Coaches, Consultants, and Money

Get my Monthly Newsletter here Erica encourages solo consultants to find ways to pause, whether it's taking a week off, a quiet morning, or even a month-long break. She highlights some of the most downloaded episodes for listeners to revisit during the hiatus and wishes everyone a restful and enlightening summer.   00:00 Introduction to the Podcast 00:44 Summer Break Announcement 01:11 The Importance of Pausing 02:30 Personal Reflections on Rest 03:56 Encouragement for Listeners 04:44 Recommended Episodes ____________________ Episodes Referenced: 73. [The Soloist Life] Building a Six-Figure Advisory Business (Working 15 Hours A Week) 85. Understanding Self-Employed Health Insurance with Jessica Skoney 86. Retirement Plans for Consultants ____________________ Connect with Erica | LinkedIn | Website | Newsletter

Work With Erica Erica explains the potential savings on self-employment taxes and the trade-offs with the Qualified Business Income Deduction (QBID). Erica advises listeners to hold off on making the S-Corp election until there's more clarity on tax laws, which are expected to change with the expiration of the Tax Cuts and Jobs Act in 2025.   00:00 Intro 00:45 The Importance of Timing for S Corp Election 01:49 Understanding S Corp and QBID 02:50 The Impact of the Tax Cuts and Jobs Act 04:11 Why Waiting is the Smart Move 05:52 Practical Steps for 2025 07:13 Concierge Bookkeeping   ____________________ Connect with Erica | LinkedIn | Website | Newsletter

Erica explains the journey of an avocado from a farm in Michoacan, Mexico to a grocery store in the U.S., breaking down the costs involved and how a 25% tariff impacts the final price to consumers. She also talks through broader economic issues affecting solo consultants and small businesses. 00:00 Introduction to the Podcast 00:43 Understanding Tariffs with Avocados 03:26 Breaking Down Tariff Math 07:01 The Impact of Trade Agreements 08:57 Current Economic Trends for Consultants 10:53 Final Thoughts 11:23 Concierge Bookkeeping Service Work With Erica ____________________ Resources Referenced: White House Fact Sheet | https://www.whitehouse.gov/fact-sheets/2025/04/fact-sheet-president-donald-j-trump-declares-national-emergency-to-increase-our-competitive-edge-protect-our-sovereignty-and-strengthen-our-national-and-economic-security/ ____________________ Connect with Erica | LinkedIn | Website | Newsletter Work With Erica

Work With Erica A little tax trivia on this April 15th…   00:43 Tax Day Anecdote 01:23 Weird and Wacky Tax Facts 03:55 Fun Facts About Money 04:40 IRS Whistleblower Program ____________________ Resources Referenced: IRS Whistleblower Office | https://www.irs.gov/compliance/whistleblower-office ____________________ Connect with Erica | LinkedIn | Website | Newsletter

Work With Erica Erica suggests four actionable tasks: checking your credit report, reviewing your social security statement, calculating your net worth, and verifying your tax withholdings. Each task is designed to take about 10-20 minutes and provides insights into your financial health.   00:43 Tax Season Reminders and Energy Credits 02:20 April Financial Checkup: Four Key Tasks 02:39 #1: Check Your Credit Report 04:12 #2: Review Your Social Security Statement 07:29 #3: Calculate Your Net Worth 09:32 #4: Review Your Tax Withholding 11:30 Recap and Final Thoughts ____________________ Resources Referenced: Annual Credit Report | www.annualcreditreport.com Social Security website | www.ssa.gov Net Worth Tracker | https://docs.google.com/spreadsheets/d/1ptzTAne_AILcTUMQ-G8eu0-44QusfInzF9BicdignXg/copy?usp=sharing   ____________________ Connect with Erica | LinkedIn | Website | Newsletter

Work With Erica Erica and her husband Ben Goode, CPA discuss the benefits of travel credit cards over cash back cards, emphasizing the savings on taxes and the accumulation of travel miles for personal use. The conversation includes a case study of their upcoming family vacation to Mexico, breaking down the points earned from Delta and Marriott credit cards, resulting in significant cost savings on flights and hotel stays.    05:11 Business Credit Cards: Travel Rewards vs. Cashback 06:52 IRS Guidelines on Frequent Flyer Miles 10:56 Case Study: Using Business Credit Cards for Personal Travel 16:16 Accumulating Hotel Points 16:36 Cost Breakdown of the Stay 17:29 Booking Strategies and Room Upgrades 18:13 Maximizing Value with Points 22:06 Accumulating Marriott Points 30:04 Final Takeaways and Travel Tips   ____________________ Resources Referenced: IRS Frequent Flyer Announcement | https://www.irs.gov/pub/irs-drop/a-02-18.pdf Ep93 - Best Business Credit Cards: Travel Rewards vs Cash Back ____________________   Connect with Erica | LinkedIn | Website | Newsletter Connect with Ben | LinkedIn

In this episode Erica addresses a common question from clients: what is the best credit card for business use? She explains why travel reward credit cards are generally a better choice than cashback credit cards for solo consultants. Erica emphasizes that travel points and frequent flyer miles are not taxed by the IRS and don't reduce business deductions, unlike cashback rewards.   00:00 Introduction to the Consultants and Money Podcast 00:50 Choosing the Best Credit Card for Your Business 01:43 Why Travel Reward Credit Cards Are Better 03:13 Maximizing Travel Rewards for Business and Personal Use 05:16 The Downside of Cashback Credit Cards 06:36 Final Tips and Recap 08:15 Conclusion and Next Steps 08:48 Concierge Bookkeeping Service   Work With Erica ____________________ Connect with Erica | LinkedIn | Website | Newsletter  

Erica sits down with Luke Sauter, a CPA, PFS, and investment advisor who shares insights on the intricacies of financial planning, emphasizing the importance of choosing a trustworthy fiduciary who provides consistent, transparent, and comprehensive wealth management services.   00:43 Meet Luke Sauter: CPA and Financial Specialist 02:34 A Personal Journey: From Corporate to Consulting 04:54 Understanding Financial Designations and Trust 09:37 The Role of a Fiduciary and Financial Planning 16:03 Building Trust and Transparency in Financial Advisory 20:56 The Importance of Regular Communication with Advisors 26:30 The Advisor Mindset Shift 27:13 Transactional vs. Relational CPA Models 28:26 The Importance of Integrated Wealth Management 32:37 Financial Planning for Different Net Worths 36:58 Understanding AUM and Fee Structures 49:59 Choosing the Right Financial Advisor 56:13 Conclusion and Contact Information   Get my Monthly Newsletter here ____________________ Connect with Luke | Website | LinkedIn | Facebook | Instagram | YouTube Connect with Erica | LinkedIn | Website | Newsletter   Disclaimers: Vidarrow Investment Advisors is a Registered Investment Adviser in the state of Illinois. Advisory services are only offered to clients or prospective clients where Vidarrow and its representatives are properly registered or exempt from registration. This podcast is for informational purposes only and does not constitute individualized advice or a guarantee that you will achieve a desired result. You should consult with appropriate tax and/or financial advisors for advice specific to your situation. All expressions of opinion reflect the judgment of the host/interviewee on the date of the program and are subject to change. Luke Sauter is an investment adviser representative of Vidarrow. The firm is a registered investment adviser and only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. Discussions should not be construed as an offer to buy or sell, or a solicitation of an offer to buy or sell the investments mentioned. A professional adviser should be consulted before implementing any of the strategies discussed. Investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for a client's portfolio. All investment strategies can result in profit or loss.  

Contact Form   This episode covers a tax season checklist for consultants and consulting firm owners.   (00:43) A Funny Story About Margaritas (02:29) The Importance of Accurate Tax Inputs (03:00) Steps to Prepare for Tax Season (03:13) Reconcile Everything (05:31) Owner Distributions and Your P&L (06:42) Retirement Contributions (07:27) Organizing Receipts (08:58) Filing 1099s (09:37) Mileage Log for Business Deductions (10:28) The Importance of Early Tax Preparation (11:11) Conclusion and Final Tips   ____________________ Resources Referenced: 86. Retirement Plans for Consultants | https://www.ericagoode.com/podcast/ep86 ____________________ Connect with Erica | Website | Contact Form

Get my Monthly Newsletter here In this episode, Erica is joined by Steve Nay, a tax professional and enrolled agent, to discuss the various credentials in the tax profession including CPAs, EAs, and the Annual Filing Season Program (AFSP). The also discuss how much a tax return should cost, as well as the potential ramifications of converting to an S-corp.   (00:00) Introduction to the Podcast (00:43) Meet the Guest: Steve Ney (02:01) Understanding Tax Accreditations (03:57) Differences Between CPA and EA (06:58) Tax Representation and Audits (11:11) Finding the Right Tax Preparer (16:44) Annual Filing Season Participant (AFSP) (18:07) Annual Filing Season Program Overview (19:31) Credentials and Representation Rights (21:28) Cost of Tax Preparation (22:47) S Corp Election and Its Implications (28:02) DIY Tax Preparation: Risks and Recommendations (30:55) Choosing the Right Tax Preparer (35:28) Contact Information   ____________________ Resources Referenced: IRS Search for Tax Return Preparers | https://irs.treasury.gov/rpo/rpo.jsf ____________________ Connect with Steve | LinkedIn | Website Connect with Erica | LinkedIn | Website | Newsletter

Get my Monthly Newsletter here In this episode, Erica discusses the importance of turning off the noise that misaligns with your business goals. She emphasizes the value of starting the new year with clear intentions and filtering out content that doesn't support your unique vision.   (00:00) Introduction to the Podcast (00:44) New Year Reflections and Intentions (01:08) The Impact of Noise on Your Business (03:43) Practical Steps to Turn Down the Noise (06:02) Conclusion and Final Thoughts (06:14) Stay Connected Connect with Erica | LinkedIn | Website | Newsletter

Get my Monthly Newsletter here In this episode, Erica shares her top three business book recommendations from 2024 and three bonus reads unrelated to business that left an impact on her.   00:00 Introduction to Consultants and Money Podcast 00:48 Personal Journey with Reading 02:16 Top Business Books of 2024 05:15 Bonus: Non-Business Books That Made an Impact 07:58 Closing Remarks and Holiday Wishes   ____________________ Your 2025 "To Be Read" List: The Simple Path to Wealth by JL Collins | https://a.co/d/4bkAkQl Slow Productivity by Cal Newport | https://a.co/d/5a8Ts68 Never Enough by Andrew Wilkinson | https://a.co/d/gYnSyyi Breath by James Nestor | https://a.co/d/ckssTtK Destiny of the Republic by Candice Millard | https://a.co/d/80kCZ5p The Giver by Lois Lowry | https://a.co/d/5q67wyd ____________________ Connect with Erica | LinkedIn | Website | Newsletter

In this episode of the Consultants and Money podcast, host Erica Goode CPA is joined by Nicole McClintock, founder and CEO of Taximize. They discuss the complexities of state and local taxes (SALT), especially for consultants operating across multiple states. Nicole emphasizes the importance of understanding where your business has employees and clients, how state-specific rules can impact your tax obligations, and why it's crucial to have thorough conversations with your CPA. They also highlight the risks associated with not addressing multi-state tax issues upfront and provide practical advice on when and why to seek professional guidance.   (00:49) Meet Nicole McClintock: Founder and CEO of Taximize (03:13) Nicole's Journey from Public Accounting to Taximize (07:02) Understanding State and Local Taxes (SALT) (07:57) Key Considerations for Solo Consultants on State Taxes (11:04) Navigating Multi-State Tax Complexities (20:24) The Importance of Asking Your CPA Questions (33:23) Final Thoughts and How to Reach Nicole ____________________ Connect with Nicole | LinkedIn (Nicole) | LinkedIn (Taximize) | Website Connect with Erica | LinkedIn | Website | Newsletter

Get my Monthly Newsletter here This episode, Erica covers 4 key retirement plans: Roth IRAs, Traditional IRAs, SEP IRAs, and Solo 401ks. Erica explains the eligibility criteria, 2024 contribution limits, and special considerations based on business structure (sole proprietor, LLC, or S Corp). She highlights the benefits and potential drawbacks of each plan, offering insights to help solo consultants make informed retirement savings decisions.   (00:54) Retirement Planning for Self-Employed Consultants (02:11) Roth IRA: The Favorite Child (03:55) Traditional IRA: A Flexible Option (05:46) SEP IRA: Ideal for High, Fluctuating Income (07:57) Solo 401k: High Limits and Flexibility (09:48) Key Takeaways and Final Thoughts (11:43) Stay Connected and Informed   ____________________ Resources Referenced: Ep69 - SEP vs Solo 401(k) with Sean Mullaney, CPA ____________________ Connect with Erica | LinkedIn | Website | Newsletter

Get my Monthly Newsletter here This episode features health insurance broker Jessica Skoney. They delve into a broad range of topics essential for self-employed consultants navigating health insurance. They discuss private versus marketplace plans, utilizing healthcare.gov and state exchanges, and the complexities of health insurance applications. Key highlights include understanding brokers vs. agents, accurately reporting income for tax credits, how to verify correct income figures, budgeting for health insurance, and the importance of seeking second opinions on brokers. With practical advice and real-world examples, this episode empowers listeners to make informed decisions about their health insurance options.   (01:20) Understanding Self-Employed Health Insurance Options (02:30) Private Insurance vs. Marketplace Plans (04:13) Navigating the Marketplace (12:45) State Marketplaces and Medicaid (19:34) The Role of Brokers and Agents (21:54) Initial Consultation with a Broker (23:45) Understanding Client Needs (23:55) Impact of Age on Health Insurance (24:59) Cost Considerations for Self-Employed Individuals (27:47) Importance of Accurate Income Reporting (31:24) Household Income and Tax Credits (36:12) Navigating Health Insurance Options (39:47) Working with Health Insurance Brokers (45:34) Conclusion and Contact Information ____________________ Connect with Jessica | Website | Instagram | Facebook Connect with Erica | LinkedIn | Website | Newsletter  

Get my Monthly Newsletter here In this episode of the Consultants and Money Podcast, host Erica Goode is joined by Paulina Proper, co-founder of District Trademark. They explore the world of trademarks, intellectual property, and strategic branding for solo consultants. Learn how to protect your brand, navigate the trademark process, and ensure your business's legal foundations are solid. Whether you're concerned about copyrights, patents, or trade secrets, this discussion provides valuable insights to help secure your brand's identity. Stay informed on how trademarks can add value to your consulting business and potentially save you from costly rebranding in the future.   (00:00) Introduction to the Podcast (00:46) Meet Paulina Proper: Trademark Expert (02:25) Understanding Intellectual Property (04:08) Trademarks in Action: Real-World Examples (07:26) AI and Intellectual Property (09:55) Trademarking for Consultants (12:51) The Importance of Trademarking (23:48) Navigating the Trademark Process (29:15) Costs and Considerations (36:06) Final Thoughts and Advice (37:56) Stay Connected Connect with Paulina | LinkedIn | District Trademark  Connect with Erica | LinkedIn | Website | Newsletter

Get my Monthly Newsletter here In this episode of the Consultants and Money podcast, host Erica Goode is joined by Joel Claremont. Joel shares his experience with Laravel, his educational business, and his revelations about financial independence and early retirement.   (00:53) Meet Joel Claremont: Laravel Expert and Podcast Co-Host (01:37) Understanding Laravel and Its Applications (04:58) Joel's Journey to Financial Independence (07:46) The 4% Rule and Retirement Planning (16:59) Balancing Work and Personal Goals (21:40) Balancing Pre-Tax and Post-Tax Investments (26:46) Hiring Your Kids: Tax Implications and Benefits (36:59) Final Thoughts   =================== Resources Referenced: Ep75 - Navigating early retirement options and "bridge years" Ep42 - BONUS: Happy Hour book review - Die With Zero Choose FI podcast Simple Path to Wealth by JL Collins Die with Zero by Bill Perkins What is the 4% rule? | Investopedia ===================   Connect with Joel | Twitter | No Compromises | Mastering Laravel Connect with Erica | LinkedIn | Website | Newsletter

Get my Monthly Newsletter here This episode talks about the importance of maintaining cash reserves for solo consultants. Erica discusses the reasons for having a cash reserve, such as covering unexpected expenses or taking advantage of sudden opportunities.   (00:00) Introduction to the Podcast (00:51) Today's Topic: Cash Reserves (01:05) Why Keep Cash Reserves? (01:24) Examples of Cash Reserve Needs (03:45) How Much to Keep in Reserve (05:10) Where to Keep Your Cash Reserves   ___________________ Related Episodes: 3. Business Money 101: Overview 4. Business Money 101: LLCs & EINs 5. Business Money 101: Business Insurance 6. Business Money 101: Bank accounts 7. Business Money 101: Bookkeeping 44. Business Money 201: Intro  45. Business Money 201: Paying the IRS 46. Business Money 201: Paying Yourself 47. Business Money 201: Charitable Giving ____________________________________________ Connect with Erica | LinkedIn | Website | Newsletter

Get my Monthly Newsletter here   Erica Goode interviews Will Rainey, author of 'Grandpa's Fortune Fables,' a book designed to teach children about financial literacy through engaging stories. Will shares his backstory, including his career in financial consulting, his move to Asia, and the pivotal moment that inspired him to leave the corporate world to spend more time with his family. He discusses how he began teaching his children about money by weaving financial lessons into bedtime stories, which eventually evolved into his popular book.   (00:29) Will Rainey's Background and Career (01:15) The Inspiration Behind Grandpa's Fortune Fables (06:37) Teaching Kids About Money Through Stories (10:07) Personal Impact and Family Lessons (20:52) The Move to Vietnam and Lifestyle Changes (27:22) Returning to Corporate Life (30:36) Final Thoughts and Advice for Parents (33:12) Recap and Takeaways =========================== Resources Referenced: Grandpa's Fortune Fables by Will Rainey Built To Sell by John Warrillow Rich Dad Poor Dad by Robert Kiyosaki ===========================   Connect with Will | LinkedIn | Blue Tree Savings Connect with Erica | LinkedIn | Website | Newsletter  

In the summer series finale Erica and Ben delve into a financial case study of whether it's more cost-effective to buy or rent a vacation home.   (00:00) Podcast Rebranding Announcement (03:33) Should You Buy a Vacation Home? (05:16) Financial Model for Vacation Home Decision (06:48) Survey Insights and Personal Experiences (09:49) Assumptions and Details of the Financial Model (17:14) Understanding Home Value Growth Rate (18:56) Rental Assumptions and Long-Term Benefits (21:31) Investment Growth Rate in Rental Scenarios (23:05) Analyzing the Cash Flow Model (30:08) Qualitative Considerations in Financial Decisions (33:17) Wrapping Up the Summer Series   ============== Link to cashflow model: https://docs.google.com/spreadsheets/u/1/d/1Uj-mng12ul-sBolzGEJ8CELNVNFTWd7SI32vG2wIYUk/copy?gid=1267248657#gid=1267248657 ============== Connect with Erica | LinkedIn | Website | Newsletter Connect with Ben | LinkedIn  

New Ebook Announcement!   The 15-Hr Accountant: Anatomy of a $200K, 1-Employee, 15 hr/wk Accounting Firm   Connect with Erica > LinkedIn

Erica and Ben delve into different investment options, from hiring financial advisors and using robo-advisors to managing DIY investments with individual stocks, mutual funds, index funds, bonds, and money market accounts.   01:01 Discussing Summer Reads 08:27 Financial Advisors and Fees 11:17 Exploring Robo-Advisors 15:12 DIY Investing and 401k Management 24:54 Understanding Bond Funds 25:28 Investing in Index Funds 27:13 Mutual Funds vs. Index Funds 29:09 Target Date Funds Explained 31:15 Introduction to Bonds 32:22 The Bond Market and Risk 34:46 Junk Bonds and Their Appeal 38:09 Money Market Accounts and CDs 41:56 Final Thoughts and Advice   Resources Referenced: The War Below: Lithium, Copper and the Global Battle to Power Our Lives by Ernest Scheyder How to Suffer Outside: A Beginner's Guide to Hiking and Backpacking by Diana Helmuth NerWallet's 12 Best Robo-Advisors: Top Low-Cost & Free Options Connect with Erica | LinkedIn | Website | Newsletter Connect with Ben | LinkedIn

LEAVE A REVIEW! If you enjoyed this episode, do us a favor and leave a rating and review right here on your podcasting app. It helps others find the show. In today's episode, Erica and Ben dive deep into understanding marginal and effective tax rates, how they impact your income, and why they're important. The episode also provides tips on managing tax withholdings and recommendations for helpful financial resources. 04:57 Listener Mail: Early Retirement Resources 06:57 Exploring Budgeting Apps: Monarch 11:16 Understanding Tax Rates: Marginal vs. Effective 20:15 Practical Tax Tips and Withholding Adjustments 28:50 Wrap up Resources Referenced: Ep75 - Navigating early retirement options and "bridge years" ChooseFI Podcast / Newsletter Simple Path to Wealth by JL Collins Monarch Money (budget app) - 30 day free trial 2024 Federal Income Tax Brackets [Nerdwallet] Connect with Erica | LinkedIn | Website | Newsletter Connect with Ben | LinkedIn

LEAVE A REVIEW! If you enjoyed this episode, do us a favor and leave a rating and review right here on your podcasting app. It helps others find the show.   In this episode, Erica and Ben answer a slew of listener questions from the mailbag   02:56 Budget Tracking 07:17 When to Consult a Financial Planner 13:40 Managing Multiple Bank Accounts 18:20 Maximizing Investments for Conservative Savers 20:43 Money Market Accounts 22:47 Balancing Conservative and Aggressive Investments 24:32 Risk Tolerance 27:29 Finding the Right Tax Professional   Resources Referenced: Join the mail list The Soloist Life Podcast - Financial Planning for Soloist with Sean Mullaney The Simple Path to Wealth by JL Collins   Connect with Erica | LinkedIn | Website | Newsletter Connect with Ben | LinkedIn  

LEAVE A REVIEW! If you enjoyed this episode, do us a favor and leave a rating and review right here on your podcasting app. It helps others find the show. **** In this episode of the 'Coaches, Consultants, and Money' podcast, hosts Erica and Ben Goode delve into key personal financial decisions surrounding early retirement. They cover the practicalities of planning for early retirement, including tax-efficient savings strategies, the implications of withdrawing from retirement accounts at different ages, and utilizing credit card points creatively for financial benefit. The episode concludes with tips for financial planning, including consulting with financial advisors, and encouragement for listeners to consider their unique financial situations and goals. 04:22 Exploring the Concept of Early Retirement 07:08 The Realities and Strategies of Planning for Retirement 12:35 Understanding Social Security and Retirement Savings 17:34 Navigating Early Withdrawals and the Rule of 55 19:38 Navigating the Rule of 55 with a Solo 401k Plan 24:10 The Concept of Bridge Years in Retirement Planning 28:18 Understanding Expenses and Savings for Early Retirement 37:54 Seeking Professional Financial Advice   Connect with Erica | LinkedIn | Website | Newsletter Connect with Ben | LinkedIn

LEAVE A REVIEW! If you enjoyed this episode, do us a favor and leave a rating and review right here on your podcasting app. It helps others find the show. **** This episode from the personal finance summer series of 'Coaches, Consultants, and Money' hosted by Erica Goode and co-hosted by husband, Ben Goode, CPA, discusses the debate around whether or not it's beneficial to pay off a mortgage early. Sharing personal experiences and professional insights, they explore the pros and cons of early mortgage payoff versus maintaining it for its term. They stress the importance of personal priorities, financial strategies, and the potential psychological benefits of being mortgage-free, all while highlighting different approaches to managing a mortgage based on individual circumstances. The episode emphasizes there isn't a one-size-fits-all answer, encouraging listeners to consider their specific situations and priorities when deciding on their mortgage strategy.   00:05 Welcome to Our Summer Series: Coaches, Consultants, and Money 00:52 The Great Mortgage Debate: To Pay Off Early or Not? 01:32 Erica's First Mortgage Experience and Real Estate Insights 06:40 Strategies for Not Paying Off Your Mortgage Early 18:55 The Psychological Benefits of Paying Off Your Mortgage Early 26:37 Smart Ways to Approach Mortgage Payoff 29:46 Wrapping Up: Making the Best Financial Decision for You   Connect with Erica | LinkedIn | Website | Newsletter Connect with Ben | LinkedIn

Get my Monthly Newsletter here Today Erica shares a crossover episode from the "Soloist Life Podcast" where she was interviewed by host Rochelle Mounton.  In this conversation, Erica discusses the strategies that have enabled her to build a thriving six-figure business while working significantly fewer than 40 hours a week, from setting robust boundaries to leveraging automation. They also talk about the life benefits of setting work boundaries, how to boost your business efficiency using automation and delegation, and a broader definition of wealth in today's "gig economy". How important is it to you to create a business that aligns with your personal values and lifestyle?   Listen to The Soloist Life podcast here: https://rochellemoulton.com/soloist-podcast/    Connect with Rochelle Moulton | LinkedIn |  Website   Connect with Erica Goode, CPA | LinkedIn | Monthly Newsletter |  Website

Listen in to hear what the plans are for this summer season on the Coaches, Consultants, and Money podcast!

Get my Monthly Newsletter here As tax codes grow increasingly complex, Erica suggests a more comprehensive approach for business owners to assess their true financial health. She explains a metric she created called Total Owner Benefit and describes how it can be used to discover the full range of financial benefits derived from owning a business. These include factors traditionally excluded from profit calculations such as owner salary, health costs, and retirement contributions.  Discover why Total Owner Benefit is important to business owners,  how it differs from plain profit, how it can influence tax liabilities and more!   Related Episodes: Ep69 - SEP vs Solo 401(k) with Sean Mullaney, CPA Ep63 - Happy Hour: LASIK, HSAs, Simple Path to Wealth Ep61 - When is an S-corp a bad idea?    Connect with Erica Goode, CPA | LinkedIn | Monthly Newsletter |  Website

Get my Monthly Newsletter here Author and CEO of the Nonfiction Authors Association, Stephanie Chandler, joins Erica in this educational and engaging discussion about how business owners can use a book to build their business.  Some of the questions Stephanie answers are: What's the benefit of writing a non-fiction book? How do I know what to write about? What costs do I need to budget for when planning a book for my business?  What is the process of writing a book - how do I get started? What's the optimal length of a non-fiction book? Where and how do I find an editor?   Stephanie Chandler is the author of several books including The Nonfiction Book Marketing and Launch Plan and The Nonfiction Book Publishing Plan. She is CEO of the Nonfiction Authors Association, a vibrant community for writers, and the Nonfiction Writers Conference, a live event conducted entirely online since 2010. A frequent speaker at business events and on the radio, she has been featured in Entrepreneur, BusinessWeek, The Writer, Writer's Digest, and Wired magazine.   Resources Mentioned: Tribes by Seth Godin E-Myth by Michael Gerber Aloha Publishing Blog Post on Book Publishing Budget NonFiction Writers Conference NonFiction Authors Association   Connect with Stephanie Chandler | LinkedIn | The Nonfiction Book Marketing and Launch Plan   Connect with Erica | LinkedIn | Email List  

Get my Monthly Newsletter here In honor of yesterday's "Tax Day" - Erica addresses the question that is often high on our minds.  And the answer should be encouraging! Links to Resources Mentioned: Congressional Research | Distribution of IRS Audits by Income and Race The IRS's First-Time Penalty Abatement | Forbes article Until next time, may your week be filled with empty mailboxes and profit…   Connect with Erica Goode, CPA | LinkedIn | Monthly Newsletter |  Website

 Get my Monthly Newsletter here Today Erica is joined by Sean Mullaney, a Los Angeles-based advice-only financial planner and author of "Solo 401k: The Solopreneur Retirement Account". Sean shares his expertise on the differences between SEP IRAs and Solo 401(k)s, the benefits of each, and why most solopreneurs might favor the latter for their retirement savings.  Some of the questions they discuss are: What is the difference between a SEP IRA and a Solo 401(k)? How can an advice-only financial planner benefit your retirement planning? Can a Solo 401(k) be a better option for solopreneurs than a SEP IRA? Make sure you check out the resources below! The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Erica and the Coaches, Consultants, and Money podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc., and their services.  Important Resources Mentioned: Choose FI podcast | How to Access Your Retirement Accounts Before 59.5  Sean's Book | Solo 401(k): The Solopreneur's Retirement Account (on Amazon) Sean's Favorite Money Books: Millionaire Next Door, Thomas J. Stanley  The Simple Path to Wealth, by JL Collins Ep. 61 - When is an S-Corp a Bad Idea? Ep. 21 - What's an S-Corp and When Should I Become One?   Connect with Sean: Website | https://fitaxguy.com/ YouTube | @seanmulaneyvideos Mullaney Financial | https://www.mullaneyfinancial.com/   Connect with Erica: Instagram  LinkedIn Email List  

Get my Monthly Newsletter here   Whether it's growing fast…or slow…today Erica shares some encouragement as you move forward in your business.  Hint: growth doesn't have to be accompanied with pain! And in the meantime, may your week be filled with healthy growth, and profit…   Connect with Erica Goode, CPA | LinkedIn | Monthly Newsletter |  Website  

Get my Monthly Newsletter here   In this happy hour bonus episode, Erica and Ben crack a beer and talk about top-of-mind money topics like: saving money on hotels and rental cars update on Erica's Southwest points hack cheap first class airline tickets   Mentioned in the episode: Camp Vibes by 10 Barrel Brewing Ep18 - Free Airfare for 2 Years with this Credit Card Hack Points.me   Connect with Ben Goode, CPA | LinkedIn Connect with Erica Goode, CPA | LinkedIn | Monthly Newsletter |  Website

Get my Monthly Newsletter here This episode of a LIVE walkthrough of Erica filing her own BOI (Beneficial Ownership Information) reporting via the FinCEN website. If you haven't already, listen to Episode 65 first.   Important links mentioned in this episode: Link to BOI Reporting | https://www.fincen.gov/boi BOI Brochure | https://www.fincen.gov/sites/default/files/shared/BOI%20Informational%20Brochure%20508C.pdf Exemption from Reporting | https://www.fincen.gov/boi-faqs#C_2   Connect with Erica: Instagram  LinkedIn

Get my Monthly Newsletter here Today Erica talks about the brand new Beneficial Ownership Information (BOI) reporting law, which went into effect on January 1, 2024. Geared toward small business owners, consultants, and agency owners, this law mandates reporting to the Financial Crimes Enforcement Network (FinCEN), a branch of the U.S. Department of Treasury. Inside, you'll find the answers to such questions as: What is the Corporate Transparency Act? Who is exempt from these requirements? Can I file my BOI report myself, or do I need a professional? What information do I need to file my business's report? What are the deadlines for filing? If you haven't filed this yet, listen to the Bonus episode: Live BOI Application Walkthrough, where Erica walks you through the process as she completes it for her own business.   Important links mentioned in this episode: Link to BOI Reporting | https://www.fincen.gov/boi BOI Brochure | https://www.fincen.gov/sites/default/files/shared/BOI%20Informational%20Brochure%20508C.pdf Exemption from Reporting | https://www.fincen.gov/boi-faqs#C_2   Connect with Erica: Instagram  LinkedIn

Get my Monthly Newsletter here Welcome to part 2 of the mini-series “To Hire or Not to Hire.”   Today Erica talks with Geraldine Carter, a business coach who works with CPAs to help them go down to a forty-hour, then twenty-five-hour, and then eventually fifteen-hour work week without losing revenue. Their deep-dive discussion covers strategies for optimizing work hours and productivity without necessarily expanding the team. Just another approach to growing a profitable business! Find the answer to these questions inside… How can coaches and consultants scale their business without hiring? What are the benefits of staying solo versus hiring in consulting? How can hiring experts help consultants avoid the hire-fire cycle? What strategies can be used to reduce work hours without losing revenue? Can you grow your consulting business profit without expanding your team? Books mentioned in this episode: Getting Things Done, David Allan Value-Based Fees, by Alan Weiss Business of Expertise, by David C Baker   If you missed the first part of this 2-part series, catch it here: https://www.ericagoode.com/podcast/ep62   Reach out to Geraldine: On her website - GeraldineCarter.com Listen to the Business Strategies for CPAs podcast - on Spotify: https://spoti.fi/3HPR37G   Connect with Erica: Instagram  LinkedIn  

Get my Monthly Newsletter here   In this happy hour bonus episode, Erica and Ben crack a beer and talk about top-of-mind money topics like: Is LASIK covered by insurance? What items are HSA eligible? Can you use your HSA for a medical hotel stay? How much is medical mileage? Book Review: Simple Path to Wealth by JL Collins How can a donor-advised fund (DAF) save you taxes?   Links to Topics Mentioned: Cold Smoke Scotch Ale | KettleHouse Brewing Co Ben's LASIK | Idaho Eye and Laser Center HSA eligible items | HSA Bank Simple Path to Wealth by JL Collins | Amazon | Goodreads How do donor-advised funds (DAFs) work? | NerdWallet Fidelity's DAF | Fidelity Charitable   Connect with Ben Goode, CPA | LinkedIn Connect with Erica Goode, CPA | LinkedIn | Monthly Newsletter |  Website

Get my Monthly Newsletter here Welcome to part 1 of the 2-part mini-series “To Hire or Not to Hire.”  As a business owner, whether you choose to stay solo or grow a team is your decision. Think about your needs, your business model, and what's right for you.  Then take the time to listen to this episode and the next one, and move forward. Either way can be profitable! Find the answer to these questions inside… What are the critical factors for small business owners to consider when deciding to hire their first employee? How can small business owners identify the right time to expand their team? What are the differences in hiring needs between solopreneurs and businesses with up to 200 employees? What strategies can help determine the best first hire for a small business? How does understanding business bottlenecks aid in making effective hiring decisions? What role does company culture play in the hiring process for small businesses? How can small business owners develop a clear picture of their ideal candidate? What are the best practices for onboarding new hires in a small business setting?   Reach out to Jamie: On her website - growingyourteam.com Listen to the Growing Your Team podcast - on Spotify: https://spoti.fi/3OnCL1M Follow her on Instagram - @growingyourteam   Connect with Erica: Instagram  LinkedIn  → Don't miss an episode!   

Get my Monthly Newsletter here   In this must-listen episode, we delve into the crucial decision of converting your business to an S-corp. Is it the right move for your business in its early years? What about as you approach retirement? Plus, we explore the implications for those juggling a W-2 job alongside their consulting gig. Diving into: Early-stage business and S-corp advantages S-corp considerations for pre-retirement planning Balancing a W-2 job with an S-corp structure   Related episodes: 55 - 3 Things You Need to Change When Becoming an S-Corp-  https://www.ericagoode.com/podcast/ep55 25 -  How to Pay Yourself From Your Business: Salary vs Owner Distributions vs Profit - https://www.ericagoode.com/podcast/ep25 21 -  What's an S-Corp and When Should I Become One? - https://www.ericagoode.com/podcast/ep21   Connect with Erica: Instagram  LinkedIn Email List

Get my Monthly Newsletter here Is THIS the year that you are leaving the corporate cushion and heading out on your own? If so, here's the “speed dating version” of what you need to get set up. Set up an LLC Get an EIN Get a separate business bank account Get business insurance Set up a good bookkeeping system (and maybe hire a good bookkeeper, too!)   If you want a deeper dive into the items above, check out the episodes below: Episodes in the “Business Money 101” series: Ep 3 - Financial Foundations - https://www.ericagoode.com/podcast/ep3 Ep 4 - LLCs and EINs -https://www.ericagoode.com/podcast/ep4 Ep 5 - Business Insurance - https://www.ericagoode.com/podcast/ep5 Ep 6 - Bank Accounts - https://www.ericagoode.com/podcast/ep6 Ep 7 - Bookkeeping Practices - https://www.ericagoode.com/podcast/ep7    Connect with Erica: Instagram  LinkedIn Email List  

Enjoy this casual conversation I had with our 12-year-old daughter about money - and a little bit of life. From our family to yours, we hope you're taking this time during the holiday season to relax and enjoy some time with family and friends!

This episode, we're talking through what type of accountant you need in your business and when to hire them. And to keep it in the spirit of the Holidays, I've borrowed a page from The Christmas Carol to explain how each of “the ghosts of accounting” work, how to decide when you need each one - and why. Talking through: Difference between an accountant and a CPA What type of tax preparer you should hire? When to invest in a bookkeeper What does a fractional CFO do?   Connect with Erica: Instagram  LinkedIn Email List  

We're talking all-things high-yield business savings account today: What's a high-yield savings account? How much should you put in a high-yield savings account Are they safe? How to find a good one I'll even walk you through how I move money in and out of my high-yield savings account throughout the year.    Connect with Erica: Instagram  LinkedIn Email List  

Are you a “corporate refugee”?  In this informative and engaging conversation with David Shriner-Cahn, he touches upon a wide range of issues that relate to the journey from being an employee to becoming a successful entrepreneur.  Just some of the topics discussed in this episode: What exactly IS a corporate refugee? The reasons some people get pushed out of corporate over time and the unspoken biases that can create entrepreneurs The sense of loss and other transition issues related to moving from getting a paycheck to being responsible for it How goal setting and accountability lead to success as a consultant or coach The myth of freedom as an entrepreneur Books referenced in the show:  Getting Things Done by David Allen - https://amzn.to/3Rb8d5i 12 Week Year by Brian P. Moran - https://amzn.to/49NSGzC Traction by Gino Wickman - https://amzn.to/3STzEC6 David Shriner-Cahn's weekly advice program has been named by Forbes as a Podcast To Power Up Your Ultra-Lean Business. David has also been recognized as an Entrepreneur That Will Change The Way You Communicate by Inc. Magazine. David is the podcast host and community builder behind Smashing The Plateau, an online platform offering resources, accountability, and camaraderie to high-performing professionals who are making the leap from the corporate career track to entrepreneurial business ownership. Starting your own business is hard enough without having to go it alone. Smashing The Plateau is David's solution to the problems that keep entrepreneurs up at night. As he likes to say, “With the help of people just like you in our community, you'll be able to do more of what you love and get paid what you're worth.” Reach out to David: His website: SmashingThePlateau - https://smashingtheplateau.com/ LinkedIn: https://www.linkedin.com/in/davidshrinercahn/   Connect with Erica: Instagram  LinkedIn Email List  

In this episode, Erica talks through what needs to change in your business once you convert to an S-corp for IRS tax purposes. Covered in this episode: When to start considering an S-corp Paying yourself as an employee Reasonable compensation Accountable plans (i.e. employee reimbursement policies) Business tax returns (1120-S)   Related episodes: Ep 25 - How to Pay Yourself From Your Business Ep 21 - What's an S-Corp and When Should I Become One? Ep 30 - Extending Your Tax Deadline   Book a strategy session with me   Connect with Erica: Instagram  LinkedIn Email List  

Wishing you a very happy Thanksgiving!   With Much Gratitude, Erica

Book a Strategy Session Today I welcome fellow CPA and Certified Life Coach, Sheila Hansen to the show. Sheila supports creative service providers, providing financial support to business owners such as copywriters, photographers, social media managers, coaches, and speakers. Our conversation covered such topics as: What is a “money mindset,” what a healthy one looks like, and how it drives your “financial behavior” How and where do children develop money mindsets: nature vs nurture? Money mindset within marriage and the family The shift that occurs when moving from being an employee to being a business owner Getting paid based on value vs. time How to get rid of the “I should…” for new business owners   Reach out to Sheila: Get her weekly newsletter On Instagram On LinkedIn   Connect with Erica: Instagram  LinkedIn Email List  

This week, I talk with Kate Stewart, LCPC who recently went from being a W-2 employee to a private practice and small business owner as a mental health professional. In today's conversation, we cover: employee-to-business owner mindset using a spreadsheet vs QuickBooks how no one ever taught us business tax in high school small business retirement   Related episodes: 43 - How Do I Roll Over an Old 401K? 37 - Gaining Confidence in Making Business Decisions   Reach out to Kate on LinkedIn: https://www.linkedin.com/in/kate-stewart-lcpc/   Book a strategy session here!    Connect with Erica: Instagram  LinkedIn Email List  

$1 million IT / marketing / cybersecurity / consulting agency owners - this one's for you! Today we're diving right into the $1M agency owner's planning process. (And if you're not there yet, you may want to listen anyway, so that you're prepared for the future!) Considering revenue, human resources, travel plans, taxes, etc, I run through a handful of questions to consider as you plan for a successful 2024, such as: Do you have contracts that are expiring? Is your retainer pricing or hourly billing rate going to change? How are your HR costs? How will your team grow? Taxes (of course) And more… Need a fractional CFO for your business to help with 2024 business planning? Reach out below… Connect with Erica: Instagram  LinkedIn Email List  

Sarah Walton, business coach and sales expert, is deeply passionate about empowering women to take control of their finances. In this interview, she delves into the power of exploring and analyzing data to boost your bottom line.   Sarah Walton is a business coach and sales expert who's been featured on The Today Show, speaks at women's conferences all over the world and has helped hundreds of women start and grow businesses they LOVE. From growing up in a low-income household with a single mom to helping moms turn their passion into a business they love that can support their families, Sarah's lived experience shows how women can powerfully change their lives and the lives of their families and communities. Sarah's transitioned from being “just another coach” to being a change-maker. It's time to put more money in the hands of more women, and Sarah is all in.   Connect with Sarah Walton: Grab her “Planning for Profit” calculator here - https://sarahwalton.com/freedom/ SarahWalton.com The Game On, Girlfriend podcast    Connect with Erica: Instagram  LinkedIn Email List