Ep 103: BANK-Zero Tax Myth with Erica Goode
08/31/23 • 23 min
Today, we've got a fantastic guest, Erica Goode, the mastermind behind an accounting firm that offers top-notch bookkeeping and CFO services. Our paths, though unexpected, are paved with the same passion: helping women ace the juggling act of career and family.
Let's delve into today's central topic: dispelling the notion that zero taxes are the ultimate goal. While it may work in specific sectors, it's a different story for solopreneurs and consultants. There's no secret recipe; sidestepping taxes means operating at zero profit, which hinders business growth.
We explore tax strategies like equipment depreciation in farming and construction, but I emphasize caution. Paying taxes is pivotal for a thriving society; I even discuss this with my kids. Striking a balance is crucial – neither overpaying nor inviting legal complications.
For precise tax management, organized books are non-negotiable. I highlight the benefits of a fresh set of eyes in bookkeeping and the importance of recording every expense, even sneaky personal ones. Retirement planning is another hotspot, offering tax advantages and a secure future.
Cash flow is queen. Understanding the ebb and flow of money aids wise decisions. As entrepreneurs, our aim isn't zero taxes but harmonizing financial and business aspirations. We're here to convert businesses into profit-makers, not costly hobbies. Let's secure a stable income, intelligent savings, and a flourishing future.
And don’t forget to ‘follow’ and leave a rating & review!Follow host Melissa Leon on Instagram! EPISODE LINKS:Connect with ERICA6 Don't Miss Tax Deductions for Coaches
Today, we've got a fantastic guest, Erica Goode, the mastermind behind an accounting firm that offers top-notch bookkeeping and CFO services. Our paths, though unexpected, are paved with the same passion: helping women ace the juggling act of career and family.
Let's delve into today's central topic: dispelling the notion that zero taxes are the ultimate goal. While it may work in specific sectors, it's a different story for solopreneurs and consultants. There's no secret recipe; sidestepping taxes means operating at zero profit, which hinders business growth.
We explore tax strategies like equipment depreciation in farming and construction, but I emphasize caution. Paying taxes is pivotal for a thriving society; I even discuss this with my kids. Striking a balance is crucial – neither overpaying nor inviting legal complications.
For precise tax management, organized books are non-negotiable. I highlight the benefits of a fresh set of eyes in bookkeeping and the importance of recording every expense, even sneaky personal ones. Retirement planning is another hotspot, offering tax advantages and a secure future.
Cash flow is queen. Understanding the ebb and flow of money aids wise decisions. As entrepreneurs, our aim isn't zero taxes but harmonizing financial and business aspirations. We're here to convert businesses into profit-makers, not costly hobbies. Let's secure a stable income, intelligent savings, and a flourishing future.
And don’t forget to ‘follow’ and leave a rating & review!Follow host Melissa Leon on Instagram! EPISODE LINKS:Connect with ERICA6 Don't Miss Tax Deductions for Coaches
Previous Episode
Ep 102: BANK- Empowering Financial Wisdom: Balancing Career, Family, and Investment with Bev Bowers
Join me in this episode of the Efficiency Bitch Podcast, where I dive into a mission that's all about helping fellow women find the perfect harmony between their careers and families. Intrigued by the acronym "bitch," representing bank, inbox, time, connection, and harmony, we're all about nailing efficiency in managing life's demands.
Get ready to meet the wonderful Beverly Bowers, is a retired financial planner who has been solely responsible for her financial life over 25 years. Her passion is to make investments understandable—dispel the mystery and simplify the investment process. In 2021 she self-published a book, How to Dress a Naked Portfolio, a Tailored Introduction to Investing for Women. https://bevbowers.com/how-to-dress-a-naked-portfolio/
I reveal the drive behind my book, addressing women's financial engagement. Picture this: building a portfolio as shopping in different stores. Let's chat goals, distinguishing saving from investing based on timeframes, and understanding risk. I underline the need to outpace inflation and establish an emergency fund. Start slow with investments, folks, and get yourself a nicely diversified portfolio.
Next stop, asset allocation! Whether you're a young hustler or seeking lower risk, we discuss the scoop on crafting your investment mix.
Remember to fact-check TikTok "financial gurus" and research thoroughly. Tailor your investment journey to your unique life. Reach out with feedback and ideas on Facebook and Instagram at Efficiency Bee. Let's ride the efficiency wave together! 🎙️🚀
And don’t forget to ‘follow’ and leave a rating & review!Follow host Melissa Leon on Instagram! EPISODE LINKS:
Next Episode
Ep 104: TIME - Empowering Working Moms: Balancing Commitments and Self-Care
🔥Ever felt like you're being pulled in a million directions? Like you need to be everywhere and do everything? In this week's episode of the Efficiency Bitch podcast, I get real about the struggle of being a working mom.
🎯Juggling school events, volunteering, leadership roles, and a full-time job? Been there, done that. But here's the wake-up call: It's okay to NOT be everywhere! Your children won't remember your omnipresence, they'll remember your love.
💪Remember, it's all about self-care and avoiding burnout. It's okay, even necessary, to say NO sometimes. Valuing your time is just as important as valuing others'.
💕Yes, being a mom is tough. But remember, it's essential to acknowledge your limitations, take time for yourself, and appreciate the efforts of others doing the best they can.
🔄Life is about adjustments and reevaluations. It's been a game-changer for me, and I'm sure it will be for you too.
🗣️Share this message with someone who needs to hear it and don't forget to subscribe for weekly wisdom bombs dropped straight into your earbuds. Cheers to a more balanced life. #EfficiencyBitch #WorkLifeBalance #WorkingMom 💼👩👧👦🎧
And don’t forget to ‘follow’ and leave a rating & review!
Follow host Melissa Leon on Instagram!
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