June 2021 Income At-A-Glance
Gross Income for June: $193,420
Total Expenses for June: $18,117
Total Net Profit for June: $175,303
Difference b/t June & May: +$53,777
% of net profit to overall gross revenue: 91%
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.
**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.
Josh Bauerle’s Monthly Tax Tip
What’s up Fire Nation, my name is Josh Bauerle. I’m a CPA and the Founder of CPA On Fire, where we specialize in working with entrepreneurs to minimize their tax liability while keeping them in line with the ever-changing tax laws.
I’ve 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!
Josh’s June Tax Tip: What is the Child Tax Credit?
On July 15, the IRS will begin sending out the early Child Tax Credit payments, which was a part of the historic tax changes made in the American Rescue Plan.
If you didn’t know or forgot about these changes, you can be forgiven as it was one of about a billion major tax and economic changes passed in the past 18 months!
But for those who claim children under 18 years of age on their tax return, you definitely want to pay attention to this one, as it could have a major impact on your taxes and finances.
What is the Child Tax Credit?
Prior to the American Rescue Plan changes, the child tax credit was a flat $2,000 tax credit given for each qualifying child under the age of 17 to any married taxpayers with AGI under $400,000, and single taxpayers with AGI under $200,000.
The tax credit was calculated as a part of your year end tax return and used to either offset your taxes owed or increase your refund given.
What has changed?
Two major changes were made to the child tax credit under the American Rescue plan.
First, the credit was increased. For qualifying children between 6 and 17 years old, the credit is increased to $3,000. For qualifying children under 6, the credit increased to $3,600.
Second, instead of the credit being paid at year end, it will now be issued in monthly payments. That will be $300 for each child under 6, and $250 for each child between 6 and 17. Those monthly payments will start on July 15.
However, if you prefer to continue receiving the credits as a part of your year end tax return instead of in monthly payments, then you do have that option.
What You Need to Do
If you want to receive the credit in monthly payments, and you filed a 2020 tax return (and the bank account you used on that tax return is your current bank account), then there is nothing you need to do. The monthly payments should start for you automatically in July.
If you want to opt out of the monthly payments so that you can receive the credit as a part of your year end return, or if you need to change bank account information, then you need to create an account on the IRS portal and adjust things accordingly.
Talk to Your Tax Professional
I know I’m going to sound like a broken record here, but ultimately – as I say with nearly every other tax topic we discuss – you really need to talk to your tax professional, as there are several things to consider, such as:
- Should you take the monthly payments or take the credit at year end?
- Will you qualify for the increased credit? It has a lower income limit than the main $2,000 credit.
- Are the kids you are claiming in 2021 different than they were in 2020? The IRS will base your payments on who you claimed last year, so if that has changed, then it will impact your credit. And if you receive a bigger credit than you should have, then it may need to be paid back with your return come tax time.
For more direct information on this historic change taking place, you can check out our full Child Tax Credit article. Just be sure to talk to your own professional (or reach out to us) so you don’t make a mistake that will cost you come tax time!
As always, please feel free to contact me if you’d like to discuss what would be best for YOUR business. I LOVE chatting with Fire Nation!
What Went Down In June
Kate to Keynote Podcast Movement
Exciting announcement, Fire Nation!
In June Podcast Movement started announcing its speakers – including those who will be keynoting the event.
One of those keynote speakers?
Mark Cuban! WHAT?!
Another one of those keynote speakers?
I’m incredibly honored by the invite – and a tad nervous to be honest! But my excitement far out weighs anything else; I cannot wait to be on stage in front of what sounds like will be thousands. My biggest stage yet!
Here’s what I posted on Facebook after the announcement…
Pinch me!… Today I was announced in the first round of keynote speakers for Podcast Movement 2021!
Podcast Movement is VERY near and dear to us. When the idea for PM was first announced back in 2014 via a Kickstarter campaign, I thought “What a cool idea! I really hope this sticks…”
John and I attended that year, and I so distinctly remember standing next to Dan Franks just outside of a room where Jaime Masters was giving her closing keynote talk – I looked at him and said, “Wow – you guys really have started a movement…”
John and I have attended, spoken at, and supported every PM event since. In fact, my first ever appearance on stage was at a Podcast Movement event, and in 2015 we co-hosted a Podcast Cruise with Dan and Jared – an event we will NEVER forget!
I truly am honored by this invite, and we look forward to seeing those of you who will be attending Podcast Movement in Nashville this August. Promo code FIRE gets you a discount on your tix!
Already have your ticket locked in? Let us know you’ll be attending by shooting us an email – we can’t wait to see you there!
John Speaking at Funnel Hacking Live
Good things come in pairs!
June is also the month John accepted an invite to speak at Funnel Hacking Live, among some incredible speakers and entrepreneurs like the host, Russell Brunson, and Tony Robbins!
Will you be at Funnel Hacking Live in September? If yes, we’ll see you there!
Here’s a list of other awesome entrepreneurial events going down this year!
Product/Service Income: $178,033
TOTAL Journal sales: 266 Total Journals Sold – $7,680
The Freedom Journal: Accomplish your #1 goal in 100 days!
- Total: $2,654 (102 Freedom Journals sold + 2 Digital Packs)
The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!
- Total: $1,997 (63 Mastery Journals sold + 2 Digital Packs)
The Podcast Journal: Idea to Launch in 50 Days!
- Total: $3,029 (97 Podcast Journals sold)
Podcasters’ Paradise: The #1 Podcasting community in the world!
- Recurring: $12,778 (118 recurring)
- New members: $1,967 (11 new members)
- Total: $14,745
Real Revenue: Turn your BIG IDEA into Real Revenue
- Total: $300
Podcast Sponsorships: $155,167
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: $15,387
*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: $11,928
- Audible: $136
- Bluehost: $0
- Click Funnels: $10,443
- Coaching referrals: $1,349 (email me for an introduction to a mentor for overall online business or a Podcast focused mentor!)
Courses for Entrepreneurs: $500
- Crush it With Challenges by Pedro Ado: $500
Resources for Podcasters: $801
- Podcasting Press: $24
- Splasheo: $50
- Libsyn: $687 (Use promo code FIRE for the rest of this month & next free!)
- UDemy Podcasting Course: $40
Other Resources: $2,158
- Amazon Associates: $203
- Other: $1,955
Total Gross Income in June: $193,420
Business Expenses: $15,907
- Advertising: $58
- Affiliate Commissions (Paradise): $482
- Accounting: $374
- Cost of goods sold (Journals): $1,547
- Consulting: $0
- Fulfillment: $0
- Design & Branding: $0
- Dues & Subscriptions: $1,000
- Education: $0
- Legal & Professional: $0
- Meals & Entertainment: $351
- Merchant / bank fees: $1,854
- Amazon fees: $2,796
- PayPal fees: $266
- Shopify: $15
- Office expenses: $330
- Community Refunds: $500
- Promotional: $99
- Travel: $600
- Virtual Assistant Fees: $5,560
- Website Fees: $75
Recurring, Subscription-based Expenses: $2,210
- Adobe Creative Cloud: $100
- Boomerang: $50 (team package)
- Authorize.net: $70
- Bonjoro: $45
- Cell Phone: $187
- Dropbox: $120 (annual subscription)
- Google Suite: $34
- Internet: $80
- eVoice: $10
- Infusionsoft CRM: $241
- Insurance: $89
- Libsyn: $153
- Linktree: $6
- TaxJar: $19
- Sellozo: $149
- Streamyard: $49
- Taxes & Licenses: $523
- Text Expander: $20 (annual subscription)
- Zoom: $205
- Xero: $60
Total Expenses in June: $18,117
Payroll to John & Kate: $15,900
Wondering what we do with all of our net revenue? We share all in our April 2017 Income Report :)
Total Net Profit for June 2021: $175,303
Biggest Lesson Learned
Unplug to Connect
For the second half of June I flew out to Cali to accompany my family on a road trip up the coast.
If you’ve ever traveled the California coast, then you know how breathtaking it is!
We started at the home base in San Diego with my sister and her family plus my parents.
We made an overnight stop in Santa Barbara night one, spent two nights in San Simeon to connect with some great friends who came down from the Bay Area, and then night four started our seven nights of camping under the stars in Big Sur.
The first three nights were so much fun. We went swimming at the hotel, celebrated my niece’s ninth birthday, stopped in San Luis Obispo for an afternoon, and walked around Morro Bay. Having that time with my parents and our family friends was such a treat.
Then, our seven nights of camping begun!
For this part of the trip my parents stayed back in San Simeon, and together with my sister and her family we went to meet up with one of our best friends and her family, plus another family with two kids who would be joining us for five of the seven nights.
Camping was an absolute blast. We had sites all next to one another, were a 2 minute walk from a private beach, had the river flowing right by us, had the start of hiking trails within walking distance, and the weather – for the first time in five years – was pretty much perfect.
The campsite we stay at every year – and this area of Big Sur in general – doesn’t have any cell service or wifi. While I did drive up the coast a few minutes every other day to jump on wifi and check in, I was – for the most part – unplugged.
And it felt amazing.
Just before I left I had ordered Yanik Silver’s The Cosmic Journal. If you heard his episode on EOFire recently, perhaps you were intrigued enough to order a copy, too!
The hikes, sleeping in nature, being unplugged, and having Yanik’s book to pick up in the early mornings and late afternoons throughout our trip was a perfect combination.
It allowed me to connect with myself in a way that I haven’t done for a while… because as you know, life gets busy. And when we’re at home it’s easy to find stuff to do – all the time.
Taking a time out to connect with nature – and myself – was just what I needed.
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.