Gross Income for August: $143,642
Total Expenses for August: $9,584
Total Net Profit for August: $134,058
Difference b/t August & July: -$24,306
% of net profit to overall gross revenue: 93%
Why We Publish An Income Report
This monthly income report is created for you, Fire Nation!
By documenting the struggles we encounter and the successes we celebrate as entrepreneurs every single month, we’re able to provide you with support – and a single resource – where we share what’s working, what’s not, and what’s possible.
There’s a lot of hard work that goes into learning and growing as an entrepreneur, especially when you’re just starting out. The most important part of the equation is that you’re able to pass on what you learn to others through teaching, which is what we aim to do here.
Check out all of our monthly income reports – from the very beginning!
Let’s IGNITE!
- *We’ll receive a commission on the affiliate links below. If you click on my affiliate link and sign up for the products and services I trust and recommend, then I will earn a commission.
Ron Parisi’s Monthly Tax Tip
Hello, Fire Nation! Ron Parisi from CPA On Fire here with our August 2024 Tax and Accounting tip brought to you by CPA on Fire. This month we’ll tackle a timely and essential topic as we navigate the complexities of tax season. It’s crucial to stay informed about deadlines, strategies, and planning ahead as we stay on top of our financial operations!
At CPA On Fire, we specialize in working with entrepreneurs to minimize their tax liability while keeping them in line with the ever-changing tax laws.
Our firm has been working with JLD & Kate at Entrepreneurs On Fire for years now, and they’ve included me in these monthly income reports with unlimited access to all their accounts so I can verify that what they report here is complete and accurate.
And because they believe in delivering an insane amount of value to you, my job doesn’t stop at the verification level; I also provide a new tax and accounting tip every month!
Ron’s August Tax Tip: Understanding Tax Deadlines and Extensions
If you haven’t filed your 2023 tax return yet, now is the time to act. For those who filed an extension this past spring, here’s what you need to know:
Partnerships and S Corps: Your returns are due by September 15th.
C Corps and Individual Returns: Your deadline is October 15th.
Remember, filing for an extension does not extend the time to pay your taxes; it merely gives you more time to file your returns.
If you’re an entrepreneur or business owner, you’re likely required to pay quarterly taxes. The final payment for your 2023 taxes is due by April 15, 2024, along with the first payment for 2024.
This double whammy can be a burden, so proper planning is key.
The Importance of Tax Planning
October 15th also marks the kickoff of the tax planning season. But this isn’t just about wrapping up 2024 — it’s about looking ahead to 2025 and beyond.
At CPA on Fire, we’re strong proponents of long-term tax planning. Now is the perfect time to review your company’s performance in 2024 and start strategizing for the future.
Strategic Tax Planning for 2025
As we approach the end of the year, it’s important to pull the right levers for your tax strategy. Whether it’s deciding on year-end bonuses, setting up retirement plans, or implementing an accountable plan, these decisions can significantly impact your tax liabilities for 2024 and 2025.
It’s also time to look at strategies to optimize deductions, consider investments, or even harvest losses if it makes sense for your overall financial strategy. What’s crucial is to stay proactive and plan ahead so that you can take advantage of all available opportunities.
I hope these insights have been helpful for you as you gear up for the remaining months of the year and solidify your plans for 2025! It’s always a pleasure to connect with you and provide the guidance you need. Until next time, Fire Nation, here’s to your continued success!
CPA on Fire offers vCFO and fractional financial operation services. We have vast experience working with high-growth entrepreneurs. If you recognize the need to level up your financial operations to improve growth, profitability and free your time, let’s connect! We can show you how we help our amazing clients and what we can do for you and your business. Learn more at CPAOnFire.com.
What Went Down In August
Interview of the Month
Build an Unbreachable Brand Fortress through ‘Power Warranty Marketing’ with Michael Kaufman
3 Value Bombs
- When you build something of true value, someone else is almost always gonna try to topple your kingdom. Build something that’s not just valuable but that’s also formidable.
- It’s not worth offering the warranty if it’s not effective. You really need a warranty and a business model that is staggeringly impressive, but also profit protective.
- There’s a cost to the warranty, but what’s the cost on the other side of not fulfilling the warranty properly? You’re losing way more on that end than you’re gaining by making that process difficult and having them bail in the process.
Brand Fortress HQ – Learn the Strategies that are Working Right Now to Fortify Your Brand!
Our Month in Maine!
In August our travels in Maine continued! Last month we shared a few snaps and a quick recap of what we’ve been up to on our travels, and August brought more fun in the sun by the lake – and the beach!
We spent the first couple of weeks stationed at the lake house and enjoyed our morning walks, daily dips in the lake, afternoon trips to the park, and a lot of quality family time.
Then we packed our bags and headed to Portland for four nights. We loved walking the Old Port, which is where John and I used to live, and it’s the birthplace of Entrepreneurs On Fire!
Then we drove south to York for an epic BBQ and all-day hangout with five other families and their kiddos. Bo was in heaven splashing around and checking out all the cool things the older kids could do.
Next we made our way to Ogunquit, a quaint little beach town where we spent a week at a beach house with one of John’s best friends and his family.
Our daily beach trips and walks through town were so much fun. Bo loved the sand, but wasn’t too sure about the waves and the cold water…
One thing is for sure: Bo is a GREAT travel partner! He has been a champ about changing locations and being introduced to a lot of new things, experiences, and people.
Managing Work While Traveling
And speaking of changing locations and being on the road… A question we get asked a lot is around how we manage work when we travel. It’s a great question, because it isn’t easy. But for us, it’s a non-negotiable: we set our business up so that we could travel without having to be online all day, every day.
So before we travel, we make sure to schedule out episodes and emails ahead of time. Anything we can batch in advance, we do!
Then, we reach out to our sponsors and partners and let them know we’re going to be on the road. Most times they’re happy to work with us and send over talking points for ad reads ahead of time, allowing us to upload episodes months in advance (when we left in late July for our trip, John had uploaded episodes thru October, which is when we return to PR!)
Finally, we make sure our team is supported and able to help cover any gaps while we’re gone, which is very rarely and issue since John and I still check in every day while we’re away.
Outside of any partnership calls and live Q&A’s we host for our Podcasters’ Paradise community, our work schedules are able to be very flexible, allowing us to check in for an hour or so each day at our leisure, and then enjoy the rest of our time exploring and spending time with family and friends.
Next stop: San Diego!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
August 2024 Income Breakdown*
Product/Service Income: $141,184
TOTAL Journal Sales: $1,722 | Total Journals Sold: 45
The Freedom Journal: Accomplish your #1 goal in 100 days!
- Total: $752 (17 Freedom Journals + 3 Digital Packs sold)
The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!
- Total: $770 (19 Mastery Journals + 1 Digital Packs sold)
The Podcast Journal: Idea to Launch in 50 Days!
- Total: $200 (5 Digital Packs sold)
Podcasters’ Paradise: The #1 Podcasting community in the world!
- Total: $4,066
Real Revenue: Turn your BIG IDEA into Real Revenue
- Total: $0
Podcast Sponsorships: $135,371
Podcast Launch: Audiobook: $20 | eBook: $5
Free Courses that contribute to the above revenue:
Your Big Idea: Discover your big idea in under an hour!
Free Podcast Course: Create and launch your own podcast!
Funnel On Fire: Create a funnel that converts!
Affiliate Income: $2,458
- Affiliate links below – if you click on my affiliate link and sign up for the products and services I trust and recommend, then I will earn a commission.
Resources for Entrepreneurs: $2,118
- Audible: $18
- Bluehost: $0
- Click Funnels: $2,100
- CovertKit: $0
- Coaching referrals: $0 (email me for an introduction to a mentor for overall online business or a Podcast focused mentor!)
Resources for Podcasters: $130
- Podcasting Press: $0
- Splasheo: $0
- Fusebox: $0
- Libsyn: $103 (Use promo code FIRE for the rest of this month & next free!)
- Repurpose House: $6
- UDemy Podcasting Course: $21
Other Resources: $210
- Amazon Associates: $7
- Other: $203
Total Gross Income in August: $143,642
Business Expenses: $6,525
- Advertising: $0
- Affiliate Commissions (Paradise): $0
- Cost of goods sold (Journals): $98
- Fulfillment: $0
- Consulting: $95
- Design & Branding: $0
- Dues & Subscriptions: $28
- Legal & Professional: $0
- Meals & Entertainment: $282
- Merchant / bank fees: $1,164
- Amazon fees: $729
- PayPal fees: $16
- Office expenses: $667
- Community Refunds: $0
- Promotional: $0
- Travel: $65
- Virtual Assistant Fees: $3,381
- Website Fees: $0
Recurring, Subscription-based Expenses: $3,059
- Adobe Creative Cloud: $60
- Accounting: $515
- Boomerang: $90 (team package)
- Carbonite: $107 (annual fee)
- Authorize.net: $25
- Google: $90
- Cell Phone: $162
- CookieYes: $10
- Chat GPT: $20
- Internet: $68
- Analytics: $70
- eVoice: $15
- Keap CRM: $256
- Insurance: $669
- Libsyn: $209
- Linktree: $9
- Spotify: $19
- OpenAI: $20
- Taxes & Licenses: $505
- Patreon: $45
- Zoom: $15
- Xero: $80
Total Expenses in August: $9,584
Payroll to John & Kate: $15,900
In our May 2014 Income Report and our June 2016 Income Report, Josh focuses on how to pay yourself as an entrepreneur. Check them out!
Wondering what we do with all of our net revenue? We share all in our April 2017 Income Report :)
Total Net Profit for August 2024: $134,058
Biggest Lesson Learned
Regrets in Business
I was having a conversation with a friend the other day about business, and she was talking about things she wished she had done earlier on – things that could have helped her business grow better or faster.
My immediate response was, “Well, that’s not fair because you’re regretting things now that you never would have known at the time without the knowledge and experience you’ve gained.”
And I know it’s easy to look back and wish you had done things differently – I’ve been there many times.
And it’s an important to look back and see how things could have played out differently because it reminds us of the lessons we’ve learned. Some of those lessons come as a result of us making mistakes, and others come because we take risks and leaps of faith without knowing how things will turn out.
Bottom line, those lessons should help empower us to make better decisions moving forward – not regret ones we’ve made (or not made) in the past.
Until next month, keep your FIRE burning!
~ Kate & John
Note: we report our income figures as accurately as possible, but in using reports from a combo of Infusionsoft & Xero to track our product and total income / expenses, they suggest the possibility of a 3 – 5% margin of error.
Click here for all of EOFire’s Income Reports
收入概況
2024年8月總收入：143,642美元 2024年8月總支出：9,584美元 2024年8月淨利潤：134,058美元 與7月相比的差異：-24,306美元 淨利潤佔總收入的百分比：93%
為何發布收入報告
這份月度收入報告是為了你們，Fire Nation 而創建的！ 通過記錄我們每個月作為企業家所遇到的困難和慶祝的成功，我們能夠為你提供支持，並提供一個單一的資源，分享什麼是有效的，什麼是無效的，以及什麼是可能的。 作為一個企業家，特別是在剛起步時，學習和成長需要付出大量的努力。等式中最重要的部分是你能夠持續學習和進步。
詳細收入
- 產品銷售：
- 日誌本：1,722美元（包括5套數位套裝）
- Podcasters' Paradise（播客天堂）：4,066美元
- Real Revenue（真實收入）：0美元
- 播客贊助：135,371美元
- 出版物銷售：
- Podcast Launch音頻書：20美元
- Podcast Launch電子書：5美元
- 聯盟收入：2,458美元
- 企業家資源：2,118美元
- 播客資源：130美元
- 其他資源：210美元
為上述收入貢獻的免費課程：
- Your Big Idea（你的大想法）
- Free Podcast Course（免費播客課程）
- Funnel On Fire（火熱漏斗）
詳細支出
- 業務支出：6,525美元
- 商品成本（日誌）：98美元
- 諮詢費：95美元
- 餐飲娛樂：282美元
- 銀行手續費：1,164美元
- 亞馬遜費用：729美元
- PayPal費用：16美元
- 辦公費用：667美元
- 差旅費：65美元
- 虛擬助理費用：3,381美元
- 經常性訂閱支出：3,059美元
- 軟體訂閱（如Adobe Creative Cloud、Google服務等）：約294美元
- 會計服務：515美元
- 通訊費用（手機、網路等）：230美元
- 保險：669美元
- 託管服務（如Libsyn）：209美元
- 稅費與執照：505美元
- 其他訂閱服務：約637美元
薪資支出
支付給John和Kate的薪資：15,900美元
財務摘要
總收入：143,642美元 總支出：9,584美元（不包括薪資） 淨利潤：134,058美元 淨利潤率：93%
2024年8月淨利潤總額：134,058美元
最大的收穫
商業中的遺憾
前幾天我和一位朋友談論生意時，她提到了一些她希望自己早些時候就做的事情 —— 那些可能會幫助她的生意更好或更快地成長的事情。
我立即回應說："這不公平，因為你現在後悔的事情，是在當時沒有你現在的知識和經驗的情況下無法知道的。"
我知道回顧過去並希望自己做得不一樣是很容易的 —— 我也經歷過很多次。
回顧過去，看看事情本可能如何不同地發展是很重要的，因為它提醒我們已經學到的教訓。這些教訓有些來自於我們犯的錯誤，有些則是因為我們在不知道結果如何的情況下冒險和信念飛躍。
總之，這些教訓應該幫助我們在未來做出更好的決定 —— 而不是後悔我們過去做過（或沒做過）的決定。
下個月再見，繼續保持你的熱情燃燒！
~ Kate 和 John
注意：我們盡可能準確地報告我們的收入數據，但在使用 Infusionsoft 和 Xero 的組合報告來追蹤我們的產品和總收入/支出時，他們表示可能存在 3-5% 的誤差。