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In this episode, Erica shares her top three business book recommendations from 2024 and three bonus reads unrelated to business that left an impact on her.

00:00 Introduction to Consultants and Money Podcast

00:48 Personal Journey with Reading

02:16 Top Business Books of 2024

05:15 Bonus: Non-Business Books That Made an Impact

07:58 Closing Remarks and Holiday Wishes

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Your 2025 "To Be Read" List:

The Simple Path to Wealth by JL Collins | https://a.co/d/4bkAkQl

Slow Productivity by Cal Newport | https://a.co/d/5a8Ts68

Never Enough by Andrew Wilkinson | https://a.co/d/gYnSyyi

Breath by James Nestor | https://a.co/d/ckssTtK

Destiny of the Republic by Candice Millard | https://a.co/d/80kCZ5p

The Giver by Lois Lowry | https://a.co/d/5q67wyd

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In this episode of the Consultants and Money podcast, host Erica Goode CPA is joined by Nicole McClintock, founder and CEO of Taximize. They discuss the complexities of state and local taxes (SALT), especially for consultants operating across multiple states. Nicole emphasizes the importance of understanding where your business has employees and clients, how state-specific rules can impact your tax obligations, and why it's crucial to have thorough conversations with your CPA. They also highlight the risks associated with not addressing multi-state tax issues upfront and provide practical advice on when and why to seek professional guidance.

(00:49) Meet Nicole McClintock: Founder and CEO of Taximize

(03:13) Nicole's Journey from Public Accounting to Taximize

(07:02) Understanding State and Local Taxes (SALT)

(07:57) Key Considerations for Solo Consultants on State Taxes

(11:04) Navigating Multi-State Tax Complexities

(20:24) The Importance of Asking Your CPA Questions

(33:23) Final Thoughts and How to Reach Nicole

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This episode, Erica covers 4 key retirement plans: Roth IRAs, Traditional IRAs, SEP IRAs, and Solo 401ks. Erica explains the eligibility criteria, 2024 contribution limits, and special considerations based on business structure (sole proprietor, LLC, or S Corp). She highlights the benefits and potential drawbacks of each plan, offering insights to help solo consultants make informed retirement savings decisions.

(00:54) Retirement Planning for Self-Employed Consultants

(02:11) Roth IRA: The Favorite Child

(03:55) Traditional IRA: A Flexible Option

(05:46) SEP IRA: Ideal for High, Fluctuating Income

(07:57) Solo 401k: High Limits and Flexibility

(09:48) Key Takeaways and Final Thoughts

(11:43) Stay Connected and Informed

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Resources Referenced:

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

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