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 Adjus...

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...

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 In...

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 0...

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 Ma...

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 Understand...

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, mis...

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, a...

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, an...

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 Importa...

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 E...

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 Mat...

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...

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 o...

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 Introduct...

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 Unders...

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...

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...

Get my Monthly Newsletter here In this episode, Erica discusses the importance of turning off the noise that misaligns with your business goals. She emphasizes the value of starting the new year with clear intentions and filtering out content that doesn't support your unique vision.   (00:00) Introduction to the Podcast (00:44) New Year Reflections and Intentions (01:08) The Impact of Noise on You...

Get my Monthly Newsletter here In this episode, Erica shares her top three business book recommendations from 2024 and three bonus reads unrelated to business that left an impact on her.   00:00 Introduction to Consultants and Money Podcast 00:48 Personal Journey with Reading 02:16 Top Business Books of 2024 05:15 Bonus: Non-Business Books That Made an Impact 07:58 Closing Remarks and Holiday Wish...

Get my Monthly Newsletter here 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-sp...

Get my Monthly Newsletter here This episode, Erica covers 4 key retirement plans: Roth IRAs, Traditional IRAs, SEP IRAs, and Solo 401ks. Erica explains the eligibility criteria, 2024 contribution limits, and special considerations based on business structure (sole proprietor, LLC, or S Corp). She highlights the benefits and potential drawbacks of each plan, offering insights to help solo consultan...

Get my Monthly Newsletter here This episode features health insurance broker Jessica Skoney. They delve into a broad range of topics essential for self-employed consultants navigating health insurance. They discuss private versus marketplace plans, utilizing healthcare.gov and state exchanges, and the complexities of health insurance applications. Key highlights include understanding brokers vs. a...