February 2024 Income At-A-Glance
Gross Income for February: $138,464
Total Expenses for February: $16,889
Total Net Profit for February: $121,575
Difference b/t February & January: -$13,845
% 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 February 2024 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 February Tax Tip: Navigating your tax preparation
Hey John, and hello Fire Nation!
Tax season can be a stressful time for entrepreneurs, but with proper preparation and strategic planning, it doesn’t have to be overwhelming.
As a seasoned tax professional, I’ll share essential tips to help you navigate your tax preparation efficiently and effectively!
Organize Your Materials and Ensure Correct Reconciled Accounting
Gathering all necessary documents is the first step to a smooth tax preparation process.
For your business, collect all 1099s and check the accuracy of your profit and loss statement and balance sheet.
Pay close attention to multi-state operations, ensuring proper allocation of revenue and expenses.
On the personal returns, organize documents (W-2s and 1099s), and consider miscellaneous items such as college savings contributions and non-reporting investment earnings.
Crypto and NSF, Foreign Reporting
Disclose crypto and NSF/tokens transactions.
IMPORTANT: Understand foreign reporting requirements: disclose all overseas accounts.
These must be reported to FINCEN via FBAR filings.
Remember any trust arrangements or investments abroad must be disclosed to your tax preparer. Highlighting potential oversight items such as inheritances or property investments can help your preparer address all relevant tax considerations.
Strategic Planning for the Future
While tax season focuses on the past year’s finances, it’s also an opportunity to plan for the future. Use your tax preparation sessions to discuss strategic planning for the upcoming year.
Schedule post-tax season meetings to delve into long-term tax strategies, including exit strategies for your business.
Take advantage of expert advice to develop a more comprehensive tax strategy tailored to your unique financial situation and goals.
Until next month, Fire Nation! This is Ron Parisi signing off. Stay fired up, folks!
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 February
Interview of the Month
How to Land + Deliver a TEDx Talk in 2024 That Reaches Millions of People with Taylor Conroy
3 Value Bombs
- Have that low point right next to the high point, so that when people are listening to your speeches, they’re having this visceral, emotional experience going from a low to a high.
- When someone shares your talk online, they’re not sharing the content, they’re sharing the contrast, they’re sharing the feeling. We as speakers need to realize we’re energy conductors. We’re not just people yapping into a microphone.
- Know of those fears that come up and helping people work through those so they can get to the other side. The definition of courage is not the absence of fear. It’s feeling the fear and doing it anyways.
Thought Leader – Sign up for free today! How To Land A TEDx Talk & Spread Your Message To Millions In As Little As 30 Days.
Using AI for Social Media
Social media is clearly here to stay, and if you’re not using it already, then social media is a great platform to help you leverage your content and reach people where they are. We’re big fans of repurposing your content.
So when we were recently approached by an individual who offered to create AI video snippets with interactive content for us to share on social (versus just audio waves, which is what we typically share), we decided to test it out.
The argument for AI videos with interactive content is that it could be a lot more engaging for your audience. If the clip is good enough, then people will want to click through to listen to the full episode, which is the goal.
Plus, what would have taken hours to create before can now be done so quickly with AI.
Since we do audio only interviews, this is a new and different way for us to put out visual content, and we’re excited to see if it moves the needle!
We’ve already gotten great feedback from many in Fire Nation who have said they love the new videos. Thanks, Fire Nation! We’ll keep you posted.
If you want to check out these videos, head over to John’s Instagram!
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February 2024 Income Breakdown*
Product/Service Income: $125,406
TOTAL Journal Sales: $1,835 | Total Journals Sold: 56
The Freedom Journal: Accomplish your #1 goal in 100 days!
- Total: $1,115 (27 Freedom Journals + 6 Digital Packs sold)
The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!
- Total: $480 (15 Mastery Journals + 2 Digital Packs sold)
The Podcast Journal: Idea to Launch in 50 Days!
- Total: $240 (6 Digital Packs sold)
Podcasters’ Paradise: The #1 Podcasting community in the world!
- Recurring: $2,598 (27 recurring)
- New members: $2,994 (2 new members)
- Total: $5,592
Real Revenue: Turn your BIG IDEA into Real Revenue
- Total: $0
Podcast Sponsorships: $117,943
Podcast Launch: Audiobook: $32 | eBook: $4
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: $13,058
*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: $12,502
- Audible: $30
- Bluehost: $0
- Click Funnels: $6,717
- CovertKit: $5
- Coaching referrals: $5,750 (email me for an introduction to a mentor for overall online business or a Podcast focused mentor!)
Resources for Podcasters: $224
- Podcasting Press: $0
- Splasheo: $0
- Fusebox: $0
- Capsho: $59
- Libsyn: $65 (Use promo code FIRE for the rest of this month & next free!)
- Repurpose House: $93
- UDemy Podcasting Course: $7
Other Resources: $332
- Amazon Associates: $7
- Other: $325
Total Gross Income in February: $138,464
Business Expenses: $12,246
- Advertising: $24
- Affiliate Commissions (Paradise): $0
- Cost of goods sold (Journals): $1,284
- Fulfillment: $0
- Consulting: $80
- Design & Branding: $0
- Dues & Subscriptions: $157
- Legal & Professional: $51
- Meals & Entertainment: $151
- Merchant / bank fees: $661
- Marketing: $1,000
- Amazon fees: $1,172
- PayPal fees: $32
- Office expenses: $205
- Community Refunds: $194
- Promotional: $0
- Travel: $2,044
- Virtual Assistant Fees: $5,191
- Website Fees: $0
Recurring, Subscription-based Expenses: $4,643
- Adobe Creative Cloud: $60
- Accounting: $500
- Boomerang: $90 (team package)
- Authorize.net: $29
- Google: $75
- Cell Phone: $152
- CookieYes: $10
- Chat GPT: $20
- Internet: $68
- Analytics: $70
- eVoice: $13
- Thinkific: $1,788 (annual fee)
- Keap CRM: $232
- Insurance: $669
- Libsyn: $209
- Linktree: $6
- Taxes & Licenses: $505
- Patreon: $40
- Shopify: $36
- Xero: $70
Total Expenses in February: $16,889
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 February 2024: $121,575
Biggest Lesson Learned
Knowing Your Worth
Each month I host a mixer for female entrepreneurs here in Palmas Del Mar and have been doing this for about five years now.
At our meetup in February the topic of knowing your worth came up, which is not only a huge topic, but hugely important as an entrepreneur.
As we started talking about worth, I realized how many individuals struggle with this, including myself.
It can take many forms, from giving away your time freely to undervaluing your coaching or programs. We’ve all been there… How much should I charge for that?
It can be especially challenging when you’re looking to start a non-profit, or you’re conscious of not excluding those who maybe can’t afford a high-ticket item.
One of the women shared a powerful reminder – regardless of what type of work you’re doing.
You can do good AND do well.
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.
