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 Changes

00:05 Overview of OB Three A Rules

01:02 Impact of Tax Cuts and Jobs Act Expiration

03:08 Bonus Depreciation and Business Equipment

04:43 Charitable Donations and Deductions

07:17 Pass-Through Entity Tax and S Corporations

11:51 Electric Vehicle and Solar Credits

15:07 Planning for 2026 Tax Year

22:11 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.

#2026TaxChanges #TaxPlanning #SmallBusinessTaxes #EntrepreneurTaxes #TaxLawChanges #BonusDepreciation #CharitableDeductions #PassThroughEntityTax #SCorpTaxes #QuarterlyEstimates #BusinessTaxStrategy #LetsGetFiscal

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 Pitfalls

01:27 Understanding Co-Mingling Finances

03:47 Navigating Taxes and Savings

06:16 Setting the Right Prices

10:33 Importance of Contracts and Communication

12:47 Commonly Missed Deductions

14:38 Dealing with Overwhelm: First Steps

14:55 Importance of Accurate Bookkeeping

15:07 Budgeting and Expense Management

16:41 Licensing and Sales Tax Considerations

17:09 Creating Efficient Systems

17:34 Hiring Help vs. DIY

21:07 Tracking Large Purchases

24:23 Tax Filing Responsibilities

25:38 Seeking Professional Help

26:48 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.

#FreelancerTaxes #FreelancerMistakes #SelfEmployedTaxes #FreelanceBusiness #SmallBusinessTaxes #FreelanceFinances #QuarterlyTaxes #FreelancerTips #BusinessBookkeeping #SoloPreneur #CreativeFreelancer #LetsGetFiscal

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

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

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

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

Your 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.

Hosts

Anastasia 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 Learn

• What 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?

Timestamps

• 00:00 – Why understanding your financials matters for business owners
• 01:01 – Financials as the story of your business year
• 04:02 – Profit and loss vs. balance sheet explained
• 07:28 – How to scan reports quickly for errors and red flags
• 10:02 – Account categories: what should (and shouldn’t) be included
• 12:17 – Spotting inconsistencies, fraud, and missing activity
• 16:25 – Comparing year-over-year and monthly financial patterns
• 21:00 – Profit vs. cash balance: identifying disconnects

Key Takeaways

• Review 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 Questions

Q: 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/id1831050448

Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11

YouTube: https://www.youtube.com/@letsgetfiscalpodcast

📊 Coterie Tax Resources:

Questions about understanding your financials? Submit here: https://www.coterietax.com/qa

Listen to more episodes: https://www.coterietax.com/podcast

Ready to optimize your taxes? Work with Coterie: https://www.coterietax.com

Understanding 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.  

Starting 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. 

Hosts

Anastasia 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 Learn

• What personal information becomes public when you register a business
• Why using your home address can create privacy and safety concerns
• How a registered agent works and when you should use one
• What role business names play in protecting personal information
• How virtual mailboxes and business addresses actually function
• When it makes sense to update or restructure an existing business

Timestamps

• 00:00 – Introduction: Why business owner privacy matters
• 01:00 – How personal addresses become public records
• 02:39 – How easy it is to find business owner information online
• 04:25 – Business names and why naming matters for privacy
• 06:14 – Using business addresses and virtual mailboxes
• 07:47 – Incorporating in different states and privacy differences
• 08:24 – What a registered agent does and why it matters
• 12:00 – Updating business information and long-term considerations

Key Takeaways

• Understand 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 Questions

Q: 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/id1831050448

Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11

YouTube: https://www.youtube.com/@letsgetfiscalpodcast

📊 Coterie Tax Resources:

Questions about business owner privacy? Submit here: https://www.coterietax.com/qa

Listen to more episodes: https://www.coterietax.com/podcast

Ready to optimize your taxes? Work with Coterie: https://www.coterietax.com

Protecting 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 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.

Hosts

Anastasia 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 Learn

• What 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?

Timestamps

00:00 – Introduction: Why tax extensions are strategy, not procrastination

01:00 – What tax extensions actually cover (and the payment deadline trap)

04:00 – Natural disaster relief, COVID extensions, and when payment deadlines truly extend

06:00 – Strategic uses of extensions: Buying time for accuracy and tax planning

08:00 – Missing 1099s and W-2s: When waiting beats rushing your tax return

11:00 – E-file shutdown periods and statute of limitations you need to know

12:15 – Superseded returns explained: Your second chance at an original filing

14:00 – Special elections and deductions only available on original returns

16:00 – 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 mistakes

20:40 – Practical extension strategies for creative professionals and freelancers

22:45 – Final guidance: Using extensions correctly in your tax planning

Key Takeaways

Extensions 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 Questions

Q: 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 Everywhere

Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448

Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11

YouTube: https://www.youtube.com/@letsgetfiscalpodcast

📊 Coterie Tax Resources

Questions about tax extensions or superseded returns? Submit here: https://www.coterietax.com/qa

Listen to more episodes: https://www.coterietax.com/podcast

Ready to optimize your taxes? Work with Coterie: https://www.coterietax.com

Summary & Call-to-Action

Tax 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 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.

Hosts

Anastasia 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 Learn

• What 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?

Timestamps

• 00:00 – Introduction: Why the 1099-K rules changed again
• 00:35 – The $600 threshold panic explained
• 03:45 – Who the $20,000 + 200 transactions rule impacts
• 07:08 – 1099-K vs 1099-NEC: Key differences creators must know
• 09:13 – Why reported income doesn’t match bank deposits
• 11:24 – Federal vs state 1099-K compliance rules
• 15:46 – Common reporting mistakes that trigger IRS notices
• 22:37 – How to prepare now for the next tax season

Key Takeaways

• Understand 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 Questions

Q: 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/id1831050448

Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11

YouTube: https://www.youtube.com/@letsgetfiscalpodcast

📊 Coterie Tax Resources:

Questions about 1099-K rules? Submit here: https://www.coterietax.com/qa

Listen to more episodes: https://www.coterietax.com/podcast

Ready to optimize your taxes? Work with Coterie: https://www.coterietax.com

In 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 Deductions

00:35 Understanding Home Office Qualifications

01:15 Exclusive Use and Principal Place of Business

03:13 Square Footage and Simplified Method

08:24 Renting vs. Owning: Deduction Differences

14:20 Audit Precautions and Common Mistakes

18:54 Conclusion and Final Tips

🔗 Helpful Links & Resources

Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448

Listen 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

In 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 Deductions

00:11 Welcome to Let's Get Fiscal

00:32 Understanding Depreciation

01:38 Safe Harbor Election Explained

08:50 Section 179 and Bonus Depreciation

12:07 Understanding Section 179 and Bonus Depreciation

12:32 Impact of Depreciation on Business Income

13:57 Strategic Use of Depreciation for Business Growth

17:20 Personal vs. Business Use of Equipment

20:17 Timing and Depreciation Rules

22:18 End-of-Year Tax Strategies for Creators

24:27 Conclusion and Final Thoughts

🔗 Helpful Links & Resources

Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448

Listen 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

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Catch the latest episodes at: https://www.coterietax.com/podcast

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Essential S Corporation Cleanup Tasks for Tax Season Success

In 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 Preparation

00:40 The Busy Season Reality Check

01:03 Common Issues That Delay Tax Filing

01:58 The CPA's Financial Review Process

02:51 Understanding Audit Readiness

03:33 Tax Payment Deadlines and Extensions

04:20 Essential Item #1: Complete Transaction Records

04:43 The Importance of Bank Reconciliation

05:46 Common Bank Feed Issues

07:04 Double Income Recording Pitfalls

08:01 Essential Item #2: Proper Expense Categorization

10:15 Avoiding the "Ask My Accountant" Trap

11:21 Essential Item #3: Payroll Processing for S Corps

13:31 Understanding Officer Compensation Requirements

15:01 Essential Item #4: Accountable Plan Documentation

17:07 Tracking Personal Expenses Paid for Business

18:44 Essential Item #5: Financial Accuracy Verification

20:38 The Payroll Triangle Check

23:25 Getting Professional Help Early

24:36 Year-End Action Items

25:06 Overcoming Financial Vulnerability

27:01 Breaking the Tax Payment Hamster Wheel

28:30 When to Seek Professional Assistance

🔗 Helpful Links & Resources

Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448

Listen on Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11 

Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast 

📬 Got a question for the show?

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📊 Need personalized help with your business finances?

Essential Tech Tools for Creative Business Tax Efficiency

In 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 Essentials

00:35 Evaluating Business Subscriptions

02:05 Importance of Record Keeping

02:30 Choosing the Right Accounting Software

04:35 Understanding Business Structures and Taxes

10:56 The Role of Payroll Systems

13:55 Quarterly Filings and Payroll Services

14:48 Cost-Effectiveness of Payroll Software

17:22 Importance of Documentation

18:51 When to Hire an Accountant

20:52 Consistency in Bookkeeping

24:46 Choosing the Right Software

26:20 Final Thoughts and Recommendations

🔗 Helpful Links & Resources

Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448

Listen 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?

Hiring Your Kids and Smart Income Shifting Strategies

In 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 Benefits

00:42 Understanding Legalities and Common Misconceptions

02:16 Documenting and Justifying Your Child's Role

04:29 Practical Examples and Age-Appropriate Tasks

07:37 Tax Implications for Different Business Structures

09:41 Real-Life Case Study and Best Practices

12:18 The Importance of Documentation

12:48 Tax Benefits of Shifting Income to Children

14:15 Maximizing Savings with Roth IRA

17:07 Treating Your Child as an Employee

20:42 Final Thoughts and Practical Tips

🔗 Helpful Links & Resources

Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448

Listen 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?

Learn more about working with Anastasia and Myiesha: https://www.coterietax.com

00:00 Introduction to S Corp Pitfalls

00:37 Common Issues with S Corp Status

01:29 Confirming Your S Corp Status

03:45 Acting as an S Corporation

09:25 Payroll Requirements for S Corps

14:01 Understanding Payroll and Distributions

14:31 Livable Wage Considerations

15:53 Reasonable Compensation Studies

16:15 Importance of Payroll Compliance

17:19 Co-Mingling Business and Personal Expenses

20:14 Accountable Plans and Reimbursements

23:08 Treating Shareholders Equally

26:33 Deciding on S Corporation Status

27:31 Final Tips and Contact Information

🔗 Helpful Links & Resources

📬 Got a question for the show?

Submit it here: https://www.coterietax.com/qa

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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 Concerns

00:20 Meet the Hosts

00:44 Understanding Tax Calculations

07:14 Marginal vs. Effective Tax Rates

09:03 Year-End Tax Strategies

09:40 Constructive Receipt Explained

14:05 Depreciation and Purchases

18:48 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

In 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 Funds

00:40 Meet the Hosts

01:04 Understanding Donor-Advised Funds (DAFs)

02:06 Tax Benefits of DAFs

05:03 How to Set Up a DAF

06:19 Choosing the Right DAF Provider

07:17 Family Involvement in DAFs

08:24 Maximizing Your Donations

10:06 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

In 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 Professionals

01:30 Understanding Sales Tax Nexus

04:03 Economic Nexus Explained

10:15 Marketplace Facilitators and Compliance

14:20 Year-End Considerations and Global Sales

17:55 Final Thoughts and Contact Information

🔗 Helpful Links & Resources

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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 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 Profits

00:22 Welcome to Let's Get Fiscal

01:09 The Importance of Proper Fund Transfers

03:02 Sole Proprietorships and Single Member LLCs

03:53 Multi-Member LLCs and Partnerships

05:44 S Corporations: Reasonable Compensation and Distributions

09:05 C Corporations: Dividends and Double Taxation

12:19 Additional Wealth Transfer Strategies

15:34 Year-End Considerations and Professional Help

16:55 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

Decoding Tax Due Dates and Payment Strategies for Creative Businesses

In 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 Misconception

00:34 Understanding Tax Deadlines and Payments

01:08 Quarterly Estimated Payments Explained

02:42 Penalties and Interest for Underpayment

03:29 Safe Harbor Rules and Tax Strategies

05:32 Extensions and Payment Deadlines

08:17 Creative Tax Payment Strategies

16:31 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

Understanding Your City Business Taxes: Compliance for Creative Entrepreneurs

In 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 Taxes

00:40 Understanding City Tax Compliance

01:16 Major City Taxes: LA, San Francisco, and More

02:02 Home Occupation Licenses and Compliance

02:56 Filing and Compliance Tips

03:47 City of LA Business Tax Details

05:26 Creative Professionals and Tax Exemptions

06:21 Production Companies and Tax Classification

06:56 Navigating the City of LA Tax System

11:03 New York City Corporate Taxes

13:57 General Tips for City Tax Compliance

15:14 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

Navigating Pass-Through Entity Taxes for Creative Businesses

In 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 Incentives

00:42 Understanding Pass-Through Entity Tax (PTET)

01:04 How PTET Works for Businesses

03:33 The SALT Cap and Its Implications

06:22 Workarounds and IRS Interpretations

09:35 Understanding Tax Return Deadlines

10:20 Itemized vs. Standard Deductions

11:57 Pass-Through Entity Tax Considerations

13:49 State-Specific Tax Election Deadlines

16:37 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

The $400,000 Mistake: Avoid Costly Tax Errors with the Right Business Structure

In 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 Mistake

01:36 Understanding Business Structures

02:53 Tax Strategies for High Income

05:24 Maximizing Tax Savings

07:21 Advanced Tax Planning

11:56 Bookkeeping and Future Planning

14:07 Maximizing Tax Savings with Bonus Depreciation

14:47 Airbnb Investment Strategies

15:56 The Power of 1031 Exchanges

18:19 Health Savings Accounts (HSAs) and High Deductible Plans

20:02 Backdoor Roth IRAs for Long-Term Savings

22:17 Charitable Giving with Donor Advised Funds

24:44 Advanced Tax Planning: Pensions and Film Production Investments

26:17 Conclusion and Next Steps

🔗 Helpful Links & Resources

📬 Got a question for the show?

Submit it here: https://www.coterietax.com/qa

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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,' 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 Investors

00:36 Leveraging State Tax Credits

01:04 Creating Symbiotic Relationships with Investors

01:29 Understanding the Market for Tax Credits

04:04 Exploring State-Specific Tax Credits

06:21 Maximizing Investor Returns with Tax Strategies

09:11 Passive Income and Tax Offsetting

11:23 Finding the Right Investor for Your Production

11:46 Tax Benefits for Small Investors

12:58 Impact of Administration Changes on Grants

14:09 Aligning Production Goals with Investor Beliefs

16:27 Pitching Your Production Effectively

17:34 Utilizing Tax Law to Support Productions

20:33 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

In 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 Taxes

00:43 Overview of the 2025 Tax Bill

01:45 Key Changes in Tax Provisions

03:28 Bonus Depreciation Explained

07:32 State and Local Tax Deductions

09:03 Pass-Through Entity Tax

15:06 Navigating Business Ownership and Tax Caps

15:34 Understanding the Qualified Business Income Deduction

18:21 Implications of the Electric Vehicle Tax Credit Expiration

21:05 Strategic Tax Planning for Business Owners

25:43 The Importance of Consulting a Tax Professional

27:35 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

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

00:00 Introduction to Business Classification

00:39 Common Misclassification Mistakes

00:58 Employee vs. Contractor: Key Differences

01:54 State Regulations and Compliance

02:26 Payroll Systems and Benefits

04:14 Workarounds and Solutions

06:48 Long-term Implications and Legal Risks

08:53 Ensuring Proper Classification

11:19 Understanding Employee Classification

12:07 Navigating State Regulations

12:49 Workarounds and Tax Implications

14:14 Employee Benefits and Tax Planning

16:12 Contractor vs. Employee: Key Considerations

19:17 Final Thoughts and Advice

🔗 Helpful Links & Resources

📬 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 – Episode 6

Hosted by Anastasia, Myiesha & Danielle | Coterie Tax and Advisory

From 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 Breakdown

00:00 – Write-offs for filmmakers: What’s real vs. wishful thinking?

00:35 – Understanding deductions and your taxpayer rights

03:40 – What qualifies as a business (and why it matters)

07:16 – Defining “ordinary and necessary” expenses

12:54 – Proving gray-area deductions (cosmetic surgery, clothing, props)

18:06 – How home office deductions actually work

23:34 – Business use of car: What’s allowed and how to track it

27:56 – 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

Hosted by Anastasia & Myiesha | Coterie Tax and Advisory

Running 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 Breakdown

00:00 – Welcome to Let’s Get Fiscal

02:35 – What exactly does an accountant do?

03:22 – Bookkeepers: Your day-to-day financial superheroes

04:25 – CPAs and their wide-ranging expertise

06:34 – Enrolled Agents, CPAs & Tax Preparers: Who’s who?

12:38 – Tax Strategists: A rising necessity for creatives

14:33 – Why understanding roles can save you $$$

15:45 – How to decide who to hire for your business

16:18 – What should financial support actually cost?

17:54 – Avoiding confusion: How to speak your accountant’s language

20:55 – AI in Finance: Should you be worried or excited?

22:58 – Time vs Expertise: What to outsource, what to own

27:58 – 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

🎙 Let’s Get Fiscal – Episode 5

Hosted by Anastasia, Myiesha & Danielle | Coterie Tax and Advisory

Thinking 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 Breakdown

00:00 – Introduction: Saving on taxes with Airbnb

01:20 – Short-term vs long-term rentals: What’s the IRS difference?

03:05 – How short-term rentals qualify as business income

11:17 – The power of cost segregation and bonus depreciation

15:29 – Material participation: What it is and how to document it

20:57 – Choosing the right property (and what not to buy)

24:27 – HOA restrictions, personal use limits, and compliance

35:09 – 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

🎙 Hosted by Anastasia, Myiesha & Danielle | Coterie Tax and Advisory

Self-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.

⏱️ Timestamps

00:00 – Intro: Retirement planning for creatives

00:41 – Why self-employed people get left behind

01:29 – Social Security, tax myths, and long-term reality

04:58 – 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 Security

40:16 – Advanced strategies: pensions, Mega Backdoor Roths & more

52:38 – Top takeaways

53:19 – 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!

🎙 Hosted by Anastasia, Myiesha & Danielle | Coterie Tax and Advisory

Is 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.

⏱️ Timestamps

00:00 – Intro: What Airbnb has to do with tax savings

00:49 – S Corps explained (without the fluff)

02:01 – When to transition from LLC to S Corp

03:02 – S Corp vs. LLC: What’s actually different

07:35 – Reasonable compensation made simple

10:40 – Payroll, bookkeeping & strategy

17:14 – 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

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🔔 Subscribe to the channel for more creative-friendly tax strategy

💬 Drop your questions in the comments—we might feature them in a future episode!

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