0 (2s):
Boom, shake the room, Fire Nation, JLD here, and welcome to Entrepreneurs On Fire. Part of the HubSpot Podcast Network with great shows like being boss. And today we are talking about the Entrepreneurs On Fire income report for April, 2021. This is going to be a little bit different than most of our income reports, because I am actually leaving in very early may on a two week wellness retreat up in San Francisco, specifically Santa Rosa, California. And we don't have the final numbers in. So our website, well at EOFire.com/income92, those will be fully updated numbers, but we won't have it for this audio income report, unfortunately.

0 (51s):
But again, go to EOFire.com. You'll see the numbers of the top right of that website. And you can click on those numbers for a full breakdown of April 20, 20 ones, income reports, all the income, all the expenses, all of the awesomeness and today Fire Nation. We'd be talking about some pretty cool things. Josh Bauerly has a pretty awesome a monthly tax step. Specifically, your questions answered. We're going to talk about the Tony Robbins mastermind that Kate and I got you partake in, in April in Florida. It was fantastic. And of course, Kate is going to have an amazing lesson learned to take us home. So make sure you stick around. We'll be diving in.

0 (1m 32s):
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0 (2m 15s):
All right, Fire Nation. We're going to kick things off with a bang because we have Mr. CPA on fire, Josh Bauerly with his March tax tip and his tax tip. This month are your tax questions answered. We reached out to you Fire Nation. We asked for some questions you might have around taxes. Josh is delivering today. So Josh brother, welcome and take it

1 (2m 38s):
All right, John, for this month sex tip, we have part two of our Fire Nation and Podcaster's Paradise question and answer session, right? And we have three more great questions to answer this month. And for those who want to be featured in the future income report or tax tip, get those questions in. We're happy to answer them. It's a great way to get these questions answered because if you have this there's someone else out there that has that same question. And first up, we have a question from Sandy who wants to know if you have con contractors or customers are located all over the world. Do you need an accountant that specializes in that? And are there even accountants that specialize in that?

1 (3m 18s):
Or is it better to find someone who serves your local community and by an accountant that specializes in that I'm guessing she means an, an international accountant, someone who knows about taxes in other countries. And the first thing to understand here is that the, you don't need an international accountant. If your clients are located all over the world, all right, it's actually a little, a little bit confusing in, in contrary to what you think, but it generally doesn't matter where your customers are. It matters where you are, where you're conducting business. And this is becoming even more important as entrepreneurs are going virtually and in almost every field, every industry, right?

1 (3m 59s):
So if you are located in, let's say California, and you have a client in, let's say Australia, you are generally not going to have to worry about Australian taxes, taxes. All that is going to matter is the us and California taxes. Okay? Okay. So that's the first thing. Don't worry about where your customers are or worry about where you are. So unless you're traveling to different parts of the world, all you need is an accountant that knows us taxes. Now, as for whether you should hire a local professional, I would actually be more focused on a tax professional or an accounting professional that knows your industry, right? The state tax laws, they're mostly straight forward. There's, there's not too much specific things in there that you need someone that specializes in.

1 (4m 43s):
Let's say, California. What I would say would benefit you more would be someone who knows your specific industry, industry insight now, meaning they know what types of types of deductions are typical for your industry. They know what your numbers look like compared to other people in your industry, and they can guide you accordingly there. So don't necessarily worry about an international accountant, especially if you, if you just have customers overseas, all that matters is where you are. And, and also, I wouldn't worry about someone local, go with someone that knows your industry. Next up, we have Jason who wants to know if he can donate his income producing properties. And by this I'm assuming he's meaning his buy and hold rental properties to his foundation without having to pay capital gains and depreciation recapture tax.

1 (5m 28s):
So this is a little bit of an advanced it, a little bit of a tricky question, right? Well, the first thing is that when it comes to charitable donations, the first thing to always keep in mind is that it has to be an IRS approved non-profit organization in order to be tax deductible. Right? So in this case, as long as Jason's foundation that he's talking about is an official not-for-profit, the IRS has approved it. He can deduct donations made to that foundation. Second donating, appreciating property, which is what real estate is, does offer a unique donation. And that you're going to get the value of the fair market value of the property is the deduction. All right. So I know that's a lot of confusing tax words thrown out there, but if let's just say that Jason bought this property for a hundred thousand dollars, and now it's worth $500,000, he's going to potentially be able to deduct the full $500,000 value of that property, even though he only paid a hundred thousand dollars.

1 (6m 22s):
And he's also going to avoid all of those capital gains and depreciation recapture taxes that you would normally have to pay if you sold the property. Right? However, there's something very important to keep in mind here. I use the word potentially because there are income limits on any donation. Most shareable donations are limited by 50% of your adjusted gross income, right? So if you made a hundred thousand dollars that year, you can take donations, total donations all added together of up to $50,000, but there's some donated assets such as real estate that in donations to certain organizations for that matter, they're limited to 30% of your adjusted gross income, right? So if you made a hundred thousand dollars, those assets, you could only take up to $30,000 per year total, right?

1 (7m 7s):
So depending on what Jason or anyone else's income level is, you may not get to deduct that the full value of that house in, in any given year, it would be spread out over multiple years until you, you could take all of it. Right? But the big thing I think Jason was asking, could he avoid the capital gains and depreciation recapture taxes? The answer is yes. If you donate it, you would not pay those taxes. Finally, our last question this month, we have a core sales here that wants to know if you purchase a revenue producing website for less than $10,000, can you expense the full cost that year or does it need to be amortized slash depreciation depreciated over multiple years?

1 (7m 48s):
And this is another advanced question, and I'm sure some people are just confused even with the word amortization amortize, right? These are a little bit tricky tax terms. And unfortunately it's hard for me to answer this question without using the phrase, every accountant loves to use. It depends. Right? I would have to know the specifics of your unique situation to give you an exact, exact answer. Now, typically purchasing any kind of asset results in the cost being either amortized or depreciated over multiple years and all that is that's fancy terms for spreading the cost over multiple years. All right. So like real estate is a good example. If you buy a rental property, you don't get to deduct the cost all at once.

1 (8m 31s):
It's spread over 27 and a half years, right? Other assets are similar, usually over shorter terms, five years, three years, depending on what the asset is. Right. But it depends on many things. It depends on what type of asset you're purchasing. It depends on how the sale is structured. It depends on the cost. It depends on what you're using it for. So there's a whole bunch of it depends that could make, be the difference between expensing it all at once. So taking, let's say you pay $8,000 for that website taking the full 8,000 as a deduction this year, or spreading it out over three, five, however many years. Right? So again, unfortunately, I can't give an exact answer on this question.

1 (9m 12s):
It'll, it'll be, it depends. What I will say is that you're going to definitely want to talk to your tax professional before you make this purchase. So you can see what the most tax efficient way to tax efficient way to structure this deal is, right? Because there are ways that you can plan ahead of time to make sure that you can do this the most efficient way possible. Right. And, and that's true of any of these questions, any of these questions that we'll ever get, the best advice I can ever get you is consult a good tax professional before you make the move not after. Right? So that's that, that wraps up this month's questions. Be sure to get them in. We'll do another one of these in the future. I love doing these question and answer sessions. Any questions directly to me, you can reach out to me, Josh. Gosh,

0 (9m 51s):
Thank you as always and Fire Nation, make sure you do head over to CPA on fire.com for all of your entrepreneurial tax needs. And now we're moving on to what went down in April and we'll be focusing this episode on the Tony Robbins masterminds that's kid. And I got to attend in Florida. This is actually the second year in a row that we've gotten to do a very personal, less than 20 person mastermind with Tony Robbins two years ago was in Fiji this past year. It was in Palm beach, Florida, such an epic and amazing time. Obviously you got to hanging out with Tony in such a small environment, but also to be, to be surrounded by his other top promotional partners.

0 (10m 36s):
So we're really excited to talk a little bit about this, a little bit about the details of this mastermind, but of course you haven't heard from Kate Lynn Erickson recently. So Kate what's going on. What's up John?

2 (10m 49s):
Hey, Fire Nation. Excited to be here to talk about, as you said, John, the Tony Robbins mastermind, and also just kind of talk about our little unwind. I feel like April was kind of the calm after the storm of the book launch and, and everything that went in, went to on in March. But yeah, like thinking about the Tony Robins mastermind, it almost is surreal that we get that time in a room with Tony. Like you said, with like less than 20 people there. Wow. What an experience. It

0 (11m 24s):
Really is an experience. And I can tell you, Tony is used to presenting in front of 10,000 people live sometimes even more. And of course, a lot, lot more when he does his virtual events and he still brings it to the same level when there's just 15, 20 people in the room, like we were all blown away and this is the second time the canine been able to experience this. So we can definitely say, this is just the type of person he is. And he shows up every single time on fire. So Kate, why don't we talk about it a little bit? Yeah, for

2 (11m 54s):
Sure. So the sermon actually happened at the very tail end of March, but as you all know, or if you listen to our March income report, then you know, that we focus solely on the book launch because it was just so huge and such a doozy. But right after the book launch, we hopped on a flight, went to Florida and checked into an incredible hotel. And pretty much the day after the book launched, we were like head first into this mastermind, which as you described, John, we secured our spot there for coming in top 10 for the knowledge broker blueprint launch in early 2020. And it was a pretty well not pretty, I mean, Dean Tony, their teams, they set up such an incredible event.

2 (12m 42s):
Like I just always feel so taken care of. I mean, we land Thursday evening, we drove straight into an incredible welcome dinner that was, you know, set up beautifully at one of the outdoor restaurants, right along the beach there, the weather was incredible. We got to chat with a bunch of people, very familiar faces from the previous year and just people that we've known over the years, but we also got to meet some new people in attendance this year, which was really super cool. So that dinner was a great way to just kick off the event, get to know everyone who we hadn't met yet beforehand. And yeah. Oh my gosh. It just, well, John, probably you even more so than me, like, did you feel getting on that plane that you were just like letting out the deepest exhale ever, like with the book launch behind you?

0 (13m 33s):
It was just a fantastic feeling to know that we crushed book launch week that over 24,000 book sales during that first week and you know, just really ended strong. Cause like I said, I wanted to sprint through that finish line, which I mentioned before. So I won't go into detail, but you know, the 345 interviews in two and a half months, I was ready for a break. I was ready to unwind. I was ready to just hang out, have some fun. And I mean, some of the other people that were there, you know, dear friends like Lewis Howes, who I've been friends with for almost 10 years now, Nick Unsworth, Brian Delaney, you know, we got to meet the boss babes, Jill and Josh Stanton were there, who are, of course some of our dearest friends, Russell Brunson's there, Jenna coutures there, you mentioned Dean already.

0 (14m 14s):
I mean, it was just an unbelievable crew and we had so much fun, you know, starting with that welcome dinner all the way through. We just felt like we had enough time to hang out. So we weren't like over-scheduled, but at the same time we had plenty of time to hang out because you know, all of us don't get to get together very often. And when we do, it's nice to have Hangouts and I'm actually looking at Pedro a day, oh and Pete Vargas as well. And the picture that we have, you know, getting to know Brad hearts, just an absolute blast of a time. So it was, it was great. And you know, Kate, I mean, I'd say I got to give those four days a 10 out of 10. I

2 (14m 52s):
Totally agree. You know, it was cool to have like, cause we were supposed to go back to Fiji again for this mastermind, but due to COVID and restrictions and travel and all of that, you know, they, they push it out quite a ways. So it was supposed to happen in 2020 or early 2021, I guess they really didn't like push the actual timeline of it out too much. But the fact that it was in Florida, I was really curious, like what to expect. I mean, Fiji was such a like 10 star experience of being at Namali and like being introduced to an entirely new culture and climbing totem poles and jumping off from them and floating down dark rivers in the middle of the night.

2 (15m 36s):
Like that experience was just so other worldly and going into Florida, I was like really curious what this is going to be like, but as you said, you know, we had that, that dinner Thursday night, Friday, we had an open morning to just kind of hang out, get together with people if we wanted to, or just relax, hit the spa, hit the beach. I did beach runs every morning, which was incredible. And then Friday afternoon we headed into Tony studio, which was so cool to see the set up that he has there and kind of experienced that at John, as you said, he just showed up in such a big way, like his heart for helping people and like ginormous really?

2 (16m 19s):
Yeah. It it's, I don't even know how to describe it. I don't feel like words do justice to how he shows up emotionally for people it's really special to, to watch and to be a part of. And yeah, then we had a couple more great dinners, but in terms of like activities and climbing and jumping off poles, we didn't do any of that this year. Which honestly I think both you and I, John we're ready for kind of a little more of a chill scenario. So it was absolutely perfect. I took so many notes because I feel like there were so many things that Tony said that I was just like, oh my gosh. Oh my gosh. Oh my gosh.

2 (17m 1s):
And so I wanted to share a few of those nuggets here. And then John, maybe you could share one or two things that stood out to you. So I'm just going to literally give bullet points. My biggest lesson learned for the month though, we'll circle back to something that Tony shared, but real quick here, he talked about a concentration of power equaling mastery. I thought that that was it. He, the way that he says things gives such a deep, like visualization into what that means. A concentration of power equals mastery that really stuck with me. He also said in kind of conjunction with that, you will become great at what you obsess over.

2 (17m 45s):
And I really loved that because John, you talked so much about, you know, repetition and if you want to be do, and all of these things is just like kind of wraps it up. You will become great at what you obsess over. He also talked about constantly reprioritizing. What's important to you, which resonates huge with me. I talked about this a ton and my podcast ditch busy, really being conscious about the actions that you take every day and how those actions are getting you closer to the life that you want to live your perfect day, the goals that you have set. So constantly reprioritizing what's important to you.

2 (18m 26s):
Something big that he said that just like, kind of knocked me back a bit. Is he talked about doing what serves, whether it serves you or not. So do what serves whether it serves you or not. And I thought that was really powerful. I'm trying to recall the exact conversation that was going on when he said that. But in that moment, it was just kind of like a very, I mean, again, this speaks to just like his, his mindset and his emotional abundance around like serving other people do what serves, whether it serves you or not. And then he also another thing that I wanted to include here, he said, there's no supplement to going all in.

2 (19m 9s):
There is no supplement to going all. And of course, as I said, at the beginning of this, when we started talking about this opportunity that we have, we absolutely do not take this lightly. The fact that we got to shake hands with and give Tony Robbins a hug, spend five hours learning from him and other incredible entrepreneurs, just like super high level, generous, caring, genuine people. As you said, John five out of five, this is definitely a trip that we will not forget.

0 (19m 43s):
Yeah. One thing, you know, he did ask to those of us who did return, which was a decent handful from the prior year was, you know, Hey, what have you guys accomplished over the past year? Or what's, you know, some big news. And one thing I did share was the engagements of, and myself and he genuinely seemed like thrilled, like really happy. And that's just the person. He is like, he was Jim genuinely happy when he heard that and like gave Kate another big hug. And like, it was a really cool experience as well. That's, you know, I wasn't just like having to share a business thing with him, but was able to share something personal. And you know, I actually just interviewed Tony on entrepreneurs, on fire a couple of days ago. And it was like a video and it's like getting on with him now is like my fourth time interviewing him now, hanging out with him and Fiji and then Florida it's like, he really is just like, Hey, JLD like, tell me what's up.

0 (20m 30s):
Like give me the, give me the dates. Like he really knows me, like he really cares. And it's just a really cool relationship and friendship that, you know, I've been able to build with him over the years, which has been really powerful, which I've definitely enjoyed. And you can kind of see, there's definitely a theme of what Kate shared from the nuggets that she went through. And you know, for me to, just to, it would be, he talked a lot about investing. You know, he talked a lot about, Hey, like a lot of people in this room have built wealth and now it's time for you to start using your money to make money. Like that's what the rich do. The rich use their money to make money, which is why they're rich do get richer. And if you want to build wealth, it's a powerful thing. And people that don't think is powerful, don't realize what you can do with philanthropy, with helping your loved ones with doing amazing things in this world.

0 (21m 15s):
So like, no, you don't need to like, think about getting rich, just to get rich. You can think about getting rich to help the world and the causes that you believe in. And he talks a lot about different investment strategies that he has, which I thought was really interesting. You know, one of the, the things I really took away was that, you know, three to 5% of your overall net worth should really be invested into what he calls like tailwinds things that have the opportunity to go a hundred X or zero. Like those can be like your real risky, but exciting high flyers. That again, if you lose 3% of your net worth, it's not going to be the end of the world. Like nobody wants to do that, but it could turn into like, you know, the big score that allows you to go really big and whatever it is that excites you, you know, maybe it's buying a jet, maybe it's supporting your favorite charity.

0 (22m 2s):
Like, you know, it could be anything that you want to get behind. So that was really cool. And you know, I think Kate did a great job summing up, you know, the really kind of business nuggets. And again, the financial side of things, there's really interesting to me and I've made some changes after I got back based off that conversation. And it was a really fantastic conversations and we have some more amazing conversations coming up. As soon as we get back from thanking our sponsors, running a small business can be challenging. You have to juggle so many things at once, including operating your business, hiring it and managing HR and payroll. Thankfully ZipRecruiter has teamed up with ADP to be your hiring and HR solution. And right now you can try ZipRecruiter for free at ZipRecruiter.com/fire.

0 (22m 45s):
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0 (23m 27s):
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0 (24m 10s):
Create certificates, coupons, live lessons, private courses, and more and Fire Nation. You're invited to try it out for free for 30 days right now, visit Thinkific.com/fire free to sign up and get started on your online course today. That's THINKIFIC.com/fire free. All right, Fire Nation. We are back in one thing that I wanted to mention that I also mentioned in the introduction, we are not going to be able to share our income breakdown today, unfortunately, because we're recording this before we get we're getting the numbers from our accounting team, because I'm going on a two week wellness retreat to the true north health center up in Santa Rosa, California.

0 (24m 51s):
So make sure you check out my Instagram and I'm also gonna be releasing a video flog. I should say. That's going to really get into details about what I went through over this wellness retreat to include a 10 day water fast and four days of supervised refeeding. So you're going to have to head over to eofire.com/income 92, where all the numbers will be up. You'll be to see all the details. I can definitely assure you that we are over a hundred thousand dollars of net profits for the 92nd month in a row. So we're really excited about that, but the exact numbers we'll have to wait until you go to the websites.

0 (25m 31s):
eofire.com/income 92. So Kate, why don't you kind of talk a little bit about the calm after the storm. We have a little post about that on the income report, and then take us home with your biggest lesson learns surely just

2 (25m 48s):
To wrap up the mastermind part to Saturday, we also had the opportunity to do, you know, very intimate led by Dean Grasiozi mastermind with the other attendees and John your piece on investing and stuff. It was so interesting to hear. And I was just so grateful for how open everyone was willing to be in transparent about investments and, and just everything in general, really. But that was really powerful too, to hear about people's different investing strategy strategies and how they've gone about that. So, yeah, big, big hat tip to Dean Tony. They're both of their teams, everybody who made this weekend happen.

2 (26m 30s):
I know it could not have been easy to put together such a fantastic weekend and so huge shout out for that. And then it, yes, the calm after the storm. So after Florida, you came back to PR John and I, my way across the country to San Diego to visit my family. And I was there for three weeks to enjoy camping trips and hanging out with some of my best girlfriends that I've known for almost my whole life, get to see my parents. It was just excellent. Spend time with my niece and my nephew. I loved every single second of it. And again, of course, if you've been following our journey throughout the book launch, then you know how much time, energy and effort went into that.

2 (27m 12s):
All the interviews, the prelaunch, the marketing, the bulk buys, the bonuses, the emails, the lives we sprinted sprinted sprinted for that. So post-launch our entire team. Oh my goodness. I can't even tell you how integral our virtual team was and helping us make this book book launch a success to pu Jess and JM just really came through in so many different ways throughout the, the entire launch. And I've been working very hard behind the scenes on our massive recap posts this morning. After my two hour focus writing session, we are at 7,000 words and it's still got a ways to go.

2 (27m 59s):
So that will be monster. We will be including a ton of details. And we're really excited to share that with you. So hopefully I would love to get this post published in the next week. So as you hit EOFire.com forward slash income nine, to make sure to head to the calm after the storm session section. And that is where I will have that recap linked to up for you. It could be some nice, a weekday or weekend reading for you.

0 (28m 29s):
That will be a little nice weekend or reading for you. Fire Nation. I will say it's going to be one of those intense of intense posts that will live on for ever that's only Kate's can create. So Kate, why don't you take us home? I will take

2 (28m 46s):
Us home by talking about playing at the highest level of fulfillment. This is another nugget from Tony Robbins and wow. He just said it actually quite bluntly that the game of life should be played at the highest level of fulfillment. And it really got me thinking, you know, it's, it's easy to hear things and say, or think to yourself like, yes, I completely agree with this playing at the highest level fulfillment. Like I do that every day and I want that. And I believe in that, but it's not so easy to actually live those things like literally every single day to make them a part of our lifestyle.

2 (29m 29s):
Even not even to think like, oh, this is consciously something that I'm doing, but I believe in it so much that it's just a part of who I am and everyday life and stuff can get in the way. And for we know it another year has gone by two years, five years, we find ourself in the same exact situation. And a lot of times that situation, isn't one that we're excited about. It's not the situation that we envision for ourselves or for our family or for our future. And that's why this nugget from Tony really stood out to me because it reminded me of how critical it is to own your future and to own your actions, which are actively creating your future every single day, reminding yourself that what you're working on right now is directly tied to what you're creating in your life.

2 (30m 20s):
This is such a powerful reminder. And if we can continue to bring this thought to the forefront, remind ourselves of this as a daily practice, then I believe we can start to cut the excess, the busy tasks, the projects that aren't truly important to us. And instead start focusing on the things that bring us true joy and the things that will bring us one step closer to our biggest goals. So Fire Nation, I encourage you. I challenge you to try it today. Every time you pick something up a task, a project, every time you spend your time working on something, ask yourself, is this what I want to be creating in my life?

2 (31m 6s):
And if it's not deleted or at the very least move it to the back burner for future, like, just because you're not doing something right now, doesn't mean that you can't ever do it in the future or at a later date. If it's not a priority for you right now, then stop spending your time on it. Start spending your time. Only on what's most important to you. As Tony says, if you play at the highest level of fulfillment, then you cannot lose

0 (4s):
Fire Nation wise words from Tony and Kate Lynn Erickson and play at the highest level of fulfillment.

0 (31m 42s):
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0 (32m 23s):
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