Income Report for January 2022: Crypto, NFT's, Tax Prep and more!
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Income Report for January 2022

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    Income Report for January 2022: Crypto, NFT’s, Tax Prep and more!

    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/income101, and IGNITE!

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    Resources

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

    LizerbramLaw.com – Business Attorney & Legal Strategist.

    Bankless – Crypto Podcast.

    Bankless YouTube Channel – Learn to live a life without banks.

    NFT Catcher – Every Drop. One List.

    Xero – Accounting software.

    3 Value Bombs

    1) Bitcoin, Blockchain, Crypto, smart contracts, NFTs and the Metaverse are here to stay.

    2) Tax prep starts with organization.

    3) Take time now in order to save time later.

    Sponsors

    HubSpot: A CRM Platform that gives you exactly what you need to help your teams thrive. Learn more at HubSpot.com!

    ZipRecruiter: Find the right employees for your workplace with ZipRecruiter. Try it for free at ZipRecruiter.com/fire!

    Capital on Tap: A small business credit card here to make running a business easier. Get a $100 signup bonus – in addition to their normal spend bonus – with code FIRE! Apply today at www.CapitalonTap.com/fire. Capital on Tap small business credit cards are issued by WebBank, Member FDIC

    Show Notes

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

    [00:47] – Income review

    • Gross Income for January: $215,205
    • Total Expenses for January: $26,721
    • Total Net Profit for January: $188,484
    • Difference b/t January & December: -$8,764
    • % of net profit to overall gross revenue: 88%

    [01:55] – Ron’s January Tax Tip: Preparing for tax season as an entrepreneur

    • Prepare for your accountant to make tax season as enjoyable as possible.
    • Important Dates
      • March 15th – filing deadline for partnerships and S-Corps
      • April 18th – filing deadline for C-Corps and personal tax returns

    [06:27] – Common Misconception

    • The 3 Year Statute of Limitations for tax returns. The IRS can open this statute for:
        • Substantial underreporting of income.
        • Incomplete tax returns beyond the 3 years.
    •  CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.

    [8:16] – David Lizerbram’s January Legal Tip: How to terminate a contract

    • For a variety of reasons, you may need to take action to bring a contract to a close.
    • 3 Types of termination clauses
      • Termination for cause
        • This means you are allowed to leave the contract based on the act or omission of the other party
      • Termination for convenience
        • This means that one or both parties can bring the contract to a close for no reason at all.
      • Termination based on time
        • This means the contract comes to an end at a certain predetermined date.
    • LizerbramLaw.com – Business Attorney & Legal Strategist.

    [13:46] – Thanks to our sponsors, HubSpot, ZipRecruiter, and Capital on Tap!

    [16:18] – What Went Down In January – JLD talks NFT’s, Cryptocurrency, and more!

    • Web 3.0 is here. Bitcoin, Blockchain, Crypto, smart contracts, NFTs and the Metaverse are here to stay.
    • There are a lot of challenges ahead in this space, as governments are looking to preserve their power with regulation. The risks are high – and so will be the rewards and losses.
    • A couple of podcasts to listen to about Web 3.0

    [19:41] – Tax Prep – How we handle it here at EOFire!

    • It starts with organization.
    • Xero – Accounting software.

    [23:08] – January 2022 Income Breakdown

    • Gross Income for January: $215,205
    • Total Expenses for January: $26,721
    • Total Net Profit for January: $188,484
    • Difference b/t January & December: -$8,764
    • % of net profit to overall gross revenue: 88%

    [25:45] – Biggest Lesson Learned: Take time now; save time later

    • Tune in to hear how big of an impact this can actually make!

    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!

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