August 2024 Income At-A-Glance
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!
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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.
