Consultants and Money

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Work with Erica 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   ____________________ 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 ____________________ Connect with Erica | LinkedIn | Website | Newsletter  

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 ____________________ Resources Referenced: 103. Forecasting for Real Life | https://www.ericagoode.com/podcast/ep103 ____________________ Connect with Erica | LinkedIn | Website | Newsletter

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 ____________________ Connect with Erica | LinkedIn | Website | Newsletter  

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 ____________________ Resources Referenced: Ep4 - Ep7 Consultants & Money: Business Money 101 series Ep86 - Retirement Plans for Consultants ____________________   Connect with Julie | LinkedIn | Website Connect with Erica | LinkedIn | Website | Newsletter

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 ____________________ Connect with Erica | LinkedIn | Website | Newsletter

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 www.EricaGoode.com ____________________ Connect with Erica | LinkedIn | Website | Newsletter

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 ____________________ Resources Referenced: Get a copy of Retire Often here RetireOften.com EricaGoode.com ____________________ 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   www.EricaGoode.com ____________________ Connect with Erica | LinkedIn | Website | Newsletter  

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

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

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

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

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

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

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

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

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

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