0 (3s):
Shake the room Fire Nation. JLD here and welcome to Entrepreneurs On Fire June 2021 income reports. We have some really cool things to share with you today, but first our income at a glance, our gross income for June was $193,420. Our total expenses were 18,117 for a total net profit of $175,000. That gave us a percentage of net profit to overall gross revenue of 90.6%. So let's round up to 91%. Just amazing.

0 (44s):
We've only hit 90%, I think once in the past, maybe twice. So definitely loving that percentage of net profit to our overall gross revenue. Something we definitely focus on. And today Fire Nation, we talking about what is the child tax credit. And of course, to talk about that we have Josh Bauerle of CPA on Fire, and we're also gonna be talking about a pretty exciting keynote from somebody from entrepreneurs on fire. And no, not me, somebody sharing the stage and mark Cuban. And then we'll be talking about somebody sharing the stage with Tony Robbins in September, who will be me and some other really cool things. When we get back from thinking our sponsors Fire Nation, it's time to stop trading time for money and start reaching more clients and making a bigger impact.

0 (1m 32s):
And you can do just that with online courses, try Thinkific for free today at Thinkific.com/EOF that's THINKIFIC.com/EOF. Hiring can feel like trying to find a needle in a haystack, but when you post a job on ZipRecruiter, their matching technology finds these qualified candidates for you and invites them to apply. So while other companies give you too many options, ZipRecruiter finds you the needle in the haystack. And right now you can try ZipRecruiter for free at ZipRecruiter.com/fire. All right, Fire Nation. Let's kick into things today with CPA on Fire, Mr. Josh Bauerle himself talking about what is the child tax credit?

0 (2m 16s):
So what's up Josh hope all is going well and break it out for us brother.

1 (2m 21s):
All right, Fire Nation. This month, we have a pretty big tax tip because for the first time, since probably the 2018 tax changes, we are seeing one of the biggest tax law changes enacted that we've had in, in a long time and basically on July 15th. So roughly a week from when this is being recorded, the IRS is going to begin sending out the early child tax credit payments, which were part of the historic changes made in the American rescue plan. That was the third stimulus that was passed earlier this year. Right? And if you didn't know about these changes, or you forgot about these changes, you can be forgiven because this was one of what feels like a billion, different tax and economic changes that have gone on over the last 18 months since COVID started.

1 (3m 6s):
Right? But for those of you who claim a child on your tax return under the age of 18, you definitely want to pay attention here because this is going to have a major impact on your taxes and potentially on your finances throughout the year. If you don't have a child, you don't claim any kids in your tax return, you can skip this one or you can listen. And just for fun, I know how exciting these tax tips can be. All right, so first, what is the child tax credit? If you, if you're familiar at all with your tax return and you have been claiming a child on that return, you're probably familiar with the term child tax credit and prior to the American rescue plan changes, the child tax credit was just a flat $2,000 tax credit given for each qualifying child under the age of 17 to any married taxpayers with their AGI under 400,000 or any single taxpayers with their AGA under 200,000.

1 (3m 55s):
All right. So basically it's, and it was a lot of numbers, but you get a $2,000 credit on your tax return for each child under the age of 17. As long as you meet certain income requirements, right? The tax credit was calculated as a part of your year-end tax return. It was just used to offset either taxes you owe, or it increased the refund that you were given. So what's changed. Well, there's two major changes that were enacted as a part of this American rescue plan. The first is the credit was increased, right? So for qualifying children between the ages of six and 17 years old, right? So number one, they extended it to people who are 17, not just under 17, so six to 17 years old, the credit increases to $3,000, formerly 2000 now, 3000.

1 (4m 40s):
And for qualifying children under the age of six, the credit increase to $3,600. Okay. So a thousand dollars for the kids, six to 17 and a $1,600 increase for the kids under six, pretty big increase the second and probably the bigger chain something they've never done before is that instead of this being a credit paid to you at the end of the year as a part of your tax return is now going to be issued in monthly payments of $300 for each child under six and $250 for each child between six and 17. All right. And those are the monthly payments that are going to start on July 15th of this year. So roughly a week or so from now, all right. If however, you prefer to continue receiving those credits as a part of your year-end tax return, instead of monthly payments, you do have that option where you're going to go over in a minute, but for those of you who would like to get that in advance for the, for the second half of this year, they're going to pay out basically, they're just dividing that credit by 12 and paying it out to you monthly.

1 (5m 39s):
All right. So let's say that you have two kids, one's eight and one's 10. You're going to get a $500 monthly payment as an early payment for that child tax credit for the rest of this year. It there's a good chance it could extend on into next year and in the future. But as of now, it's just for this year, right? So what do you need to do you want to receive the credit and monthly payments and you filed a 20, 20 tax return and the bank account that you use on that tax return is your current bank account. There is nothing you need to do right now. Those monthly payments should just start for you automatically in, in July. All right. So no guarantees are, can always get something wrong, but if everything is good to go and you don't need to change anything, then you should be fine.

1 (6m 22s):
If you want to opt out of those monthly payments so that you can receive the credit as a part of your year end tax return. Or if you need to change the bank account information, you need to create an account on the IRS portal, which we've linked to you in this tax tip on the, on the income report. And you can adjust those things accordingly, or you can tell them, no, I do not want to receive this. Or you can tell them to, to a different bank account to use, right? So lots of different stuff, going things going on here. One of the big questions I keep getting from clients is should I take that in advance? Or should I wait till the end of the year? There's so many variables to consider there. So I'm going to just fall back on the broken record thing that I always say, you need to talk to your tax professional, right?

1 (7m 4s):
There's just, here's just a glimpse of the things you need to be considering here. Should you be taking those monthly payments or should you take it at year end? Will you qualify for the increased credit? It hasn't does have an income limit on that. And after that, the, the main you go back to the $2,000 credit, right? Are the kids you were claiming in 20, 21 different than they weren't 2020, right? That's a big one. A lot of people who are divorced, for example, they claim a kid every other year. Well, if the IRS is basic non 2020, it's your 2021 returns can reflect something different. Right? And if you claim a higher, if you get that, that prepayment and it's higher than it should be, you're going to have to pay that back at the end of the year, potentially there's income limits on that too.

1 (7m 44s):
Right? So there's just, I couldn't even begin to answer general questions on this income report because there's a million ifs and buts here. You need to talk to a tax professional, make sure you're getting this rate. They are going to let you go in later this year and change things on the number of children if something's changed there. But for now, go ahead, talk to your tax professional, reach out to us. CPAOnFire.com, Joshua CPAOnFire.com. We're always willing to answer quick questions there. We also have a full article that I've linked to in on the tax tip and the income statement, income report. And you can take a look there that has just breaks down everything, but again, just be sure to talk to somebody big changes here. It's, it's pretty exciting to get this throughout the year. There's lots that can be done with that money.

1 (8m 25s):
My opinion is always to get that money for as soon as you can keep it on the government's hands. All right. But lots of things to consider, reach out to us, reach out to a tax professional, do it right. And we will talk to you next month.

0 (8m 36s):
Thank you so much, Josh and Fire Nation. I hope that those who qualify to take the proper action on the child tax credits. And now we're going to move on to what went down in June. And we do have some exciting news. We actually have two pieces of exciting news. The first one is that Kate Lynn Erickson been formally invited to be a keynote speaker at podcast, move in front of at minimum 2000 live attendees in Nashville, in August and many, many more either live and or virtually. And she's going to be sharing the stage, the keynote stage with none other than Mr.

0 (9m 16s):
Mark Cuban himself. So very exciting things. And I'm gonna say, number one, Kate is very deserving of this being in the industry for almost 10 years now and rocking and rolling. And I will also say that she's putting together quite the presentation. So for those people that are thinking about maybe going to a live conference, this is the one to go to is going to be a Nashville is going to be at a very great venue. And it's going to be packed with amazing people and fantastic speakers. Of course. So Kate, congratulations. What do you have to say for years?

2 (9m 54s):
Thank you so much. I just got like really nervous, probably more nervous than I have. I know I'm nervous. I'm a bit nervous, but I'm so excited. I am so honored by the invite we've been supporting and apart of podcast movement since the very beginning and yeah, I honestly, I was not expecting it. I was not expecting this invite and yeah, I graciously and excitedly accepted 100%. I can't wait to get up there. Like you said, I'm really excited about my presentation. I'm going to be, should I give a sneak peek?

2 (10m 34s):
Give a sneak peek? Oh yeah. Okay. So I'm actually, this, this weekend I have on my to-do is to really dive in and kind of like get a more solid outline around this, but what I'm going to be speaking on is our podcast workflow. And that's just so my jam. I love it so much. I love talking about systems and processes and efficiencies and being effective with your time. And so I'm going to dive into the step-by-step of how our podcast workflow works. Hopefully some great tips and key takeaways for people in the audience who might be struggling with timing.

2 (11m 13s):
Mostly, it's just, it's so exciting when you start a podcast, there are so many different moving pieces. And then once you launch, you go into like this promotion mode and just wanting to tell everyone about it and it can, the workflow can slip really easily to the point where you find yourself up at like midnight, trying to put together an episode that's supposed to go live the next day, which I know is not how any of us want to be working. So hopefully this presentation will help people out with, you know, being able to prepare ahead of time, have a lot of episodes in the bank so that you're never stuck up against the wall. And yeah, I I'm just, I'm so excited.

2 (11m 55s):
Not only will this be our first live event that we're attending definitely of the size and the past year and a half, it's been awhile. It might've been podcast movement. Gosh, it has been awhile, but what's so cool about this too, is that Dan and Jared, the guys behind podcast movement, the, they started it with four. Do you call four people? Co-founders still sure. Quad founders, Dan and Jared actually gave me my first ever speaking opportunity at podcasts, San Diego. Do you remember that event, John?

0 (12m 30s):
I do. Wow. I hadn't thought about that event in a long time. Yeah.

2 (12m 34s):
So that was, it was kind of like an offshoot of podcast movement. They started doing more localized events and they did podcasts San Diego. And at the time we were living in San Diego and they asked me if I would open the day up. So it was, it was kind of, it was kind of a keynote and it was on stage. And I remember just like having so many butterflies before going up on stage, that was a really special opportunity for me. It being my first time on stage ever. So yeah, I mean, we've been, we go way back with Dan and Jared. They helped us host the podcasters paradise cruise as well, which was such a blast. So we've, we've done a lot with these guys and yeah, it was really special and, and kind of full circle to now be asked to speak on such a big stage at such a big conference in an industry that we know and love.

2 (13m 27s):
So I'm very excited. Thank you. Rightfully

0 (13m 30s):
So. And as Kate mentioned towards the earlier part of what she was sharing, it is so true fire nation. We've seen it time and time again is that people launch with the best of intentions, they're excited. They put in the work, they are sharing their message, their mission, their voice with the world. And then three months goes by and they're just still in scramble mode. They're still stressing to get every episode out. They're still always behind. And they just pod fade into the distance. And it's so sad because they had still had so much greatness and amazingness to share. Yet they're done it's over because they could not figure out a meaningful and consistent and intentional workflow.

0 (14m 13s):
And that's the secret sauce for entrepreneurs on fire. That is the secret sauce for our business for 10 years now. And Kate is going to be sharing all of that with you either virtually or in life, you can come. And for anybody who's listening to this also part of podcasts is paradise. We'll be throwing our sixth or seventh annual podcast is paradise meet up at this event as well. So that's going to be a blast and it's going to be awesome. So yeah, just Google podcast movement. Do we have a special, a coder link or anything Kate?

2 (14m 42s):
We do. So if you plan on attending podcast movement, just go to the main website for the event and enter promo code fire before you check out for a discount

0 (14m 53s):
Discount time. So Kate in August is going to be speaking and sharing the stage speaking with and sharing the stage with mark Cuban, which is going to be amazing. And then fast forward to June or no, not June. I'm getting my months all screwed up fast forward to September. And I am going to be speaking with and sharing the stage with Tony Robbins at also an amazing event that we've been to multiple times called funnel hacking live, which is thrown by Russell Brunson and the entire click funnels team. So there's going to be thousands and thousands of people also in the audience. And Russell only does a main stage speaking too.

0 (15m 35s):
So I love the fact that it's going to be one room, one stage where all, all the keynotes are sharing it and I'm going to be dropping some value bombs there. So if you want to be in Orlando at the end of September, I highly recommend funnel hacking live. It is going to be an absolute blast. ClickFunnels always does conferences, right? Just like podcast movements. They really are the creme de LA creme. They leave no stone unturned. You go there not knowing what to expect sometimes. And you leave feeling like you had a total immersive, amazing experience. And again, I've been at both of these conferences multiple, multiple times, so they never ever fail to disappoint. They always succeed.

0 (16m 15s):
And oh man, it is going to be nice to be back in rooms with live people, with interactions, with the energy on stage, looking out at all of these amazing faces, hopefully some of you Fire Nation. So if you want to check out fall hacking live, it's the same kind of thing. Just Google funnel hacking live 2021. And you'll see the amazing lineup you are surely included and it's going to be awesome. And Kate actually also has a list of other awesome entrepreneurial events that are going down this year at EOFire.com/income94. So Kate, anything before we move into the income breakdown,

2 (16m 53s):
Congratulations to you too. That's so exciting that you're going to be speaking at funnel hacking live like this is an event also. Did we go, is that 2014? Yeah. 20 14, 10

0 (17m 3s):
And 15, I think. Cause it was in San Diego. So it was right in our backyard.

2 (17m 7s):
Okay. So something that I remember about that event, you and I were sitting there and we're just looking around there so many people, I think you had just run into Russell, like one of you was going into the restroom and one of you was coming out of the restroom and like you guys had a really quick chat and then we go back, we sit down and we're listening to Russell on stage and he just bust out like this huge shout out for John Lee Dumas and his podcast and how it was right after he interviewed for.com secrets, I believe.

0 (17m 37s):
Yeah. Yeah. He made me stand up and you know, it was like a room of thousands of people. They all like turn in their seats and I'm like, hi. Yeah.

2 (17m 46s):
I remember being, oh my gosh, I can't believe Russell is talking about John right now. Oh, it's so fun to look back at like these different stages and milestones in our business and how exciting each of those has been. So congratulations. It's really going to be awesome to see you up on stage this year.

0 (18m 6s):
Yep. It's going to be a fun time for the EOFire team and we hope you can be a part of it either virtually Fire Nation or in person. And we're going to be breaking down at June's 20, 21 income. When we get back then thanking our sponsors. If you're a business owner who's hiring, you probably face a lot of challenges when it comes to finding the right person for your role, like not having enough applicants with the right skills or experience. That's why hiring can feel like trying to find a needle in a haystack. Sure. You can post your job to some job board, but then all you can do is hope the right person comes along, which is why you should try ZipRecruiter for free at ZipRecruiter.com/fire. When you post a job on ZipRecruiter, it gets sent out to over 100 top job sites with one click.

0 (18m 47s):
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0 (19m 33s):
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0 (20m 13s):
More than 50,000 entrepreneurs have already used Thinkific to build revenue and educate their students worldwide. Try Thinkific for free today at Thinkific.com/EOF that's THINKIFIC.com/EOF. All right, Fire Nation. We are back in our product service income for June, 2021 was $178,000. We sold 266 journals. We did 102 freedoms, 63 masteries and 97 Podcast Journals. So the freedom journal eat out the podcast this month. Always interesting to see that battle. We did $155,000 in podcast.

0 (20m 53s):
Monitorships it's almost like the mic drop. I mean, wow, just crushing it in that area. And our affiliate income was over 15,000. We did a 10 K with ClickFunnels. That's the mic drop over there. And what I really love about this month is the fact that we did $18,000 in total expenses. So, so, so little compared to our overall revenue to give us a net profit of $175,303. And Kate's give us the biggest lesson learned

2 (21m 29s):
Monster month, monster month. Biggest lesson learned for me this month was unplugging to connect. And this kind of came about because for the second half of June, and this is kind of a fun fact. I mean, we had such a monster month, half of the month. I was like literally offline. So the second half of June, I flew out to California to join my family on our annual road trip up the coast. If you've ever traveled to California coast, then you know how insanely breathtaking is such a beautiful, like drastic contrast between mountains and ocean and cliffs and all this awesomeness.

2 (22m 12s):
So we started at the home base in San Diego. I try to get John to go with me, but because he had just been out in California, I couldn't quite drag him onto the plane with me, fortunately. So I went with my sister and her family. So my sister, her husband, my niece, and my nephew and my parents went, we met up with some family, friends of ours from the bay area, and we did an overnight stop in Santa Barbara. We did two nights in San Simeon, which is just kind of like south of big Sur and the bay area. And then my sister, her husband, my niece and nephew, we took off to big Sur and we camped for seven nights, 10 camping, seven nights.

2 (22m 53s):
We met up with one of our best girlfriends, her husband and her daughter, and then some great friends and their son and daughter. So it was just like kids were in heaven because they had all the play buddies. We were staying in this beautiful campsite on a river. And literally right around the corner in the campsite, you have access to like this little private beach it's right off the one highway in California. Absolutely breathtaking. I mean, being out in nature is one thing, actually being able to sleep under the stars next to a flowing river and steps away from the beach. I mean, and with hiking trails right off the back of the campsite, I just don't know how it gets any better than that.

2 (23m 35s):
If you're familiar with the big Sur area, the campgrounds that I'm talking about is called Limekiln drusen and checking it out. I highly recommend a stop there. So it's a rather small campsite. It's not huge. I think like my sister and brother-in-law literally get on dual laptop computers and they open up spots, I think on six months rolling. So they'll literally like both be sitting there like clicking, refresh, refresh, refresh, refresh to get these canvas sites it's in high demand. Rightly so. So camping was an absolute blast. Like I said, I was offline, not entire time. So big Sur for most, all of big Sur you do not have reception, no calls, no wifi, no nothing.

2 (24m 22s):
And this was a little bit more of a challenge than in previous years. It has somehow the timing shifted this year. And I think we went a little bit later than usual. We were there on a week that was quite busy for me given our sponsorship schedule and the process that we have down for that. So luckily just about two miles up the road, there's like a little convenience store where you can buy wifi. So I was like sneaking up to not sneaking up to you. I was making little trips up to this convenience store sitting in the car, buying wifi so I could check in on our sponsorships and all of that.

2 (25m 3s):
But back to my biggest lesson, learned unplugging to connect, even though I was dialed in in order to very much focus on the most important thing, our sponsorships, I really did not do anything else. And being unplugged for that week. Not thinking about being on my cell phone, checking, social media, answering emails, like all of the stuff that we kind of do subconsciously without even thinking about it. If we think about like what you do when you're standing in line, they're almost subconscious that we pick up our phones and we start doing something on our phones and I didn't even have my phone with me. The only I had it to take pictures.

2 (25m 43s):
And that was it. A few of the hikes that we went on. I didn't even take it at all. And the hikes that we did, we hiked over 35 miles that week, which was incredible. There are so many awesome hiking trails out in big Sur, so much beautiful land to see, and just connecting with friends, being with my family, being away from the computer for a week was really awesome. I just feel like it allowed me to connect in a way that I haven't for a while because you know, it's go, go, go. And, and which is great. I love my life. I love everything about my everyday, but it was really nice to kind of have that change and to be able to unplug a little bit.

2 (26m 23s):
So biggest lesson learned if you are feeling just like you're in sort of a cycle right now, and it might be subconscious. So you really have to take a step back and like challenge yourself to think about the ways that you're spending your time and how you're flowing from task to task, project, to project. Even the way that you flow between and your personal life and give yourself a timeout. Maybe you, maybe you unplug for a day, just challenge yourself. Don't have your phone with you for a day and really use your free time to connect with yourself. Connect with the people around you to read a book to whatever it might be.

2 (27m 3s):
Journaling meditation, even just sitting there not doing anything. It's amazing what it can do. So I challenge you to do that this week. Fire Nation,

0 (27m 14s):
Fire Nation. I hope you're saying challenge accepted. And as always myself, Kate, Gus, and the entire EOFire team, we will catch you on the flip side. Fire nation is time to stop trading time for money and start reaching more clients and making a bigger impact. And you can do just that with online courses, try Thinkific for free today at Thinkific.com/EOF that's THINKIFIC.com/EOF hiring can feel like trying to find a needle in a haystack, but when you post a job on ZipRecruiter, their matching technology finds these qualified candidates for you and invites them to apply.

0 (27m 55s):
So while other companies give you too many options, ZipRecruiter finds you the needle in the haystack. And right now you can try ZipRecruiter for free at ZipRecruiter.com/fire.