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 Success Story.

Today we are breaking down November's income report for 2022. We have a lot of great things to talk about here today. Our CPA tip is about year end tax planning.

We're also going to be talking about whether you should be an LLC or form a corporation with our legal team at Mr. David Lizar-Bram.

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All right, Fire Nation. We're going to kick things off in style. We've got our gross income from November at 129,862.

Our expenses were 28K for a net profit of 101 645 are percent net profit overall gross revenue was a mere 78% which is quite a bit lower than has been in the past.

We might be talking about that in a little bit. But first I want to get to our monthly tax tip with none other than Mr. CPA on fire himself.

Ron Ron take it away.

Hello John and hello Fire Nation. This is your tax and accounting tip brought to you by CPA on fire. Hello everybody. I'm Ron Parisi with CPA on fire and today we're going to be tackling our last minute.

Tax planning checklist as we close out 2022. We only have a few weeks left. I just wanted to give you four possible planning tips things to think about for you, the entrepreneur, the business owner.

That possibly you can do to minimize your tax liability. So again, you know, 2022 man, it was wild, wild ride. A lot of ups and downs in 2022.

Again, CPA on fire. Most of our clients are online entrepreneurs and I would say for the most part, 22 is a very good year for our clients. I think our guys had a lot of momentum from 21 going into 22.

I would say the results are probably either on par or better than 21, but definitely had to work a little harder. Conversion rates, marketing results were a little more difficult.

But in the most part, you know, I think 22 was was a very good year for our clients and hopefully it was for you. So here let's run down our quick list of tax planning tips for for 2022.

First, I'd like to talk about cash and cash requirements. So I think it's a very good idea to have a handle on what your cash balances and what your cash needs are because we need to prepare for what I call the double whammy and that's come April 15.

You need to pay one. Any remaining 2022 taxes that you didn't prepay or pay estimates on. So if you had a bigger year, most likely your tax liability increased in 22 and that's all going to come April 15.

And then where the double whammy comes in is your first quarter, 2023 estimates do on April 15. So usually there's usually a pretty big cash need come April 15. So I think it's just very important to have that in mind because the one thing or the two things I think we should you should look at as far as if you do have cash is looking at prepaying any expenses.

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