Every month we put together an income report to share a behind-the-scenes look at the ups and downs of running a 7-figure business. In full transparency, it’s not easy – but it IS possible. Through hearing about our mistakes, lessons learned, and our wins, we hope to inspire and motivate you to take action in your business with just one step forward every single day. For our full income report, visit EOFire.com/income104, and IGNITE!
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Guest Resources
CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.
The Wedding Planning Podcast – The ALL NEW WAY to plan.
3 Value Bombs
1) Medical Insurance Premiums are deductible on your taxes.
2) Everyone’s circumstances are different, so you should always consult with your individual tax profession to see if and how you can deduct your medical premiums.
3) Write out your priority – then you’ll have something to go back to time and time again.
Sponsors
HubSpot: Learn how to grow better by connecting your people, your customers, and your business at HubSpot.com!
Clay Clark: Looking for a business coach who has helped thousands of entrepreneurs increase profitability by an average of 104% annually – all for less money than it would cost to hire a minimum wage employee? And all on a month-to-month basis!? Schedule your free consultation today with Clay Clark at ThrivetimeShow.com/fire!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[00:21] – Income review
- Gross Income for April: $223,352
- Total Expenses for April: $16,815
- Total Net Profit for April: $206,537
- Difference b/t April & March: +$10,993
- % of net profit to overall gross revenue: 92%
[02:33] – Ron’s April Tax Tip: Deducting Medical Insurance Premiums.
- Over the last few years, medical premiums have skyrocketed; but premiums are deductible on your taxes.
- Schedule C/Solopreneur/Single Member LLC – As long as you pay the insurance premium individually or from your business bank account, the premium is deductible.
- C Corp – You need to make sure the premiums are being paid by the corporation, not you as an individual.
- Partnership/S Corp – S Corporations can be paid through the corporation or at the individual level, but it needs to be reported through your payroll processing company to end up on your W-2 at the end of the year.
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.
[8:33] – What Went Down In April – Providence College Torch Scholarship.
- Providence College visited Puerto Rico!
- John was able to come up with a donation idea that would not only help Providence College, but that would also help Puerto Rico.
- Torch Scholarship – Scholarships will be granted each year for four years to students from Puerto Rico.
[12:35] – John & Kate Tie the Knot!
- After 10 years of dating we finally tied the knot on April 23, 2022!
- 4 straight days of events to celebrate our love with the people closest to us.
- Highlights included:
- Being able to share our community and where we live with our family and friends who came to visit.
- Having multiple events over several days, which allowed us to spend QT with everyone.
- Creating a ceremony and reception that was a true reflection of who we are and what matters most to us.
- Having family come into town early – and stay after!
[19:05] – John’s words about their wedding weekend.
- Time spent to travel and attend the wedding was well worth it.
[21:56] – Thanks to our sponsors, HubSpot, and Clay Clark!
[24:02] – April 2022 Income Breakdown
- Gross Income for April: $223,352
- Total Expenses for April: $16,815
- Total Net Profit for April: $206,537
- Difference b/t April & March: +$10,993
- % of net profit to overall gross revenue: 92%
[25:23] – Biggest Lesson Learned: Create a vision, know your priorities
- The idea to create that vision – to write out your priority – then you’ll have something to go back to time and time again.
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!
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