Lets Get Fiscal

Understanding How to Pay Yourself: From Salary to Distributions

In this episode of the Let's Get Fiscal podcast, hosts Myiesha and Anastasia from Coterie Tax discuss the various ways business owners can take money out of their business. They cover topics such as salary, owner draws, dividends, distributions, and guaranteed payments, and explain the importance of doing it correctly to avoid penalties from the IRS. The episode dives into the implications for sole proprietorships, single-member LLCs, multi-member LLCs, partnerships, S-corporations, and C-corporations, providing practical advice on setting reasonable compensation and managing tax obligations. The hosts also touch on additional strategies for transferring wealth from the business to personal accounts through retirement plans and accountable plans for reimbursements.

00:00 Introduction: Understanding Business Profits

00:22 Welcome to Let's Get Fiscal

01:09 The Importance of Proper Fund Transfers

03:02 Sole Proprietorships and Single Member LLCs

03:53 Multi-Member LLCs and Partnerships

05:44 S Corporations: Reasonable Compensation and Distributions

09:05 C Corporations: Dividends and Double Taxation

12:19 Additional Wealth Transfer Strategies

15:34 Year-End Considerations and Professional Help

16:55 Conclusion and Next Steps

🔗 Helpful Links & Resources

📬 Got a question for the show?

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

🎧 Want to listen to more episodes?

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

📊 Need personalized help with your business finances?

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

EP12 - The April 15th Tax Myth - Quarterly Payment Hacks for Photographers & Creative Businesses

Decoding Tax Due Dates and Payment Strategies for Creative Businesses

In this episode of Let's Get Fiscal, hosts Anastasia Maisha and Danielle from Coterie Tax debunk the myth that taxes are solely due on April 15th. They explain the complexities of tax payments, highlighting the importance of quarterly estimated payments for freelancers and business owners. The episode covers strategies for managing tax payments, understanding state-specific deadlines, and the difference between filing an extension and paying taxes. They also delve into the benefits of using tax strategists and how specific financial maneuvers can save money and optimize cash flow throughout the year.

00:00 Debunking Tax Myths: April 15th Misconception

00:34 Understanding Tax Deadlines and Payments

01:08 Quarterly Estimated Payments Explained

02:42 Penalties and Interest for Underpayment

03:29 Safe Harbor Rules and Tax Strategies

05:32 Extensions and Payment Deadlines

08:17 Creative Tax Payment Strategies

16:31 Final Tips and Wrap-Up

🔗 Helpful Links & Resources

📬 Got a question for the show?

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

🎧 Want to listen to more episodes?

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

📊 Need personalized help with your business finances?

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

Let’s Get Fiscal Podcast EP11 - Are You Overlooking City Business Taxes That Could Cost You Thousands Discover the Exemptions You Might Be Missing

Understanding Your City Business Taxes: Compliance for Creative Entrepreneurs

In this episode of Let's Get Fiscal, hosts Anastasia Maisha and Danielle from Coterie Tax discuss the often-overlooked aspect of city business taxes aimed at creative businesses. They emphasize the importance of knowing about these taxes to avoid fines and extra charges. The hosts specifically dive into the tax requirements for cities like Los Angeles and New York City, highlighting the complexities and necessary compliance. They explain exemptions available for creatives and the need for accurate and timely filing. Useful tips are provided for staying compliant, including the significance of knowing your business location's city jurisdiction and keeping communication open with your tax professional.

00:00 Introduction to City Business Taxes

00:40 Understanding City Tax Compliance

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

02:02 Home Occupation Licenses and Compliance

02:56 Filing and Compliance Tips

03:47 City of LA Business Tax Details

05:26 Creative Professionals and Tax Exemptions

06:21 Production Companies and Tax Classification

06:56 Navigating the City of LA Tax System

11:03 New York City Corporate Taxes

13:57 General Tips for City Tax Compliance

15:14 Conclusion and Final Thoughts

🔗 Helpful Links & Resources

📬 Got a question for the show?

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

🎧 Want to listen to more episodes?

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

📊 Need personalized help with your business finances?

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

EP10 - Can You Really Turn State Taxes Into a Federal Deduction Unlock the Pass-Through Entity Tax Loophole

Navigating Pass-Through Entity Taxes for Creative Businesses

In this episode of Let's Get Fiscal, hosts Anastasia Maisha and Danielle discuss the intricacies of pass-through entity taxes. They explain how these taxes work, the benefits of using them to deduct state income taxes on federal returns, and the recent legislative changes that impact them. The episode stresses the importance of planning and sometimes seeking professional help to maximize tax benefits and avoid penalties. Listeners will learn how to strategize their tax payments to optimize deductions and manage their business finances more effectively. The episode also highlights key federal and state deadlines and the difference between itemized and standard deductions.

00:00 Introduction to Federal Tax Incentives

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

01:04 How PTET Works for Businesses

03:33 The SALT Cap and Its Implications

06:22 Workarounds and IRS Interpretations

09:35 Understanding Tax Return Deadlines

10:20 Itemized vs. Standard Deductions

11:57 Pass-Through Entity Tax Considerations

13:49 State-Specific Tax Election Deadlines

16:37 Professional Assistance and Final Thoughts

🔗 Helpful Links & Resources

📬 Got a question for the show?

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

🎧 Want to listen to more episodes?

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

📊 Need personalized help with your business finances?

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

EP09 - How a Filmmaker's $400,000 Gain Was Almost a Financial Disaster

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

In this episode of "Let's Get Fiscal," hosts Anastasia Maisha and Danielle of Coterie Tax explore a real-life case study of a filmmaker who made $400,000 but lost a significant amount to taxes due to improper business structuring. They discuss the importance of choosing the right business entity, the benefits of converting to an LLC and S Corporation, and strategies like reasonable compensation studies, setting up 401(k) plans, and leveraging Airbnbs for tax savings. They also delve into advanced planning tactics, including donor-advised funds, high-deductible health insurance plans, and backdoor Roth IRAs, ultimately highlighting how smart financial planning can lead to substantial tax savings and better financial health for creative business owners.

00:00 Introduction: The Costly Mistake

01:36 Understanding Business Structures

02:53 Tax Strategies for High Income

05:24 Maximizing Tax Savings

07:21 Advanced Tax Planning

11:56 Bookkeeping and Future Planning

14:07 Maximizing Tax Savings with Bonus Depreciation

14:47 Airbnb Investment Strategies

15:56 The Power of 1031 Exchanges

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

20:02 Backdoor Roth IRAs for Long-Term Savings

22:17 Charitable Giving with Donor Advised Funds

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

26:17 Conclusion and Next Steps

🔗 Helpful Links & Resources

📬 Got a question for the show?

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

🎧 Want to listen to more episodes?

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

📊 Need personalized help with your business finances?

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

Leveraging Tax Credits to Attract Film Investors

In this episode of 'Let's Get Fiscal,' hosted by Anastasia Myiesha and Danielle from Coterie Tax, the focus is on how filmmakers can utilize tax strategies to make their projects more attractive to investors. The discussion covers various state film tax credits, with a deep dive into how Georgia's tax credit system can benefit film productions. They highlight the importance of positioning and the symbiotic relationship between tax benefits and investor returns. The episode also emphasizes the significance of understanding tax laws to support creative projects, especially those with diverse and minority-driven messages. By strategically using tax credits, filmmakers can secure funding more effectively, ensuring their vision gets the financial backing it needs.

00:00 Introduction to Attracting Film Investors

00:36 Leveraging State Tax Credits

01:04 Creating Symbiotic Relationships with Investors

01:29 Understanding the Market for Tax Credits

04:04 Exploring State-Specific Tax Credits

06:21 Maximizing Investor Returns with Tax Strategies

09:11 Passive Income and Tax Offsetting

11:23 Finding the Right Investor for Your Production

11:46 Tax Benefits for Small Investors

12:58 Impact of Administration Changes on Grants

14:09 Aligning Production Goals with Investor Beliefs

16:27 Pitching Your Production Effectively

17:34 Utilizing Tax Law to Support Productions

20:33 Conclusion and Final Thoughts

🔗 Helpful Links & Resources

📬 Got a question for the show?

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

🎧 Want to listen to more episodes?

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

📊 Need personalized help with your business finances?

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

EP07 - Are You Ready for the 2025 Tax Overhaul? Learn How to Optimize Your Finances Now

In the premiere episode of Let's Get Fiscal, hosts Anastasia and Myiesha from Coterie Tax explain the significant tax changes in Washington's latest bill, the Big Beautiful Bill Act of 2025. They dive into crucial updates such as the return of 100% bonus depreciation, enhancements to state and local income tax deductions, and the continuation of the Qualified Business Income deduction. The hosts also discuss the expiration of the electric vehicle tax credit and the complexities around pass-through entity tax. Learn how these changes impact small business owners and the strategies to maximize benefits for a thriving creative business.

00:00 Introduction to Creative Business Taxes

00:43 Overview of the 2025 Tax Bill

01:45 Key Changes in Tax Provisions

03:28 Bonus Depreciation Explained

07:32 State and Local Tax Deductions

09:03 Pass-Through Entity Tax

15:06 Navigating Business Ownership and Tax Caps

15:34 Understanding the Qualified Business Income Deduction

18:21 Implications of the Electric Vehicle Tax Credit Expiration

21:05 Strategic Tax Planning for Business Owners

25:43 The Importance of Consulting a Tax Professional

27:35 Final Thoughts and How to Get More Information

🔗 Helpful Links & Resources

📬 Got a question for the show?

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

🎧 Want to listen to more episodes?

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

📊 Need personalized help with your business finances?

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

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

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

00:00 Introduction to Business Classification

00:39 Common Misclassification Mistakes

00:58 Employee vs. Contractor: Key Differences

01:54 State Regulations and Compliance

02:26 Payroll Systems and Benefits

04:14 Workarounds and Solutions

06:48 Long-term Implications and Legal Risks

08:53 Ensuring Proper Classification

11:19 Understanding Employee Classification

12:07 Navigating State Regulations

12:49 Workarounds and Tax Implications

14:14 Employee Benefits and Tax Planning

16:12 Contractor vs. Employee: Key Considerations

19:17 Final Thoughts and Advice

🔗 Helpful Links & Resources

📬 Got a question for the show?

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

🎧 Want to listen to more episodes?

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

📊 Need personalized help with your business finances?

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

Navigating Business Write-Offs: Essential Tax Tips for Filmmakers

🎙 Let’s Get Fiscal – Episode 6

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

From buying gear to claiming your home office—what really counts as a write-off?

In this episode of Let’s Get Fiscal, the ladies of Coterie Tax break down what filmmakers and creatives can actually deduct from their taxes—without getting flagged by the IRS. They cover key topics like what qualifies as a legitimate business, how to define “ordinary and necessary” expenses, and where the line is between personal and business costs.

You’ll hear real-world examples (yes, including cosmetic surgery and private jets), learn how to navigate tricky tax deductions like home office use and vehicle mileage, and get pro tips on documentation that can protect you during an audit. Whether you’re on set, in post, or just launching your first project—this episode is a filmmaker’s financial toolkit.

🕒 Episode Breakdown

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

00:35 – Understanding deductions and your taxpayer rights

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

07:16 – Defining “ordinary and necessary” expenses

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

18:06 – How home office deductions actually work

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

27:56 – Final tips: Separation, documentation, and best practices

🔗 Helpful Links & Resources

📬 Got a tax or business question you want answered on the show?

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

🎧 Want to hear more creative-friendly financial strategies?

Catch up on past episodes: https://www.coterietax.com/podcast

📊 Need help organizing and optimizing your business finances?

Work with the team at Coterie Tax → https://www.coterietax.com

🎙 Let’s Get Fiscal – EP04 - Most Creatives Are Asking the Wrong Financial Questions—Here’s What the Smart Ones Do Instead

Hosted by Anastasia & Myiesha | Coterie Tax and Advisory

Running a creative business? Knowing the difference between a bookkeeper, CPA, tax preparer, and strategist can make or break your financial success.

In this episode of Let’s Get Fiscal, Anastasia and Myiesha unpack the key financial roles that every creative business owner needs to understand. From handling day-to-day finances to long-term tax strategy, you’ll walk away with the clarity to hire smarter, communicate better, and scale with confidence. They also explore how artificial intelligence is beginning to reshape the finance world—what to watch for, and how to stay ahead.

Whether you’re a freelancer, agency owner, or scaling creative brand—this episode will help you make better financial decisions that fuel your growth.

🕒 Episode Breakdown

00:00 – Welcome to Let’s Get Fiscal

02:35 – What exactly does an accountant do?

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

04:25 – CPAs and their wide-ranging expertise

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

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

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

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

16:18 – What should financial support actually cost?

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

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

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

27:58 – Final thoughts: Building your financial dream team

🔗 Helpful Links & Resources

📬 Got a question for the show?

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

🎧 Want to listen to more episodes?

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

📊 Need personalized help with your business finances?

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