Consultants and Money

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 opposed to an LLC)
• How it affects the way you're paid
• When's the right time to become an S-corp
• The costs involved
• The process involved

Note: If you haven't listened to last week's episode, this one follows right along, so you may want to go back and listen to that one first. Also, if you're still unsure about how LLCs work, I explain it all in episode 4.

Listen in for all the details.

And follow along with the show notes here: https://www.ericagoode.com/podcast/ep22

**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.

Connect with Erica:

• Instagram @erica.goode.cpa
• LinkedIn: Erica Goode, CPA
• Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
• ***FREE Tax Deduction Guide***

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 it fits into your taxes
• Wrapping it all up in your tax return (Form 1040)

You don't have to do your own taxes, but to should have a basic understanding of them.

Listen in for all the details.

And follow along with the show notes here: https://www.ericagoode.com/podcast/ep20

Connect with Erica:

• Instagram @erica.goode.cpa
• LinkedIn: Erica Goode, CPA
• Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
• ***FREE Tax Deduction Guide***

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
• LinkedIn: Erica Goode, CPA
• Newsletter sign-up: https://www.ericagoode.com/newsletter-signup

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 airport) look into Hilton's Honors card or Delta's Platinum program.)

I talk about:

• What it is
• How you can get it
• The effect it may (or may not) have on your credit score
• Managing the Business card and the Personal card
• How it all works

Here's the link for more info that I mention in the episode: https://www.southwest.com/rapidrewards/tiers-more-companion-pass

And if you want to see how the math works on this process, find my show notes here: https://www.ericagoode.com/podcast/ep18

Listen in for all the details!

Connect with Erica:

• Instagram @erica.goode.cpa
• LinkedIn: Erica Goode, CPA
• Newsletter sign-up: https://www.ericagoode.com/newsletter-signup
• ***FREE Tax Deduction Guide***

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 communication model to generate consistent results for women leaders as a coach, corporate trainer, and keynote speaker. Karen is the author of Trust Your Own Voice: Growing Your Influence Through Confident Communication, as well as the host of her highly-ranked podcast, Ignite Your Confidence, equipping women to stop holding back and start taking their seats at the table. She is fiercely committed to her mission of eradicating self-doubt in 10 million women by giving them practical strategies to ask for and receive what they want in the boardroom and beyond.

Connect with Karen:

• Karen's website
• Karen's podcast: Ignite Your Confidence
• Karen's book, Trust Your Own Voice, on Amazon
• 9 Words to Avoid - and What to Say Instead - free pdf

Connect with Erica:

Instagram @erica.goode.cpa

LinkedIn: Erica Goode, CPA

Newsletter sign-up: https://www.ericagoode.com/newsletter-signup

***FREE Tax Deduction Guide***

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 like to skip to the end.

(You're welcome.)

Connect with Erica:

Instagram @erica.goode.cpa

LinkedIn: Erica Goode, CPA

Newsletter sign-up: https://www.ericagoode.com/newsletter-signup

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 Erica:

Instagram @erica.goode.cpa

LinkedIn: Erica Goode, CPA

Newsletter sign-up: https://www.ericagoode.com/newsletter-signup

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 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.)

Until next time, may your week be filled with love and profit!

Connect with Erica:

Instagram @erica.goode.cpa

LinkedIn: Erica Goode, CPA

Newsletter sign-up: https://www.ericagoode.com/newsletter-signup

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 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.)

Until next time, may your week be filled with love and profit!

Connect with Erica:

Instagram @erica.goode.cpa

LinkedIn: Erica Goode, CPA

Newsletter sign-up: https://www.ericagoode.com/newsletter-signup