Boom shake the room fire nation J L D here and welcome to entrepreneurs on fire part of the HubSpot

podcast network with great shows like the salesman podcast and on today's episode fire nation we will be breaking down the

income report for May 2021. Our gross income was $222,000 our expenses were over $100,000 for the first time in a long time.

And we will tell you why that was the case still gave us a net profit of $121,526 with a percentage of net profit overall gross revenue of 55%.

In today fire nation we're talking about the HubSpot podcast network partnership that we just joined will also get into my 17 day wellness retreats

up at the true North Health Center and Santa Rosa California. Of course we have Josh dropping a tax tip and David dropping a legal tip and so much more when we get back from thinkin hours sponsors hiring can feel like trying to find a needle in a haystack but when you post a job on zip recruiter their matching technology finds these qualified candidates for you and invites them to apply.

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All right fire nation is time to kick on into this episode and Josh is going to get things rock and rollin with fire nations q&a's that's you fire nation submitting q&a's directly to Josh he's going to tackle those right now.

Josh brother take it away. All right John this month we are right back to what has become our favorite thing to do on these income report tax tips and that is to ask fire nation for their tax and accounting questions and we got a really good batch this month so let's dive into him here.

First up we have been who asked what three questions someone should ask themselves if they think they're ready to fire themselves as an accountant bookkeeper.

So then I'm going to make this very simple for you there's really only one question you need to ask and that is do you own a business because if the answer is yes and you do own a business it's already time to fire yourself and hire a tax professional.

This taxes are too tricky once you own a business to be trying to do them yourselves if you just have a W2 fine get on turbo tax crank that thing out nice and simple but once you have a business there is too much you can mess up whether that's missing deductions your entitled to or trying to take things that you're not entitled to this then going to cost you significant penalties and interest.

So once you're a business owner it's time to hire a tax professional the bookkeeping end of that is a little more tricky especially because that can get expensive so I would say the sooner that you can move those tasks to professional the better you certainly want to make sure you can fit your budget you don't want to do it before you can actually afford it.

But the thing to think about is that not only does this take time away from doing things that actually make you money meaning if you're spending time bookkeeping you're not spending time making sales and doing all these things that actually make you money.

But you are also very likely doing things wrong.

Okay even a moderately experienced person that has some experience with numbers is going to mess up their own bookkeeping if that's this isn't what they do as a profession.

Okay so by the time you hire somebody you're going to spend way more time and money to get it cleaned up.

So the quick answer on when to hire a professional when to fire yourself from these tasks is ASAP if you want to business.

Next up we have Vanessa and Vanessa said she was denied an SBA loan because her tax returns showed a loss and she was wondering if she should take be taking less deductions in order to get approved.

And this is a question we get all the time from clients they apply for a mortgage or they apply for a loan and they say that the lender says well on your tax return you're showing you're not showing enough profit or you're showing a loss so we can't approve it.

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