June 2024 Income Report

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 Goal Digger Podcast. And today, Fire Nation, we're talking about the income report for June of 2024. And we have a lot of cool things to talk about. Bo's first trip, of course, a great tax tip. And oh, so much more, Fire Nation, when we get back from thanking our sponsors. Nudge, hosted by Phil Agnew, is brought to you by the HubSpot Podcast Network, the audio destination for business professionals.

0:40Ever notice how the smallest changes can have the biggest impact? On Nudge, you learn simple evidence-backed tips to help you kick bad habits, get a raise, and grow a business. Oh, and it's the UK's fast-growing business podcast. A recent episode on how to win any argument shares decade-long research into persuasion from a world-leading neuroscientist. Listen to Nudge wherever you get your podcasts. All right, Fire Nation, we are back. And our June 2024 income at a glance goes as follows. Gross income for June was$124 ,823. Our total expenses were$12 ,902 for a net profit of$111 ,921 for a percentage of net profit to overall gross revenue of a sweet 90%.

1:26And Fire Nation, as I said, we're talking about some cool things today. Bo's first trip, myself speaking in Tulsa, Oklahoma with none other than the Tim Tebow, and oh so much more. But first, I want to dive into Ron, Mr. CPA on fire himself, who has a great monthly tax tip all about the benefits of the R &D tax credit for business owners. Ron, what's up, brother? And take it away. Hello, John, and hello, Fire Nation. This is Ron Parisi with CPA on Fire for your tax and accounting tip. And today, Fire Nation, we're going to be rolling our sleeves up and getting involved in a technical tax topic, the R &D credit.

2:09And I don't think we're going to get too deep, but I really want to create awareness for you, Fire Nation. I know you guys have businesses of various sizes and shapes, but I really wanted you talk about the R &D credit and what exactly qualifies. And just to get you guys aware that maybe certain expenses inside your organization could qualify for the R &D credit. But step one, let me just talk a little about the difference between a credit and a deduction. So a credit is money in your pocket. So the federal government and certain states will give you credits, money back for your R &D related expenses, 12 to 16%.

3:03So it's substantial. um so what exactly where a deduction well let me before i go on where a deduction is a reduction in your income i.e a reduction in your tax so a credit is a lot more um valuable to you the entrepreneur and let me just talk about like the r &d you know has a pretty wide umbrella of what it can cover, right? So it's really just research to bring new knowledge, right? So what does that mean? That means developing software, developing products, developing processes, and not just developing new, but also improving a problem. Software, products, processes, new technologies, new production processes, prototypes, models, new tools.

3:57So a lot of things can qualify for the R &D credit. So really, I just want to make you guys aware that this credit exists. Okay. And I know a lot of folks are going to say, well, Ron, I do have a lot of R &D, but I don't make any money. So I don't qualify for the credit. Well, particularly now, Now the Inflation Act of 2022 has even expanded on this, is that if you have employees and you pay payroll taxes, these credits can offset your payroll taxes. So if you're in true startup mode and maybe you're not making a profit, you're not bringing money to the bottom line, you still can get credits today on your payroll taxes, which is a really important and I think a valuable asset for startups, companies in the startup phase.

4:53But I just really want to get everybody out there to really start thinking about the R &D credit, what could possibly qualify inside of your business and whether it can apply and you can save some money and get some credits for this avenue here. The federal government essentially believes that R &D is good for the country, that continuing to improve products, services, processes is valuable and is willing to help you offset your expenses. Really important. At CPA on Fire, we work with a lot of successful online entrepreneurs. Right. We don't particularly do the R &D credit for you, but we do have a referral source or referral network that can refer to firms, you know, particular like high expert firms that can do the R &D credit.

5:57It requires that you file special tax forms with your company's filings. And two is that there's the ability to look back over at least the last, in most cases, the last three years. So if you haven't taken advantage of the R &D credit, it may not just be applicable this year and future years, but it could be applicable to past years as well. So it's something I think that you, Fire Nation, should be aware of, that you should think through. I just want to kind of, it's a very technical area, but I just wanted to bring an awareness around this credit. It's expanding with the Inflation Act of 2022.

6:42So there you have it, Fire Nation. if anybody's interested and think they may qualify and would like to talk to a firm that specializes in this, just drop us an email at info at cpaonfire.com and we'll be happy to point you in the right direction. As always, always a pleasure to be with you, Fire Nation. Ron Parisi with CPA on Fire. Thanks a lot, John, for having us on. You guys go out there and crush it. Appreciate being with you. Ron, as always, thank you and Fire Nation for any questions that you have in the CPA, tax, all that jazz. Go ahead and reach out to cpaonfire.com. You can check out Ron directly, ron, R-O-N, at cpaonfire.com.

7:31He loves emails from you, Fire Nation, so give him a shout. Now, what went down in June? We have an interview of the month, which is all about franchising the better path to business ownership. And of course, I had John Ostinson rock the mic. John has been a partner slash sponsor of Entrepreneurs on Fire for many years now. And we had many value bombs we talked about, building towards many smaller, healthier exits, which generates ongoing cashflow and creates potential exits to cross your timeline. How franchising is not for everyone, but most people love support and need people on the sideline to go and execute for them.

8:06And how it's important to have an expert guide to filter the right information that you need. So Fire Nation, if you want a free consultation all on this topic, just go to FranBridgeConsulting.com. And of course, John has a book as well that he will happily gift to you. And now we're moving into Bo's first trip. This is really exciting. It's definitely something I know that a lot of parents have trepidation for. But of course, Kate's a super mom. And so there is no worries or trepidation on our side of things. And I have now brought Kate on the mic to chat it up. So Kate, why don't you talk to us about Bo's first trip as soon as we get back from thinking our sponsors.

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10:39Get up to$2 million in term life insurance coverage in 10 minutes with Ethos. Answer just a few health questions and get your free quote at ethoslife.com slash fire. That's E-T-H-O-S life.com slash fire. A big reason why Kate and I moved to Puerto Rico back in 2016 was because we were ready for lifestyle freedom. We love to travel and we love new experiences. So we decided to shake things up. After living here for over eight years, it turns out Puerto Rico has introduced us to way more than we ever expected, including becoming hosts on Airbnb. That's right. After traveling off island for months at a time during the summer, we realized that we could Airbnb one of our homes while we're away.

11:27So when we travel to Maine and California in just a couple weeks, we'll be looking to share the beauty of Puerto Rico in one of our homes with travelers from near and far. So it turns out we had an Airbnb and we didn't even know it. Our own home. Your home might be worth more than you think. Find out how much at airbnb.com slash host. All right, Fire Nation, we are back. And as promised before the break, we're going to talk about Bo Arthur Dumas' first trip. So Kate, take it away. Yeah, so Bo and I hopped a plane to Minnesota in June, and I was so excited for his first trip. and I think my excitement took over any of the feelings that maybe I should have been having about traveling with a baby by myself, which was probably a good thing.

12:21Um, and he was really great. He was actually awesome on all of the flights. We had a stopover and unfortunately there wasn't a direct flight and, um, he's on my lap right now trying to grab the microphone. So forgive that. Bo, you're after your daddy's heart. I love it. We had a stopover, so we had to, it was a long travel day. I think it was like 11 hours. Hi, Bo. Hi. Okay. We got to Minnesota safe and sound, got to see a ton of family. It was really cool. It's actually my cousin's oldest son was graduating high school and it like all the stars aligned and all of our family was able to head out there for the celebration.

13:06So it was a cool opportunity to bring Bo. He got to meet my aunt and uncle, who he hadn't met before, my cousin and her kids. And we got to see my parents and my sister. So that was really great. It was awesome family time. The weather was absolutely beautiful in Minnesota. We had a blast with the graduation party and got to just hang out and spend a lot of time together. And Bo was a champ. I really think that the travel days were obviously intense, but he was very good. And even the days that we were there, we were running around a lot, going to a lot of different places. We were in the car a lot.

13:43We were around a lot of people. He was being passed around a lot, but he handled everything like such a champ. And I have some very cute pictures over on the income report. So I highly recommend going to check those out. EOfire.com forward slash income 130. Yeah, by the way, if you're not going to the show notes page that Kate just shared to look at these pictures of Bo, we're going to have to have a conversation because these pictures are unbelievable. He is so cute. He has so many different poses. He's in a swing and one looking very stoic, very serious. He's on his grandmother's lap, just kind of giving this little smirk look that is just hysterical.

14:24He's passed out on Kate, just sleeping like a champion. And the pictures are fantastic. And for any parents, you know that you're a little prejudiced. But man, this kid is cute. He's a cutie. Anything else you want to talk about before we move into the next topic? On the heels of this trip, I'm really excited for our summer slash fall travels. We're going to be taking off at the end of this month for Maine and California. We're going to be gone for two and a half months. So we'll see how Beau's report card comes back from this next set of trips. Can't wait. Well, Beau, I'm glad you made another debut on an episode of Entrepreneurs on Fire.

15:08Thanks for rocking the mic, Kate, as well as Beau, as always. And Kate's, of course, going to be sharing a little something at the end here. But the next thing we're going to talk about is myself getting to speak and present at Clay Clark's Business Workshop. What was really cool is that the keynote speaker was Tim Tebow. And, you know, I'm a sports fan, so I really did enjoy watching Tim Tebow when he was the quarterback for the Florida Gators. And, of course, as he was a quarterback in the NFL, one of the teams he was a quarterback for was the backup for Tom Brady and my New England Patriots.

15:44So it was really cool to get to meet him in person. Very nice guy, very genuine guy and a very good public speaker. So it was good to see as well. and it was a lot of fun. And it was my second year in Tulsa. It was my second year at this conference as well. And I'll tell you, I'll go next year as well. I love this conference. Clay Clark puts on such a valuable conference. A lot of conferences just try to get the biggest names they can and the speakers just get up there and just fluffy, fluff, fluff and talk about their book and this and that. This is all about valuable content that's going to help you in your business.

16:20So a lot of people within Fire Nation got to come to this conference. I was hanging out with a lot of you in person. They're probably listening right now because we had a great time. It was a great conference in Tulsa for two days. Just value, value, value. So I enjoyed it. I know a lot of people that I talked to that heard about the events on this podcast, truly enjoyed it. And we are going to have lasting friendships and relationships from that. So absolutely a great time. If you hear about us talking about it again for either later this year in 2024 or 2025, I would highly recommend trying to make it happen if you can, because it's just a very enjoyable and well done conference.

17:03Now I will talk about the income breakdown for June. Our product service was$120 ,353. We sold a total of 29 journals, 10 freedom journals, 11 mastery journals, and five podcast journals. Podcasters Paradise brought in over$4 ,200. Our podcast sponsorships was$115K. Our affiliate income was$4 ,470 for a gross income of$124 ,823. Our business expenses totaled$12 ,902 for a net profit of$111 ,921. $41. And the biggest lesson learned from Kate Lynn Erickson-Dumas is joining a mastermind. Yeah. So my biggest lesson learned was inspired because I recently kind of shook things up in a mastermind that I'm a part of.

17:59So myself and my girlfriend, Nicole, are two members of a three member mastermind. And a few months ago, the third member of our group decided that she was going to kind of take a step back and take a break, which totally understandable. It's actually the longest running mastermind I've ever been a part of. We've been together for, I think, three, maybe going on four years. So totally understandable. But instead of just breaking up the mastermind, Nicole and I decided to invite a third member in to join us. And it kind of got me thinking there are so many different formats for a mastermind. And I think maybe a lot of people feel that they would have to pay to join a mastermind or that it has to be a huge group of people or that it has to look or be in a certain way.

18:47And it kind of got me thinking back to just how many different types of masterminds I've been a part of and how each one of them was incredibly valuable in its own way. All the way back to the very beginning of my entrepreneurial journey, I paid to join a small group mastermind. I've been a part of big hundred you know person online masterminds I've been a part of in-person masterminds virtual masterminds weekend-long masterminds and all of them have just been so unique and so incredibly helpful so I thought I'd just share that just in case anyone out there has wanted to join a mastermind or is thinking about it that to kind of encourage you to think about it in maybe another way that it doesn't have to look any certain way so even you just reaching out to some of your peers online and seeing if they wanted to start a mastermind with you you could very well be the leader of your own mastermind and the mastermind that Nicole and I do and the the third person that has joined us now you know we don't pay to be a part of it we just all committed and agreed that we will meet with each other, support each other.

19:59We have a WhatsApp group. We're hoping to plan an in-person trip, maybe coming up in the next year or so, so that we can hang out together in person, which we did with the threesome that we were before. And yeah, I mean, masterminds are just so incredibly valuable. That support and the The closeness that you can build is just unlike anything else. It's such a huge value for growing your business. And for me, it's been such a huge value in my personal growth as well. So if you've been thinking about a mastermind, open up your mind and know that there are many different ways that it could look. And Fire Nation, that's why I end every episode of Entrepreneurs on Fire by saying you're the average of the five people you spend the most time with because it's so true.

20:46The Jim Rohn quote rings true after a hundred plus years of it being said for the first time. It's just true. So surround yourself with the right people. Get those individuals in your life on the regular. A mastermind is a great way to do that. And until next month, keep your fire burning. Nudge, hosted by Phil Agnew, is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. Ever notice how the smallest changes can have the biggest impact? On Nudge, you learn simple evidence-backed tips to help you kick bad habits, get a raise, and grow a business. Oh, and it's the UK's Fast-Growing Business Podcast.

21:24A recent episode on how to win any argument shares decade-long research into persuasion from a world-leading neuroscientist. Listen to Nudge wherever you get your podcasts.