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/income105, and IGNITE!
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Guest Resources
CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.
Podcast Law Guide – Get a copy of David’s book.
Bulls and Apes Project – Generative NFT Collection with a Money-Back Guarantee!
3 Value Bombs
1) An advantage of running your podcast through an LLC or corporation is that if there are any legal or monetary claims made against the podcast, the plaintiff can typically only go after the assets of the business entity.
2) Journaling can be a powerful exercise.
3) If there’s something you’re putting off because you don’t know where to start – let that go. And just start!
Sponsors
HubSpot: Learn how to grow better by connecting your people, your customers, and your business at HubSpot.com!
ZipRecruiter: Find the right employees for your workplace with ZipRecruiter, the #1 rated hiring site in the US, based on G2 ratings! Try it for free at ZipRecruiter.com/fire!
Roll by ADP: The first chat-based mobile payroll app designed for small businesses and startups! Visit GetRoll.com/fire to get your first 3 months free!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[00:47] – Income review
- Gross Income for May: $249,139
- Total Expenses for May: $23,828
- Total Net Profit for May: $225,311
- Difference b/t May & April: +$18,774
- % of net profit to overall gross revenue: 90%
[02:01] – Ron’s May Tax Tip: What Taxes & Fees Are Online Entrepreneurs Responsible For?
- Taxes
- Two big taxes that you as an entrepreneur are responsible for are income tax and sales tax.
- Fees
- If you are based out of California, Delaware, or any other state that has this, you may have what is called “franchise fees” or “franchise taxes” that you would be responsible for.
[7:34] – Disclosures
- A lot of people overlook disclosures, and the IRS has really come down hard with some significant penalties for that.
- The next new area that the IRS is trying to tackle is cryptocurrency.
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs
[9:56] – David Lizerbram’s May Legal Tip – Do you need to register your podcast as a business?
- Protecting personal assets
- An advantage of running your podcast through an LLC or corporation is that if there are any legal or monetary claims made against the podcast, the plaintiff can typically only go after the assets of the business entity.
- The “corporate shield” is not effective 100% of the time.
- Decreasing liability
- If you’re a podcaster and you’re not using your podcast in connection with any sort of products or services, you might have fairly limited liability.
- Hiring a team
- It’s wise to form an LLC or corporation if you’re considering hiring employees or independent contractors.
- Maybe you do have a connection to products or services?
- It’s worth reviewing whether your podcast really does have a connection to products or services.
- The bottom line is that there are some situations where a podcast is not directly advertising products or services, but it would still be wise to create a limited liability entity such as an LLC or corporation.
- Podcast Law Guide – Get a copy of David’s book.
[13:05] – Gary Vee’s VeeCon Conference in Minneapolis.
- JLD attended Gary Vee’s VeeCon
- Gary’s talks were FIRE!
- Check out the pictures of the event here.
[18:53] – NFTs & Kate’s Inaugural Minting Experience.
- Kate minted her first NFTs!
- Bulls and Apes Project – Generative NFT Collection
[26:26] – Thanks to our sponsors, HubSpot, ZipRecruiter, and Roll by ADP!
[29:32] – May 2022 Income Breakdown
- Gross Income for May: $249,139
- Total Expenses for May: $23,828
- Total Net Profit for May: $225,311
- Difference b/t May & April: +$18,774
- % of net profit to overall gross revenue: 90%
[32:02] – Biggest Lesson Learned: Journaling can be whatever you want it to be.
- Journaling can be a powerful exercise. It can help clear your mind, help you generate ideas, and can serve as a great reminder of just how much you have to be grateful for.
- If there’s something you’re putting off because you don’t know where to start – let that go. And just start!
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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