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...
Apr 16, 2024•8 min•Season 1Ep. 70
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 pl...
Apr 02, 2024•39 min•Season 1Ep. 69
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...
Mar 19, 2024•6 min•Season 1Ep. 68
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...
Mar 12, 2024•26 min•Season 1Ep. 67
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-Informational-Brochure-April-2024.pdf Exemption from Reporting | https://www.fincen.gov/boi-faqs#C_2 Connect with Erica: I...
Mar 05, 2024•16 min•Season 1Ep. 66
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...
Mar 05, 2024•11 min•Season 1Ep. 65
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 ...
Feb 20, 2024•50 min•Season 1Ep. 64
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 eligibl...
Feb 13, 2024•31 min•Season 1Ep. 63
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 hir...
Feb 06, 2024•45 min•Season 1Ep. 62
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: 5...
Jan 23, 2024•9 min•Season 1Ep. 61
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 Foundati...
Jan 09, 2024•9 min•Season 1Ep. 60
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!
Dec 26, 2023•17 min•Season 1Ep. 59
This episode, we're talking through what type of accountant you need in your business and when to hire them. And to keep it in the spirit of the Holidays, I’ve borrowed a page from The Christmas Carol to explain how each of “the ghosts of accounting” work, how to decide when you need each one - and why. Talking through: Difference between an accountant and a CPA What type of tax preparer you should hire? When to invest in a bookkeeper What does a fractional CFO do? Connect with Erica: Instagram ...
Dec 19, 2023•13 min•Season 1Ep. 58
We're talking all-things high-yield business savings account today: What's a high-yield savings account? How much should you put in a high-yield savings account Are they safe? How to find a good one I'll even walk you through how I move money in and out of my high-yield savings account throughout the year. Connect with Erica: Instagram LinkedIn Email List...
Dec 12, 2023•13 min•Season 1Ep. 57
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 fr...
Dec 05, 2023•33 min•Season 1Ep. 56
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 strateg...
Nov 28, 2023•15 min•Season 1Ep. 55
Wishing you a very happy Thanksgiving! With Much Gratitude, Erica
Nov 21, 2023•3 min•Season 1Ep. 54
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 minds...
Nov 14, 2023•46 min•Season 1Ep. 53
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...
Nov 07, 2023•23 min•Season 1Ep. 52
$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 bil...
Oct 31, 2023•13 min•Season 1Ep. 51
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...
Oct 24, 2023•48 min•Season 1Ep. 50
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 ...
Oct 17, 2023•10 min•Season 1Ep. 49
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...
Oct 10, 2023•37 min•Season 1Ep. 48
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 Relat...
Oct 03, 2023•14 min•Season 1Ep. 47
PODCAST REVIEW GIVEAWAY - enter before Oct 8, 2023! Click Here to Enter! 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: 2...
Sep 26, 2023•11 min•Season 1Ep. 46
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 LinkedIn Instagram Connect with Erica:...
Sep 22, 2023•30 min•Season 1Ep. 4
PODCAST REVIEW GIVEAWAY - enter before Oct 8, 2023! Click Here to Enter! 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 - Wi...
Sep 19, 2023•11 min•Season 1Ep. 45
PODCAST REVIEW GIVEAWAY - enter before Oct 8, 2023! Click Here to Enter! 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: 3 - Financial Foundations 4 - LLCs and EINs 5 - Business Insurance 6 - Bank Accounts 7 - Bookkeeping Practices Make sure you subscribe s...
Sep 12, 2023•8 min•Season 1Ep. 44
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: Instagram LinkedIn Email List...
Aug 29, 2023•10 min•Season 1Ep. 43
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 recomme...
Aug 18, 2023•41 min•Season 1Ep. 42
