March 24, 20263 min
The Life First Accounting Firm Podcast
Check out the Life First Accounting Firm podcast on YouTube or wherever you listen to podcasts! Apple Podcasts Spotify YouTube
Episodes
113
Latest episode
Mar 2026
Language
EN
About the show
A bi-weekly podcast show for solo-consultants who have questions on all things money. 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.
Listen to episodes
February 17, 2026Episode 10810 min
108. Why do I owe so much on my tax return?
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
December 9, 2025Episode 10721 min
107. Best Business Books of 2025
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
November 25, 2025Episode 1069 min
106. Profit ≠ Paycheck: The 50/25/25 Rule to Create Personal Stability
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
November 11, 2025Episode 1059 min
105. Tax Surprises Suck: How to Get Out of Reactive Mode for Good
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
October 28, 2025Episode 10439 min
104. From C-Suite to Startup: Money Questions with Julie Masson
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
October 14, 2025Episode 10311 min
103. Forecasting for Real Life: How to Plan for Paychecks, Hiring, and Dry Spells
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
September 30, 2025Episode 1029 min
102. What Clean Books Actually Look Like (And Why Yours Might Not Be as Clean as You Think)
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
September 16, 2025Episode 10142 min
101. Retiring Often with Jillian Johnsrud
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
September 2, 2025Episode 10015 min
100. Big, Beautiful Bill: What Actually Changed for Consultants
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
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