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As tax codes grow increasingly complex, Erica suggests a more comprehensive approach for business owners to assess their true financial health.

She explains a metric she created called Total Owner Benefit and describes how it can be used to discover the full range of financial benefits derived from owning a business. These include factors traditionally excluded from profit calculations such as owner salary, health costs, and retirement contributions.

Discover why Total Owner Benefit is important to business owners, how it differs from plain profit, how it can influence tax liabilities and more!

Related Episodes:

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

• Ep63 - Happy Hour: LASIK, HSAs, Simple Path to Wealth

• Ep61 - When is an S-corp a bad idea?

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

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Author and CEO of the Nonfiction Authors Association, Stephanie Chandler, joins Erica in this educational and engaging discussion about how business owners can use a book to build their business.

Some of the questions Stephanie answers are:

• What’s the benefit of writing a non-fiction book?

• How do I know what to write about?

• What costs do I need to budget for when planning a book for my business?

• What is the process of writing a book - how do I get started?

• What’s the optimal length of a non-fiction book?

• Where and how do I find an editor?

Stephanie Chandler is the author of several books including The Nonfiction Book Marketing and Launch Plan and The Nonfiction Book Publishing Plan. She is CEO of the Nonfiction Authors Association, a vibrant community for writers, and the Nonfiction Writers Conference, a live event conducted entirely online since 2010. A frequent speaker at business events and on the radio, she has been featured in Entrepreneur, BusinessWeek, The Writer, Writer’s Digest, and Wired magazine.

Resources Mentioned:

• Tribes by Seth Godin

• E-Myth by Michael Gerber

• Aloha Publishing

• Blog Post on Book Publishing Budget

• NonFiction Writers Conference

• NonFiction Authors Association

Connect with Stephanie Chandler | LinkedIn | The Nonfiction Book Marketing and Launch Plan

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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

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%20Informational%20Brochure%20508C.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%20Informational%20Brochure%20508C.pdf

• Exemption from Reporting | https://www.fincen.gov/boi-faqs#C_2

Connect with Erica:

Instagram

LinkedIn