December 2024 Income At-A-Glance
Gross Income for December: $131,587
Total Expenses for December: $12,156
Total Net Profit for December: $119,431
Difference b/t December & November: +$35,348
% of net profit to overall gross revenue: 91%
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! It’s Ron Parisi from CPA on Fire, here to share essential insights on the tax changes shaping 2025 and beyond.
Ron’s December Tax Tip: Tax Changes Shaping 2025 and Beyond
As entrepreneurs, it’s vital to stay informed and proactive, especially with significant shifts on the horizon.
Let’s dive into the highlights!
Key Tax Changes Coming in 2025
- Sunsetting Provisions of the 2017 Tax Cuts and Jobs Act:
- Marginal tax rates are set to increase, meaning higher taxes for most individuals.
- The nearly doubled standard deduction will revert, and personal exemptions will be reinstated.
- Child tax credit is expected to decrease, while the $10,000 SALT cap may be eliminated, impacting coastal taxpayers.
- Qualified Business Income (QBI) Deduction:
- The 20% deduction for pass-through entities, such as S Corps and partnerships, will expire, which may pose a significant impact for small business owners.
- Estate and Gift Tax Exemptions:
- Anticipated reductions in exemptions may require revisiting estate planning strategies.
What Lies Ahead for us Entrepreneurs
- Corporate Tax Rates: Trump’s administration may further lower corporate rates, potentially influencing the landscape for pass-through entities and partnerships.
- Tariffs and Economic Impact: Changes to tariffs could indirectly affect tax strategies and the broader economic environment.
Planning ahead and on the Right Track
With so much uncertainty ahead of us, our key takeaway is preparation.
Tax strategy involves pulling the right levers at the right time. At CPA on Fire, we specialize in helping online entrepreneurs navigate these complexities. If you’re ready to optimize your tax planning and business growth, we’d love to connect.
Here’s to a prosperous 2025!
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 December
Interview of the Month
This Is Strategy with Seth Godin
3 Value Bombs
- Authenticity is dramatically overrated. Authenticity is for friends while consistency is for professionals. You should not sign up to do something that you hate. People don’t want to buy the authentic you, people want to buy the consistent, professional you.
- Strategy isn’t tactics, a permanent plan or a guarantee. Strategy is a philosophy of becoming. It requires us to see the world as it is and to imagine how we want to change it, who is it for and what is it for.
- If you are trying to reach everyone, you will fail. The key is activation not attention. You just need to reach someone.
This is Strategy – Check out Seth’s blog for videos and links!
Pressing Pause on Our Income Reports
Back in September 2013 – exactly one year after the launch of Entrepreneurs On Fire – we published our first official monthly income report.
About a month later we followed that up with a recap of our entire first year in business: Our First 365 Days.
We’ve been passionate about sharing income reports since the very beginning because we know that not everything in business is straightforward. It’s never just about a million-dollar launch, or just about publishing a best-seller. There’s so much more that goes into launching products, publishing books, and everything in between.
Sure, it’s great to share your wins and talk about the money you make, but what about how much it costs to run a business? What about the ads, the consulting, the team members, and the taxes?
We set out to share the “so much more” part to be super transparent about how we run our business. To inspire those getting started. And to assure you that running a business isn’t super easy – but it is possible to run a lean business with high profit margins.
And sharing our income reports has also been an incredible way to hold ourselves accountable to running the type of business we say we want to run – to continue keeping those profit margins high and our costs low.
But after 136 months straight, we’ve decided to press pause on publishing our monthly income report – not because we don’t want to be transparent anymore, but because we practice what we preach: try different things, test, and reassess.
So as we approach 2025, we’re doing just that: trying something new, testing, and reassessing.
We’ll continue to be a completely open book – and maybe in a few months from now we’ll be posting a quarterly, or semi-annual income report to catch you up on all things EOFire! And just in case you didn’t check our Our First 365 Days income report, from June 2012 through August 2013, EOFire only netted $26,143.32 (and that’s before taxes).
And after the first 90 days, we were in the red over $9k.
Keep your head up. Keep trying new things. Keep testing. Keep reassessing.
We thank you so much for your continued support, for tuning into the podcast, and for being a part of Fire Nation!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
December 2024 Income Breakdown*
Product/Service Income: $128,222
TOTAL Journal Sales: $2,709 | Total Journals Sold: 72
The Freedom Journal: Accomplish your #1 goal in 100 days!
- Total: $1,616 (40 Freedom Journals + 4 Digital Packs sold)
The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!
- Total: $1,013 (26 Mastery Journals + 0 Digital Packs sold)
The Podcast Journal: Idea to Launch in 50 Days!
- Total: $80 (2 Digital Packs sold)
Podcasters’ Paradise: The #1 Podcasting community in the world!
- Total: $4,918
Podcast Sponsorships: $120,570
Podcast Launch: Audiobook: $16 | eBook: $9
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: $3,365
*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: $2,972
- Audible: $18
- Click Funnels: $2,954
- Coaching referrals: $0 (email me for an introduction to a mentor for overall online business or a Podcast focused mentor!)
Resources for Podcasters: $340
- Libsyn: $250 (Use promo code FIRE for the rest of this month & next free!)
- Repurpose House: $0
- UDemy Podcasting Course: $11
- Capsho: $79
Other Resources: $53
- Amazon Associates: $20
- Other: $33
Total Gross Income in December: $131,587
Business Expenses: $7,899
- Advertising: $0
- Affiliate Commissions (Paradise): $0
- Cost of goods sold (Journals): $379
- Fulfillment: $0
- Consulting: $138
- Design & Branding: $0
- Dues & Subscriptions: $56
- Legal & Professional: $0
- Meals & Entertainment: $533
- Merchant / bank fees: $373
- Amazon fees: $1,556
- PayPal fees: $142
- Office expenses: $0
- Community Refunds: $0
- Promotional: $275
- Travel: $547
- Virtual Assistant Fees: $3,900
- Website Fees: $0
Recurring, Subscription-based Expenses: $4,257
- Adobe Creative Cloud: $94
- Accounting: $515
- Boomerang: $70 (team package)
- Authorize.net: $41
- Google: $115
- Dropbox: $120 (annual fee)
- Cell Phone: $175
- CookieYes: $10
- Internet: $68
- Notarize: $25
- eVoice: $15
- Keap CRM: $256
- Insurance: $395
- Libsyn: $209
- Linktree: $9
- Spotify: $19
- Bitly: $96 (annual fee)
- OpenAI: $20
- Taxes & Licenses: $505
- Patreon: $45
- Zoom: $15
- WP Engine: $1,250 (annual fee)
- X Corp: $100
- Xero: $90
Total Expenses in December: $12,156
Payroll: $5,000
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 2024: $119,431
Biggest Lesson Learned
Nothing Lasts Forever
You never know when you’ll do, or see, or experience something for the last time.
This has become blatantly clear now that we’ve entered parenthood, but it’s also true in business.
This a very powerful reminder that has helped me appreciate big moments – whether those moments are really tough, really exciting, really intimidating, or something in between.
Before I started writing this income report, we hadn’t even decided on taking a pause. This could be our last income report – ever. It might not be, but it could be.
I was so excited for Bo start crawling because I knew it would open a whole new world for him. And once he managed that first army crawl, I’ve never experienced him just laying there and taking it all in.
Nothing lasts forever, so enjoy it while you can. Sure, there are always exciting things up ahead, and there are endless lessons to be learned, which is exciting! But don’t forget to appreciate the moments that are happening now – before they’re gone.
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.
