Hello and welcome to the EO Fire Income Report for January 2017 our first income report in 2017.

And it's a doozy for a few reasons so you're going to want to stick around.

I am joined by the great classy Kate Ericsson by the ever present CPA on fire Josh Bowerley.

And of course our lawyer with all of the answers David Lizard Bram. So what's up guys?

Hey, what's up? Yes, loving it. So we're getting better this every single month. I swear to God.

So by our nation we got some good things to talk about today.

But first I'm going to brush through our income at a glance.

Our gross income for January was $182,000. Our expenses were $66,000 for a total net profit for January of $116,400.

And $1427. So a $28,000 decrease from December. And again we got a couple of doozy for you.

We'll be talking about this and more. But as always we're going to start with our CPA on fires monthly tax tip.

And it's that time of year I was barely able to rip Josh away from just feverishly filling out forms for all of his clients for you fire nation that have just come to him and draw for the right reasons because Josh is the man.

So Josh, what are you talking about today? Yeah, John, you know my inbox is overflowing my calendars full my dreams are filled with income statements and balance sheets and W2s and then comes you nobody knows your name.

That's exactly there can only be one explanation. It's got to be another tax season. And I don't know how, but it's it's arrived.

All right. And I heard the other day on the radio that CPAs are the only professionals that people fear more than their dentists. And it doesn't have to be that way. We're not scary.

Now I don't know if I'm more surprised about that or the fact that you were listening to what was it called the radio or something.

Yeah, it's just weird thing in my truck. I don't know. I press this button and people start talking. I don't know. So weird. Yeah. But the rewind button doesn't work on it. I don't know.

It's frustrating. But to make this a little less scary, we're going to go over some tips for being prepared this tax season. So you can give your CPA exactly what he's looking for. And you can make sure that you're maximizing those taxes for your business.

Tip number one is to record your entire gross income. And I know this sounds like common sense on the surface. Like why wouldn't you record all of your gross income.

But let me throw this scenario by that that I see all the time. All right. You're using a merchant account or using something like PayPal strike whatever it is to collect your revenue from clients.

And they are charging you a fee on that revenue to collect that for you. All right. So let's say a client pays you $10,000. And your merchant charges 2% of that. So instead of $10,000 hitting your bank account, $8,000 hits your bank account.

Well, that would actually be like 9,800 right if it was 2% correct. Correct. Sorry. I just tried to do easy math there and use 2,000, 10,000. You had to call me out.

Fire Nation. Don't worry. He has a calculator for all of the taxes. I do have a calculator. I don't want to do the ones in my head. People on mad at just kidding. All right. No, but let's just keep this math simple and say that you have an outrageous merchant that charges 20%

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