes #OnePagePlan #LetsGetFiscal

EP35 - IRS Payment Plans Explained: What to Do When You Can't Pay Your TaxesOpening your tax bill and realizing you can't pay the full amount is terrifying. Your mind immediately jumps to worst-case scenarios: wage garnishments, liens, losing your passport. But here's what most people don't know: the IRS has multiple payment solutions designed specifically for this situation, and some of them are completely free if you act quickly. In this episode, CPAs Anastasia and Myiesha walk through every IRS payment option from best to worst, so you know exactly what to do when you owe more than you can pay. You'll learn why filing your return is still critical even without payment, how to get a free six-month extension by making one phone call, the difference between short-term and long-term installment plans, when the IRS will accept less than you owe through an Offer in Compromise, and how to use penalty abatement to knock thousands off your bill. Whether you owe \$2,000 or \$50,000, this episode gives you the roadmap to handle it strategically and avoid the IRS's harshest collection actions.If you're facing a tax bill you can't afford, or if you've been avoiding filing because you know you owe, this episode shows you the pathway forward—no judgment, just practical solutions.⏱️ Timestamps:00:00 Introduction to IRS Payment Solutions00:33 Meet Your Hosts: Maisha and Anastasia00:52 Understanding Tax Liabilities and Filing07:34 Options for Managing Tax Payments10:49 Setting Up IRS Installment Plans13:39 Understanding IRS Payment Plans14:14 Calculating Monthly Payments15:08 Offer in Compromise Explained17:36 Penalty Abatement and Other Strategies18:06 Saving for Taxes Effectively21:19 Importance of Filing Returns22:00 Seeking Professional Help24:33 Final Thoughts and EncouragementWhy subscribe? Every week, Let's Get Fiscal shares tax strategies and business finance advice that actually work for real entrepreneurs—not corporate-speak you can't use. You'll get specific, actionable tactics, real client scenarios, and answers to the money questions keeping you up at night. The goal is simple: make business finances less intimidating and more profitable.🔗 Listen everywhere:Apple Podcasts: [https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448](https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448)Spotify: [https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11](https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11)Watch on YouTube: [https://www.youtube.com/@letsgetfiscalpodcast](https://www.youtube.com/@letsgetfiscalpodcast)📊 Helpful resources:Got a question for the show? Submit it here: [https://www.coterietax.com/qa](https://www.coterietax.com/qa)Want to listen to more episodes? Start here: [https://www.coterietax.com/podcast](https://www.coterietax.com/podcast)Need personalized help with your business finances? Visit: [https://www.coterietax.com](https://www.coterietax.com)What's your biggest tax or money question right now? Drop it in the comments below—Anastasia and Myiesha read every comment and love helping with real-world situations.#IRSPaymentPlan #TaxDebt #OweTaxes #IRSInstallmentPlan #TaxPaymentOptions #OfferInCompromise #PenaltyAbatement #CantPayTaxes #IRSDebt #TaxResolution #SmallBusinessTaxes #LetsGetFiscal

EP34 - Cross-State Taxes for Creatives: How to Avoid Double TaxationIf you've ever taken a gig in another state, shot a project across state lines, or toured through multiple cities, you've probably triggered tax obligations you didn't even know existed. Most creative entrepreneurs assume taxes are simple: file where you live, and you're done. But the reality is far more complex. Every state has different rules about when you owe them taxes, and if you're not careful, you could end up paying taxes on the same income twice—or worse, facing penalties for not filing returns you didn't know you needed.In this episode, CPAs Anastasia and Myiesha break down exactly what happens to your taxes when you cross state lines for work. You'll learn how income nexus works for creative businesses, when you're required to file non-resident tax returns, how to handle per diem versus actual expense reporting, what documentation you need to protect yourself, and how to make sure you're only paying taxes once on the same income. Whether you're a touring musician, a traveling photographer, a remote videographer, or any creative who works in multiple locations, this episode gives you the roadmap to stay compliant without overpaying.If you've ever wondered whether that one-day shoot in another state means you owe taxes there, or if you're confused about how to track income and expenses across multiple locations, this episode will finally give you clarity.⏱️ Timestamps:00:00 Introduction to Cross-State Taxation for Creatives00:13 Meet Your Hosts: Anastasia and Danielle00:55 Understanding State Tax Rules for Nomadic Creatives02:29 Income Nexus and Tax Responsibilities08:01 Navigating Per Diem and Expense Reporting11:15 Filing Non-Resident Tax Returns13:07 Record Keeping and Working with Tax Accountants19:33 Conclusion and Final TipsWhy subscribe? Every week, Let's Get Fiscal shares tax strategies and business finance advice that actually work for real entrepreneurs—not corporate-speak you can't use. You'll get specific, actionable tactics, real client scenarios, and answers to the money questions keeping you up at night. The goal is simple: make business finances less intimidating and more profitable.🔗 Listen everywhere:Apple Podcasts: [https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448](https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448)Spotify: [https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11](https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11)Watch on YouTube: [https://www.youtube.com/@letsgetfiscalpodcast](https://www.youtube.com/@letsgetfiscalpodcast)📊 Helpful resources:Got a question for the show? Submit it here: [https://www.coterietax.com/qa](https://www.coterietax.com/qa)Want to listen to more episodes? Start here: [https://www.coterietax.com/podcast](https://www.coterietax.com/podcast)Need personalized help with your business finances? Visit: [https://www.coterietax.com](https://www.coterietax.com)What's your biggest tax or money question right now? Drop it in the comments below—Anastasia and Myiesha read every comment and love helping with real-world situations.#CrossStateTaxes #MultiStateTaxes #CreativeBusiness #TouringMusician #TravelingPhotographer #NonResidentTaxes #DoubleTaxation #StateTaxes #FreelancerTaxes #RemoteWork #SmallBusinessTaxes #LetsGetFiscal

Getting mail from the IRS can trigger instant panic. Your heart races, your mind spirals through worst-case scenarios, and suddenly you’re convinced you’re heading for an audit or worse.But here’s the truth most creative entrepreneurs don’t know: the vast majority of IRS letters are simple mismatches, missing details, or automated notices that can be resolved quickly and painlessly.In this episode, CPAs Anastasia and Myiesha decode the most common IRS notices that business owners receive and walk you through exactly what they mean and how to respond.In this episode, you’ll learn:Why you’re getting quarterly estimated payment noticesHow to handle income reporting mismatchesWhat verification requests are actually asking forThe difference between a correspondence audit and a full auditWhen you need professional help vs. when you can handle it yourselfWhether you’ve already received a scary-looking letter or you want to be prepared for when one arrives, this episode gives you the knowledge and confidence to handle IRS correspondence like a pro.If you’ve ever ignored an IRS letter out of fear, or paid money you didn’t actually owe because you didn’t understand what they were asking for, this episode will change how you approach tax correspondence forever.⏱️ Timestamps00:00 Introduction to IRS Notices for Creatives01:37 Understanding Quarterly Estimated Payments06:03 Common IRS Notices and How to Handle Them07:47 Income Reporting and Form Mismatches13:36 Knowledge-Based Authentication for Tax Filings13:57 IRS Requests for Additional Information15:40 Understanding Correspondence Audits16:17 Importance of Keeping Your Information Updated16:47 Handling IRS Letters and Notices17:14 Penalty Abatement and Address Updates19:18 Tax Representation and Power of Attorney20:13 When to Seek Help with IRS Letters23:14 Dealing with IRS Scams and Intent24:21 Final Tips and ConclusionWhy subscribe?Every week, Let’s Get Fiscal shares tax strategies and business finance advice that actually work for real entrepreneurs—not corporate-speak you can’t use.You’ll get specific, actionable tactics, real client scenarios, and answers to the money questions keeping you up at night.The goal is simple: make business finances less intimidating and more profitable.🔗 Listen everywhereApple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11YouTube: https://www.youtube.com/@letsgetfiscalpodcast📊 Helpful resourcesSubmit a question: https://www.coterietax.com/qaMore episodes: https://www.coterietax.com/podcastWork with Coterie Tax: https://www.coterietax.comWhat’s your biggest tax or money question right now? Drop it in the comments—Anastasia and Myiesha read every comment and love helping with real-world situations.#IRSLetters #TaxNotices #SmallBusinessTaxes #EntrepreneurTaxes #IRSNotices #QuarterlyTaxes #TaxHelp #SelfEmployedTaxes #BusinessOwnerTips #TaxCompliance #IRSHelp #LetsGetFiscal

If you're waiting for 2026 to be business as usual, think again. Major tax law changes are rolling out this year, and waiting until tax season to learn about them could cost you serious money. The Big Beautiful Bill Act (OB3A) has extended some provisions from the Tax Cuts and Jobs Act while making significant changes that affect how you plan, pay, and save on taxes.In this episode, CPAs Anastasia and Myiesha break down exactly what's changing in 2026 and what you need to act on now. You'll learn about the continuation of 100% bonus depreciation for equipment purchases, new charitable donation deductions that don't require itemizing, major changes to pass-through entity tax rules, the elimination of electric vehicle and solar credits, and why you need to start your 2026 tax planning in January—not April. Whether you're a sole proprietor or running an S-Corp, this episode gives you the roadmap to navigate 2026's tax landscape strategically and avoid costly surprises.If you're planning major purchases, considering a short-term rental property, or simply want to maximize your deductions this year, this episode is your essential planning guide.⏱️ Timestamps:00:00 Introduction to 2026 Tax Changes00:05 Overview of OB Three A Rules01:02 Impact of Tax Cuts and Jobs Act Expiration03:08 Bonus Depreciation and Business Equipment04:43 Charitable Donations and Deductions07:17 Pass-Through Entity Tax and S Corporations11:51 Electric Vehicle and Solar Credits15:07 Planning for 2026 Tax Year22:11 Conclusion and Final TipsWhy subscribe? Every week, Let's Get Fiscal shares tax strategies and business finance advice that actually work for real entrepreneurs—not corporate-speak you can't use. You'll get specific, actionable tactics, real client scenarios, and answers to the money questions keeping you up at night. The goal is simple: make business finances less intimidating and more profitable.🔗 Listen everywhere:Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast📊 Helpful resources:Got a question for the show? Submit it here: https://www.coterietax.com/qaWant to listen to more episodes? Start here: https://www.coterietax.com/podcastNeed personalized help with your business finances? Visit: https://www.coterietax.comWhat's your biggest tax or money question right now? Drop it in the comments below—Anastasia and Myiesha read every comment and love helping with real-world situations.#2026TaxChanges #TaxPlanning #SmallBusinessTaxes #EntrepreneurTaxes #TaxLawChanges #BonusDepreciation #CharitableDeductions #PassThroughEntityTax #SCorpTaxes #QuarterlyEstimates #BusinessTaxStrategy #LetsGetFiscal

Most freelancers don't fail because they're bad at what they do. They fail because no one ever taught them the business side. You've got the talent and the drive to go out on your own, but the financial mistakes you make in your first year can haunt you for years—or worse, put you out of business before you ever hit your stride.In this episode, Anastasia and Myiesha break down the five biggest mistakes freelancers make when transitioning from W-2 employment to running their own business. You'll learn why co-mingling accounts is a disaster waiting to happen, how to actually set prices that cover your costs and build profit, why hourly billing keeps you broke, what startup costs you're missing, and how to avoid the tax surprises that crush new freelancers. Whether you're considering going freelance or you're already in the thick of it and feeling overwhelmed, this episode gives you the exact fixes you need to stop bleeding money and start building a sustainable business.⏱️ Timestamps:00:00 Introduction to Freelancing Pitfalls01:27 Understanding Co-Mingling Finances03:47 Navigating Taxes and Savings06:16 Setting the Right Prices10:33 Importance of Contracts and Communication12:47 Commonly Missed Deductions14:38 Dealing with Overwhelm: First Steps14:55 Importance of Accurate Bookkeeping15:07 Budgeting and Expense Management16:41 Licensing and Sales Tax Considerations17:09 Creating Efficient Systems17:34 Hiring Help vs. DIY21:07 Tracking Large Purchases24:23 Tax Filing Responsibilities25:38 Seeking Professional Help26:48 Conclusion and Contact InformationWhy subscribe? Every week, Let's Get Fiscal shares tax strategies and business finance advice that actually work for real entrepreneurs—not corporate-speak you can't use. You'll get specific, actionable tactics, real client scenarios, and answers to the money questions keeping you up at night. The goal is simple: make business finances less intimidating and more profitable.🔗 Listen everywhere:Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast📊 Helpful resources:Got a question for the show? Submit it here: https://www.coterietax.com/qaWant to listen to more episodes? Start here: https://www.coterietax.com/podcastNeed personalized help with your business finances? Visit: https://www.coterietax.comWhat's your biggest tax or money question right now? Drop it in the comments below—Anastasia and Myiesha read every comment and love helping with real-world situations.#FreelancerTaxes #FreelancerMistakes #SelfEmployedTaxes #FreelanceBusiness #SmallBusinessTaxes #FreelanceFinances #QuarterlyTaxes #FreelancerTips #BusinessBookkeeping #SoloPreneur #CreativeFreelancer #LetsGetFiscal

Therapists spend their days helping clients navigate life's challenges, but behind the scenes, managing the tax and financial side of a private practice can feel overwhelming. From tracking insurance reimbursements to navigating employee versus contractor classifications, the financial setup can make or break your practice's profitability. In this episode, Anastasia and Myiesha break down the unique tax considerations for therapists and counselors running private practices. You'll learn about common bookkeeping mistakes that create filing nightmares, how to properly categorize your therapeutic methods and expenses, when hiring someone becomes an employee relationship instead of contractor status, and the systems you need in place before your practice scales. Whether you're a solo practitioner doing virtual sessions or building a multi-therapist practice with office space, this episode gives you the financial foundation to keep your practice profitable and stress-free. ⏱️ Timestamps: 00:00 Introduction to Managing Finances in Private Practice 00:41 Understanding the Unique Needs of Therapists 01:55 Common Tax Mistakes in Private Practice 03:02 Managing Income and Expenses 04:05 Handling Insurance and Reimbursements 05:32 Deductions and Expenses for Therapists 11:53 Employee vs. Contractor: Key Considerations 19:30 Setting Up Systems for Success 23:59 Conclusion and Final Tips Why subscribe? Every week, Let's Get Fiscal shares tax strategies and business finance advice that actually work for real entrepreneurs—not corporate-speak you can't use. You'll get specific, actionable tactics, real client scenarios, and answers to the money questions keeping you up at night. The goal is simple: make business finances less intimidating and more profitable. 🔗 Listen everywhere: Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448 Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11 Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast📊 Helpful resources: Got a question for the show? Submit it here: https://www.coterietax.com/qa Want to listen to more episodes? Start here: https://www.coterietax.com/podcast Need personalized help with your business finances? Visit: https://www.coterietax.com What's your biggest tax or money question right now? Drop it in the comments below—Anastasia and Myiesha read every comment and love helping with real-world situations. #TherapistTaxes #PrivatePracticeTaxes #TherapistFinances #CounselorBusiness #MentalHealthBusiness #PrivatePractice #TherapyBusiness #SmallBusinessTaxes #SelfEmployedTherapist #ClinicalPractice #TherapistEntrepreneur #LetsGetFiscal

An LLC protects your business legally, but it won't save you a dime on taxes. An S-Corp can slash your tax bill significantly—but only if you're actually ready for it. Too many creative entrepreneurs rush into S-Corp status because they hear it's a magic tax hack, only to find themselves drowning in payroll requirements, extra accounting fees, and compliance headaches they didn't need yet. In this episode, Anastasia and Myiesha break down exactly when an LLC is enough and when it's time to level up to S-Corp status. You'll learn the profit thresholds that trigger the conversation, what "reasonable compensation" actually means, the hidden costs of converting too early, and how to know if you're truly ready. If you've been wondering whether you should make the switch—or if you already did and aren't sure it was the right call—this episode will give you the clarity you need. ⏱️ Timestamps: 00:00 Introduction to LLCs and S Corps 00:33 Understanding LLCs: Legal Protections and Limitations 03:40 When to Consider an S Corporation 05:08 Tax Implications and Reasonable Compensation 10:16 Administrative Costs and Timing for S Corp Conversion 13:36 Final Thoughts and Recommendations Why subscribe? Every week, Let's Get Fiscal shares tax strategies and business finance advice that actually work for real entrepreneurs—not corporate-speak you can't use. You'll get specific, actionable tactics, real client scenarios, and answers to the money questions keeping you up at night. The goal is simple: make business finances less intimidating and more profitable. 🔗 Listen everywhere: Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448 Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11 Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast📊 Helpful resources: Got a question for the show? Submit it here: https://www.coterietax.com/qa Want to listen to more episodes? Start here: https://www.coterietax.com/podcast Need personalized help with your business finances? Visit: https://www.coterietax.com What's your biggest tax or money question right now? Drop it in the comments below—Anastasia and Myiesha read every comment and love helping with real-world situations. #SCorpTaxes #LLCvsSCorp #SmallBusinessTaxes #CreativeBusiness #TaxStrategy #EntrepreneurTips #BusinessStructure #SelfEmployedTaxes #TaxPlanning #SmallBusinessOwner #FreelancerTaxes #LetsGetFiscal

If you're running your creative business out of your personal bank account, you're making bookkeeping harder than it needs to be and potentially paying more in taxes. This foundational step seems simple, but so many entrepreneurs skip it or delay it until tax season becomes a nightmare. In this episode, Anastasia and Myiesha break down exactly why separating your business and personal finances is non-negotiable, how to set up the right accounts, and what to do if you've already been mixing everything together. You'll learn the practical strategies for managing multiple accounts, handling sales tax properly, transferring money between business and personal accounts based on your business structure, and using credit cards strategically. Whether you're just starting out or need to clean up commingled finances, this episode gives you the roadmap to get organized and protect your deductions during an audit. 00:00 Introduction: Why Personal Bank Accounts Hurt Your Business 00:33 The Importance of a Business Bank Account 01:24 Setting Up and Managing Multiple Accounts 03:04 Handling Sales Tax and Savings 05:33 Avoiding Commingling of Funds 08:40 Transferring Funds Between Accounts 11:04 Choosing the Right Bank Account 13:55 Credit Cards and Business Expenses 16:08 Final Tips and Conclusion Why subscribe? Every week, Let's Get Fiscal shares tax strategies and business finance advice that actually work for real entrepreneurs—not corporate-speak you can't use. You'll get specific, actionable tactics, real client scenarios, and answers to the money questions keeping you up at night. The goal is simple: make business finances less intimidating and more profitable. 🔗 Listen everywhere: Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448 Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11 Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast📊 Helpful resources: Got a question for the show? Submit it here: https://www.coterietax.com/qa Want to listen to more episodes? Start here: https://www.coterietax.com/podcast Need personalized help with your business finances? Visit: https://www.coterietax.com What's your biggest tax or money question right now? Drop it in the comments below—Anastasia and Myiesha read every comment and love helping with real-world situations. #BusinessBankAccount #CreativeEntrepreneur #TaxStrategy #SmallBusinessTips #BookkeepingTips #BusinessFinance #SoleProprietor #SCorpTips #TaxSavings #CreativeBusiness #EntrepreneurLife #FinancialOrganization

EP27 - Business vs Hobby: What the IRS Actually Looks For in Creative Businesses Every creative professional reaches a moment when their passion project starts generating income—but does that automatically make it a business? Not according to the IRS. The distinction between a hobby and a legitimate business isn't just a technicality; it determines whether you can deduct expenses, claim losses, and build wealth through your creative work. Get this wrong, and you could face thousands in disallowed deductions and penalties. In this essential episode, tax experts Anastasia and Danielle walk you through the IRS framework for determining business classification. You'll discover the specific operational practices, documentation standards, and profit patterns that demonstrate you're running a real business—not just monetizing a hobby. Whether you're launching a photography business, building a content creation empire, or turning your design skills into a full-time income, this episode gives you the blueprint to structure your operations correctly from day one. The best part? Most of what the IRS looks for isn't complicated—it's about consistent, professional business practices that you should be doing anyway. Learn how to protect your deductions, avoid red flags, and position your creative work as the legitimate business it deserves to be. ⏱️ Timestamps: 00:00 Introduction: Hobby or Business? 00:12 Meet Your Hosts: Anastasia and Danielle 00:32 Turning Hobbies into Businesses 03:13 IRS Guidelines: Business vs. Hobby 04:18 Running Your Business Like a Business 08:51 Record Keeping and Financial Management 09:43 IRS Red Flags and Tests 16:13 Practical Tips for Aspiring Entrepreneurs 18:54 Conclusion and Contact Information Why subscribe? Every week, Let's Get Fiscal shares tax strategies and business finance advice that actually work for real entrepreneurs—not corporate-speak you can't use. You'll get specific, actionable tactics, real client scenarios, and answers to the money questions keeping you up at night. The goal is simple: make business finances less intimidating and more profitable. 🔗 Listen everywhere: Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448 Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11 Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast📊 Helpful resources: Got a question for the show? Submit it here: https://www.coterietax.com/qa Want to listen to more episodes? Start here: https://www.coterietax.com/podcast Need personalized help with your business finances? Visit: https://www.coterietax.com What's your biggest tax or money question right now? Drop it in the comments below—Anastasia and Myiesha read every comment and love helping with real-world situations. #BusinessTaxes #HobbyVsBusiness #IRSRules #CreativeBusiness #TaxDeductions #SmallBusinessTax #SideHustleTax #EntrepreneurTips #TaxStrategy #BusinessFinance #SelfEmployed #CreativeEntrepreneur

Understanding Your Financials: What to Look For and What to Ask Your BookkeeperYour financials are telling a story. The question is whether it’s the right one. Understanding your financials is one of the most important skills a business owner can develop, yet it’s also one of the most overlooked. Many entrepreneurs assume their profit and loss statement and balance sheet are just paperwork for tax season, but in reality, these reports are the foundation of smart tax strategy, cash flow clarity, and long-term growth.In this episode of Let’s Get Fiscal, Anastasia Aiello and Myiesha Fisher break down how to read your financial statements with confidence and spot red flags before they turn into expensive mistakes. If you traveled, hired contractors, launched a product, or ran a major promotion, your numbers should reflect that activity. When they don’t, it can signal missing data, misclassification, or gaps that could raise IRS questions later.You’ll learn how to review your profit and loss and balance sheet like a pro, what negative numbers actually mean, and how to connect your real-life business activity to what’s showing up in your reports. Most importantly, this episode empowers you to ask better questions of your bookkeeper so your financials accurately reflect your business story, not just generic accounting rules.HostsAnastasia Aiello, CPA – Tax strategist specializing in tax optimization for small business owners and creative professionals. With over a decade of experience, Anastasia helps entrepreneurs translate financial data into clear, compliant tax strategies that support sustainable growth.Myiesha Fisher – Bookkeeping and tax compliance expert focused on helping freelancers, independent contractors, and creators build audit-ready financial systems. Myiesha specializes in making financial reports understandable, actionable, and aligned with real business activity.What You’ll LearnWhat does it really mean when your financials are “telling a story” about your business?How do profit and loss statements and balance sheets work together?What negative numbers in your financial reports actually signal?How can you quickly spot missing expenses or misclassified transactions?Why do mismatches between profit, cash, and lifestyle raise red flags?What questions should you ask your bookkeeper to fully understand your numbers?Timestamps00:00 – Why understanding your financials matters for business owners01:01 – Financials as the story of your business year04:02 – Profit and loss vs. balance sheet explained07:28 – How to scan reports quickly for errors and red flags10:02 – Account categories: what should (and shouldn’t) be included12:17 – Spotting inconsistencies, fraud, and missing activity16:25 – Comparing year-over-year and monthly financial patterns21:00 – Profit vs. cash balance: identifying disconnectsKey TakeawaysReview negative numbers immediately. Negative balances often signal missing expenses, incorrect classifications, or syncing issues that need attention.Understand account definitions. Each category should have a clear purpose; mixed or vague accounts make your financial story unclear.Match numbers to real life. Travel, marketing campaigns, or lifestyle changes should show up in your financials.Compare profit to cash. High profit with low cash usually means money is leaving the business somewhere.Ask questions early and often. There’s no such thing as a dumb financial question when it’s your business.Your understanding matters. Financials don’t work if only your bookkeeper understands them.FAQ – Common QuestionsQ: What financial reports should business owners review regularly?A: At a minimum, you should review your profit and loss statement and your balance sheet. The profit and loss shows activity for a specific period, while the balance sheet shows what your business owns and owes from the beginning of time. Reviewing both together helps you understand performance and financial position.Q: What do negative numbers on a profit and loss mean?A: Negative numbers often indicate errors, refunds, or missing transactions. While some negatives make sense, like refunds, others signal that expenses or income may not be recorded correctly and should be investigated.Q: Why doesn’t my profit match my bank balance?A: Profit and cash are different. If your profit is high but your bank balance is low, money may have been withdrawn, misclassified, or not fully recorded. This mismatch is one of the biggest red flags to review.Q: How detailed should my bookkeeping categories be?A: Categories should be specific enough to clearly define what belongs there. For example, business meals should only include qualifying meals. Clear definitions help your financials align with IRS expectations.Q: Is it okay to ask my bookkeeper lots of questions?A: Yes. Understanding your financials is your responsibility as a business owner. Asking questions ensures your reports accurately reflect how your business actually operates.Resources & Links🎧 Listen Everywhere:Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11YouTube: https://www.youtube.com/@letsgetfiscalpodcast📊 Coterie Tax Resources:Questions about understanding your financials? Submit here: https://www.coterietax.com/qaListen to more episodes: https://www.coterietax.com/podcastReady to optimize your taxes? Work with Coterie: https://www.coterietax.comUnderstanding your financials gives you control, clarity, and confidence as a business owner. If this episode raised questions about your own numbers, submit them here: https://www.coterietax.com/qa. Anastasia and Myiesha may answer them in a future episode.  

Protecting Your Personal Information as a Business Owner: What’s Public and How a Registered Agent Can HelpStarting a business is exciting, but most entrepreneurs don’t realize one critical detail until it’s too late: your personal information as a business owner can become public record. In this episode of Let’s Get Fiscal, Anastasia Aiello and Myiesha Fisher break down exactly what personal information is public when you start a business, why it matters, and how simple decisions early on can impact your privacy long-term. If you’re a freelancer, creative professional, or small business owner working from home, this conversation is especially important.When you register a business, the address you list, the owners’ names, and sometimes even owners’ addresses can be searchable online through state databases. That means your home address, family details, and personal information may be far more accessible than you expect. This episode explains how business registration privacy works, what varies by state, and why many people don’t realize the risks until something goes wrong.You’ll also learn how tools like registered agents, virtual mailboxes, and thoughtful business naming choices can help protect your privacy without overcomplicating your setup. Anastasia and Myiesha walk through real-world scenarios, costs to consider, and how to decide what level of privacy makes sense for your business and family. If you’re setting up a new company or thinking about changing your existing business information, this episode gives you clarity and options so you can move forward confidently. HostsAnastasia Aiello, CPA, tax strategist specializing in tax optimization and entity planning for small business owners and creative professionals. With over a decade of experience, Anastasia helps entrepreneurs build compliant, strategic businesses that support long-term growth.Myiesha Fisher, bookkeeping and tax compliance expert focused on audit-ready systems for freelancers, independent contractors, and creatives. Myiesha helps business owners understand their numbers and stay compliant without overwhelm.What You’ll LearnWhat personal information becomes public when you register a businessWhy using your home address can create privacy and safety concernsHow a registered agent works and when you should use oneWhat role business names play in protecting personal informationHow virtual mailboxes and business addresses actually functionWhen it makes sense to update or restructure an existing businessTimestamps00:00 – Introduction: Why business owner privacy matters01:00 – How personal addresses become public records02:39 – How easy it is to find business owner information online04:25 – Business names and why naming matters for privacy06:14 – Using business addresses and virtual mailboxes07:47 – Incorporating in different states and privacy differences08:24 – What a registered agent does and why it matters12:00 – Updating business information and long-term considerationsKey TakeawaysUnderstand what’s public before you file. Business registrations often make addresses, owner names, and filings publicly searchable through state databases.Avoid using your home address when possible. Listing your personal address can expose more information than you expect, especially for home-based businesses.Choose business names strategically. Using your personal name in your business name can make it easier for others to connect your identity and address.Use a registered agent for separation. A registered agent can receive legal documents and keep your personal address off public records in many states.Know that privacy rules vary by state. States like Delaware and Wyoming limit owner information, while others disclose more details.You can update information later. Many states allow address changes through annual reports or statements of information.Balance cost with comfort. Privacy tools cost money, but awareness lets you decide what level of protection fits your situation.FAQ – Common QuestionsQ: What personal information is public when I start a business?A: In many states, your business name, business address, owner names, and sometimes owner addresses become public record. This information is often searchable through state business databases and accessible to anyone who knows your company name and state.Q: Can I use my home address for my business?A: Yes, but it means your home address may be publicly visible. Many entrepreneurs start this way to save money, but it’s important to understand the privacy trade-offs before listing your personal address.Q: What is a registered agent and what do they do?A: A registered agent is a person or company designated to receive legal and official documents on behalf of your business. Using one can help keep your personal address off public records.Q: Does a registered agent hide all my information?A: Not entirely. A registered agent can replace your address in some public listings, but certain states still allow deeper searches that may reveal historical filings or ownership details.Q: Can I change my business address later?A: Yes. Most states allow updates through annual reports or statements of information. While past filings may still exist, updated addresses usually appear on the main public record.Q: Should I incorporate in another state for privacy?A: Possibly, but it depends on your situation. States like Delaware offer more privacy, but incorporating out-of-state can add complexity and cost. Always consult a tax professional before deciding.🎧 Listen Everywhere:Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11YouTube: https://www.youtube.com/@letsgetfiscalpodcast📊 Coterie Tax Resources:Questions about business owner privacy? Submit here: https://www.coterietax.com/qaListen to more episodes: https://www.coterietax.com/podcastReady to optimize your taxes? Work with Coterie: https://www.coterietax.comProtecting your personal information starts with awareness and intentional choices. If business privacy feels overwhelming, you don’t have to figure it out alone. Coterie Tax specialists can help you build a business structure that protects both your finances and your personal life. Learn more: https://www.coterietax.com.

Tax Extensions and Superseded Returns: The Strategic Tools Most Entrepreneurs MissTax extensions can feel like admitting defeat—a sign you're behind, disorganized, or inviting IRS scrutiny. But the truth is far different: filing a tax extension is a strategic decision that can save you thousands in penalties, give you time for accuracy, and even unlock special tax-saving opportunities most people never access. In this episode, Anastasia Aiello and Myiesha Fisher break down exactly what tax extensions are, how they actually work, and why so many entrepreneurs misunderstand their purpose. You'll learn the critical difference between filing deadlines and payment deadlines, discover when state and federal rules diverge, and understand superseded returns—a powerful "undo button" that lets you file a corrected original return instead of dealing with the limitations of amendments. If you're self-employed, a freelancer, or running a creative business with multiple 1099s and complex income streams, this episode will transform how you think about tax deadlines and give you concrete strategies to file smarter, not faster.HostsAnastasia Aiello, CPA – Tax strategist specializing in tax optimization for creative professionals, entrepreneurs, and small business owners. With years of experience helping clients navigate complex tax situations, Anastasia focuses on proactive strategies that reduce liability while maintaining full compliance.Myiesha Fisher – Bookkeeping and tax compliance expert dedicated to making business finances accessible and manageable for independent contractors, freelancers, and creative entrepreneurs. Myiesha specializes in audit-ready systems and helping business owners understand their financial obligations.What You'll LearnWhat is a tax extension really, and what critical element does it NOT extend that catches most people off guard?How can filing a tax extension strategically save you money instead of costing you more in penalties?What's the difference between superseded returns and amended returns, and when does each one matter for your business?When should you wait for an extension instead of rushing to file if you're missing key tax documents like 1099s?Why do experienced accountants automatically file extensions for their clients, and is that actually in your best interest?Which states require separate extension filings beyond the federal extension, and how do you avoid getting caught?Timestamps00:00 – Introduction: Why tax extensions are strategy, not procrastination01:00 – What tax extensions actually cover (and the payment deadline trap)04:00 – Natural disaster relief, COVID extensions, and when payment deadlines truly extend06:00 – Strategic uses of extensions: Buying time for accuracy and tax planning08:00 – Missing 1099s and W-2s: When waiting beats rushing your tax return11:00 – E-file shutdown periods and statute of limitations you need to know12:15 – Superseded returns explained: Your second chance at an original filing14:00 – Special elections and deductions only available on original returns16:00 – Why the IRS can reject amended returns (and how superseded returns avoid this)18:00 – Real-world scenarios when superseded returns save you from expensive mistakes20:40 – Practical extension strategies for creative professionals and freelancers22:45 – Final guidance: Using extensions correctly in your tax planningKey TakeawaysExtensions only extend filing deadlines, not payment deadlines. When you file for an extension, you get six additional months to submit your tax return (moving individual returns from April 15 to October 15, and partnerships/S-corps from March 15 to September 15). However, any taxes owed are still due by the original deadline, or you'll face penalties and interest—potentially up to 25% in late penalties plus interest rates of 7-11%.State and federal extensions are completely separate. The IRS extension doesn't automatically cover state tax obligations. States like New York and California require separate extension filings. Some states will accept the federal extension automatically, but many won't—verify your state's specific requirements to avoid unexpected penalties.Superseded returns are your "second chance" at an original filing. If you file an extension and then submit your return after the original deadline but before the extended deadline, you can file a superseded return that completely replaces your initial filing. This is fundamentally different from an amended return because it counts as your original return, giving you access to special elections and deductions that aren't available on amendments.Strategic extensions protect you from costly errors. Filing early with incomplete information (missing 1099s, unclosed bank accounts, partial expense records) often costs more than waiting. Rushing to file by April 15 and then amending later means paying for two tax preparations, waiting months (sometimes over a year) for IRS processing, and potentially triggering additional penalties for substantial understatement of income.Extensions give you access to your wage and income transcript. By June or July, the IRS releases your wage and income transcript showing all 1099s and W-2s reported under your Social Security number. For creative professionals who may receive 10-15 different 1099s throughout the year, this verification step can prevent mismatches that trigger IRS notices.E-file shuts down from Thanksgiving through late January. If you're planning to file during the extension period, be aware that electronic filing closes around Thanksgiving and doesn't reopen until late January. Filing by mail is still possible, and your postmark date stops penalties and interest—but plan accordingly to avoid this gap.Overpaying is safer than underpaying in high-interest environments. With current IRS interest rates at 7-11%, it's financially smarter to overpay your estimated taxes than to underpay and face penalties. This is a reversal from pre-COVID times when interest rates were around 2% and keeping money in high-yield savings made more sense.Extensions don't increase audit risk—incomplete returns do. There's no evidence that filing an extension increases your chances of being audited. What does trigger audits is filing incomplete or inaccurate returns. Taking the time to file correctly the first time is far safer than rushing and making errors.FAQ - Common QuestionsQ: What's the difference between a tax extension and an amended return?A: A tax extension delays your filing deadline by six months but requires you to still pay any taxes owed by the original deadline. An amended return (Form 1040-X) is filed after you've already submitted your original return and need to make corrections. Amended returns have limitations—certain elections and deductions can only be claimed on original returns, not amendments. The IRS also has to review and approve your amended return, which can take a year or more to process.Q: What is a superseded return and when would I use one?A: A superseded return is a second original return that completely replaces your first filing. You can only file a superseded return if you requested an extension and file it after the original deadline but before the extended deadline. For example, if you file on April 16th and later discover errors or receive new tax documents, you can file a superseded return anytime before October 15th. This gives you access to special elections and tax strategies that aren't available on amended returns, and the IRS treats it as your actual original filing—not a correction.Q: Do I need to file separate extensions for federal and state taxes?A: Yes, in most cases. While some states automatically accept the federal extension, many states (including New York and California) require you to file a separate state extension form. Even if you've filed a federal extension, check your specific state's requirements. Some states will even reject your extension if you file your return too early—California, for instance, requires you to file after the original deadline if you requested an extension.Q: If I file an extension but don't pay my estimated taxes by April 15, what happens?A: You'll face late payment penalties of up to 25% and interest charges (currently 7-11%) on any unpaid balance from April 15 forward, even though you have until October 15 to file. The extension only gives you more time to submit the paperwork—it doesn't extend the payment deadline. To avoid penalties, pay your estimated tax liability by the original due date, even if you haven't finished preparing your return.Q: I'm missing 1099s from several clients. Should I file on time or wait for an extension?A: Request an extension and wait for your wage and income transcript to become available in June or July. This transcript shows all 1099s and W-2s reported to the IRS under your Social Security number. For creative professionals who work with many clients throughout the year, filing with incomplete income information triggers IRS matching notices, penalties for underreporting income, and the hassle of filing an amended return. Taking the extra time to verify you have all income documents saves money and stress in the long run.Q: Will filing a tax extension increase my chances of being audited?A: No. There's no evidence that filing an extension increases audit risk. What does increase audit risk is filing incomplete or inaccurate returns—missing income, overstating deductions, or reporting information that doesn't match what the IRS receives from third parties. Many high-net-worth individuals and business owners routinely file extensions because they're waiting for partnership K-1s or need time for complex tax planning. Using an extension strategically to ensure accuracy actually reduces your audit risk.🎧 Listen EverywhereApple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11YouTube: https://www.youtube.com/@letsgetfiscalpodcast📊 Coterie Tax ResourcesQuestions about tax extensions or superseded returns? Submit here: https://www.coterietax.com/qaListen to more episodes: https://www.coterietax.com/podcastReady to optimize your taxes? Work with Coterie: https://www.coterietax.comSummary & Call-to-ActionTax extensions aren't a sign of being behind—they're a strategic tool that gives you time to file accurately, avoid costly errors, and access tax-saving opportunities like superseded returns that most entrepreneurs never use. Understanding when to file an extension, how to handle payment obligations, and when superseded returns make sense can save you thousands in penalties and give you peace of mind during tax season. Got questions about whether an extension makes sense for your creative business or freelance situation? Submit it here: https://www.coterietax.com/qa. Anastasia and Myiesha read every submission and might answer it in a future episode.

The New 1099-K Rules Explained: What Creators Need to Know to Stay CompliantThe 1099-K rules have officially changed again, and while the feared $600 reporting threshold is gone, confusion is still everywhere. Creators, freelancers, and small business owners are left wondering whether Venmo, PayPal, Stripe, Shopify, or Airbnb income will trigger IRS scrutiny—and what they’re supposed to do next. In this episode of Let’s Get Fiscal, Anastasia Aiello and Myiesha Fisher cut through the noise and explain exactly how the new 1099-K rules work, who they apply to, and why misunderstanding them can still lead to IRS notices, penalties, or unnecessary stress.This matters because the IRS doesn’t guess. It matches what payment processors report against what you file. When those numbers don’t line up, automated notices go out—even if you didn’t do anything wrong. For creators and entrepreneurs juggling multiple platforms, mixed personal and business payments, or inconsistent bookkeeping, the risk isn’t fraud—it’s mismatched data.In this episode, you’ll learn how the updated $20,000 and 200-transaction threshold actually works, the critical difference between a 1099-K and a 1099-NEC, and why your reported income often looks higher than what hits your bank account. Anastasia and Myiesha also explain how state rules can differ from federal rules, when you must report income even without receiving a 1099-K, and the simple systems creators can set up now to stay audit-ready and compliant.HostsAnastasia Aiello, CPA – Tax strategist specializing in small business owners, creatives, and entrepreneurs. With 12+ years of experience, Anastasia helps clients reduce tax liability while staying fully compliant through proactive planning.Myiesha Fisher – Bookkeeping and tax compliance expert focused on helping freelancers, independent contractors, and creators understand their numbers. Myiesha specializes in clean, audit-ready systems that prevent IRS headaches.What You’ll LearnWhat is the new 1099-K threshold, and who does it actually affect?How is a 1099-K different from a 1099-NEC, and when do you receive each?Why does your 1099-K show more income than your bank deposits?When do you still have to report income even if you don’t receive a 1099-K?How do federal and state 1099-K rules differ for creators and small businesses?Which systems help you stay audit-ready and avoid IRS notices?Timestamps00:00 – Introduction: Why the 1099-K rules changed again00:35 – The $600 threshold panic explained03:45 – Who the $20,000 + 200 transactions rule impacts07:08 – 1099-K vs 1099-NEC: Key differences creators must know09:13 – Why reported income doesn’t match bank deposits11:24 – Federal vs state 1099-K compliance rules15:46 – Common reporting mistakes that trigger IRS notices22:37 – How to prepare now for the next tax seasonKey TakeawaysUnderstand what the 1099-K actually reports. Payment processors report gross transaction amounts, not what hits your bank after fees, which is why mismatches happen.Report income even without a 1099-K. Income over $400 must still be reported, regardless of whether a form is issued.Separate personal and business finances. Mixing accounts increases audit risk and creates unnecessary reporting complications.Match IRS data before filing. Comparing your records to reported forms prevents automated notices later.State rules may differ from federal rules. Some states don’t conform to federal thresholds and may still issue forms.Fees are deductible, but must be tracked. Merchant processing fees offset reported income when handled correctly.Clean systems save money. Preventing errors is far cheaper than fixing them after IRS notices arrive.FAQ – Common QuestionsQ: What is the new 1099-K threshold for creators?A: The federal 1099-K threshold is now $20,000 and 200 transactions. Both conditions must be met before a payment processor issues the form, though state rules may differ.Q: Do I still have to report income if I don’t receive a 1099-K?A: Yes. Any business income over $400 must be reported, even if no 1099-K or 1099-NEC is issued.Q: Why does my 1099-K show more income than my bank deposits?A: The form reports gross transactions before processing fees. Fees must be deducted separately on your return.Q: What’s the difference between a 1099-K and a 1099-NEC?A: A 1099-K comes from payment processors, while a 1099-NEC reports direct payments for services. They serve different purposes but both must be reconciled.Q: Can states still issue 1099-Ks even if federal rules changed?A: Yes. Some states don’t automatically conform to federal rules and may still issue forms under different thresholds.Q: What’s the best way to avoid IRS notices related to 1099-Ks?A: Keep business accounts separate, reconcile reported income to your records, and verify all processor accounts use the correct tax ID.🎧 Listen Everywhere:Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11YouTube: https://www.youtube.com/@letsgetfiscalpodcast📊 Coterie Tax Resources:Questions about 1099-K rules? Submit here: https://www.coterietax.com/qaListen to more episodes: https://www.coterietax.com/podcastReady to optimize your taxes? Work with Coterie: https://www.coterietax.com

Mastering the Home Office Deduction: Key Rules and Common PitfallsIn this episode of Let's Get Fiscal, hosted by Anastasia Myiesha and Danielle from Coterie Tax, the focus is on understanding the home office deduction. The hosts explain what qualifies as a home office, common mistakes that trigger IRS audits, and how to accurately calculate the deduction. They emphasize the importance of the workspace being the primary place of business and used exclusively for work. The episode also covers how to handle deductions for rent versus ownership, and the importance of precise square footage calculations and expense tracking. Whether you're a content creator or running a home-based business, this episode will guide you through the nuances of claiming a home office deduction confidently.00:00 Introduction to Home Office Deductions00:35 Understanding Home Office Qualifications01:15 Exclusive Use and Principal Place of Business03:13 Square Footage and Simplified Method08:24 Renting vs. Owning: Deduction Differences14:20 Audit Precautions and Common Mistakes18:54 Conclusion and Final Tips🔗 Helpful Links & ResourcesListen on Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448Listen on Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11 Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast 📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Reach out at https://www.coterietax.com

Maximizing Tax Savings through Smart Depreciation StrategiesIn this episode of Let's Get Fiscal, hosted by Anastasia Myiesha and Danielle of Coterie Tax, the focus is on understanding depreciation and its impact on tax savings for creative business owners. The hosts explain different methods of depreciation, including safe harbor elections, Section 179, and bonus depreciation, and how these can affect taxable income and cash flow. They also discuss the nuances of depreciating high-cost items, timing of purchases, and the interplay between personal and business use of equipment. The episode provides valuable insights into optimizing depreciation strategies to maximize financial benefits and ensure compliance with tax regulations.00:00 Introduction to Smart Tax Deductions00:11 Welcome to Let's Get Fiscal00:32 Understanding Depreciation01:38 Safe Harbor Election Explained08:50 Section 179 and Bonus Depreciation12:07 Understanding Section 179 and Bonus Depreciation12:32 Impact of Depreciation on Business Income13:57 Strategic Use of Depreciation for Business Growth17:20 Personal vs. Business Use of Equipment20:17 Timing and Depreciation Rules22:18 End-of-Year Tax Strategies for Creators24:27 Conclusion and Final Thoughts🔗 Helpful Links & ResourcesListen on Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448Listen on Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11 Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast 📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Reach out at https://www.coterietax.com

EP20 - The Great S Corp Clean-Up: 5 Things To Fix Before FilingEssential S Corporation Cleanup Tasks for Tax Season SuccessIn this episode of Let's Get Fiscal, hosted by Anastasia Aiello and Myiesha Fisher from Coterie Tax, the focus is on the critical cleanup items every S Corporation owner needs to address before filing taxes. They discuss the five key areas that can cause major delays and complications if not properly handled: bank reconciliation, expense categorization, payroll processing, accountable plan documentation, and overall financial accuracy. The hosts emphasize how these issues, if left unresolved, can lead to filing extensions and unexpected tax liabilities. They provide practical guidance on identifying and fixing common bookkeeping errors, the importance of early preparation, and when to seek professional help. The episode aims to help creative business owners avoid the costly pitfalls of poor financial record-keeping and ensure a smooth tax filing process.00:00 Introduction to S Corp Tax Preparation00:40 The Busy Season Reality Check01:03 Common Issues That Delay Tax Filing01:58 The CPA's Financial Review Process02:51 Understanding Audit Readiness03:33 Tax Payment Deadlines and Extensions04:20 Essential Item #1: Complete Transaction Records04:43 The Importance of Bank Reconciliation05:46 Common Bank Feed Issues07:04 Double Income Recording Pitfalls08:01 Essential Item #2: Proper Expense Categorization10:15 Avoiding the "Ask My Accountant" Trap11:21 Essential Item #3: Payroll Processing for S Corps13:31 Understanding Officer Compensation Requirements15:01 Essential Item #4: Accountable Plan Documentation17:07 Tracking Personal Expenses Paid for Business18:44 Essential Item #5: Financial Accuracy Verification20:38 The Payroll Triangle Check23:25 Getting Professional Help Early24:36 Year-End Action Items25:06 Overcoming Financial Vulnerability27:01 Breaking the Tax Payment Hamster Wheel28:30 When to Seek Professional Assistance🔗 Helpful Links & ResourcesListen on Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448Listen on Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11 Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast 📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?

EP19 - Countdown To Filing - Year End Tech and Tax Prep For CreativesEssential Tech Tools for Creative Business Tax EfficiencyIn this episode of Let's Get Fiscal, hosted by Anastasia Myiesha and Danielle from Coie Tax, the focus is on the essential tech tools every creative business owner needs for an efficient tax season. They discuss the importance of evaluating and managing subscriptions, accounting software options like QuickBooks, Xero, and Wave, and the benefits of specialized payroll software like Gusto. The hosts also emphasize the necessity of maintaining organized records and being consistent with bookkeeping to ensure compliance and avoid costly errors. They provide practical advice on when to transition bookkeeping tasks to a professional and the value of early preparation. The episode aims to equip business owners with the knowledge to make informed decisions about tech investments, ultimately saving time and money.00:00 Introduction to Tax Season Essentials00:35 Evaluating Business Subscriptions02:05 Importance of Record Keeping02:30 Choosing the Right Accounting Software04:35 Understanding Business Structures and Taxes10:56 The Role of Payroll Systems13:55 Quarterly Filings and Payroll Services14:48 Cost-Effectiveness of Payroll Software17:22 Importance of Documentation18:51 When to Hire an Accountant20:52 Consistency in Bookkeeping24:46 Choosing the Right Software26:20 Final Thoughts and Recommendations🔗 Helpful Links & ResourcesListen on Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448Listen on Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11 Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast 📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?

EP18 - Family Payroll How to Hire Your Kids (and Stay Legal)Hiring Your Kids and Smart Income Shifting StrategiesIn this episode of Let's Get Fiscal, hosted by Anastasia Myiesha and Danielle from Coterie Tax, the focus is on the benefits and legalities of hiring your children through your business to optimize tax planning. The hosts delve into the necessity of giving your kids a real job with appropriate documentation, job descriptions, and proper pay to meet IRS standards. They discuss how this strategy, if executed correctly, can lead to significant tax savings by income shifting. The episode also covers differences in this approach depending on the business structure (LLC vs. S Corp) and emphasizes the importance of treating children as real employees with the necessary paperwork, such as W2s. Additionally, they share insights on utilizing Roth IRAs for children's future expenses, including education and first home purchases. If you're already planning to give your kids money for chores or their future, this episode guides you on making it a tax-advantaged move.00:00 Introduction to Hiring Your Kids for Tax Benefits00:42 Understanding Legalities and Common Misconceptions02:16 Documenting and Justifying Your Child's Role04:29 Practical Examples and Age-Appropriate Tasks07:37 Tax Implications for Different Business Structures09:41 Real-Life Case Study and Best Practices12:18 The Importance of Documentation12:48 Tax Benefits of Shifting Income to Children14:15 Maximizing Savings with Roth IRA17:07 Treating Your Child as an Employee20:42 Final Thoughts and Practical Tips🔗 Helpful Links & ResourcesListen on Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448Listen on Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Learn more about working with Anastasia and Myiesha: https://www.coterietax.com

In this episode of 'Let's Get Fiscal,' hosts Anastasia Myiesha and Danielle from Coterie Tax delve into the complexities and potential pitfalls of S Corporations. They discuss common issues like confirming your S Corp status, dealing with payroll requirements, separating personal and business expenses, and ensuring equal treatment of shareholders. They also provide actionable advice on how to navigate these challenges to prevent costly mistakes and avoid IRS complications. Whether you're a single-member LLC considering the switch or a current S Corp owner, this episode offers essential tips to help you manage your business finances effectively.00:00 Introduction to S Corp Pitfalls00:37 Common Issues with S Corp Status01:29 Confirming Your S Corp Status03:45 Acting as an S Corporation09:25 Payroll Requirements for S Corps14:01 Understanding Payroll and Distributions14:31 Livable Wage Considerations15:53 Reasonable Compensation Studies16:15 Importance of Payroll Compliance17:19 Co-Mingling Business and Personal Expenses20:14 Accountable Plans and Reimbursements23:08 Treating Shareholders Equally26:33 Deciding on S Corporation Status27:31 Final Tips and Contact Information🔗 Helpful Links & Resources📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Learn more about working with Anastasia and Myiesha: https://www.coterietax.com

Understanding Tax Brackets & Effective Tax Strategies – Let's Get Fiscal!In this episode of Let's Get Fiscal, hosted by Myiesha and Anastasia from Coterie Tax, the duo demystifies the complex topic of how taxes are calculated. They clarify the difference between marginal and effective tax rates and explore end-of-year strategies to optimize tax savings, ensuring that every extra dollar earned is welcomed. Using practical examples, they explain how progressive tax rates work and debunk common misconceptions about tax brackets pushing one into higher overall tax rates. They also discuss the concept of 'constructive receipt' and strategies for managing income at the close of the financial year. This episode provides essential insights and actionable tips for creative business owners aiming to enhance their financial planning and tax efficiency.00:00 Introduction to Tax Concerns00:20 Meet the Hosts00:44 Understanding Tax Calculations07:14 Marginal vs. Effective Tax Rates09:03 Year-End Tax Strategies09:40 Constructive Receipt Explained14:05 Depreciation and Purchases18:48 Conclusion and Final Tips🔗 Helpful Links & Resources📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Learn more about working with Anastasia and Myiesha: https://www.coterietax.com

How to Maximize Your Charitable Giving with Donor-Advised FundsIn this episode of Let's Get Fiscal, hosts Anastasia and Isha spotlight donor-advised funds (DAFs) as a powerful tax strategy to enhance your charitable contributions. They explain how bundling several years' worth of donations into a DAF allows you to surpass the standard deduction and receive a larger tax benefit, thus amplifying the impact of your generosity. The discussion includes the mechanics of DAFs, key deadlines, and the advantages of using community-based organizations to align your donations with your values. Tune in to learn how this approach can help high-income earners optimize their giving and make a bigger difference.00:00 Introduction to Donor-Advised Funds00:40 Meet the Hosts01:04 Understanding Donor-Advised Funds (DAFs)02:06 Tax Benefits of DAFs05:03 How to Set Up a DAF06:19 Choosing the Right DAF Provider07:17 Family Involvement in DAFs08:24 Maximizing Your Donations10:06 Conclusion and Holiday Wishes🔗 Helpful Links & Resources📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Learn more about working with Anastasia and Myiesha: https://www.coterietax.com

Decoding Sales Taxes for Creative ProfessionalsIn this episode of Let's Get Fiscal, hosted by Aisha and Anastasia from the women-led team at Coie Tax, the focus is on understanding sales taxes for creative professionals. Topics covered include the necessity of sales tax permits for events like weekend popups, distinctions between physical and economic nexus when shipping products across state lines, and the implications of trust fund taxes. The hosts also discuss scenarios for physical vs. digital product sales, challenges posed by various state laws, and best practices for compliance. The episode aims to help business owners navigate the complexities of sales tax, ensuring they remain compliant and avoid hefty penalties.00:00 Introduction to Sales Tax for Creative Professionals01:30 Understanding Sales Tax Nexus04:03 Economic Nexus Explained10:15 Marketplace Facilitators and Compliance14:20 Year-End Considerations and Global Sales17:55 Final Thoughts and Contact Information🔗 Helpful Links & Resources📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Learn more about working with Anastasia and Myiesha: https://www.coterietax.com

Understanding How to Pay Yourself: From Salary to DistributionsIn this episode of the Let's Get Fiscal podcast, hosts Myiesha and Anastasia from Coterie Tax discuss the various ways business owners can take money out of their business. They cover topics such as salary, owner draws, dividends, distributions, and guaranteed payments, and explain the importance of doing it correctly to avoid penalties from the IRS. The episode dives into the implications for sole proprietorships, single-member LLCs, multi-member LLCs, partnerships, S-corporations, and C-corporations, providing practical advice on setting reasonable compensation and managing tax obligations. The hosts also touch on additional strategies for transferring wealth from the business to personal accounts through retirement plans and accountable plans for reimbursements.00:00 Introduction: Understanding Business Profits00:22 Welcome to Let's Get Fiscal01:09 The Importance of Proper Fund Transfers03:02 Sole Proprietorships and Single Member LLCs03:53 Multi-Member LLCs and Partnerships05:44 S Corporations: Reasonable Compensation and Distributions09:05 C Corporations: Dividends and Double Taxation12:19 Additional Wealth Transfer Strategies15:34 Year-End Considerations and Professional Help16:55 Conclusion and Next Steps🔗 Helpful Links & Resources📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Learn more about working with Anastasia and Myiesha: https://www.coterietax.com

EP12 - The April 15th Tax Myth - Quarterly Payment Hacks for Photographers & Creative BusinessesDecoding Tax Due Dates and Payment Strategies for Creative BusinessesIn this episode of Let's Get Fiscal, hosts Anastasia Maisha and Danielle from Coterie Tax debunk the myth that taxes are solely due on April 15th. They explain the complexities of tax payments, highlighting the importance of quarterly estimated payments for freelancers and business owners. The episode covers strategies for managing tax payments, understanding state-specific deadlines, and the difference between filing an extension and paying taxes. They also delve into the benefits of using tax strategists and how specific financial maneuvers can save money and optimize cash flow throughout the year.00:00 Debunking Tax Myths: April 15th Misconception00:34 Understanding Tax Deadlines and Payments01:08 Quarterly Estimated Payments Explained02:42 Penalties and Interest for Underpayment03:29 Safe Harbor Rules and Tax Strategies05:32 Extensions and Payment Deadlines08:17 Creative Tax Payment Strategies16:31 Final Tips and Wrap-Up🔗 Helpful Links & Resources📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Learn more about working with Anastasia and Myiesha: https://www.coterietax.com

Let’s Get Fiscal Podcast EP11 - Are You Overlooking City Business Taxes That Could Cost You Thousands Discover the Exemptions You Might Be MissingUnderstanding Your City Business Taxes: Compliance for Creative EntrepreneursIn this episode of Let's Get Fiscal, hosts Anastasia Maisha and Danielle from Coterie Tax discuss the often-overlooked aspect of city business taxes aimed at creative businesses. They emphasize the importance of knowing about these taxes to avoid fines and extra charges. The hosts specifically dive into the tax requirements for cities like Los Angeles and New York City, highlighting the complexities and necessary compliance. They explain exemptions available for creatives and the need for accurate and timely filing. Useful tips are provided for staying compliant, including the significance of knowing your business location's city jurisdiction and keeping communication open with your tax professional.00:00 Introduction to City Business Taxes00:40 Understanding City Tax Compliance01:16 Major City Taxes: LA, San Francisco, and More02:02 Home Occupation Licenses and Compliance02:56 Filing and Compliance Tips03:47 City of LA Business Tax Details05:26 Creative Professionals and Tax Exemptions06:21 Production Companies and Tax Classification06:56 Navigating the City of LA Tax System11:03 New York City Corporate Taxes13:57 General Tips for City Tax Compliance15:14 Conclusion and Final Thoughts🔗 Helpful Links & Resources📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Learn more about working with Anastasia and Myiesha: https://www.coterietax.com

EP10 - Can You Really Turn State Taxes Into a Federal Deduction Unlock the Pass-Through Entity Tax LoopholeNavigating Pass-Through Entity Taxes for Creative BusinessesIn this episode of Let's Get Fiscal, hosts Anastasia Maisha and Danielle discuss the intricacies of pass-through entity taxes. They explain how these taxes work, the benefits of using them to deduct state income taxes on federal returns, and the recent legislative changes that impact them. The episode stresses the importance of planning and sometimes seeking professional help to maximize tax benefits and avoid penalties. Listeners will learn how to strategize their tax payments to optimize deductions and manage their business finances more effectively. The episode also highlights key federal and state deadlines and the difference between itemized and standard deductions.00:00 Introduction to Federal Tax Incentives00:42 Understanding Pass-Through Entity Tax (PTET)01:04 How PTET Works for Businesses03:33 The SALT Cap and Its Implications06:22 Workarounds and IRS Interpretations09:35 Understanding Tax Return Deadlines10:20 Itemized vs. Standard Deductions11:57 Pass-Through Entity Tax Considerations13:49 State-Specific Tax Election Deadlines16:37 Professional Assistance and Final Thoughts🔗 Helpful Links & Resources📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Learn more about working with Anastasia and Myiesha: https://www.coterietax.com

EP09 - How a Filmmaker's $400,000 Gain Was Almost a Financial DisasterThe $400,000 Mistake: Avoid Costly Tax Errors with the Right Business StructureIn this episode of "Let's Get Fiscal," hosts Anastasia Maisha and Danielle of Coterie Tax explore a real-life case study of a filmmaker who made $400,000 but lost a significant amount to taxes due to improper business structuring. They discuss the importance of choosing the right business entity, the benefits of converting to an LLC and S Corporation, and strategies like reasonable compensation studies, setting up 401(k) plans, and leveraging Airbnbs for tax savings. They also delve into advanced planning tactics, including donor-advised funds, high-deductible health insurance plans, and backdoor Roth IRAs, ultimately highlighting how smart financial planning can lead to substantial tax savings and better financial health for creative business owners.00:00 Introduction: The Costly Mistake01:36 Understanding Business Structures02:53 Tax Strategies for High Income05:24 Maximizing Tax Savings07:21 Advanced Tax Planning11:56 Bookkeeping and Future Planning14:07 Maximizing Tax Savings with Bonus Depreciation14:47 Airbnb Investment Strategies15:56 The Power of 1031 Exchanges18:19 Health Savings Accounts (HSAs) and High Deductible Plans20:02 Backdoor Roth IRAs for Long-Term Savings22:17 Charitable Giving with Donor Advised Funds24:44 Advanced Tax Planning: Pensions and Film Production Investments26:17 Conclusion and Next Steps🔗 Helpful Links & Resources📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Learn more about working with Anastasia and Myiesha: https://www.coterietax.com

Leveraging Tax Credits to Attract Film InvestorsIn this episode of 'Let's Get Fiscal,' hosted by Anastasia Myiesha and Danielle from Coterie Tax, the focus is on how filmmakers can utilize tax strategies to make their projects more attractive to investors. The discussion covers various state film tax credits, with a deep dive into how Georgia's tax credit system can benefit film productions. They highlight the importance of positioning and the symbiotic relationship between tax benefits and investor returns. The episode also emphasizes the significance of understanding tax laws to support creative projects, especially those with diverse and minority-driven messages. By strategically using tax credits, filmmakers can secure funding more effectively, ensuring their vision gets the financial backing it needs.00:00 Introduction to Attracting Film Investors00:36 Leveraging State Tax Credits01:04 Creating Symbiotic Relationships with Investors01:29 Understanding the Market for Tax Credits04:04 Exploring State-Specific Tax Credits06:21 Maximizing Investor Returns with Tax Strategies09:11 Passive Income and Tax Offsetting11:23 Finding the Right Investor for Your Production11:46 Tax Benefits for Small Investors12:58 Impact of Administration Changes on Grants14:09 Aligning Production Goals with Investor Beliefs16:27 Pitching Your Production Effectively17:34 Utilizing Tax Law to Support Productions20:33 Conclusion and Final Thoughts🔗 Helpful Links & Resources📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Learn more about working with Anastasia and Myiesha: https://www.coterietax.com

EP07 - Are You Ready for the 2025 Tax Overhaul? Learn How to Optimize Your Finances NowIn the premiere episode of Let's Get Fiscal, hosts Anastasia and Myiesha from Coterie Tax explain the significant tax changes in Washington's latest bill, the Big Beautiful Bill Act of 2025. They dive into crucial updates such as the return of 100% bonus depreciation, enhancements to state and local income tax deductions, and the continuation of the Qualified Business Income deduction. The hosts also discuss the expiration of the electric vehicle tax credit and the complexities around pass-through entity tax. Learn how these changes impact small business owners and the strategies to maximize benefits for a thriving creative business.00:00 Introduction to Creative Business Taxes00:43 Overview of the 2025 Tax Bill01:45 Key Changes in Tax Provisions03:28 Bonus Depreciation Explained07:32 State and Local Tax Deductions09:03 Pass-Through Entity Tax15:06 Navigating Business Ownership and Tax Caps15:34 Understanding the Qualified Business Income Deduction18:21 Implications of the Electric Vehicle Tax Credit Expiration21:05 Strategic Tax Planning for Business Owners25:43 The Importance of Consulting a Tax Professional27:35 Final Thoughts and How to Get More Information🔗 Helpful Links & Resources📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Learn more about working with Anastasia and Myiesha: https://www.coterietax.com

Let's Get Fiscal – EP09 - Avoiding Costly Contractor vs Employee MisclassificationsIn 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 Classification00:39 Common Misclassification Mistakes00:58 Employee vs. Contractor: Key Differences01:54 State Regulations and Compliance02:26 Payroll Systems and Benefits04:14 Workarounds and Solutions06:48 Long-term Implications and Legal Risks08:53 Ensuring Proper Classification11:19 Understanding Employee Classification12:07 Navigating State Regulations12:49 Workarounds and Tax Implications14:14 Employee Benefits and Tax Planning16:12 Contractor vs. Employee: Key Considerations19:17 Final Thoughts and Advice🔗 Helpful Links & Resources📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Learn more about working with Anastasia and Myiesha: https://www.coterietax.com

Navigating Business Write-Offs: Essential Tax Tips for Filmmakers🎙 Let’s Get Fiscal – Episode 6Hosted by Anastasia, Myiesha & Danielle | Coterie Tax and AdvisoryFrom buying gear to claiming your home office—what really counts as a write-off?In this episode of Let’s Get Fiscal, the ladies of Coterie Tax break down what filmmakers and creatives can actually deduct from their taxes—without getting flagged by the IRS. They cover key topics like what qualifies as a legitimate business, how to define “ordinary and necessary” expenses, and where the line is between personal and business costs.You’ll hear real-world examples (yes, including cosmetic surgery and private jets), learn how to navigate tricky tax deductions like home office use and vehicle mileage, and get pro tips on documentation that can protect you during an audit. Whether you’re on set, in post, or just launching your first project—this episode is a filmmaker’s financial toolkit. 🕒 Episode Breakdown00:00 – Write-offs for filmmakers: What’s real vs. wishful thinking?00:35 – Understanding deductions and your taxpayer rights03:40 – What qualifies as a business (and why it matters)07:16 – Defining “ordinary and necessary” expenses12:54 – Proving gray-area deductions (cosmetic surgery, clothing, props)18:06 – How home office deductions actually work23:34 – Business use of car: What’s allowed and how to track it27:56 – Final tips: Separation, documentation, and best practices 🔗 Helpful Links & Resources📬 Got a tax or business question you want answered on the show?Send it here: https://www.coterietax.com/qa🎧 Want to hear more creative-friendly financial strategies?Catch up on past episodes: https://www.coterietax.com/podcast📊 Need help organizing and optimizing your business finances?Work with the team at Coterie Tax → https://www.coterietax.com

🎙 Let’s Get Fiscal – EP04 - Most Creatives Are Asking the Wrong Financial Questions—Here’s What the Smart Ones Do InsteadHosted by Anastasia & Myiesha | Coterie Tax and AdvisoryRunning a creative business? Knowing the difference between a bookkeeper, CPA, tax preparer, and strategist can make or break your financial success.In this episode of Let’s Get Fiscal, Anastasia and Myiesha unpack the key financial roles that every creative business owner needs to understand. From handling day-to-day finances to long-term tax strategy, you’ll walk away with the clarity to hire smarter, communicate better, and scale with confidence. They also explore how artificial intelligence is beginning to reshape the finance world—what to watch for, and how to stay ahead.Whether you’re a freelancer, agency owner, or scaling creative brand—this episode will help you make better financial decisions that fuel your growth. 🕒 Episode Breakdown00:00 – Welcome to Let’s Get Fiscal02:35 – What exactly does an accountant do?03:22 – Bookkeepers: Your day-to-day financial superheroes04:25 – CPAs and their wide-ranging expertise06:34 – Enrolled Agents, CPAs & Tax Preparers: Who’s who?12:38 – Tax Strategists: A rising necessity for creatives14:33 – Why understanding roles can save you $$$15:45 – How to decide who to hire for your business16:18 – What should financial support actually cost?17:54 – Avoiding confusion: How to speak your accountant’s language20:55 – AI in Finance: Should you be worried or excited?22:58 – Time vs Expertise: What to outsource, what to own27:58 – Final thoughts: Building your financial dream team 🔗 Helpful Links & Resources📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Learn more about working with Anastasia and Myiesha: https://www.coterietax.com

Unlocking Tax Savings with Short-Term Rental Strategies🎙 Let’s Get Fiscal – Episode 5Hosted by Anastasia, Myiesha & Danielle | Coterie Tax and AdvisoryThinking about turning your Airbnb side hustle into a real tax-saving strategy?In this episode of Let’s Get Fiscal, the Coterie Tax team breaks down the short-term rental “loophole”—and why it’s not a loophole at all, but a powerful IRS-approved tax strategy. Learn how to legally offset your business or W-2 income with losses from Airbnb rentals, how to properly qualify for those deductions, and what mistakes to avoid when choosing your property.Whether you’re a business owner looking for tax relief or an investor curious about real estate, this episode will equip you with practical, actionable insights to help you leverage short-term rentals as a legitimate business—and keep more of your income. 🕒 Episode Breakdown00:00 – Introduction: Saving on taxes with Airbnb01:20 – Short-term vs long-term rentals: What’s the IRS difference?03:05 – How short-term rentals qualify as business income11:17 – The power of cost segregation and bonus depreciation15:29 – Material participation: What it is and how to document it20:57 – Choosing the right property (and what not to buy)24:27 – HOA restrictions, personal use limits, and compliance35:09 – Final thoughts: Building a strategy that works 🔗 Helpful Links & Resources📬 Got a question about tax strategy or short-term rentals?Submit it here: https://www.coterietax.com/qa🎧 Want to catch up on past episodes?Listen & subscribe here: https://www.coterietax.com/podcast📊 Need help planning your short-term rental tax strategy?Work with our team → https://www.coterietax.com

EP02 How Creatives Can Actually Retire: Roth IRAs, 401(k)s & Tax-Saving Strategies | Let’s Get Fiscal 🎙 Hosted by Anastasia, Myiesha & Danielle | Coterie Tax and AdvisorySelf-employed? Freelancer? Scaling a creative business?You need a retirement plan—and no, “buying a new laptop every year” doesn’t count.In this episode of Let’s Get Fiscal, we’re talking Roth IRAs, SEP IRAs, Solo 401(k)s, and real-world tax strategies that help creative entrepreneurs build a future without burning out. You’ll learn when and how to start saving (even if you’re still in survival mode), which account is best based on your income, and how to stop overpaying the IRS while still keeping your cash.We also break down how to avoid surprise taxes in retirement, what “required minimum distributions” really mean, and how to balance saving with scaling your business. ⏱️ Timestamps00:00 – Intro: Retirement planning for creatives00:41 – Why self-employed people get left behind01:29 – Social Security, tax myths, and long-term reality04:58 – Roth IRAs explained (and why they’re a game-changer)08:56 – SEP IRA vs 401(k): Which is better and when?21:02 – Can you combine retirement accounts?32:20 – What most people don’t know about Social Security40:16 – Advanced strategies: pensions, Mega Backdoor Roths & more52:38 – Top takeaways53:19 – Final thoughts & what to do next 📬 Got a question for the show?Send it here → https://www.coterietax.com/qa🎧 Want to hear more episodes?Stream the full series → https://www.coterietax.com/podcast📊 Need help creating your tax-smart retirement plan?Book a call → https://www.coterietax.com👍 Like this video🔔 Subscribe for more tax, finance, and small biz strategy💬 Drop your questions in the comments—we might answer them on a future episode!

Should You Become an S-Corp? The Truth for Creative Entrepreneurs | Let’s Get Fiscal EP01🎙 Hosted by Anastasia, Myiesha & Danielle | Coterie Tax and AdvisoryIs an S-Corporation actually worth it for your creative business?In this episode of Let’s Get Fiscal, we break down the hype and the reality of S-Corps. Learn when it’s the right time to switch from an LLC, how “reasonable compensation” works, what tax savings to expect (and what headaches come with it), and how your industry and lifestyle impact the best financial structure for your business.Whether you’re a freelance videographer, a growing agency, or a multi-hustle entrepreneur—this episode will give you the clarity to make smarter decisions and avoid expensive mistakes.⏱️ Timestamps00:00 – Intro: What Airbnb has to do with tax savings00:49 – S Corps explained (without the fluff)02:01 – When to transition from LLC to S Corp03:02 – S Corp vs. LLC: What’s actually different07:35 – Reasonable compensation made simple10:40 – Payroll, bookkeeping & strategy17:14 – State vs. Federal rules (and how to stay compliant)33:33 – Final thoughts: Is it right for you?📬 Have a question you want us to answer on the show?Send it here → https://www.coterietax.com/qa🎧 Want to hear more episodes like this?Catch up on past episodes → https://www.coterietax.com/podcast📊 Need personalized advice for your business?Book a call with us → https://www.coterietax.com👍 Like this video if it helped you🔔 Subscribe to the channel for more creative-friendly tax strategy💬 Drop your questions in the comments—we might feature them in a future episode!

Welcome to The Let’s Get Fiscal Podcast — the show where creatives learn how to master taxes, money, and business strategy without the overwhelm. Hosted by experts in tax planning and CPA services for creative entrepreneurs, we break down the numbers so you can focus on your craft.In this intro episode, you’ll hear what the podcast is all about, who it’s for, and how we’ll help you keep more of what you earn, stay compliant, and build a profitable creative business.If you’re a photographer, designer, filmmaker, musician, or any creative pro who wants to stop stressing about taxes and start building wealth, you’re in the right place.Learn more and work with us: https://www.coterietax.com/🔗 Helpful Links & Resources📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Learn more about working with Anastasia and Myiesha: https://www.coterietax.com