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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Erica sits down with Luke Sauter, a CPA, PFS, and investment advisor who shares insights on the intricacies of financial planning, emphasizing the importance of choosing a trustworthy fiduciary who provides consistent, transparent, and comprehensive wealth management services.

00:43 Meet Luke Sauter: CPA and Financial Specialist

02:34 A Personal Journey: From Corporate to Consulting

04:54 Understanding Financial Designations and Trust

09:37 The Role of a Fiduciary and Financial Planning

16:03 Building Trust and Transparency in Financial Advisory

20:56 The Importance of Regular Communication with Advisors

26:30 The Advisor Mindset Shift

27:13 Transactional vs. Relational CPA Models

28:26 The Importance of Integrated Wealth Management

32:37 Financial Planning for Different Net Worths

36:58 Understanding AUM and Fee Structures

49:59 Choosing the Right Financial Advisor

56:13 Conclusion and Contact Information

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Disclaimers:

Vidarrow Investment Advisors is a Registered Investment Adviser in the state of Illinois. Advisory services are only offered to clients or prospective clients where Vidarrow and its representatives are properly registered or exempt from registration. This podcast is for informational purposes only and does not constitute individualized advice or a guarantee that you will achieve a desired result. You should consult with appropriate tax and/or financial advisors for advice specific to your situation. All expressions of opinion reflect the judgment of the host/interviewee on the date of the program and are subject to change.

Luke Sauter is an investment adviser representative of Vidarrow. The firm is a registered investment adviser and only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability.

The information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. Discussions should not be construed as an offer to buy or sell, or a solicitation of an offer to buy or sell the investments mentioned. A professional adviser should be consulted before implementing any of the strategies discussed. Investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for a client's portfolio. All investment strategies can result in profit or loss.

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This episode covers a tax season checklist for consultants and consulting firm owners.

(00:43) A Funny Story About Margaritas

(02:29) The Importance of Accurate Tax Inputs

(03:00) Steps to Prepare for Tax Season

(03:13) Reconcile Everything

(05:31) Owner Distributions and Your P&L

(06:42) Retirement Contributions

(07:27) Organizing Receipts

(08:58) Filing 1099s

(09:37) Mileage Log for Business Deductions

(10:28) The Importance of Early Tax Preparation

(11:11) Conclusion and Final Tips

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Resources Referenced:

86. Retirement Plans for Consultants | https://www.ericagoode.com/podcast/ep86

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