December 2023 Income At-A-Glance
Gross Income for December: $146,758
Total Expenses for December: $17,182
Total Net Profit for December: $129,576
Difference b/t December & November: -$29,958
% of net profit to overall gross revenue: 88%
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 December 2023 Tax and Accounting tip.
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 December Tax Tip: The Corporate Transparency Act
Staying ahead of regulatory changes is crucial in this ever-evolving business landscape. This month, we’re spotlighting the Corporate Transparency Act, offering a quick overview to help give some clarity on its essentials.
What is the Corporate Transparency Act?
Entities must register with the Financial Crimes Enforcement Network (FinCEN), a division of the Department of Treasury. This requires reporting of beneficial owner details for those with over 25% ownership or significant control.
Key Dates for Compliance:
- Existing entities: Register by January 1, 2025, a one-time process throughout 2024.
- New entities: Report within 90 days of creation in 2024.
- Changes or corrections: Within 30 days of any modifications.
Practical Tips for Business Owners:
- Assess the number of entities you own for registration necessity.
- Consider waiting until spring or summer to explore streamlined third-party reporting.
- Obtain a FinCEN identifier for simplified reporting, especially with multiple entities.
Navigating the Corporate Transparency Act may seem a daunting task, but understanding the basics and strategically approaching the process will empower you to comply more efficiently.
Stay tuned for further insights and expert advice in the coming months!
Lastly, please do check out my newly released guidebook, “Financial Superpowers: How to Take Your Business and Personal Wealth to the Next Level”.
I wrote it with the intention of serving as a valuable resource for entrepreneurs aiming to optimize their financial operations.
Check it out on Amazon or visit CPAonFire.com for a digital download!
Always a pleasure being with you, Fire Nation! Until next month, this is Ron Parisi. Wish you the best and a happy New Year!
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 possibly do for you and your business.
Check out our website at CPAOnFire.com.
What Went Down In December
Interview of the Month
48 Days to the Work You Love with Dan Miller
3 Value Bombs
- Build on where you are in life. It’s never too late to have a new beginning.
- Sometimes we hang on to things really tightly, but just being generous may open the door to some riches that you didn’t expect.
- Being wise connotes more than just having a degree. Lean into things that increase your ability to have an understanding heart, not necessarily another piece of paper to hang in the wall.
An Understanding Heart – A culmination of weekly inspiration shared with Dan Miller’s inner circle over the years.
Settling in as a family of four
December was a busy month at EOFire Studios, but not in the typical sense. We’ve just welcomed our first son, Bo Arthur, into the world, and he’s definitely keeping us on our toes!
This being our first child, we weren’t sure what the expect when it came to our new day-to-day routines.
For two people who thrive on schedules and planning, we’ve definitely had our fair share of adjustments to make, but we’re loving every minute of it. Gus is also still adjusting to the idea of having a baby brother around…
All things considered, getting into the flow of parenthood has been very smooth. It’s hard to be anything but happy when you see this face…
We’ve also been incredibly lucky to have family flowing in and out since Thanksgiving, so having extra sets of hands around has been a real treat. The emotional support has been incredible, too.
And of course the holidays were extra special this year! Christmas and New Years celebrations look a lot different with a newborn in tow – in the best ways!
Bo had a blast attending parties with us throughout the holiday season.
Fire Nation, we hope you had an amazing time celebrating the holidays with your family and loved ones. Happy 2024!
Email opt in testing
In November we were approached by long-time friend and fellow entrepreneur Zach Swinehart. He asked if he could help us improve our email opt in conversions.
We’re big fans of email and believe that your email list is incredibly valuable, so we took Zach up on his offer.
The testing is still in progress, but we’re seeing incredible results so far!
The total % of all website traffic opting in and confirming their email from a recent test is 2.27% (our baseline was 1.79%). A 26% improvement – not bad!
We’ll keep you posted as Zach continues his a/b testing!
Want to learn more about Zach? ConversionWizard.co
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December 2023 Income Breakdown*
Product/Service Income: $138,593
TOTAL Journal Sales: $3,038 | Total Journals Sold: 83
The Freedom Journal: Accomplish your #1 goal in 100 days!
- Total: $1,736 (43 Freedom Journals + 2 Digital Packs sold)
The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!
- Total: $1,142 (31 Mastery Journals + 3 Digital Packs sold)
The Podcast Journal: Idea to Launch in 50 Days!
- Total: $160 (4 Digital Packs sold)
Podcasters’ Paradise: The #1 Podcasting community in the world!
- Recurring: $4,711 (38 recurring)
- New members: $1,394 (2 new members)
- Total: $6,105
Real Revenue: Turn your BIG IDEA into Real Revenue
- Total: $75
Podcast Sponsorships: $129,365
Podcast Launch: Audiobook: $4 | eBook: $6
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: $8,165
*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: $7,366
- Audible: $0
- Bluehost: $0
- Click Funnels: $7,342
- CovertKit: $24
- Coaching referrals: $0 (email me for an introduction to a mentor for overall online business or a Podcast focused mentor!)
Resources for Podcasters: $230
- Podcasting Press: $0
- Splasheo: $0
- Fusebox: $0
- Libsyn: $156 (Use promo code FIRE for the rest of this month & next free!)
- Repurpose House: $55
- UDemy Podcasting Course: $19
Other Resources: $569
- Amazon Associates: $86
- Other: $483
Total Gross Income in December: $146,758
Business Expenses: $12,923
- Advertising: $24
- Affiliate Commissions (Paradise): $596
- Cost of goods sold (Journals): $438
- Fulfillment: $0
- Consulting: $113
- Design & Branding: $0
- Dues & Subscriptions: $0
- Legal & Professional: $306
- Meals & Entertainment: $762
- Merchant / bank fees: $63
- Amazon fees: $1,333
- PayPal fees: $30
- Office expenses: $1,746
- Community Refunds: $97
- Promotional: $0
- Travel: $0
- Virtual Assistant Fees: $7,415
- Website Fees: $0
Recurring, Subscription-based Expenses: $4,259
- Adobe Creative Cloud: $60
- Accounting: $468
- Boomerang: $90 (team package)
- Authorize.net: $29
- Google: $75
- Cell Phone: $152
- CookieYes: $10
- Chat GPT: $20
- Dropbox: $119 (annual fee)
- GoDaddy: $20
- Internet: $68
- Analytics: $70
- eVoice: $13
- Keap CRM: $232
- Insurance: $669
- Libsyn: $209
- Linktree: $6
- Taxes & Licenses: $505
- Patreon: $40
- Workflowy: $49 (annual fee)
- WP Engine: $1,250 (annual fee)
- Shopify: $36
- Xero: $70
Total Expenses in December: $17,182
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 December 2023: $129,576
Biggest Lesson Learned
Starting the year off strong
We all want to start the year off strong, but how do you do that exactly?
For us, it’s all about reflection.
Oftentimes as business owners, entrepreneurs, solopreneurs, or side-hustlers we get caught up in the “doing”.
We have such a long to-do list and such huge aspirations for our business that we forget to take a timeout and just reflect on where we’re at – and more importantly, where we’ve been.
Because what so many of us don’t realize is how much we can learn from our past experiences, and how our past experiences can help shape the next 3 months, 6 months, one year…
So here’s how we plan to start the year off strong:
- What were our biggest wins last year?
- What were some of our toughest struggles or missteps?
- What do we want to eliminate (or do differently) in 2024?
- What do we want to double down on in 2024?
Do you see how answering some simple questions about where you’re at right now, and where you’ve been over the past year, can help inform what your goals and focus should be heading into the new year?
By identifying your biggest wins, you know exactly what’s working well. These are the things you should strongly consider doubling down on.
By calling out your toughest struggles or missteps, you can start to eliminate (or decide to do differently) the things that aren’t serving you or your business.
And when you know what you want to double down on and what you want to eliminate or do differently, you can start to craft your goals and the focus you want to have in 2024.
Fire Nation, let’s start the year off strong!
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.
