Income Report for August 2022: Podcast Movement, Tipping the Scales, and more!
Entrepreneurs on Fire
John Lee Dumas
4.8 • 4.1K Ratings
🗓️ 16 September 2022
⏱️ 24 minutes
🧾️ Download transcript
Summary
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/income108, and IGNITE!
August 2022 Income At-A-Glance
Gross Income for August: $250,322
Total Expenses for August: $18,727
Total Net Profit for August: $231,595
Difference b/t August & July: -$23,778
% of net profit to overall gross revenue: 93%
Sponsors:
Netsuite: Over 31,000 businesses know their numbers - because they use NetSuite, by Oracle, the #1 cloud financial system! To check out NetSuite's one-of-a-kind flexible financing program visit NetSuite.com/fire!
HubSpot: A platform that's easy for your entire team to use! Learn how HubSpot can make it easier for your business to grow better at Hubspot.com!
Transcript
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| 0:00.0 | Boom! Shake the room, Fire Nation! JLD here and welcome to Entrepreneurs on Fire's August |
| 0:10.0 | 2022 income report. This was a doozy of a month Fire Nation. You are not going to want |
| 0:17.4 | to miss this one. Our gross income for August was $250,322. Our expenses were just under |
| 0:25.3 | $19,000 for a net profit of $231,595. Today we'll be talking about the Augusta rule when |
| 0:33.9 | it comes to taxes you want to hear more about this. Also we'll be talking about our interview |
| 0:38.6 | of the month podcast movement, 2022, and so much more. When we get back from thanking |
| 0:46.4 | our sponsors, over 31,000 businesses know their numbers because they use NetSuite by Oracle, |
| 0:53.3 | the number one cloud financial system. Right now NetSuite is offering a one-of-a-kind |
| 0:58.0 | flexible financing program head to netsuite.com slash fire right now. Success story hosted |
| 1:05.4 | by Scott D. Clary is brought to you by the HubSpot podcast network and features Q&A sessions |
| 1:10.9 | plus convos on sales, marketing, business, and more. A recent app on how to protect |
| 1:15.9 | your business in times of crisis is a must listen, listen to success story wherever you |
| 1:21.8 | get your podcasts. |
| 1:23.8 | All right, Fire Nation. We are back and we're going to dive right into Mr. CPA on Fire |
| 1:29.9 | himself, Ron's Augusta tacks tip, the Augusta rule, the rule for tax-free rental of personal |
| 1:36.6 | residents for up to 14 days. Ron, take it away. |
| 1:40.9 | Hello, John and hello, Fire Nation. This is Ron Parisi with CPA on Fire for your August |
| 1:47.1 | 2022 tax and accounting tip presented to you by CPA on Fire. Hey, John, hey Fire Nation, |
| 1:55.5 | we're going to roll our sleeves up and talk a little tax planning. There's a really |
| 2:02.1 | interesting ruling out there. It's called the Augusta rule. It has to do with rentals |
| 2:09.7 | of your personal residents. And I want to talk about today for Fire Nation some tax |
| 2:14.3 | planning tips to save you real money on your upcoming tax return. So when people hear |
... |
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