Boom! Shake the room, Fire Nation! JLD here and welcome to Entrepreneurs on Fire brought to you by the HubSpot Podcast Network with great shows like Gain, Grow, Retain.

Today we are talking about the Entrepreneurs on Fire Income Report for April of 2022. In our income added glance for April Fire Nation was $223,352.

Our expenses were $16,815 for a net profit of $206,537. An increase of just under $11,000 for the month. In our net profit overall, Gross Revenue was 92%, which we are ecstatic about, you know, with that 90% tile hump.

We have some great things coming up today. We will talk more about the income. We are going to talk about the April Tax Tip Detecting Medical Insurance Premium which is something that can save you a lot of money Fire Nation. We will talk about a scholarship that Entrepreneurs on Fire has just committed to a special wedding and so much more when we get back from thanking our sponsors.

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All right Fire Nation, here we go, eofire.com slash income 104 for the April 2022 income report. We've got some great photos. We've got some great links that you're going to want to check out at that post for sure.

I did mention in the intro that we had 223 thousand dollars of gross revenue 16 plus thousand of expenses, 26,000 net profit frame 92,000 net profit overall gross revenue. We're going to be talking some details about that further on in the reports.

But before we do, I want to get to CPA on fire, Mr. Ron himself, he's going to talk about the April tax tip, deducting medical insurance premiums. So Ron, take it away brother.

John and hello, Fire Nation. I'm Ron Parisi with CPA on fire for April 2022 tax and accounting tip. Hey, welcome. Fire Nation always a pleasure to be with you guys.

And this month's tip is going to be a very specific tax tip on medical insurance and premiums and their deductibility.

As you guys have seen over the last many years, medical premiums, health insurance premiums have skyrocketed.

The fortunate part for us entrepreneurs is that those premiums are deductible. So I'm just going to talk a little about what's deductible, what's not.

And particularly what your entity type is and how those are deductible. So essentially any medical premiums that you pay for a what's called a sponsored plan or there's you have to be careful about.

I know there's some sort of cost share plans out there that are put together sort of from non insurance companies sort of collectives and things like that.

You need to be careful if you're one of those to determine whether those premiums or contributions are deductible for but for Main Street,

Blue Cross, Anthem, Etna, Kaiser type premiums, those are deductible per the IRS. And also, you know, what you have is kind of medical right so that would cover your health insurance that would cover your dental, your vision plan, as well as, you know, those of us who take advantage of and it kind of long term planning.

Type premiums that would mean like, you know, nursing home type premiums those are also deductible. So let's just work. I'm going to run through.

So all those premiums are deductible that fall in those categories and I'm just going to run through specifically, you know, what type of entity and how those are deductible and what you need to do to have those.

And you know, you know, the premiums that you need to be properly deductible on your tax return. So if you're a solo,

panor, you file what's called and schedule C single member LLC. Those premiums as long as you pay those premiums either individually or from your business bank account.

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