April 2022 Income At-A-Glance
Gross Income for April: $223,352
Total Expenses for April: $16,815
Total Net Profit for April: $206,537
Difference b/t April & March: +$10,993
% of net profit to overall gross revenue: 92%
Why We Publish An Income Report
This monthly income report is created for you, Fire Nation!
By documenting the struggles we encounter and the successes we celebrate as entrepreneurs every single month, we’re able to provide you with support – and a single resource – where we share what’s working, what’s not, and what’s possible.
There’s a lot of hard work that goes into learning and growing as an entrepreneur, especially when you’re just starting out. The most important part of the equation is that you’re able to pass on what you learn to others through teaching, which is what we aim to do here.
Check out all of our monthly income reports – from the very beginning!
**We’ll receive a commission on the affiliate links below. If you click on my affiliate link and sign up for the products and services I trust and recommend, then I will earn a commission.
Ron Parisi’s Monthly Tax Tip
Hello Fire Nation! Ron Parisi from CPA On Fire here for our April 2022 Tax and Accounting tip.
This month, we’re talking about deducting medical insurance premiums. At CPA On Fire, we specialize in working with entrepreneurs to minimize their tax liability while keeping them in line with the ever-changing tax laws.
Our firm has been working with JLD & Kate at Entrepreneurs On Fire for years now, and they’ve included me in these monthly income reports with unlimited access to all their accounts so I can verify that what they report here is complete and accurate.
And because they believe in delivering an insane amount of value to you, my job doesn’t stop at the verification level; I also provide a new tax and accounting tip every month!
Ron’s April Tax Tip: Deducting Medical Insurance Premiums
Over the last few years, medical premiums have skyrocketed.
The fortunate part for entrepreneurs is that those premiums are deductible on your taxes.
Any medical premiums that you pay for mainstream insurance companies (think Anthem, Aetna, Humana, etc) are deductible per the IRS.
That includes medical, dental, and vision premiums.
Just be careful with sponsored programs and cost share plans to make sure that they are eligible.
The type of business entity that you have will determine how those premiums should be paid and how they can be deducted at tax time.
Schedule C/Solopreneur/Single Member LLC
As long as you pay the insurance premium individually or from your business bank account, the premium is deductible.
Your tax accountant will report the amount on your 1040 return, and you will receive a 100% deduction for all premiums paid that year.
Insurance premiums for C Corporations are deductible at the corporate level. In order to qualify, you need to make sure the premiums are being paid by the corporation, not you as an individual.
The deduction is then taken on the 1120 return.
Be very careful when deducting insurance premiums under these entities.
From the partnership perspective, we like to see those premiums paid by the partnership (not at the individual level).
S Corporations can be paid through the corporation or on an individual level, but it needs to be reported through your payroll processing company to end up on your W-2 at the end of the year.
We have had clients not pay attention during the year when it comes to their premiums, and then they file their W-2’s at the end of the year incorrectly.
This causes the need for amended W-2’s in order to use the deduction, which cost unnecessary time and money.
Everyone’s circumstances are different, so you should always consult with your individual tax profession to see if and how you can deduct your medical premiums.
Those of you in Fire Nation who are entrepreneurs & business owners and are looking to upgrade your financial operations going into 2022, check out our website: CPAOnFire.com!
We’ve been able to get our clients amazing results and would love to help you out as well. Book a call through our website and let us show you how we can help your business grow.
What Went Down In April
Providence College Torch Scholarship
In early April Providence College visited Puerto Rico!
Being John’s alma mater, Providence College holds a very special place in his heart. He’s been donating to the school since he graduated, and this year we were able to do something really special.
Together with good friend and head of Institutional Development at Providence College, Stephen Duryea, John was able to come up with a donation idea that would not only help Providence College, but that would also help Puerto Rico.
We’re calling it the Torch Scholarship, and over the next 4 years the scholarship will be granted to a student from Puerto Rico who otherwise wouldn’t have been able to pay for tuition.
In early April John went to San Juan to meet some of the students from Puerto Rico and talk about the Torch Scholarship. Very exciting times ahead for Providence – and Puerto Rico!
John & Kate Tie the Knot!
We did it, Fire Nation!
After 10 years of dating we finally tied the knot on April 23, 2022.
We went all out with 4 straight days of events to celebrate our love with the people closest to us.
Thursday night we hosted a welcome party at our house, Friday we spent the day under the sun at the Palmas Del Mar Beach Club, Saturday was the main event, and Sunday we said farewell with a brunch at our officiants’ house right here in Palmas!
It was an incredibly special weekend for so many reasons.
- Being able to share our community and where we live with our family and friends who came to visit
- Having multiple events over several days, which allowed us to spend QT with everyone
- Creating a ceremony and reception that was a true reflection of who we are and what matters most to us
- Having family come into town early – and stay after!
I never could have dreamed up a weekend this special, with feelings of joy and love I didn’t know existed. It was absolutely perfect, and we can’t wait to share pictures and our video once it’s complete!
Here’s a sneak peek…
April 2022 Income Breakdown*
Product/Service Income: $213,661
TOTAL Journal sales: Total Journals Sold 150 – $5,256
The Freedom Journal: Accomplish your #1 goal in 100 days!
- Total: $1,675 (49 Freedom Journals sold)
The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!
- Total: $1,826 (53 Mastery Journals sold)
The Podcast Journal: Idea to Launch in 50 Days!
- Total: $1,755 (48 Podcast Journals sold)
Podcasters’ Paradise: The #1 Podcasting community in the world!
- Recurring: $13,278 (105 recurring)
- New members: $1,627 (8 new members)
- Total: $14,905
Real Revenue: Turn your BIG IDEA into Real Revenue
- Total: $225
Podcast Sponsorships: $193,205
Podcast Launch: Audiobook: $40 | eBook: $30
Free Courses that contribute to the above revenue:
Your Big Idea: Discover your big idea in under an hour!
Free Podcast Course: Create and launch your own podcast!
Funnel On Fire: Create a funnel that converts!
Affiliate Income: $9,691
*Affiliate links below – if you click on my affiliate link and sign up for the products and services I trust and recommend, then I will earn a commission.
Resources for Entrepreneurs: $7,749
- Audible: $0
- Bluehost: $0
- Click Funnels: $7,079
- CovertKit: $50
- Coaching referrals: $620 (email me for an introduction to a mentor for overall online business or a Podcast focused mentor!)
Resources for Podcasters: $629
- Podcasting Press: $16
- Splasheo: $74
- Fusebox: $99
- Libsyn: $384 (Use promo code FIRE for the rest of this month & next free!)
- Repurpose House: $0
- UDemy Podcasting Course: $56
Other Resources: $1,313
- Amazon Associates: $90
- Other: $1,223
Total Gross Income in April: $223,352
Business Expenses: $15,022
- Advertising: $12
- Affiliate Commissions (Paradise): $690
- Accounting: $375
- Cost of goods sold (Journals): $882
- Consulting: $0
- Design & Branding: $0
- Dues & Subscriptions: $138
- Education: $118
- Fulfillment: $0
- Legal & Professional: $275
- Meals & Entertainment: $1,980
- Merchant / bank fees: $1,052
- Amazon fees: $1,889
- PayPal fees: $244
- Office expenses: $246
- Community Refunds: $1,094
- Promotional: $0
- Travel: $902
- Virtual Assistant Fees: $5,050
- Website Fees: $75
Recurring, Subscription-based Expenses: $1,793
- Adobe Creative Cloud: $100
- Audible: $16
- Boomerang: $50 (team package)
- Authorize.net: $38
- Google: $49
- Glow.fm: $5
- Bonjoro: $45
- Loom: $10
- Dochub: $60 (annual fee)
- Cell Phone: $144
- Internet: $40
- eVoice: $12
- Infusionsoft CRM: $241
- Insurance: $89
- Libsyn: $195
- Linktree: $6
- TaxJar: $19
- Taxes & Licenses: $523
- Shopify: $36
- Zoom: $55
- Xero: $60
Total Expenses in April: $16,815
Payroll to John & Kate: $15,900
In our May 2014 Income Report and our June 2016 Income Report, Josh focuses on how to pay yourself as an entrepreneur. Check them out!
Wondering what we do with all of our net revenue? We share all in our April 2017 Income Report :)
Total Net Profit for April 2022: $206,537
Biggest Lesson Learned
Create a vision, know your priorities
The celebration of a lifetime.
Looking back on our wedding weekend, there are VERY few things I would change (and let’s be honest, hindsight is 20/20).
One thing I’d never change?
The amount of thought, time, and care that went into planning every moment of that weekend.
The intention behind the coffee date on Thursday morning, the welcome party on Thursday evening, the family breakfast, the Beach Club… I had a vision for spending quality time with the people who mean the most to me – and because I held that vision, and because I was super clear on my #1 priority for every gathering – I was able to bring it life.
But I definitely didn’t do it alone. In addition to the amazing support of my now husband (so fun to say!), I also had someone else in my corner who was integral to all of this coming together.
The idea to create that vision – to write out my priority – to have something to go back to time and time again (especially in those moments when the wedding industry tried to get me to do all the traditional things that weren’t important to me) – that was priceless.
And I owe a massive thank you to my sister, Kara Lamerato, for that.
She recently sent out an email to her community (she hosts The Wedding Planning Podcast) and she referred to the weekend as a “life-changing experience”. I couldn’t agree more.
Even if you’re not planning a wedding, this exercise with visioning, planning, and focusing on your #1 priority works for life, too.
Alright Fire Nation, that’s a wrap!
Until next month, keep your FIRE burning!
~ Kate & John
Note: we report our income figures as accurately as possible, but in using reports from a combo of Infusionsoft & Xero to track our product and total income / expenses, they suggest the possibility of a 3 – 5% margin of error.