In this episode, Erica provides an important update on the recent tax bill passed by Congress in July 2025. She breaks down the key changes in tax law that affect solo consultants, including what is leaving, what is staying, and what is brand new. Key changes discussed include adjustments to the SALT limitation, the discontinuation of residential energy tax credits and electric vehicle credits, and the extension of lower tax rates and higher standard deductions. Erica also highlights new provisions for charitable deductions, car loan interest deductions, and 529 college savings accounts. The episode aims to offer practical insights without jargon, helping consultants navigate these changes for better financial planning and tax savings.

00:00 Welcome to Consultants and Money

00:51 Summer Break Recap and Big Updates

02:02 Understanding the New Tax Bill

04:04 What's Leaving: Tax Provisions Expiring

06:30 What's Staying: Tax Provisions Continuing

10:10 Brand New Tax Provisions

14:16 Final Thoughts and Personal Takeaways

15:03 Closing Remarks and Farewell

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Erica encourages solo consultants to find ways to pause, whether it's taking a week off, a quiet morning, or even a month-long break. She highlights some of the most downloaded episodes for listeners to revisit during the hiatus and wishes everyone a restful and enlightening summer.

00:00 Introduction to the Podcast

00:44 Summer Break Announcement

01:11 The Importance of Pausing

02:30 Personal Reflections on Rest

03:56 Encouragement for Listeners

04:44 Recommended Episodes

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Episodes Referenced:

73. [The Soloist Life] Building a Six-Figure Advisory Business (Working 15 Hours A Week)

85. Understanding Self-Employed Health Insurance with Jessica Skoney

86. Retirement Plans for Consultants

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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

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