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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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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Erica explains the journey of an avocado from a farm in Michoacan, Mexico to a grocery store in the U.S., breaking down the costs involved and how a 25% tariff impacts the final price to consumers. She also talks through broader economic issues affecting solo consultants and small businesses.

00:00 Introduction to the Podcast

00:43 Understanding Tariffs with Avocados

03:26 Breaking Down Tariff Math

07:01 The Impact of Trade Agreements

08:57 Current Economic Trends for Consultants

10:53 Final Thoughts

11:23 Concierge Bookkeeping Service

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Resources Referenced:

White House Fact Sheet | https://www.whitehouse.gov/fact-sheets/2025/04/fact-sheet-president-donald-j-trump-declares-national-emergency-to-increase-our-competitive-edge-protect-our-sovereignty-and-strengthen-our-national-and-economic-security/

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A little tax trivia on this April 15th…

00:43 Tax Day Anecdote

01:23 Weird and Wacky Tax Facts

03:55 Fun Facts About Money

04:40 IRS Whistleblower Program

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Resources Referenced:

IRS Whistleblower Office | https://www.irs.gov/compliance/whistleblower-office

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Erica suggests four actionable tasks: checking your credit report, reviewing your social security statement, calculating your net worth, and verifying your tax withholdings. Each task is designed to take about 10-20 minutes and provides insights into your financial health.

00:43 Tax Season Reminders and Energy Credits

02:20 April Financial Checkup: Four Key Tasks

02:39 #1: Check Your Credit Report

04:12 #2: Review Your Social Security Statement

07:29 #3: Calculate Your Net Worth

09:32 #4: Review Your Tax Withholding

11:30 Recap and Final Thoughts

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Resources Referenced:

Annual Credit Report | www.annualcreditreport.com

Social Security website | www.ssa.gov

Net Worth Tracker | https://docs.google.com/spreadsheets/d/1ptzTAne_AILcTUMQ-G8eu0-44QusfInzF9BicdignXg/copy?usp=sharing

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Erica and her husband Ben Goode, CPA discuss the benefits of travel credit cards over cash back cards, emphasizing the savings on taxes and the accumulation of travel miles for personal use. The conversation includes a case study of their upcoming family vacation to Mexico, breaking down the points earned from Delta and Marriott credit cards, resulting in significant cost savings on flights and hotel stays.

05:11 Business Credit Cards: Travel Rewards vs. Cashback

06:52 IRS Guidelines on Frequent Flyer Miles

10:56 Case Study: Using Business Credit Cards for Personal Travel

16:16 Accumulating Hotel Points

16:36 Cost Breakdown of the Stay

17:29 Booking Strategies and Room Upgrades

18:13 Maximizing Value with Points

22:06 Accumulating Marriott Points

30:04 Final Takeaways and Travel Tips

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Resources Referenced:

IRS Frequent Flyer Announcement | https://www.irs.gov/pub/irs-drop/a-02-18.pdf

Ep93 - Best Business Credit Cards: Travel Rewards vs Cash Back

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In this episode Erica addresses a common question from clients: what is the best credit card for business use? She explains why travel reward credit cards are generally a better choice than cashback credit cards for solo consultants. Erica emphasizes that travel points and frequent flyer miles are not taxed by the IRS and don't reduce business deductions, unlike cashback rewards.

00:00 Introduction to the Consultants and Money Podcast

00:50 Choosing the Best Credit Card for Your Business

01:43 Why Travel Reward Credit Cards Are Better

03:13 Maximizing Travel Rewards for Business and Personal Use

05:16 The Downside of Cashback Credit Cards

06:36 Final Tips and Recap

08:15 Conclusion and Next Steps

08:48 Concierge Bookkeeping Service

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