EP43 - How Are Retainers Taxed? Your Creative Business Playbook

EP43 - How Are Retainers Taxed? Your Creative Business Playbook

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

EP42 - Is Your Accountant Costing You? Spot Red Flags and Make a Change!

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

EP41 - Can Hairdressers Really Thrive Independently? Discover Financial Freedom

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

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