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: Instagram LinkedIn Email List...
EricaGoode.com 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 LinkedIn Email List...
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-u...
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 s...
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. - E...
“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 meaningf...
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 c...
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...
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...
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: I...
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 ...
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 a tax extension is 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 ...
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 cons...
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 busi...
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 audite...
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 ...
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...
**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 brin...
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, emp...
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...
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 ...
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 Linke...
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 airp...
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 communica...
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...
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 E...
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 fre...
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 G...
