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

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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.

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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

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Resources Referenced:

86. Retirement Plans for Consultants | https://www.ericagoode.com/podcast/ep86

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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

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Resources Referenced:

IRS Search for Tax Return Preparers | https://irs.treasury.gov/rpo/rpo.jsf

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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

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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 Wishes

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Your 2025 "To Be Read" List:

The Simple Path to Wealth by JL Collins | https://a.co/d/4bkAkQl

Slow Productivity by Cal Newport | https://a.co/d/5a8Ts68

Never Enough by Andrew Wilkinson | https://a.co/d/gYnSyyi

Breath by James Nestor | https://a.co/d/ckssTtK

Destiny of the Republic by Candice Millard | https://a.co/d/80kCZ5p

The Giver by Lois Lowry | https://a.co/d/5q67wyd

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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-specific rules can impact your tax obligations, and why it's crucial to have thorough conversations with your CPA. They also highlight the risks associated with not addressing multi-state tax issues upfront and provide practical advice on when and why to seek professional guidance.

(00:49) Meet Nicole McClintock: Founder and CEO of Taximize

(03:13) Nicole's Journey from Public Accounting to Taximize

(07:02) Understanding State and Local Taxes (SALT)

(07:57) Key Considerations for Solo Consultants on State Taxes

(11:04) Navigating Multi-State Tax Complexities

(20:24) The Importance of Asking Your CPA Questions

(33:23) Final Thoughts and How to Reach Nicole

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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 consultants make informed retirement savings decisions.

(00:54) Retirement Planning for Self-Employed Consultants

(02:11) Roth IRA: The Favorite Child

(03:55) Traditional IRA: A Flexible Option

(05:46) SEP IRA: Ideal for High, Fluctuating Income

(07:57) Solo 401k: High Limits and Flexibility

(09:48) Key Takeaways and Final Thoughts

(11:43) Stay Connected and Informed

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Resources Referenced:

Ep69 - SEP vs Solo 401(k) with Sean Mullaney, CPA

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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. agents, accurately reporting income for tax credits, how to verify correct income figures, budgeting for health insurance, and the importance of seeking second opinions on brokers. With practical advice and real-world examples, this episode empowers listeners to make informed decisions about their health insurance options.

(01:20) Understanding Self-Employed Health Insurance Options

(02:30) Private Insurance vs. Marketplace Plans

(04:13) Navigating the Marketplace

(12:45) State Marketplaces and Medicaid

(19:34) The Role of Brokers and Agents

(21:54) Initial Consultation with a Broker

(23:45) Understanding Client Needs

(23:55) Impact of Age on Health Insurance

(24:59) Cost Considerations for Self-Employed Individuals

(27:47) Importance of Accurate Income Reporting

(31:24) Household Income and Tax Credits

(36:12) Navigating Health Insurance Options

(39:47) Working with Health Insurance Brokers

(45:34) Conclusion and Contact Information

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In this episode of the Consultants and Money Podcast, host Erica Goode is joined by Paulina Proper, co-founder of District Trademark. They explore the world of trademarks, intellectual property, and strategic branding for solo consultants. Learn how to protect your brand, navigate the trademark process, and ensure your business's legal foundations are solid. Whether you're concerned about copyrights, patents, or trade secrets, this discussion provides valuable insights to help secure your brand's identity. Stay informed on how trademarks can add value to your consulting business and potentially save you from costly rebranding in the future.

(00:00) Introduction to the Podcast

(00:46) Meet Paulina Proper: Trademark Expert

(02:25) Understanding Intellectual Property

(04:08) Trademarks in Action: Real-World Examples

(07:26) AI and Intellectual Property

(09:55) Trademarking for Consultants

(12:51) The Importance of Trademarking

(23:48) Navigating the Trademark Process

(29:15) Costs and Considerations

(36:06) Final Thoughts and Advice

(37:56) Stay Connected

Connect with Paulina | LinkedIn | District Trademark 

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In this episode of the Consultants and Money podcast, host Erica Goode is joined by Joel Claremont. Joel shares his experience with Laravel, his educational business, and his revelations about financial independence and early retirement.

(00:53) Meet Joel Claremont: Laravel Expert and Podcast Co-Host

(01:37) Understanding Laravel and Its Applications

(04:58) Joel's Journey to Financial Independence

(07:46) The 4% Rule and Retirement Planning

(16:59) Balancing Work and Personal Goals

(21:40) Balancing Pre-Tax and Post-Tax Investments

(26:46) Hiring Your Kids: Tax Implications and Benefits

(36:59) Final Thoughts

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Resources Referenced:

Ep75 - Navigating early retirement options and "bridge years"

Ep42 - BONUS: Happy Hour book review - Die With Zero

Choose FI podcast

Simple Path to Wealth by JL Collins

Die with Zero by Bill Perkins

What is the 4% rule? | Investopedia

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Connect with Joel | Twitter | No Compromises | Mastering Laravel

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