Income Report for March 2024: Tax Estimates, Trademarks, and More!

0:01Boom! Shake the room, Fire Nation. JLD here and welcome to Entrepreneurs on Fire. brought to you by the HubSpot Podcast Network, the audio destination for business professionals with great shows like The Product Boss. Today, we'll be breaking down the income report for March, 2024. We have a lot of great things to talk about, Fire Nation, and we'll be diving into all of them as soon as we get back from thanking our sponsors. Marketing Made Simple, hosted by my friend, Dr. JJ Peterson, is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. Marketing Made Simple brings you practical tips to make your marketing easy, and more importantly, make it work.

0:41A recent episode all about how Liquid IV is using marketing to shake up the beverage world dives deep into the strategies that have propelled Liquid IV to remarkable success. A must listen. Listen to Marketing Made Simple wherever you get your podcasts. Yahoo Finance makes it easy to get financial news, data, and insights fast. For comprehensive financial news and analysis, visit the brand behind every great investor, yahoofinance.com, the number one financial destination, yahoofinance.com. That's yahoofinance.com. All right, Fire Nation, we are back and the income report this month was a doozy.

1:16Our gross income for March was$162 ,345. Our total expenses were$17 ,013 for a total net profit of$145 ,332 for a$23 ,000 increase between March and February and a percentage of net profit to overall gross revenue of 90%. That's nine zero, Fire Nation. And again, we're gonna be talking about some really cool things. As always, we're gonna start off with Ron, Mr. CPA on fire himself, his monthly tax tip, and it's all around tax estimates. So Ron, take it away. Hello, John, and hello, Fire Nation. This is Ron Parisi with CPA on Fire for your March 2024 tax and accounting tip. Here we are, mid-April.

2:07I want to jump right into this. You've probably have dealt with your tax professional at this point. We already have Q1 down. Hopefully, we're all on track with our goals and our rocks. But I want to approach a topic, give a little primer. that's a relatively misunderstood topic among entrepreneurs and business owners. We get a lot of questions and I just thought maybe we would run just through a quick example to give everybody, again, knowledge is power, give everybody a full understanding on tax estimates and how they work. We're really going to be diving into the most popular situation for you, Fire Nation, and that's Schedule C filers, partnerships, and S-Corps.

2:56C-Corps have their own, even though the deadlines are the same, they have a very different way about calculating tax estimates. So we're going to put the C-Corps on the shelf for a second and really dive in. So if you're a side hustler on Schedule C, or you have a small or large partnership with several other partners, or maybe you're a C-Corp at this point, let's kind of go through what exactly are our tax estimates, why are they important to you, how are things calculated. So right now, hopefully you've been working with your tax professional. They've probably given you two vouchers. The first voucher is any additional taxes that you need to pay for the year 2023.

3:45and they also gave you what's called your first tax estimate voucher for Q1, and that's due April 15th. They're both due April 15th. Now, this is no matter whether you've extended your return or filed it on February 15th, your tax amount due for 23 and your Q1 estimates are due April 15th. Okay, so essentially, what is a tax estimate, right? The IRS doesn't want to wait to the end of the year to receive the taxes on the profitability of your business. They want equal installments throughout the year. And those dates are April 15th, June 15th, September 15th, and then January 15th of 2025. Your last estimate needs to be made.

4:36For the most part, they need to be made equally. There's some exceptions. you know, one, seasonal businesses, and then two, you know, if you've made, say you've made a significant investment early in the year, and then that the profitability doesn't come to the latter part of the year, you can work with your tax professional to file a special form that allows you to make unequal tax estimates. But for the most part, you know, those need to be made in equal installments over those four, over those four periods. Let's talk about how they're calculated, right? Big misnomer. Okay. They're not calculated on 2024, um, results.

5:21They're actually calculated on 2023 tax liability. Okay. So, and again, you need to make tax estimates to avoid underpayment penalties. Okay. So, uh, they have something to do with your ultimate tax liability. But for the most part, we're just really just talking about tax estimates, how they're calculated. So if you make more than$150 ,000 in 2024, we plan on making over$150 ,000, you need to pay 110 % of 2023's tax liability. So just for simplicity's sake, let's go through an example. The example is you had$50 ,000 in federal tax liability last year in 2023. So now this year you need to pay in taxes by January 15th of$55 ,000, 110 % of 50.

6:23So$55 ,000. How do you make those payments? You really make them in two ways. One, say you're a S-corp, you're a employee you pay yourself a salary and you withhold taxes right so say with that you paid you know they withheld or plan to withheld seven thousand dollars in withholdings from your salary so then that seven thousand dollars goes to offset that fifty five thousand so now you're left with forty eight thousand dollars that need to be made in these equal installments so twelve thousand dollars each quarter and those need to be made so then you come to the end of the year right you have the withholdings of seven plus the 48 000 so you have 55 000 paid in right and that's to avoid any underpayment penalty come when you file your taxes next year but we all know you guys out there right are growing you're increasing your top line you're increasing your bottom line right so So ultimately, there's probably a good chance that your tax liabilities are going to increase.

7:31So again, that amount is due, is calculated and due on your 1040 return next year. And then that difference, right? So say ultimately, you have to pay$65 ,000 in federal tax liability. So that difference at$10 ,000 needs to be paid, again, April 15th of next year. So that's that first voucher that we talked about. So any kind of additional tax liability above your tax estimates will need to be paid next April 15th. And what we do at CPI on Fire is we typically work with our clients on the quarters. So we know what the tax estimate is. And then we also do our own tax projection. So, again, I preach no surprises.

8:21So you really shouldn't be surprised come April 15th next year that you have this huge tax liability when your operations are doing really well. So we always try to calculate on the quarters, not only your tax estimate, but then what possibly could you be required to pay at the end of the year. and you know some people they put a separate account like a tax estimate or a tax bank account where they put the money in there to sort of reserve until they have to pay it in April. Some folks just like to know what that amount is so they can plan but hopefully you know you guys are leaving with a better understanding of exactly what's required of you the business owner from a tax estimate point of view, and ultimately, you know, how to go about planning for that and planning for your ultimate tax liability with some tax projections throughout the year.

9:18As always, Fire Nation, this is Ron Parisi with CPA and Fire. Wish you guys the best. Hopefully, you had a rocking quarter one, and wish you the best as we start up here. Q2. As always, thank you so much, Ron. We really appreciate it. And Fire Nation, please check out CPA on Fire or email Ron, ron at cpaonfire.com. For any questions you have when it comes to accounting, when it comes to that kind of thing, Ron is your guy. Next, we're moving on to David Lizard-Bram's legal tip, should I register my logo as a trademark? David, take it away. Hey, okay, so today's legal tip is about the question, should I register my logo as a trademark?

10:03So logos can function as trademarks just like any other type of brand identifier, like your business name or brand name. In the world of trademark law, we refer to logos as design marks as opposed to word marks. So if you hear the term design mark or you read that somewhere, that's just referring to a logo. So a logo can be a pure design, meaning it's just an image, or it can be a design that includes words, letters, or numbers. In either case, if your logo is an important brand identifier, meaning if the logo is strongly identified with your company products or services, then it's worth protecting by registering it as a trademark.

10:39In the U.S., trademarks are registered with the United States Patent and Trademark Office, or USPTO, and basically the same rules apply to all trademarks, including logos. The proposed logo trademark must satisfy the USPTO's requirements, and it must be unique in connection with the goods and services, which means if somebody else is already using the same or a similar logo, it can't function as your trademark, and you can't register it with the trademark office. Logos also differ from word marks in that they also implicate copyright law. A logo, just like any other kind of visual image, is protected under copyright law at the moment of creation, and that's per the United States Copyright Act.

11:18So if someone knocks off your logo, they may be committing both trademark and copyright infringement, which means you have two potential legal claims against the infringer. But it's important to be sure that your company actually owns the logo, both under copyright and trademark office. So if someone else created your logo, meaning it wasn't created directly by you or an employee of your company, it's important that there's a signed contract with the designer granting your company full rights in the image. This contract should be created or reviewed by an intellectual property lawyer to ensure that it's in compliance with the law and that it's effective in transferring the IP rights.

11:51So to summarize, if you have a logo that's important to your business, here are the steps you should follow. Number one, make sure your company actually owns the logo, and if necessary, that there are contracts in place to prove ownership. Number two, make sure your logo is unique. If the image is being used by someone else, then it can't function as your trademark or be registered with the trademark office. And number three, once you've passed steps in one and two, register your logo with the United States Patent and Trademark Office or the trademark office in your country or jurisdiction. Trademark mistakes are easy to make, and the consequences can be vast.

12:26So if you have questions about how to best protect your trademarks, please feel free to contact me. I can provide more information about your trademark issue or handle a full trademark registration. You can get in touch with me at productsofthemind.net, productsofthemind.net, or just search for David Lizerbram, Trademark Attorney. There's only one of me, and if you Google that, you will definitely find me. Thanks a lot, and I'll talk to you next time. David, thank you for your legal expertise in Fire Nation. please make sure to check out David at LizardBramLaw.com. He's got a lot of cool things going on, and he's always willing to help Fire Nation, if he can, on the legal side of things.

13:05So Fire Nation, now I want to talk about the interview of the month, and that was how to jump on a direct path to making millions with Clay Clark and JT Lawson. And I actually want to take a second here, Fire Nation, to let you know that, man, it is really exciting that I, for the second year in a row now, am going to be going back to Tulsa, Oklahoma for what I consider one of the best business conferences I've ever been at. I was a keynote speaker last year. I'm actually gonna be on stage as well, keynoting with none other than Tim Tebow, many consider the best college quarterback of all time.

13:42He's got some great stuff. I've got some great stuff. I'm actually challenging him to a foot race. And if you wanna be there to cheer us on, then that'd be a good time. All you need to do is go to thrivetimeshow.com slash EO fire to learn more about this conference. It's June 27th and 28th. The tickets are 250 bucks, but you can also apply for a scholarship if that is out of your price range because Clay is really looking to get Fire Nation in the house and there's a limit to 300. So don't dally because this will sell out just like it did last year. And again, I'm vouching Fire Nation is a fantastic conference.

14:18I hope to see you there. So what were the three value bombs we talked about on this episode? Number one, you'll never drift to success. It's either you live the life you designed or you live the life you don't by default. You have to have your F6 goals, faith, family, fitness, finance, fun, and friendship. Number two, to have what other people have, you have to be willing to do what they did to get it. Then number three, not only surround yourself with people doing what you want to do, but also be humble enough and coachable enough to take what they're telling you and implement what they're doing.

14:48Once again, Fire Nation, you're going to learn this and more, like real business skills. This is a very no-fluff conference. Thrivetimeshow.com slash EOFire. Check it out. And Fire Nation, we have a lot more awesome stuff to talk about when we get back from thanking our sponsors. Things change fast in the online business space, and when you have a team to manage and a business to run, it can be tough to keep up with all the latest and greatest marketing trends. That's why HubSpot created the 2024 State of Marketing Report to pull together the top marketing trends that you need to perfect your marketing strategy this year.

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16:40And Fire Nation, thanks to Bucked Up. You have a special offer waiting for you. This offer is not available on the website. Claim it today by texting FIREFOCUS, all one word, to 312-345, or go to braingains.com slash fire for more info. That's B-R-A-I-N-G-A-I-N-Z dot com slash fire. For 127 months in a row, we published a detailed monthly income report to share with you, Fire Nation, so you know we love transparency. I attribute this love of transparency to being brought up in a household where finances weren't a secret. My father taught me at a young age about saving and investing, and as a result, I'm committed to taking full ownership of my financial future.

17:24To do so, I need the right tools, and I know that behind every great investor is Yahoo Finance. Yahoo Finance allows me to get financial news, data, and insights fast, so I can make informed decisions to reach the financial freedom we all want. I love how Yahoo Finance allows me to see all of my investment and retirement accounts in one place. So instead of logging into three or four different sites, I can see it all at yahoofinance.com. For comprehensive financial news and analysis, visit the brand behind every great investor, yahoofinance.com, the number one financial destination, yahoofinance.com.

18:00That's yahoofinance.com. Okay, now we're going to bring Kate on the mic because there's this guy. He emailed us for 100 days straight, literally. And Kate's gonna tell you that story. Kate, take it away. Yes, so Gregory emailed us for 100 days straight. And the email subject line every single day was day one of 100, day two of 100, day three of 100. And when I first saw the subject line, I thought, hmm, is this guy really gonna email us every day for 100 days? and the answer was yes. It was so very cool getting an email from Gregory every single day and just to give you a very short quick background on Gregory, he's an elementary school music teacher in Qatar, originally from Massachusetts.

18:55So you might be wondering why was Gregory emailing us every day for 100 days and trust me I kind of thought the same thing at first but it was because he was going through the mastery journal, which is how to master productivity, discipline, and focus in 100 days, and he wanted to hold himself accountable. I think this was very smart of Gregory because not only did we have such cool back and forth communications, but he definitely did hold himself accountable. And speaking from experience, and I'm sure you know this as well, accountability will make or break your goals. That's why masterminds are so powerful.

19:36You're able to share what you want to accomplish with others and that's a big deal because it puts you on the hook to doing what you say you'll do. Now the Mastery Journal is a huge help with this because it tells you to write down what you're going to do and then you have to actually grade yourself on how well you did and whether you actually did it or not. So let's see, did it work for Gregory? Well, on day seven, I thought it would be kind of cool to share some of the excerpts from his emails because I'm not talking like a one-line email of like, hey guys, I did it today. Gregory was getting into detail and I love this so much because it helped him be able to see what he was accomplishing, to acknowledge what he was accomplishing.

20:24And as you'll see in a minute, it also helped him realize what he really needed to work on. So on day seven, Gregory wrote, as I write, I grow more confident every day. And here just on day seven, that this focus will put everything in place for achieving my wide range of ambitious musical and educational dreams. On day 20, Gregory shared, As well as things have been going in the first 20 days of my 100 day challenge, my main reflection is this. To really get to a consistent world class level, I need to significantly improve my weekly planning routines. So I'll be focusing upon that this weekend.

21:04Very exciting to feel so much confidence and centeredness in all my teaching and creative activities over these past 20 days. Again, it was such a joy to get these emails from Gregory because hearing the excitement from him, hearing the progress that he was making, the aha moments he was having, and I'm gonna share one more. We have a few other excerpts if you wanna check out the post that accompanies this episode, our income report. And on day 100, he shared, it has been a wonderful experience of staying focused for me and has helped me to concentrate on my main goal of bringing world-class quality music to children of all ages.

21:48Saying no to so many more things than ever before has kickstarted a feeling of control, freedom, and enthusiasm that I intend to manifest daily throughout 2024. But best of all, I think I have never been enjoying the journey towards achieving my outrageously ambitious goals, not mostly lamenting and beating myself up that I haven't yet achieved them as I usually tend to do. Ironically, my financial net worth reached an all-time high yesterday. So some reflection of my increasing confidence is even starting to be shown in a concrete manner. Gregory, thank you so much for sharing your 100 days with us.

22:31Thank you for allowing us to share this with Fire Nation. I hope that it brings great inspiration and that those tuning in, you hear in Gregory's words how powerful this journey has been for him and will take some inspiration to crush 2024 the same way Gregory is doing. Gregory not only finished these 100 days leading up into 2024, but he has already ordered five more mastery journals so that he can continue to stay productive, disciplined, and focused on his goals. Gregory, again, thank you for your 100 emails. And John, I will let you go ahead and take it away and give us the income breakdown.

23:16All right, Fire Nation. Our income breakdown was for our journals, a total of 50 sold for$1 ,816, 33 Freedom Journals, 10 Mastery Journals, and two Podcast Journal digital packs. Podcasters Paradise did a total of$5 ,637. Our podcast sponsorships was$149 ,772. Our affiliate income was$5 ,045. And our total gross income came to$162 ,345. Our expenses were exactly$17 ,013. And we list all of those out at eofire.com slash income 127. seven. So Fire Nation, that gave us a total net profit of$145 ,332 for the month. Again, that was a 90 % percentage of net profit overall gross revenue, which we love.

24:15And Kate's going to give us our biggest lesson learned, which is rinse and repeat. Repetition is a key. Okay. For the biggest lesson learned, this is very much inspired by Gregory. It's rinse and repeat, repetition is key. This lesson learned was largely inspired by Gregory after hearing from him for 100 days straight and being a big fan and user of the Mastery Journal myself. It is my favorite journal that we've created. I only thought it appropriate to share this lesson that I've learned over and over again every month for nearly 10 years now. And that is the lesson learned. Repetition is key.

24:58And I find this especially true in entrepreneurship because while building your business, there are a lot of tasks that you will do over and over again. And sometimes these tasks aren't the most fun, but they are critical to the success of your business. You can take bookkeeping as an example. Unless you're a huge numbers person, bookkeeping can be kind of boring sometimes, but there's not much else more important in business than knowing your numbers. The Mastery Journal, again, Gregory was going through this and emailing us every single day on his journey. That journal is also very repetitive.

25:36Every day you're practicing the same thing. You are setting focus time and refresh time in order to help you become more productive, disciplined, and focused. But if you've used the Mastery Journal, then you'll know that this repetitive habit can help you become way more productive than you ever knew was possible. Again, I don't just speak from experience. You've witnessed it through Gregory as well. We also know that repetition is what will help you become an expert at your craft. Put in the reps. John talks about this all the time. And I'm sure you've experienced that the things you do over and over again, they not only become easier with time, but you become a lot better at doing them.

26:17So while the repetitive stuff might not always seem super fun and exciting, some of the repetitive stuff is very exciting because it's your passion. It's what you want to be the best at. So remember that repetition is key and it can help you make more progress than you ever thought possible. And until next month, Fire Nation, keep your fire burning. Marketing Made Simple, hosted by my friend, Dr. JJ Peterson, is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. Marketing Made Simple brings you practical tips to make your marketing easy, and more importantly, make it work.

26:56A recent episode all about how Liquid IV is using marketing to shake up the beverage world, dives deep into the strategies that have propelled Liquid IV to remarkable success, a must listen. Listen to Marketing Made Simple wherever you get your podcasts. Yahoo Finance makes it easy to get financial news data and insights fast. For comprehensive financial news and analysis, visit the brand behind every great investor, yahoofinance.com, the number one financial destination, yahoofinance.com. That's yahoofinance.com.