April 2024 Income At-A-Glance
Gross Income for April: $132,488
Total Expenses for April: $14,570
Total Net Profit for April: $117,918
Difference b/t April & March: -$27,414
% of net profit to overall gross revenue: 89%
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 April 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 April Tax Tip: Tax extensions
Today, let’s talk about everyone’s favorite topic: tax extensions.
The Tax Extension Game Plan
So, when exactly do you need to file an extension?
Whether you’re missing essential paperwork or waiting on crucial info like a K-1 form, filing an extension becomes your strategic move.
Just remember, the key is to file before the deadline hits. No last-minute extensions here!
Paying Your Dues
Here’s a crucial point: an extension doesn’t grant you a free pass on tax payments.
Whether you’re an S Corp or flying solo, make sure your tax payments are settled by the original due date. Extensions are all about buying time for paperwork, not delaying your financial obligations.
Be on the watch out for your state’s specific requirements — they might have their own set of rules and extensions to be filed.
Maximizing the Benefits
Extensions aren’t just for those racing against the clock; they’re a great move for those eyeing legislative changes or seeking better tax treatment.
If you’re sitting on potential R&D credits and waiting for the winds of change to blow through Congress, extending your deadline could be a game-changer.
With an extension granting you six extra months, you’ve got enough breathing space to strategize your tax moves.
Keep this in mind, Fire Nation: tax extensions are all about timing, strategy, and staying ahead of the curve. So, file wisely, pay promptly, and keep those state-specific rules on your radar!
Until next time, this is Ron Parisi, CPA on fire, always a pleasure being with you!
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 April
Interview of the Month
3 Value Bombs
- If you want to thrive, move beyond surviving, build that successful company, start that company, grow that company, and live a life of abundance. The in-person 2-day Interactive Thrivetime show business workshops are absolutely game changing.
- As Michael Gerber said, the difference between great people and everyone else is that great people create their lives actively, while everyone else is created by their lives, passively waiting to see where life takes them next.
- It’s important to be recognized. People do judge us based upon the quality of our website, our print pieces, our photography, our video, our public relations, or our podcast.
Learn How to Grow Your Business: The Ultimate 2-Day Interactive Life-Changing Business Growth Conference will be held on June 27th & 28th at Tulsa, Oklahoma.
Knowing When to Let Go
I’ve always felt like managing a team is one of the toughest parts of being an entrepreneur.
Managing a team includes several different pieces, like knowing:
- What roles you need to fill
- When you need to fill them
- Who the right person to fill the role is, and, unfortunately…
- When you need to let someone go
Sometimes letting someone go has nothing to do with performance, which can make it even more difficult.
Your decision might be based on the state of your business, your business goals, or you could find that you simply don’t have a need for a particular position any longer.
In April we made the difficult decision to let one of our team members go: Jess, who has been with us for 10 years.
You can imagine the relationship we’ve built and everything we shared over those 10 years. Jess knew her position inside and out, and she was great at her job.
But as time passes in your business, it’s easy to stop checking in on things. Snap your fingers and what used to be a full-time, critical position could very well be more like a “nice-to-have” addition.
And that was the case for us and Jess’ position. While her plate was very full five years ago, in recent years we’ve decided to drop some tasks and projects that were no longer serving our audience, or our business.
As a result, Jess’ task list became smaller and smaller.
After a big review earlier this year, we realized that the position Jess had filled was no longer a critical part of our business, which led us to the difficult decision to downsize our team.
While it doesn’t make the process any easier, it did help to send Jess off with a generous severance and a letter of recommendation, two things you can hopefully offer anyone on your team if and when the time comes to let them go. Of course, if you’re letting someone go due to performance issues, these parting gifts may not be applicable.
I’m sure anyone tuning in has experienced – or will experience – this at some point in their business. Knowing when to let go can be a very difficult thing to do as an entrepreneur, but a critical part of running a successful business.
We wish Jess all the best on her future endeavors!
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April 2024 Income Breakdown*
Product/Service Income: $128,842
TOTAL Journal Sales: $1,330 | Total Journals Sold: 36
The Freedom Journal: Accomplish your #1 goal in 100 days!
- Total: $965 (25 Freedom Journals + 1 Digital Packs sold)
The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!
- Total: $245 (4 Mastery Journals + 3 Digital Packs sold)
The Podcast Journal: Idea to Launch in 50 Days!
- Total: $120 (3 Digital Packs sold)
Podcasters’ Paradise: The #1 Podcasting community in the world!
- Recurring: $1,610 (23 recurring)
- New members: $2,194 (2 new members)
- Total: $3,804
Real Revenue: Turn your BIG IDEA into Real Revenue
- Total: $0
Podcast Sponsorships: $123,672
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: $3,646
*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: $3,205
- Audible: $25
- Bluehost: $0
- Click Funnels: $3,175
- CovertKit: $5
- Coaching referrals: $0 (email me for an introduction to a mentor for overall online business or a Podcast focused mentor!)
Resources for Podcasters: $37
- Podcasting Press: $0
- Splasheo: $0
- Fusebox: $0
- Libsyn: $0 (Use promo code FIRE for the rest of this month & next free!)
- Repurpose House: $6
- UDemy Podcasting Course: $31
Other Resources: $404
- Amazon Associates: $5
- Other: $399
Total Gross Income in April: $132,488
Business Expenses: $11,827
- Advertising: $24
- Affiliate Commissions (Paradise): $0
- Cost of goods sold (Journals): $187
- Fulfillment: $0
- Consulting: $158
- Design & Branding: $0
- Dues & Subscriptions: $529
- Legal & Professional: $0
- Meals & Entertainment: $218
- Merchant / bank fees: $1,262
- Amazon fees: $423
- PayPal fees: $6
- Office expenses: $345
- Community Refunds: $1,497
- Promotional: $1,000
- Travel: $998
- Virtual Assistant Fees: $5,180
- Website Fees: $0
Recurring, Subscription-based Expenses: $2,743
- Adobe Creative Cloud: $60
- Accounting: $0
- Boomerang: $90 (team package)
- Authorize.net: $26
- Google: $75
- Cell Phone: $162
- CookieYes: $10
- Chat GPT: $20
- Internet: $68
- Analytics: $70
- eVoice: $15
- Revoicer: $197
- Keap CRM: $256
- Insurance: $669
- Libsyn: $209
- Linktree: $6
- Taxes & Licenses: $505
- Patreon: $40
- Shopify: $36
- Zoom: $159 (one-time fee)
- Xero: $70
Total Expenses in April: $14,570
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 April 2024: $117,918
Biggest Lesson Learned
Different levels of challenges
I know we’ve shared a bit about becoming parents in the past several episodes, and as any parent knows, this transition brings about its fair share of challenges.
A big surprise for us?
Many of the challenges for us have been much more manageable than we imagined, which we’re grateful for.
…And some challenges have been a lot tougher than expected.
That has been one of my biggest lessons learned recently: that everyone approaches, manages, and navigates parenthood a little bit differently. Plus, everyone is in a different situation within their household, with their finances, how they choose to live their lifestyle, and of course, every child is different.
So what one family sees as a huge challenge may not be a challenge at all for you and your family.
I guess all of this to say, everyone loves to share their experience and advice when it comes to parenthood. Don’t over-think the challenges that others experience or let that be imprinted on you, because it might be a completely different experience for you and your family.
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.
