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/income136, and IGNITE!

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Guest Resources

CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.

This is Strategy – Check out Seth’s blog for videos and links!

EOFire Monthly Income Reports – We pull back the curtain and reveal the earnings and expenses of all things EOFire related.

3 Value Bombs

1) With so much uncertainty ahead of us, our key takeaway is preparation.

2) 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.

3) Nothing lasts forever, so enjoy it while you can. Don’t forget to appreciate the moments that are happening now – before they’re gone.

Show Notes

**Click the time stamp to jump directly to that point in the episode.

[1:25] – Income review

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%

[2:06] – Ron’s December Tax Tip: Tax Changes Shaping 2025 and Beyond

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.
CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs

[8:55] – What Went Down In December: Interview of the Month w/ Seth Godin

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!

[10:01] – Thanks to our sponsors!

HubSpot: When you combine the power of Marketing Hub and Content Hub, you can have your best quarter, every quarter. Visit Hubspot.com/marketers to learn more!
Airbnb: If you’ve got an extended trip coming up and need a little help hosting while you’re away, just hire a co-host to do the work for you! Find a co-host at Airbnb.com/host!

[12:08] – Pressing Pause on Our Income Reports

Back in September 2013 – we published our first official monthly income report.
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 because there’s so much more that goes into launching products, publishing books, and everything in between.
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.

[17:56] – December 2024 Income Breakdown*

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%

[19:12]– Biggest Lesson Learned: Nothing Lasts Forever

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.
Nothing lasts forever, so enjoy it while you can. Don’t forget to appreciate the moments that are happening now – before they’re gone.

[21:09] – Thank you to our Sponsors!

HubSpot: When you combine the power of Marketing Hub and Content Hub, you can have your best quarter, every quarter. Visit Hubspot.com/marketers to learn more!
Author100: A 100-day program where I will personally guide you 1-on-1 to create, write, publish and market your book! If you want daily guidance and mentorship from me, JLD, then head over to Author100.com to sign up for a free call to chat about the details!

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!