Every month we put together an income report to share a behind-the-scenes look at the ups and downs of running a 7-figure business. In full transparency, it’s not easy – but it IS possible. Through hearing about our mistakes, lessons learned, and our wins, we hope to inspire and motivate you to take action in your business with just one step forward every single day. For our full income report, visit EOFire.com/income132, and IGNITE!
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Guest Resources
CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.
Brand Fortress HQ – Learn the Strategies that are Working Right Now to Fortify Your Brand.
3 Value Bombs
1) Now is the perfect time to review your company’s performance in 2024 and start strategizing for the future.
2) Look at strategies to optimize deductions, consider investments, or even harvest losses if it makes sense for your overall financial strategy.
3) It’s an important to look back and see how things could have played out differently because it reminds us of the lessons we’ve learned.
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[00:36] – Income review
- Gross Income for August: $143,642
- Total Expenses for August: $9,584
- Total Net Profit for August: $134,058
- Difference b/t August & July: -$24,306
- % of net profit to overall gross revenue: 93%
[01:38] – Ron’s August Tax Tip: Understanding Tax Deadlines and Extensions
- If you’re an entrepreneur or business owner, you’re likely required to pay quarterly taxes. The final payment for your 2023 taxes is due by April 15, 2024.
- Partnerships and S Corps: Your returns are due by September 15th.
- C Corps and Individual Returns: Your deadline is October 15th.
- The Importance of Tax Planning
- October 15th also marks the kickoff of the tax planning season.
- Now is the perfect time to review your company’s performance in 2024 and start strategizing for the future.
- Strategic Tax Planning for 2025
- It’s important to pull the right levers for your tax strategy.
- Look at strategies to optimize deductions, consider investments, or even harvest losses if it makes sense for your overall financial strategy.
- What’s crucial is to stay proactive and plan ahead so that you can take advantage of all available opportunities.
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs
[7:47] – What Went Down In August: Interview of the Month w/ Michael Kaufmann
- 3 Value Bombs
- When you build something of true value, someone else is almost always gonna try to topple your kingdom. Build something that’s not just valuable but that’s also formidable.
- It’s not worth offering the warranty if it’s not effective. You really need a warranty and a business model that is staggeringly impressive, but also profit protective.
- There’s a cost to the warranty, but what’s the cost on the other side of not fulfilling the warranty properly? You’re losing way more on that end than you’re gaining by making that process difficult and having them bail in the process.
- Brand Fortress HQ – Learn the Strategies that are Working Right Now to Fortify Your Brand!
[9:13] – Our Month in Maine!
- JLD, Kate, and Bo travels in Maine continued!
- They spent the first couple of weeks stationed at the lake house and enjoyed our morning walks, daily dips in the lake, afternoon trips to the park, and a lot of quality family time.
- Checkout photos here.
[13:00] – Managing Work While Traveling
- JLD and Kate make sure to schedule out episodes and emails ahead of time.
- They make sure our team is supported and able to help cover any gaps while they’re gone, which is very rarely and issue since John and Kate still check in every day.
[14:09] – August 2024 Income Breakdown*
- Gross Income for August: $143,642
- Total Expenses for August: $9,584
- Total Net Profit for August: $134,058
- Difference b/t August & July: -$24,306
- % of net profit to overall gross revenue: 93%
[15:26]– Biggest Lesson Learned: Regrets in Business
- It’s an important to look back and see how things could have played out differently because it reminds us of the lessons we’ve learned.
- Those lessons should help empower us to make better decisions moving forward.
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!
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