Lets Get Fiscal

EP40 - Is Your NYC S-Corp Secretly Losing Money? Discover the Hidden Tax Trap!

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

EP39 - How Can NY's Pass-Through Tax Save You Money? Secrets to Thousands in Deductions

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

EP38 - LA Business Tax for Creatives: How to Qualify for the $300K Exemption

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

EP37 - What Docs Do Creatives Need for Taxes? 5 Must-Have Forms to Avoid Delays

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

EP36 - How Do Creatives Save on Taxes? The One-Page Plan You'll Love!

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