Coaches, Consultants, and Money: Recent Episodes
Erica Goode
A weekly podcast show for coaching and consulting business owners who have questions on all things money. Whether you're a $20K business coaching business or a $2M consulting firm, we'll talk through business taxes, paying yourself consistently, cashflow forecasting, and LLCs vs S-corps.
Hosted by Erica Goode, CPA & CFO - a former Fortune 50 corporate finance director, former Big 4 public accountant, and current wife and mom.
Check out the Life First Accounting Firm podcast on YouTube or wherever you listen to podcasts!
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In this episode of the Consultants and Money podcast, Erica Goode discusses common frustrations during tax season, over owing more than expected. She provides a method for checking withholdings to avoid surprises at tax time and offers advice on adjusting W-4 forms for better tax planning.
00:00 Understanding Tax Season Frustrations 03:26 Spot Checking Your Withholdings 08:28 Adjusting Your W-4 for Better Withholdings
Happy Holidays! Erica shares her annual list of favorite business books of the year in her final episode of 2025.
00:00 Welcome
00:50 Holiday Greetings and Year-End Reflections
01:19 Favorite Business Books of 2025
03:34 Book 1: Quit by Annie Duke
05:54 Book 2: Big Magic by Elizabeth Gilbert
08:14 Book 3: Marketing Made Simple by Donald Miller
09:38 Book 4: The Five Types of Wealth by Sahil Bloom
12:10 Book 5: Tax Planning To and Through Early Retirement by Cody Garrett and Sean Mullaney
15:55 Honorable Mentions: Non-Business Reads
20:42 Holiday Wishes and Conclusion
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Books & Resources Referenced:
Quit by Annie Duke | https://a.co/d/hoP7fHF
Big Magic | https://a.co/d/0k4QNgJ
Marketing Made Simple by Donald Miller | https://a.co/d/1UZyRh2
The 5 Types of Wealth | https://a.co/d/4ZLwpLH
Tax Planning To and Through Early Retirement by Cody Garrett and Sean Mullaney | https://a.co/d/cjPPMcm
The Comfort Crisis by Michael Easter | https://a.co/d/cQ2KL08
The Wedding People by Alison Espach | https://a.co/d/j2Ce3mk
Long Way Down by Jason Reynolds | https://a.co/d/4PtWU8T
Ep69 - SEP vs Solo 401k with Sean Mullaney, CPA
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Erica talks through the often-ignored issue of why business profits don't always translate into personal take-home pay. She introduces the 50/25/25 Rule to help consultants achieve financial stability, explaining how to divide profits into owner distributions, tax liabilities, and business reserves. Erica also discusses the nuances of tax planning based on location and household income.
00:00 Intro
00:51 The Profit and Paycheck Disconnect
01:27 Introducing the 50-25-25 Rule
02:53 Breaking Down the 50-25-25 Rule
05:28 Implementing the Rule with Rolling Averages
06:36 Adjusting for Taxes
08:03 Creating Financial Stability and Confidence
08:48 Final Thoughts
www.ericagoode.com
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Resources Referenced:
- Forecasting for Real Life | https://www.ericagoode.com/podcast/ep103
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www.EricaGoode.com
In this episode, Erica discusses the common issue of unexpected tax bills and provides strategies on how to avoid them. She explains why tax surprises happen to solo consultants, the concept of Safe Harbor in tax payments, and the importance of setting aside an appropriate percentage of profits for taxes.
00:51 Dealing with Surprise Tax Bills
02:36 Understanding Safe Harbor
04:21 Setting Aside Money for Taxes
05:52 Managing Tax Payments
06:56 Proactive Tax Planning
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In this episode, Erica welcomes Julie Maison, a Chief Communications Officer for nonprofits and churches. This episode is an open Q&A session where Erica answers questions many new business owners have, including accounting concepts like cash and accrual basis accounting, the differences between an LLC and S-Corp, and the importance of accurate bookkeeping.
00:00 Introduction
00:54 Meet Julie Maison: Communications Expert
02:08 Julie's Journey to Entrepreneurship
04:20 Navigating the Challenges of a New Business
09:55 Understanding Accounting Basics
10:58 Cash vs. Accrual Accounting Explained
17:32 Planning for Financial Success
19:35 Example of Setting Aside Money for Taxes
20:11 Owner's Distribution vs. Salary
23:51 Owner's Distribution Framework
25:43 Sole Proprietorship vs. S Corp
30:05 Strategic Cash Flow Planning
32:43 Common Financial Mistakes
37:28 Retirement Savings for Entrepreneurs
EricaGoode.com
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Resources Referenced:
Ep4 - Ep7 Consultants & Money: Business Money 101 series
Ep86 - Retirement Plans for Consultants
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Connect with Julie | LinkedIn | Website
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Erica explains the importance of financial forecasting for solo consultants and small businesses. She covers how forecasting can help in stabilizing income, planning for hires, and managing cash flow during slow periods. Erica provides practical steps to start forecasting, such as listing current revenue, fixed monthly costs, owner distributions, and upcoming expenses.
00:00 Intro
01:15 Understanding Forecasting
03:18 The Importance of Forecasting for Business Owners
06:09 Steps to Start Forecasting
07:35 Practical Exercise for Forecasting
09:07 Client Case Study on Forecasting
11:12 Final Thoughts on Forecasting
EricaGoode.com
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In this episode, Erica talks through into the fundamentals of maintaining 'clean' business books. She explains what clean books should look like, the common issues that can arise, and how these issues can affect financial planning and tax reporting. Erica provides tips on identifying and rectifying issues such as inconsistent categorization, unreconciled balance sheets, uncategorized expenses, misreported owner distributions, and mixing personal and business expenses. She also offers actionable steps for consultants to take to ensure their books are accurate and useful.
00:00 Introduction to Consultants and Money
00:52 Understanding Clean Books
01:53 Signs Your Books Aren't Clean
04:38 Common Bookkeeping Mistakes
06:06 What Clean Books Look Like
07:20 Key Financial Reports
08:02 Steps to Fix Your Books
09:06 Conclusion and Final Tips
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In this episode of the Consultants and Money Podcast, Erica welcomes Jillian Johnsrud, author of Retire Often. At 40, Jillian has taken over a dozen mini retirements, allowing her to live abroad, travel to 27 countries, adopt four kids, invest in real estate, and more. She discusses the concept, planning, and benefits of mini retirements, outlining steps for simplifying, automating, documenting, and delegating tasks to prepare a business for a mini retirement. Jillian offers practical advice for entrepreneurs, addressing financial concerns and demystifying common fears about taking time off. Her book, 'Retire Often', further explores these ideas. The episode is filled with actionable insights and inspiration for solo consultants looking to achieve a better work-life balance.
00:00 Introduction to Consultants and Money Podcast
00:52 Meet Jillian Johnsrud: author of Retire Often
03:14 Understanding Mini Retirements
04:18 Personal Stories and Practical Advice
13:18 Planning for Mini Retirements as an Entrepreneur
21:34 Social Media Addiction and Uninstalling Apps
21:52 Preparing Clients for Your Absence
22:51 Handling Client Emergencies During Leave
25:22 Self-Selecting Better Clients Through Mini Retirements
25:57 The Benefits of Mini Retirements for Self-Employed Individuals
28:56 Financial Planning for Mini Retirements
31:52 Making Mini Retirements Affordable
39:53 Overcoming Fears and Objections to Mini Retirements
40:53 Book Release and Final Thoughts
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Resources Referenced:
Get a copy of Retire Often here
RetireOften.com
EricaGoode.com
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Connect with Jillian Johnsrud | Website | LinkedIn | Buy the Book
Connect with Erica | LinkedIn | Website | Newsletter
In this episode, Erica provides an important update on the recent tax bill passed by Congress in July 2025. She breaks down the key changes in tax law that affect solo consultants, including what is leaving, what is staying, and what is brand new. Key changes discussed include adjustments to the SALT limitation, the discontinuation of residential energy tax credits and electric vehicle credits, and the extension of lower tax rates and higher standard deductions. Erica also highlights new provisions for charitable deductions, car loan interest deductions, and 529 college savings accounts. The episode aims to offer practical insights without jargon, helping consultants navigate these changes for better financial planning and tax savings.
00:00 Welcome to Consultants and Money
00:51 Summer Break Recap and Big Updates
02:02 Understanding the New Tax Bill
04:04 What's Leaving: Tax Provisions Expiring
06:30 What's Staying: Tax Provisions Continuing
10:10 Brand New Tax Provisions
14:16 Final Thoughts and Personal Takeaways
15:03 Closing Remarks and Farewell
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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
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Episodes Referenced:
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[The Soloist Life] Building a Six-Figure Advisory Business (Working 15 Hours A Week)
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Understanding Self-Employed Health Insurance with Jessica Skoney
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Retirement Plans for Consultants
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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
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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
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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/
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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
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Resources Referenced:
IRS Whistleblower Office | https://www.irs.gov/compliance/whistleblower-office
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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
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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
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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
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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
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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
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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
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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.
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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
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Resources Referenced:
- Retirement Plans for Consultants | https://www.ericagoode.com/podcast/ep86
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Connect with Erica | Website | Contact Form
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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
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Resources Referenced:
IRS Search for Tax Return Preparers | https://irs.treasury.gov/rpo/rpo.jsf
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Connect with Steve | LinkedIn | Website
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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
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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
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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
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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
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Connect with Nicole | LinkedIn (Nicole) | LinkedIn (Taximize) | Website
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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
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Resources Referenced:
Ep69 - SEP vs Solo 401(k) with Sean Mullaney, CPA
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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
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Connect with Jessica | Website | Instagram | Facebook
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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
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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
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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
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Related Episodes:
-
Business Money 101: Overview
-
Business Money 101: LLCs & EINs
-
Business Money 101: Business Insurance
-
Business Money 101: Bank accounts
-
Business Money 101: Bookkeeping
-
Business Money 201: Intro
-
Business Money 201: Paying the IRS
-
Business Money 201: Paying Yourself
-
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
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Resources Referenced:
Grandpa’s Fortune Fables by Will Rainey
Built To Sell by John Warrillow
Rich Dad Poor Dad by Robert Kiyosaki
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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
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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:
- 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:
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:
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:
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:
→ 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:
- 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:
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:
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:
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:
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:
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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:
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:
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:
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:
Email List
Book a Strategy Session with Erica
In this episode, we dive deep into the often-discussed topic of paying zero taxes. Does it sound too good to be true?
It might be.
Erica explains 3 legitimate and specific strategies you can use to minimize them as a consultant, coach or small agency owner.
Resource referred to in this episode -
- The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make (on Amazon)
Other recommended episodes:
- 7 - Business Money 101: Bookkeeping Practices
- 21 - What’s an S-Corp and When Should I Become One?
- 33 - Happy Hour Retirement Talk with Ben Goode, CPA - Part 1
- 34 - Happy Hour Retirement Talk with Ben Goode, CPA - Part 2
Connect with Erica:
Email List
Book a Strategy Session with Erica
One-to-One, Group Coaching, Membership Programs...there are many business models to apply to coaching and consulting businesses.
Today, Erica does a deep dive with guest Nikki Rausch, about her unique blended business model and programs. If you’re confused about how to set up your own business and what type of platforms to use, take a listen. They talk about how she got to where she is today, and you’ll be inspired to assess your own model and be open to change!
Pick up Nikki’s free gift to you: https://yoursalesmaven.com/ccm
Find Nikki on:
Related Episode:
Interview with Natalie Eckdahl https://www.ericagoode.com/podcast/ep24
Connect with Erica:
Email List
PODCAST REVIEW GIVEAWAY - enter before Oct 8, 2023!
Click Here to Enter!
As Erica continues to talk about developing habits of consistency in your business, she discusses the important concepts of giving back and charitable giving. Take time to think about the questions she poses at the end!
If you’ve missed the other episodes in Business Money 201, find them here:
44 - Business Money 201: Cashflow Consistency
45 - Business Money 201: Paying the IRS
46 - Business Money 201: Paying Yourself
Related resources -
- Best Friends Animal Sanctuary, Kanab, UT
- 11 - The Right Time to Start Charitable Giving
- 42 - Bonus Happy Hour Book Review: Die With Zero
Connect with Erica:
Email List
FREE TAX GUIDE for COACHES - Get it here!
PODCAST REVIEW GIVEAWAY - enter before Oct 8, 2023!
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You started a business, not a hobby, so you know how important it is to pay yourself consistently. In this episode of the Business Money 201 series discover business planning strategies that will help you do just that.
This series builds on information that was presented in the Business Money 101 series. If you haven’t listened to those 5 episodes yet, they start here:
3 - Financial Foundations
Other recommended episodes:
- 22 - Cash flow Forecasting and Business Planning
- 25 - How to Pay Yourself From Your Business
Connect with Erica:
Email List
It's back to school season! On this bonus Happy Hour episode, Ben and Erica talk through in-state public college tuition costs.
Highlights: * Top 5 most expensive states for in-state college tuition * Top 5 cheapest states for in-state college tuition * How much you need to save each month to pay for your kids college years
Stacker Article: "States with the cheapest in-state public colleges"
Beer: Hazertag from Odell Brewing Co (Fort Collins, CO)
Connect with Ben
Connect with Erica:
ericagoode.com
PODCAST REVIEW GIVEAWAY - enter before Oct 8, 2023!
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Episode 2 of the Business Money 201 series contains information on how to figure out how much you need to set aside for the IRS in your business - and how to get it to them.
This series builds on information that was presented in the Business Money 101 series. If you haven’t listened to those episodes yet, they start here:
3 - Financial Foundations
Other recommended episodes:
- 20 - Tax Basics for Coaches and Consultants - With Ostriches and Salads
- 31 - Should I be Paying quarterly estimated taxes?
Make sure you subscribe so you don’t miss any of the series - and remember to enter the giveaway!
Connect with Erica:
Email List
FREE 6 Don't Miss Tax Deductions for Coaches
PODCAST REVIEW GIVEAWAY - enter before Oct 8, 2023!
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In this first episode of Business Money 201, continue to discover information to make the money run smoothly in your business and your life!
This series builds on information that was presented in the Business Money 101 series. If you haven’t listened to those episodes yet, find them here:
Episode 3 - Financial Foundations
Episode 4 - LLCs and EINs
Episode 5 - Business Insurance
Episode 6 - Bank Accounts
Episode 7 - Bookkeeping Practices
Make sure you subscribe so you don’t miss any of the series - and remember to enter the giveaway!
Connect with Erica:
Email List
FREE 6 Don't Miss Tax Deductions for Coaches
EricaGoode.com
Info on what to do with an investment account you may have had through your old, corporate job, now that you're self-employed and on your own. I'm talking old 401ks and rollover IRAs today.
Connect with Erica:
- Email List
EricaGoode.com
Another Bonus interview with the debit to my credit, fellow CPA Ben Goode.
We’re talking about the book Die With Zero: Getting All You Can From Your Money and Your Life, by Bill Perkins while enjoying a cold one from the Grand Teton Brewing Company
Some of what we cover:
- How much money should we save over a lifetime
- When’s a good time to give it away?
- The concept of time-bucketing
- And so much more!
Find Die With Zero on Amazon - https://amzn.to/3QpYKap
Ben’s summer reading recommendation - Jungle by Jossi Ginnsberg
Erica’s summer beach read - The Rumor or The Hotel Nantucket by Elin Hilderbrand
Connect with Erica:
Email List
EricaGoode.com
Info on how to use the Child & Dependent Care Tax Credit to save money on your taxes when you send your kid to summer camp.
Referenced Links:
- IRS Info Page - https://www.irs.gov/credits-deductions/individuals/child-and-dependent-care-credit-information
Connect with Erica:
- Email List
Info on the new Energy Efficient Home Improvement Credit worth $1,200 each year for the next 10 years! Referenced Links: * IRS Info Page - https://www.irs.gov/credits-deductions/energy-efficient-home-improvement-credit * Energy Star - https://www.energystar.gov/ * Form 5695 Residential Energy Credits - https://www.irs.gov/forms-pubs/about-form-5695
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
- FREE Tax Deduction Guide
Thinking about spending time abroad and running your coaching or consulting business outside of the US?
In this episode, I'm joined by Laurie Marson, CPA, who breaks down the complexities of working as a self-employed expatriate and how it affects your taxes.
Find complete show notes here: https://www.ericagoode.com/podcast/ep39
Connect with Laurie Marson:
http://www.marsonaccts.com/
laurie@masonaccts.com
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
- FREE Tax Deduction Guide
This episode talks about:
- Top episodes since the podcast launch
- Future plans for the podcast
Episodes Referenced:
- If you're just starting out:
- Ep 3 (10/4/22) - Business Money 101: Financial Foundations
- Ep 4 (10/11/22) - Business Money 101: LLCs & EINs
- Ep 5 (10/18/22) - Business Money 101: Business Insurance
- Ep 6 (10/25/22) - Business Money 101: Bank Accounts
- Ep 7 (11/1/22) - Business Money 101: Bookkeeping Processes
- If you're thinking of scaling your business:
- Ep 29 (3/28/23) - Scaling the soloist business model with Jonathan Stark and Rochelle Moulton
- Ep 24 (2/28/23) - The truth about membership programs with Natalie Eckdahl
- If you have the same question everyone else has:
- Ep25 (3/7/23) - How to Pay Yourself - salary vs profit vs owner distribution
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
- FREE Tax Deduction Guide
Do you want to feel empowered in your small business financial decisions? Are you tired of feeling unsure about your finances?
Today I'm sharing an interview with Fathom, the financial forecasting software that I use. We discuss a solution - proactive financial planning that leads to decisive and confident choices.
Say goodbye to financial stress and hello to financial confidence.
When you can avoid guessing, you have an opportunity to make an educated decision that you feel confident about. - Erica Goode
Learn more about Fathom here.
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
- FREE Tax Deduction Guide
“To help people ignite their second wind, and to confront midlife transitions with meaning and adventure.”
Olympic gold medalist, author, performance coach, resident-of-Spain, and mid-lifer, Joe and I connect some of the dots between midlife transitions, spiritual components, financial preparedness, how to “do the work” and (maybe more importantly), how to let go!
As he shared his personal story, some of the topics we covered are:
- What exactly IS midlife?
- Some of the deep, powerful, and meaningful, work he processed
- The relationship between purpose and our inner/outer voices
- How to reset and redefine high performance in a way that is meaningful and attainable every day!
- His approach towards retirement - and how to bring forth your own approach
- The difference between our goals and our purpose
Good purpose aligns the outer voice and the inner voice. But often, our inner voice has been quieted for a long time. -Joe Jacobi
Connect with Joe Jacobi:
- Find his book on Amazon - Slalom: 6 River Classes About How To Confront Obstacles, Advance Amid Uncertainty, & Bring Focus To What Matters Most - https://amzn.to/3NyQRxU - Joe's reflections, experiences, relationships, and strategies from more than 40 years on the river transferred to navigating your river of the life
- Get Sunday Morning Joe - https://joejacobi.ck.page/c5b7be8e26
- On LinkedIn - https://www.linkedin.com/in/jacobijoe/
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
- FREE Tax Deduction Guide
- Can ChatGPT save your business money?
- Can ChatGPT make the hours you work more profitable?
- How can we as business owners leverage the power of AI to make our services more fluid, and our processes more time-efficient?
Tune in to today's episode where I answer these burning questions...and more.
And I'll provide some inspiration for not only how to use it in your business...but why! (Using ChaGPT, of course!)
AI will never replace what only YOU can provide to your clients, but as a soloist, AI can help you be more profitable and efficient.
Your homework this week: spend 30 minutes and do a brain dump for how you can use AI in your space.
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Get me in your inbox: https://www.ericagoode.com/newsletter-signup
Last week I shared pat 1 of a happy hour conversation that my husband and fellow CPA, Ben Goode, and I had about retirement.
If you haven’t already, you can catch that episode here.
Today we’re wrapping up our conversation and talking through...
- Social Security - will it be here when I’m ready to retire?
- Updates about Congress’ new law, the SECURE Act 2.0 (and what it means for you)
- How college savings and retirement savings can play together
- And a neat trick that allows you to travel around the world for a reasonable cost!
Connect with Ben Goode:
on LinkedIn - https://www.linkedin.com/in/benjamingoode/
and Instagram - https://www.instagram.com/smokin_idahoan/
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
- FREE Tax Deduction Guide
In episode 12, I had a casual conversation with fellow CPA, and my hubby, Ben Goode about Top Idaho Breweries and Tax Write-Offs
Today’s episode is part 1 of another “Happy Hour” conversation, where we’re talking about retirement plans (ours and things you might want to think of, too) and sharing our thoughts on these topics:
- Can you save too much for retirement?
- Retirement savings for W-2 earners vs. small business owners
- Different retirement savings plans for the self-employed and the approach they need to take.
Check back next week for part 2!
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
- FREE Tax Deduction Guide
Happy Tax Day!
This is your friendly reminder that if you haven't already, today's the day our taxes are due. And if you've filed an extension - no shame in that, either - you still have to pay Uncle Sam if you owe them anything. So there's that :-(
But to help take the sting out of the day, check out some of the Tax Day deals I found! How does a no-cost cookie, discount chicken meal, or free hydromassage sound?
See, it's not all bad...
Find some sweet "tax day" deals here!
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
- FREE Tax Deduction Guide
There are good surprises…and bad ones.
Bad ones can happen when you haven’t been on top of your quarterly estimated tax payments.
So today that’s what I’m talking about, and how you can prevent a bad surprise. I’ll explain:
- What exactly are estimated payments,
- When quarterly estimated payments are actually due (take notes, ‘cause they are not exactly quarterly),
- Who this applies to and how to figure out how much money to set aside,
- Ways you might get “into trouble”, and finally
- How to do a “gut check” to assess your actual tax rate (and potential tax bill!)
What I want for you to take away from this episode: make sure you’re aware of how much you need to be paying for estimated quarterly taxes.
Related episode: Check out episode 21 if you want to learn about how you might be able to save money by becoming an S-corp.
If you don’t know - ask for help.
And, until next time, may your week be filled with love and profit!
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
- FREE Tax Deduction Guide
Get me in your inbox
Tax season is almost here, which means one of two things:
- You’re all ready to file and pay and move on with life, or...
- You’re all ready to file an extension and keep working on getting your “tax act” together
Either way, the bottom line of today’s episode is something we all need to know. I’ll be talking about:
- How is a tax extension defined by the IRS
- How penalties work: how much they are and when they start
- The best way to pay over time if you don’t have the cash on hand - and how NOT to pay it!
Link to copy of a 1913 tax return!
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
- FREE Tax Deduction Guide
As a bookend to episode 24, where I talked about an agency business model, today I interview Jonathan Stark and Rochelle Moulton, co-hosts of “The Business of Authority” podcast.
We discuss how you can still scale up your business using a soloist or solo consultant model, including:
- The business of scaling up and creating leverage without the agency model
- How to get past being paid per hour (creating leverage)
- Common income plateaus and how to shift into a more profitable situation
- What to consider as you hit that plateau - one of them may seem pretty basic but is often overlooked!
- A crucial mindset shift the small business owner has to make in order to scale
“Hourly billing punishes expertise.” - Jonathan Stark
“Flexibility is the new wealth…” - Rochelle Moulton
Find the complete show notes here.
Follow Jonathan and Rochelle here:
RochelleMoulton.com
JonathanStark.com
The Business of Authority Podcast
Ditch Hourly Podcast
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
Everyone has a “trailhead” at the start of their business. There are many business models to choose from, but when you’re first starting out, you often don’t have a clear vision of what your business will look like in 5 years…
Eventually, if you want to meet goals and continue to grow your business, you’ll need to know how you will move forward.
Only you know what business model fits your goals and will help you achieve what you want.
Listen to today’s episodes for some thoughts on possible business models, and how you can begin to get clarity on your own.
Find the complete show notes here.
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
- FREE Tax Deduction Guide
Bonus episode on the happenings and collapse of Silicon Valley Bank and what best practices we can take away, even if you weren't directly impacted by the collapse.
Get on the email list
I'm responding to a few questions that I've received in my DMs and email from clients and listeners. Maybe one of them is yours!
(And if it isn't and you DO have a burning question, please send it along and I may answer it in a future episode.)
Questions answered:
1 - "How do you file taxes when you just start a business and have minimam profit? Can I still file with my spouse?"
2 - "What do you think of FlyFin and other bookkeeping AI?
3 - "What happens when you get audited by the IRS?"
Also an update on the Companion Pass with the Southwest Airlines credit card.
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
Today I’m sharing the short-but-sweet answer to a question that is on EVERY new business owner’s mind: “How do I pay myself?”
It’s really not a complicated answer, but here it is:
How you pay yourself from your business depends on how your business is structured (legally) and taxed (by the IRS)
I'll talk through:
- How to take an owner distribution
- How frequently I recommend paying yourself
- Paying yourself as a sole proprietor vs an LLC vs an S-corp
And if you need a refresher, here are 2 episodes I refer to in the show:
- Ep 4 - LLCs and EINs
- Ep 21 - What’s an S-Corp and When Should I Become One?
Find complete show notes here
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
- FREE Tax Deduction Guide
Are you planning to add an online membership program to your business in 2023?
Some entrepreneurs see a membership as a way out of done-for-you service work. And many business owners are under the impression that memberships are easy to launch and scale, but they don’t always turn out to be the easy money-makers they seem to be.
You CAN scale your service-based business without memberships, or other group programs.
In this loaded interview Natalie Eckdahl, CEO of Biz Chix, and I talk through the pros and cons of having a membership site and offering courses. There are so many business considerations to take into account before - or IF - you decide to add this model to your offerings.
Listen in and then decide if that’s the move for you.
Connect with Natalie:
- BizChix.com
- Natalie’s Private Podcast
- Six Figures Lab
Natalie talked about her prior client’s Instagram account: Jessie Ginsberg
Connect with Erica:
- LinkedIn: Erica Goode, CPA
- Instagram @erica.goode.cpa
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
- FREE Tax Deduction Guide
MAIL BAG LINK
Have a question about business money, taxes or QuickBooks? I want to hear them. I’m doing an upcoming “Mail Bag” episode where I will answer your questions.
Here’s the link to my “Mail Bag” - submit a question for me to answer on the Podcast.
Remember, no question is “little” or “silly”. And if you’re still nervous, I’m happy to keep them anonymous.
Oftentimes service-based business owners, such as coaches and consultants, fail to consider the long-term value that they can bring to their clients and the lifetime value of that client to their own business.
It’s a question of strategy.
Your takeaway from this session is for you to think about the lifetime value of your ideal customer.
And then consider:
- What services can you confidently offer to prospective clients - without losing your shirt?
- Does it make sense to offer that free 1-hour consultation or drop $300 on that sales dinner?
If the lifetime value of those potential clients is high (along with your ability to close the deal), the cost of time and money there might very well be worth it.
But maybe you shouldn’t be booking all those free consultations for clients that don’t have a high lifetime value.
Only you know best…but you won’t if you don’t give it some thought!
If you think a strategy session may help you, you’re in luck! I’ve opened up my waiting list and will be filling up my calendar starting this April. Get on the waitlist now by using this link: https://www.ericagoode.com/contact
And until next time, may your week be filled with love and profit!
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
- FREE Tax Deduction Guide
Business coach, Erin Harrigan and I recently met for a planning strategy session, and she shares not only how she approached cash flow planning and paying herself before we’d met, but more importantly, what changed after our session.
If you think a strategy session may help you, you’re in luck! I’ve opened up my waiting list and will be filling up my calendar starting this April. Get on the waitlist now by using this link: https://www.ericagoode.com/contact
Erin Harrigan is a Christian wife, empty nest mom, speaker, author, and business coach on a mission to help high-achieving Christian women level up their businesses without compromising their faith. Her customized business coaching, speaking, and award-winning podcast, Redefining Hustle: Pursuing Success as a Christian Woman helps women be more focused and fruitful by aligning business strategy and goals to God's truth.
- Reach out and connect with her on her website: https://erinharrigan.com/
- And listen to a conversation Erica had with Erin about financial must-haves on Erin’s podcast.
And until next time, may your week be filled with love and profit!
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
- FREE Tax Deduction Guide
Ever heard of the term "S-corp"? No clue what it means? No? Perfect - you're in the right place.
In today’s episode, we’re talking all about S-corp basics. This is for the business owner who has less than $100K in revenue and has heard the term but has no clue what it means. Or just someone wondering if they should be an S-corp. (Spoiler alert: you’ll know by the end of this episode!)
We’ll be talking about:
- The definition of an S-corp, and how it differs from an LLC
- How the IRS taxes them (as opposed to an LLC)
- How it affects the way you’re paid
- When’s the right time to become an S-corp
- The costs involved
- The process involved
Note: If you haven’t listened to last week’s episode, this one follows right along, so you may want to go back and listen to that one first. Also, if you’re still unsure about how LLCs work, I explain it all in episode 4.
Listen in for all the details.
And follow along with the show notes here: https://www.ericagoode.com/podcast/ep22
MAIL BAG LINK
Have a question about business money, taxes or QuickBooks? I want to hear them. I’m doing an upcoming “Mail Bag” episode where I will answer your questions.
Here’s the link to my “Mail Bag” - submit a question for me to answer on the Podcast.
Remember, no question is “little” or “silly”. And if you’re still nervous, I’m happy to keep them anonymous.
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
- FREE Tax Deduction Guide
Today we're hitting tax basics at a really high, 30,000 ft view level. A level that that anyone can understand.
I’m not saying you have to actually do your own taxes after this (I trust that it’s probably not your favorite thing), but you can at least feel confident in talking about it and thinking through it for your business.
In this episode, I will explain the basic flow of your business taxes, which includes:
- The role of (and reason for) clean bookkeeping
- What exactly a P&L is, and how it fits into your taxes
- Wrapping it all up in your tax return (Form 1040)
You don't have to do your own taxes, but to should have a basic understanding of them.
Listen in for all the details.
And follow along with the show notes here: https://www.ericagoode.com/podcast/ep20
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
- FREE Tax Deduction Guide
I recently received an ad for grill brushes. It brought back some memories about a story I'd heard years ago...
Which got me thinking about my business - and yours.
Your takeaway in this short-but-sweet episode: Whether you sell a product or a service, think about your customer and what they are actually buying when they work with you. It may change the way you look at not only what you do, but how you market it!
Listen in for all the details!
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
I’m sharing a bit more about your personal money than your business in today's episode. (But hey, if you can spend a little less in your personal life…that means you don’t have to work as hard to make more in your business, right?)
This is a legit process that I use and have used with my own family to save money when we travel.
Enter the free Companion Pass on Southwest Airlines! (And if you’re still a bit sore at them after the 2022 holiday travel mess, or Southwest doesn’t fly out of your airport) look into Hilton’s Honors card or Delta’s Platinum program.)
I talk about:
- What it is
- How you can get it
- The effect it may (or may not) have on your credit score
- Managing the Business card and the Personal card
- How it all works
Here’s the link for more info that I mention in the episode: https://www.southwest.com/rapidrewards/tiers-more-companion-pass
And if you want to see how the math works on this process, find my show notes here: https://www.ericagoode.com/podcast/ep18
Listen in for all the details!
Connect with Erica:
- Instagram @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
- Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
- FREE Tax Deduction Guide
Indeed there is no one way or “right” way to go from corporate to entrepreneurship. In today’s episode, I interview Karen Laos and we compare notes about our own journeys.
If you’re on the fence, or ready to jump, into being your own coach or consultant, this is THE episode to listen to.
Karen Laos, a communication expert and confidence cultivator, leverages 25+ years in the boardroom and speaking on the world’s most coveted stages to guide corporations and individuals with her tested communication model to generate consistent results for women leaders as a coach, corporate trainer, and keynote speaker. Karen is the author of Trust Your Own Voice: Growing Your Influence Through Confident Communication, as well as the host of her highly-ranked podcast, Ignite Your Confidence, equipping women to stop holding back and start taking their seats at the table. She is fiercely committed to her mission of eradicating self-doubt in 10 million women by giving them practical strategies to ask for and receive what they want in the boardroom and beyond.
Connect with Karen:
- Karen's website
- Karen’s podcast: Ignite Your Confidence
- Karen's book, Trust Your Own Voice, on Amazon
- 9 Words to Avoid - and What to Say Instead - free pdf
Connect with Erica:
Instagram @erica.goode.cpa
LinkedIn: Erica Goode, CPA
Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
FREE Tax Deduction Guide
NEWS FLASH! There was a 1099 law change on Dec 23rd (after I recorded the original Episode 16 that dropped today).
First listen to Episode 16
Then, listen to this bonus to find out:
- What the law change was
- What it means for coaches and consultants filing 1099s in January 2023
Connect with Erica:
Instagram @erica.goode.cpa
LinkedIn: Erica Goode, CPA
Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
Happy New Year and "welcome back" to business...
This is an intense, but necessary episode. Inside I cover:
- What is a 1099?
- Who you need to send a 1099 to and who you don’t?
- How do you send a 1099?
- What to do when you receive a 1099?
It's a lot, so save this episode, go back and listen to it - but don’t ignore your 1099s
FREE Tax Deduction Guide
Don’t forget to download my free guide called 6 Don’t-Miss Tax Deductions for Coaches. There’s a simple cheat sheet included for those of you who like to skip to the end.
(You’re welcome.)
Connect with Erica:
Instagram @erica.goode.cpa
LinkedIn: Erica Goode, CPA
Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
Hey, I have to pay taxes...you have to pay taxes...we all have to pay taxes!
But don't pay more than you have to!
Take a listen to episode 13 for what you can't deduct...but listen in to see what you CAN deduct this Christmas!
I'm soo happy to share this with you!
FREE Tax Deduction Guide
Don’t forget to download my free guide called 6 Don’t-Miss Tax Deductions for Coaches. There’s a simple cheat sheet included for those of you who like to skip to the end.
(You’re welcome.)
Connect with Erica:
Instagram @erica.goode.cpa
LinkedIn: Erica Goode, CPA
Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
I’ve never been a big fan of reading, but once I found the genre that caught my interest, I was hooked. So grab a cup of something that warms you up, get comfy by the fire, and listen as I share my “top 3” business book titles, and why!
#1 - The Psychology of Money by Morgan Housel
#2 - Miss Independent by Nicole Lapin
#3 - Rejection Proof: How I Beat Fear and Became Invincible by Jia Jiang
Bonus: Come Fly the World by Julia Cook
FREE Tax Deduction Guide
And don’t forget to download my free guide called 6 Don’t-Miss Tax Deductions for Coaches. There’s a simple cheat sheet included for those of you who like to skip to the end.
(You’re welcome.)
Until next time, may your week be filled with love and profit!
Connect with Erica:
Instagram @erica.goode.cpa
LinkedIn: Erica Goode, CPA
Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
Here's a list of things I see lots of coaches or consultants try to deduct on their taxes. Check yourself, or better - check with your accountant - before you write these off.
I may get some pushback on this, but, friends, trust me, the IRS won’t like it ;-)
Listen to my list of 3 and feel free to let me know your thoughts.
And definitely stick around to the end where I explain a mileage deduction adjustment that the IRS implemented this year which you may not know about!
FREE Tax Deduction Guide
Don’t forget to download my free guide called 6 Don’t-Miss Tax Deductions for Coaches. There’s a simple cheat sheet included for those of you who like to skip to the end.
(You’re welcome.)
Until next time, may your week be filled with love and profit!
Connect with Erica:
Instagram @erica.goode.cpa
LinkedIn: Erica Goode, CPA
Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
Today, I have a VERY special episode with fellow CPA (and my hubby!), Ben Goode.
Together, we're going to hit on our Top 3 Idaho Favorites...HIS: Idaho breweries, HERs: Idaho Tax Credits and Deductions
From a tax standpoint, I'll hit tax incentives that are specific to Idaho residents:
- Educational charitable giving
- 529 / college savings plans in Idaho
- Wood burning stove replacements
Plus, you get to hear our married banter :o)
Enjoy!
FREE TAX GUIDE for COACHES
Get it here!!
Connect with Ben Goode, CPA
IG @ smokin_idahoan
LinkedIn: Benjamin Goode, CPA
Connect with Erica Goode, CPA
IG @erica.goode.cpa
LinkedIn: Erica Goode, CPA
ericagoode.com
Subscribe to my newsletter here
Today is Giving Tuesday - the day we’re all “supposed to" give.
So I’m talking about generosity in your business…
Some of us are waiting for the perfect moment to start giving...to start being generous. We have these fluid goals inside our heads - filled with goals that keep changing.
But here’s a news flash (not): there IS no perfect time to start giving!
We can start giving ANYtime Because ~
the act of giving is more important than the amount you give… ~ Erica Goode
As you move through the end of this year…whether you had a blockbuster year or a tough year…consider what giving could look like in your business today.
Maybe it looks like tipping your server 100% and it costs you $50 extra. Maybe it looks like giving a worthy organization $10K. That’s up to you and any person or greater power that you choose to involve in that decision.
If you’re curious about what local organizations I support throughout the US, I send out a list of those organizations to my email list each December. You’re welcome to subscribe and see for yourself.
And until next time, may your week be filled with love and generosity!
Happy Thanksgiving!
6 DON'T MISS TAX DEDUCTIONS FOR COACHES
Get the FREE guide here
- Full show notes: ericagoode.com
- Instagram: @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
“If we don’t pay attention to where you’re driving your business, it won’t end up where you want it to go.”
Today I’m talking about business planning for the coming year.
I dig deep into 3 crucial questions to ask yourself as you sit down and strategize what 2023 will look like for your business.
Here’s what a client of mine had to say after we did this exercise for 2022:
“I was floundering, and you've helped iron out what I have and given me hope for the future. I've been looking over and over the spreadsheet we made, and I keep getting so excited, which hasn't happened in a couple of years now! I feel confident."
6 DON'T MISS TAX DEDUCTIONS FOR COACHES
Get the FREE guide here
- Full show notes: ericagoode.com
- Instagram: @erica.goode.cpa
- LinkedIn: Erica Goode, CPA
In today’s episode, I welcome Wren Robbins, Podcast Coach! In our first-ever interview with a bona fide coach, we dig deep into real talk about coaches-and-money.
On a personal note, Wren shares a bit about her own background, how she got started in her business way back when…and what her business looks like today.
On a business-money note, we talked about:
- Pricing: how do you know what to charge in the beginning?
- Beta program pricing
- Buying Psychology: offering options to encourage buyers
- Money mindsets: be comfortable with what you charge
- The relationship between value and price
- Why you shouldn’t charge too little
- Her advice on pricing packages
And 3 important takeaway tips
- Develop confidence in your service and your price
- Change your money mindset if necessary! Read books (see below) or find a coach.
- "Own" your offer - believe in the value of what you do.
Book recommendations:
Secrets of a Millionaire Mind - T Harv Eker
The Psychology of Money - Morgon Housel
Connect with Wren:
On Instagram @wrenrobbinscoach
Her website: wrenrobbins.com
Listen to her podcast, Don’t Wing It
Connect with Erica:
Instagram @erica.goode.cpa
LinkedIn: Erica Goode, CPA
“Nothing is certain except death and taxes.” Benjamin Franklin wasn’t trying to sound morbid when he said that, and neither am I.
But at the end of the day, you DO have to pay your taxes, and if you don’t keep up with them, well…I promise it will catch up with you.
So in this episode, I’ll be talking about bookkeeping, the one way to ensure that you keep all things money clear and straight in your business.
And the only reason you really need to maintain some form of bookkeeping/accounting system in place is in order to - you guessed it - file your taxes at the end of the year.
What’s the perfect system? So glad you asked! Finally…here’s the answer:
The only perfect bookkeeping system is the one that works for you. ~Erica Goode, CPA
What to track:
- Revenue (also known as Gross Receipts)
- Expenses (how much money you’ve spent to make that revenue)
How to track it - 3 options:
- Use a spreadsheet
- Accounting software - and the different kinds of software you might use
- Hire it out
Finally, how much time do you have to spend on “keeping the books”? My answer might surprise you!
This week’s homework: Make a 30-minute date with yourself and decide what format you’ll use. If you already have a system, spend some time updating it. But only spend 30 minutes so you don’t feel overwhelmed!
Connect with Erica:
Instagram @erica.goode.cpa
LinkedIn: Erica Goode, CPA
Today we are continuing our foundational mini-series on business money by talking about bank accounts.
Now, just to be totally transparent here, I didn’t know what I was doing about setting up an account when I first started my business, either. I felt dumb and naive walking into the bank, and I suspect you might be feeling the same way, too.
But I don’t want that for you.
In this episode, I’ll cover:
- Why you want (and need) a separate business account
- To protect your personal assets
-
To keep things clean for the IRS
-
How to use your business bank account - and how to coordinate using it with your personal funds
- My answer to the question “What bank should I use - or not use?”
- Bigger is better, but not a credit union - and why
- Why and how you can (and should) make it easy for yourself
-
What to bring with you to set up your business account
-
A little bit of “mama bear” advice
Finally, don’t forget your homework. If you don’t have one yet, check out some options for a business account. Look online, ask your peers or local business owners… In other words, start your due diligence. And remember - you got this!
Connect with Erica:
Instagram @erica.goode.cpa
LinkedIn: Erica Goode, CPA
Now, I’m sure you work with “nice people”, and you may even think you don’t need insurance because you’re not selling a product, but let me encourage you to listen up, anyway!
Today I’m covering :
- why you do need insurance
- what base level insurance covers
- the definition of Liability/General Liability Insurance
- an important consideration if you plan on running or hosting an event
- how to start “shopping around” for insurance
Your homework today: poke around for 15-30 minutes online with a current insurance provider for quotes for (or go ahead and purchase!) your business insurance. Remember to do it in the name of your LLC…
- Find my show notes here: ericagoode.com
- Reach out on social media and say "Hi!" on IG - @erica.goode.cpa
- Or on LinkedIn: Erica Goode, CPA
Podcast Review Giveaway
Between now and Oct 21st, leave an Apple Podcast review for Coaches, Consultants, and Money and be entered to win:
- $100 gift card on Amazon AND
- 1-hour Strategy Session with me!
How to enter:
- Complete a podcast review on Apple Podcast
- Complete an entry form here
Full Giveaway Details: Apple reviews must be entered by October 21, 2022 and complete an entry form here. Giveaway is limited to the first 50 entrants. Immediate family members of Erica Goode are not eligible to win. 1-hour Strategy Session can not be used for filing tax or legal documents with any federal or state filing agency.
No, friends, it’s not a recipe for alphabet soup! It’s all about setting a firm foundation for your business!
In this episode, I discuss:
- The difference between a sole proprietorship and an LLC
- How they differ in terms of your personal asset protection
- How they affect your bottom line tax-wise
- When to set up an LLC, and how (it’s not as hard as you’d think!)
- The answer to the question: do I need a lawyer to do this?
- Finding your State’s Secretary of State (and I walk you through a sample set-up)
- How to set up an EIN or FEIN (and do I really need one of those?)
And, finally, your “homework” - Google “register for an LLC in (your State here)” and find the application (really, it’s that simple - just find the application!)
EIN Application website:
https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
But that’s a lot of information for you, so let’s get started!
- Find my show notes on: ericagoode.com
- Reach out on social media and say "Hi!" on IG - @erica.goode.cpa
- Or on LinkedIn: Erica Goode, CPA
Podcast Review Giveaway
Between now and Oct 21st, leave an Apple Podcast review for Coaches, Consultants, and Money and be entered to win:
- $100 gift card on Amazon AND
- 1-hour Strategy Session with me!
How to enter:
- Complete a podcast review on Apple Podcast
- Complete an entry form here
Full Giveaway Details: Apple reviews must be entered by October 21, 2022 and complete an entry form here. Giveaway limited to the first 50 entrants. Immediate family members of Erica Goode are not eligible to win. 1-hour Strategy Session can not be used for filing tax or legal documents with any federal or state filing agency.
This week I'm starting a 4-part mini-series.
So I took a little trip down memory lane to draw a colorful correlation between my family home - and how important it is for YOU to set up a firm financial foundation.
You may think you know what I’m gonna say…but you may also learn a thing or two in the process - and be entertained by my reminder (wink-wink). So tune it!
- Find my show notes here: ericagoode.com/podcast
- Reach out on social media and say "Hi!" on IG - @erica.goode.cpa
- Or on LinkedIn: Erica Goode, CPA
Podcast Review Giveaway
Between now and Oct 21st, leave an Apple Podcast review for Coaches, Consultants, and Money and be entered to win:
- $100 gift card on Amazon AND
- 1-hour Strategy Session with me!
How to enter:
- Complete a podcast review on Apple Podcast
- Complete an entry form here
Full Giveaway Details: Apple reviews must be entered by October 21, 2022 and complete an entry form here. Giveaway limited to the first 50 entrants. Immediate family members of Erica Goode are not eligible to win. 1-hour Strategy Session can not be used for filing tax or legal documents with any federal or state filing agency.
Whether you don’t take care of your hair, or you haven’t been taking care of your finances, be assured this is a “shame-free zone.” You’re here, and that’s what matters!
I’m not here to judge you…so don’t judge yourself, either.
In today’s episode, I just want to set your fears to rest.
So let’s move forward together!
- Find my show notes here: ericagoode.com
- Reach out on social media and say "Hi!" on IG - @erica.goode.cpa
- Or on LinkedIn: Erica Goode, CPA
Podcast Review Giveaway
Between now and Oct 21st, leave an Apple Podcast review for Coaches, Consultants, and Money and be entered to win:
- $100 gift card on Amazon AND
- 1-hour Strategy Session with me!
How to enter:
- Complete a podcast review on Apple Podcast
- Complete an entry form here
Full Giveaway Details: Apple reviews must be entered by October 21, 2022 and complete an entry form here. Giveaway limited to the first 50 entrants. Immediate family members of Erica Goode not eligible to win. 1-hour Strategy Session can not be used for filing tax or legal documents with any federal or state filing agency.
Do you ever feel like money people speak in a foreign language? In today's episode, I recall holiday dinners where everyone around me actually was speaking another language!
So today I'm making a pledge to you...and ask that you'd help me be accountable.
- Find my show notes here: ericagoode.com/podcast
- Reach out on social media and say "Hi!" on IG - @erica.goode.cpa
- Or on LinkedIn: Erica Goode, CPA
Podcast Review Giveaway
Between now and Oct 21st, leave an Apple Podcast review for Coaches, Consultants, and Money and be entered to win:
- $100 gift card on Amazon AND
- 1-hour Strategy Session with me!
How to enter:
- Complete a podcast review on Apple Podcast
- Complete an entry form here
Full Giveaway Details: Apple reviews must be entered by October 21, 2022 and complete an entry form here. Giveaway limited to the first 50 entrants. Immediate family members of Erica Goode are not eligible to win. 1-hour Strategy Session can not be used for filing tax or legal documents with any federal or state filing agency.
"Did you Google your tax advice this year?" Perhaps, but that's not really the best idea - and you don't need to do that anymore! Erica Goode, CPA, is a former director of finance with a Fortune 50 company and auditor at a Big Four company.
Today, she's into YOUR business!
Speaking to coaches and consultants who are business owners, her goal is to be a free resource for reliable money advice so they can make smart decisions with their finances. She'll be addressing some personal money matters, too - because we're more than just business owners, right?!
Each Tuesday, she'll be talking business money basics, taxes, planning profit, and more...so you can put your money on the right track.
May your week be filled with love...and profit!