I found there are times when you can perform the following with components:

{{my-component data=data
               shouldShow=showMyComponent
               action=(action (mut showMyComponent) false)}}

But it gets more complex in a helper like so:

<a href="#" {{action "myAction"}}>
  Open My Component
</a>

So how do you use the same trick above? Here is how:

<a href="#" {{action (action (mut showMyComponent) true)}}>
  Open My Component
</a>

{{my-component data=data
               shouldShow=showMyComponent
               action=(action (mut showMyComponent) false)}}