Retainers and deposits can feel like found money—until tax season hits and you realize you might be paying taxes on funds that aren't actually yours yet. If you've ever received a production budget in December only to pay it all out in January, or collected deposits for work you haven't performed, this episode is your essential guide to understanding when retainers count as income and how to avoid costly cash flow mistakes.

Anastasia and Myiesha break down the critical differences between refundable and non-refundable deposits, explain cash basis versus accrual basis accounting, and reveal when you might be accidentally paying income tax on money that's earmarked for vendors. You'll learn practical strategies for separating reimbursement funds from service income, discover when it makes sense to change your accounting method or fiscal year, and get actionable tips for managing production budgets, event planning expenses, and interior design client funds without draining your own cash flow.

00:00 Introduction to Retainers and Deposits

00:34 Meet Your Hosts: Myiesha and Anastasia

00:56 Understanding Deposits in the Creative Sector

01:33 Tax Implications of Non-Refundable and Refundable Deposits

04:25 Cash Basis vs. Accrual Basis Accounting

06:01 Deferred Revenue and Seasonal Business Considerations

07:25 Handling Retainers and Income Recognition

12:12 Practical Tips for Managing Deposits and Reimbursements

18:11 Final Thoughts and Viewer Q&A

19:58 Conclusion and Next Steps

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.

#RetainerTax #DepositAccounting #CashBasisAccounting #AccrualAccounting #ProductionBudget #CreativeBusinessTax #DeferredRevenue #BusinessCashFlow #TaxPlanning #LetsGetFiscal #InteriorDesignBusiness #EventPlanningTax

Your accountant should be your business partner, advocate, and financial guide—not a source of stress, confusion, or missed opportunities. But how do you know if your current accountant is truly serving your business or holding you back? Whether you're feeling underserved, overcharged, or just uncertain if it's time for a change, this episode gives you the clarity and confidence to make the right decision.

Anastasia and Myiesha break down the red flags and green flags to look for in an accounting relationship, how to interview potential new accountants, and what questions to ask before making a switch. You'll learn about communication styles, pricing expectations, timing strategies, and how to ensure a smooth transition. Plus, they tackle the guilt and hesitation many entrepreneurs feel about "breaking up" with their accountant—and why it's actually a normal, healthy part of business growth.

00:00 Introduction: The Cost of a Bad Accountant

00:46 Finding the Right Accountant for You

02:28 Challenges in Switching Accountants

06:36 The Industry Shift: From Mom-and-Pop to Corporate

07:31 Interviewing New Accountants: Key Questions to Ask

12:40 Recalibrating Expectations with Your Current Accountant

14:26 Client Relationships and Communication

16:15 Identifying Fair Pricing

18:11 Best Time to Switch Accountants

21:24 Questions to Ask Before Switching Accountants

22:50 Ensuring Smooth Transition

25:05 Adapting to Business Growth

27:06 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

#AccountantRedFlags #SwitchingAccountants #SmallBusinessTax #CreativeBusinessOwner #TaxPreparer #CPAAdvice #BookkeepingTips #BusinessFinance #EntrepreneurTips #LetsGetFiscal #TaxPlanning #AccountingServices

Hairdressers often fear leaving a commission-based salon for chair rental, but financially the shift can be life-changing. Most stylists earning 40% commission don't realize they're actually taking home closer to 30% after taxes and withholdings. When you rent a chair and go independent as a 1099 contractor, you keep 100% of your revenue—and even after paying for supplies, taxes, and your own benefits, you typically earn significantly more while gaining complete control over your schedule, pricing, and client base.

In this episode, CPAs Anastasia and Myiesha break down the real financial math behind going independent as a hairdresser. You'll learn exactly how W2 commission structures compare to 1099 chair rental, how to manage multiple income streams (cash, Venmo, Zelle, Square), the critical deductions most stylists miss, and why the fear of going independent is often based on misconceptions. Whether you're currently working on commission or considering renting a chair, this episode gives you the numbers and strategies you need to make an informed decision about your financial future.

If you're tired of hitting an income ceiling or wondering if going independent is worth the risk, this episode delivers the clarity and action steps you need to confidently make the leap.

⏱️ Timestamps:

00:00 Introduction to Going Independent

00:54 Types of Employment for Hairdressers

01:30 Pros and Cons of W2 vs. 1099

03:24 Financial Management Tips for Independent Hairdressers

04:34 Handling Income and Taxes

08:43 Additional Business Considerations

10:05 Freelancing vs. W2 Employment: Pros and Cons

10:31 Control Over Income and Work Hours

11:37 Long-Term Value and Career Growth

12:31 Making the Decision to Go Freelance

13:33 Financial Management Tips for Freelancers

15:21 Handling Tips and Gratuity

15:53 Commonly Missed Deductions

17:26 Overcoming the Fear of Going Freelance

18:03 The Importance of Professional Guidance

20:26 Final Thoughts and Encouragement

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

Most S-Corp owners in New York City don't realize they owe a completely separate city-level corporation tax—and it's costing them thousands. The NYC General Corporation Tax hits at 8.9% of your profit, requires quarterly estimated payments, and comes with massive late fees if you miss them. If you're running an S-Corp in one of the five boroughs and your tax preparer hasn't mentioned this, you could be facing a surprise \$6,000+ tax bill with penalties.

In this episode, CPAs Anastasia and Myiesha break down the NYC General Corporation Tax that catches creative entrepreneurs off guard every year. You'll learn exactly how this tax works, why single-member LLCs don't pay it, how to calculate whether an S-Corp still makes sense with this additional 8.9% burden, and the critical quarterly deadlines you cannot miss. Whether you're already an S-Corp in NYC or considering the switch, this episode gives you the numbers and strategy you need to make informed decisions and avoid costly surprises.

If you're tired of discovering new tax obligations after it's too late, or if you're weighing whether an S-Corp makes financial sense in New York City, this episode delivers the clarity and action steps you need right now.

⏱️ Timestamps:

00:00 Introduction to NYC General Corporation Tax

00:36 Meet Your Hosts: Aisha and Anastasia

01:01 Understanding S-Corporation Tax Nuances

01:34 NYC General Corporation Tax Explained

04:10 Comparing Tax Implications: S-Corp vs. LLC

08:55 Practical Tips for Managing NYC Taxes

12:45 Final Thoughts and Professional Advice

20:10 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.

#NYCBusinessTaxes #SCorpTaxes #NewYorkCityTaxes #GeneralCorporationTax #SmallBusinessTaxes #NYCEntrepreneur #SCorpStrategy #BusinessTaxPlanning #CreativeBusinessTaxes #NYCBusinessOwner #LetsGetFiscal #TaxSurprises

If you're a creative business owner in New York with an S-Corp or partnership, you could be leaving thousands of dollars on the table every year. New York's Pass-Through Entity Tax (PTET) is a powerful but underutilized strategy that converts your state income taxes into federal deductions—but only if you understand the rules and deadlines. Miss the March 15th election deadline, and you're locked out for the entire year, no exceptions.

In this episode, CPAs Anastasia and Myiesha break down exactly how New York's PTET works, who should opt in, and the critical mistakes that cost business owners real money. You'll learn what pass-through entities are, why the SALT cap created this opportunity, how to calculate and make quarterly payments, and what's changing in 2026 with new federal limitations. Whether you're earning \$50,000 in profit or \$500,000, this episode gives you the roadmap to turn your state tax payments into valuable federal deductions.

If you're tired of paying more in taxes than you need to, or if you've heard about PTET but don't know if it applies to you, this episode delivers the clarity and action steps you need before the deadline hits.

⏱️ Timestamps:

00:00 Introduction to New York's Pass Through Entity Tax

00:51 Understanding Pass Through Entities

02:21 The SALT Cap and Its Implications

05:13 Eligibility and Election Deadlines

08:29 Quarterly Estimated Payments

12:02 Real-Life Examples and Practical Tips

16:10 Upcoming Changes and Final Tips

18:44 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.

#PassThroughEntityTax #NYStateTaxes #PTETStrategy #SCorpTaxes #SmallBusinessTaxes #NewYorkBusinessTaxes #SALTCap #TaxDeductions #EntrepreneurTaxes #CreativeBusinessTaxes #LetsGetFiscal #TaxPlanning

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 Tax

00:54 Understanding the LA Tax Filing Requirement

03:08 Filing on Time and Avoiding Penalties

06:08 Creative Exemptions and Income Thresholds

07:30 Account Setup and Reporting

09:26 Special Cases and Exemptions

11:52 Understanding Income Categories

12:07 Navigating the Website

12:30 Exemptions and Worldwide Income

13:21 Classification and Subcategories

14:03 Filing and Deadlines

14:32 City of LA's Support System

16:55 Steps for New Business Owners

20:05 Compliance Health Check

20:33 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.

#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 Creatives

00:34 Meet Your Hosts: Anastasia and Maisha

00:52 Key Information Your CPA Needs

02:21 Understanding the 1095-A Form

03:50 Importance of Financial Statements

04:29 Reconciling Bank Accounts

07:39 Prior Year Tax Returns and Other Documents

11:09 Daycare Expenses and Tax Deductions

11:30 Life Changes and Tax Implications

12:03 Detailed Information Needed for Tax Preparation

13:04 Address Changes and Home Office Deductions

14:01 Reviewing and Comparing Tax Returns

15:54 Documenting Large Purchases and Equipment

17:28 Handling K-1 Forms and Business Partnerships

18:46 Importance of Timely and Accurate Information

21:28 Major Life Events and Insurance Changes

22:04 Final Tips 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](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 Creatives

00:35 Meet Your Hosts: Maisha and Anastasia

00:52 Creating an Annual Forecast

01:10 Understanding the One Page Plan

01:52 Key Components of the Plan

03:31 Tax Strategies and Obligations

08:21 Handling Multiple Income Streams

12:43 Budgeting for Fluctuating Income

15:07 Setting Goals and Intentions

18:26 The Importance of Regular Check-ins

19:37 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](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 Taxes

Opening 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 Solutions

00:33 Meet Your Hosts: Maisha and Anastasia

00:52 Understanding Tax Liabilities and Filing

07:34 Options for Managing Tax Payments

10:49 Setting Up IRS Installment Plans

13:39 Understanding IRS Payment Plans

14:14 Calculating Monthly Payments

15:08 Offer in Compromise Explained

17:36 Penalty Abatement and Other Strategies

18:06 Saving for Taxes Effectively

21:19 Importance of Filing Returns

22:00 Seeking Professional Help

24:33 Final Thoughts and Encouragement

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](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 Taxation

If 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 Creatives

00:13 Meet Your Hosts: Anastasia and Danielle

00:55 Understanding State Tax Rules for Nomadic Creatives

02:29 Income Nexus and Tax Responsibilities

08:01 Navigating Per Diem and Expense Reporting

11:15 Filing Non-Resident Tax Returns

13:07 Record Keeping and Working with Tax Accountants

19:33 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](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 notices
• How to handle income reporting mismatches
• What verification requests are actually asking for
• The difference between a correspondence audit and a full audit
• When you need professional help vs. when you can handle it yourself

Whether 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.

⏱️ Timestamps

• 00:00 Introduction to IRS Notices for Creatives
• 01:37 Understanding Quarterly Estimated Payments
• 06:03 Common IRS Notices and How to Handle Them
• 07:47 Income Reporting and Form Mismatches
• 13:36 Knowledge-Based Authentication for Tax Filings
• 13:57 IRS Requests for Additional Information
• 15:40 Understanding Correspondence Audits
• 16:17 Importance of Keeping Your Information Updated
• 16:47 Handling IRS Letters and Notices
• 17:14 Penalty Abatement and Address Updates
• 19:18 Tax Representation and Power of Attorney
• 20:13 When to Seek Help with IRS Letters
• 23:14 Dealing with IRS Scams and Intent
• 24:21 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
• YouTube: https://www.youtube.com/@letsgetfiscalpodcast

📊 Helpful resources

• Submit a question: https://www.coterietax.com/qa
• More episodes: https://www.coterietax.com/podcast
• Work with Coterie Tax: https://www.coterietax.com

What’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 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

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 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

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 Bookkeeper

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.  

Protecting Your Personal Information as a Business Owner: What’s Public and How a Registered Agent Can Help

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 and Superseded Returns: The Strategic Tools Most Entrepreneurs Miss

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

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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.