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/income135, and IGNITE!

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Guest Resources

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

David Lizerbram – If you want to discuss the legal ins and outs, feel free to contact David!

Tom Morkes’ Website – Go to Tom’s website and sign up for his newsletter and get a free book “Launch Hacks”!

MicroStrategy Today Channel – Checkout JLD’s MicroStrategy Videos on YouTube.

3 Value Bombs

1) Keep your financials up-to-date and work closely with your tax advisor to adapt to changes as they unfold. Being prepared will help you seize opportunities and minimize potential setbacks.

2) Be sure to review and amend your Operating Agreement periodically to ensure it reflects the needs of all members and minimizes disputes when members decide to leave.

3) Knowledge is power.

Show Notes

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

[1:14] – Income review

Gross Income for November: $196,482
Total Expenses for November: $12,399
Total Net Profit for November: $84,083
Difference b/t November & October: -$45,520
% of net profit to overall gross revenue: 87%

[1:45] – Ron’s November Tax Tip: Navigating Uncertainty: Why Tax Planning Is Critical

With the 2017 tax cuts set to expire after 2025, tax rates are poised to rise.
Keep your financials up-to-date and work closely with your tax advisor to adapt to changes as they unfold. Being prepared will help you seize opportunities and minimize potential setbacks.
Key Strategies to Consider Before Year-End
1. Maximize Your Qualified Business Income Deduction (QBI)  The QBI deduction offers a 20% federal tax reduction for eligible businesses. Schedule a meeting with your tax professional to ensure you’re leveraging this benefit to its fullest before December 31.
2. Review Your Accountable Plan  If you operate as an S-Corp, confirm that your business is reimbursing personal expenses appropriately. From home office costs to vehicle usage, these deductions can add up significantly.
3. Implement or Optimize Retirement Plans  Retirement plans can be a powerful tax-saving tool, but changes need to be in place before year-end. If you’re considering a new plan, act quickly to meet deadlines and start saving.
4. Prepay Expenses  Evaluate your vendor list to identify opportunities to prepay expenses for next year. This strategy can lower your taxable income for 2024.
5. Capitalize on the Augusta Rule  Renting your personal residence to your business for events or meetings can provide a tax-free income opportunity. Ensure all payments are processed before year-end to maximize this benefit.
Plan for Long-Term Success
Don’t Wait Until April
CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs

[7:35] – David Lizerbram’s November Legal Tip – How to Leave an LLC

Review the Operating Agreement
State Laws Matter: Uniformity and Minor Variations
Valuation and Buyout
Legal, Tax, and Liability Implications
Key Takeaways
- Understanding state-specific requirements, ensuring a fair and clear valuation, and addressing any liabilities are all critical elements of a successful exit.
- Be sure to review and amend your Operating Agreement periodically to ensure it reflects the needs of all members and minimizes disputes when members decide to leave.
David Lizerbram – If you want to discuss the legal ins and outs, feel free to contact David!

[14:07] – What Went Down In November: Interview of the Month w/ Tom Morkes

Low-Ticket to High-Ticket Sales Funnels with Tom Morkes
3 Value Bombs
- Success is a trap and a snare for many people. Its what you become at the end when the dust settles but it is not a measuring stick and should not be use to determine your value.
- The pricing depends on the over aching strategy or business model. Understand first your business model and what you want to.
- The mistake both on doing high ticket and low ticket offer is when they abandon or ghost the customer after their low ticket sale and also not producing enough content in between the low ticket and the high ticket offers.
Tom Morkes’ Website – Go to Tom’s website and sign up for his newsletter and get a free book “Launch Hacks”!

[14:43] – MicroStrategy Today

The ONLY daily show bringing you the most important news, updates and inside intel of all things MSTR, while we both master the generational wealth opportunity that is MicroStrategy and Michel Saylor, 7-days a week!
Checkout JLD’s MicroStrategy Today Channel

[20:59] – Thanks to our sponsors!

HubSpot: Breeze is HubSpot’s collection of AI tools that helps you turn one piece of content into a whole suite of assets. Visit HubSpot.com/marketers to learn more!
LastPass: The most accessible and easy-to-use password manager on the planet! Visit LastPass.com/fire for a free trial and get started today!
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!

[24:21] – November 2024 Income Breakdown*

Gross Income for November: $196,482
Total Expenses for November: $12,399
Total Net Profit for November: $84,083
Difference b/t November & October: -$45,520
% of net profit to overall gross revenue: 87%

[24:56]– Biggest Lesson Learned: Your Year in Review

Review your year in five super simple steps.
1. Take note of your bigger projects
2. What worked, and why?
3. What didn’t work, and why?
4. Lessons learned
5. Looking ahead

[29:29] – Thank you to our Sponsors!

HubSpot: Breeze is HubSpot’s collection of AI tools that helps you turn one piece of content into a whole suite of assets. Visit HubSpot.com/marketers to learn more!
LastPass: The most accessible and easy-to-use password manager on the planet! Visit LastPass.com/fire for a free trial and get started today!

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!