Lets Get Fiscal

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

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.

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 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?

• 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

• 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.

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.

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

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. 

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 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

• 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

• 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.

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.

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

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.

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 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?

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

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.

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.

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

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

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.