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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

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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 planner benefit your retirement planning?

• Can a Solo 401(k) be a better option for solopreneurs than a SEP IRA?

Make sure you check out the resources below!

The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Erica and the Coaches, Consultants, and Money podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc., and their services. 

Important Resources Mentioned:

• Choose FI podcast | How to Access Your Retirement Accounts Before 59.5 

• Sean’s Book | Solo 401(k): The Solopreneur’s Retirement Account (on Amazon)

• Sean’s Favorite Money Books:

  • Millionaire Next Door, Thomas J. Stanley 

  • The Simple Path to Wealth, by JL Collins

• Ep. 61 - When is an S-Corp a Bad Idea?

• Ep. 21 - What’s an S-Corp and When Should I Become One?

 

Connect with Sean:

Website | https://fitaxguy.com/

YouTube | @seanmulaneyvideos

Mullaney Financial | https://www.mullaneyfinancial.com/

 

Connect with Erica:

• Instagram 
• LinkedIn
• Email List

 

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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

 

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

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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:

Instagram 

LinkedIn

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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 file my BOI report myself, or do I need a professional?

• What information do I need to file my business's report?

• What are the deadlines for filing?

If you haven’t filed this yet, listen to the Bonus episode: Live BOI Application Walkthrough, where Erica walks you through the process as she completes it for her own business.

 

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:

Instagram 

LinkedIn

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 to these questions inside…

• How can coaches and consultants scale their business without hiring?

• What are the benefits of staying solo versus hiring in consulting?

• How can hiring experts help consultants avoid the hire-fire cycle?

• What strategies can be used to reduce work hours without losing revenue?

• Can you grow your consulting business profit without expanding your team?

Books mentioned in this episode:

Getting Things Done, David Allan

Value-Based Fees, by Alan Weiss

Business of Expertise, by David C Baker

 

If you missed the first part of this 2-part series, catch it here: https://www.ericagoode.com/podcast/ep62

 

Reach out to Geraldine:

• On her website - GeraldineCarter.com

• Listen to the Business Strategies for CPAs podcast - on Spotify: https://spoti.fi/3HPR37G

 

Connect with Erica:

Instagram 

LinkedIn

 

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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 eligible items | HSA Bank

Simple Path to Wealth by JL Collins | Amazon | Goodreads

How do donor-advised funds (DAFs) work? | NerdWallet

Fidelity’s DAF | Fidelity Charitable

 

Connect with Ben Goode, CPA | LinkedIn

Connect with Erica Goode, CPA | LinkedIn | Monthly Newsletter |  Website

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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 hire their first employee?

• How can small business owners identify the right time to expand their team?

• What are the differences in hiring needs between solopreneurs and businesses with up to 200 employees?

• What strategies can help determine the best first hire for a small business?

• How does understanding business bottlenecks aid in making effective hiring decisions?

• What role does company culture play in the hiring process for small businesses?

• How can small business owners develop a clear picture of their ideal candidate?

• What are the best practices for onboarding new hires in a small business setting?

 

Reach out to Jamie:

• On her website - growingyourteam.com

• Listen to the Growing Your Team podcast - on Spotify: https://spoti.fi/3OnCL1M

• Follow her on Instagram - @growingyourteam

 

Connect with Erica:

Instagram 

LinkedIn

 → Don’t miss an episode! 

 

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: 55 - 3 Things You Need to Change When Becoming an S-Corp-  https://www.ericagoode.com/podcast/ep55 25 -  How to Pay Yourself From Your Business: Salary vs Owner Distributions vs Profit - https://www.ericagoode.com/podcast/ep25 21 -  What's an S-Corp and When Should I Become One? - https://www.ericagoode.com/podcast/ep21  

Connect with Erica:

• Instagram 

• LinkedIn

• Email List