Coaches, Consultants, and Money

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

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 Your Business (03:43) Practical Steps to Turn Down the Noise (06:02) Conclusion and Final Thoughts (06:14) Stay Connected Connect with Erica | LinkedIn | Website | Newsletter