My 2023 income was dominated by insurance commissions. Advertising revenue decreased along with book sales. While insurance revenue increased 4.5 percent from 2022, decreases of other revenue streams meant my overall income grew by 2.4 percent in 2023.
Commissions from the various health, dental, and vision plans I represent totaled approximately $87,000 in 2023. Insurance commissions equaled 92 percent of my total revenue. Google and YouTube advertising revenue accounted for 2 percent of income and a few crumbs from book sales.
Individual and family plan commissions represented 67 percent of the commission revenue. Dental and vision and enrollment produced 5 percent of my insurance revenue. Medicare, a growing segment of my insurance income, was 25 percent of the total. Small group employer health plan commissions represented 2 percent.
The Schedule C, Profit or Loss, IRS form is my template for reporting the dollar figures. My gross revenue was $89,500. Business expenses totaled $11,000. The net income, that will feed into the adjusted gross income on the 1040 form is $78,500. I paid approximately $14,000 in estimated quarterly tax payments to the federal and state governments. I’m sure my tax liability will be greater than my estimated tax payments.
Insurance revenue for 2023 was 4.48 percent larger than 2022. Advertising revenue dropped by 40 percent as well revenue from the sale of my history books. My final revenue increased 2.41 percent in 2023 compared to 2022. There are no complaints from me.
Internet search engines such as Google and Bing seemed to change their algorithms in 2023. My Google Analytics reports show visitors to my website dropped considerable beginning in March and never returned to the higher numbers. Fewer visitors translate into lower advertising revenue. Hence the drop in advertising revenue.
My YouTube viewership increased in 2023. This is partly a function of older videos published in previous years being viewed in 2023. While my YouTube views grew, it did not replace the advertising revenue lost from my website. However, many people told me they called my after watching my YouTube videos. Consequently, I had several enrollments as result of my videos.
Overall, 2023 was a solid year. My marketing model is working, allowing me to continue earning a living as a health insurance agent.