Ron Parisi with CPA on fire shares his February 2023 tax and accounting tip. The IRS looks at net income by calendar year, not how much money you have in your bank account. Entrepreneurs need to be aware of the progressive tax rate they face as they grow their business. Do some planning around that tax liability and see what things you can do to reduce your tax liabilities.
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/income114, and IGNITE!
February 2023 Income At-A-Glance
Gross Income for February: $145,734
Total Expenses for February: $14,596
Total Net Profit for February: $131,138
Difference b/t February & January: -$23,553
% of net profit to overall gross revenue: 90%
Sponsor:
HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!