Monthly Archives: June 2020

Millennial “Coach Dad” Helps You With Your Taxes

 

#GrowYourLife  #BuildYourBusiness

Life Area: Financial   |  Topic: Taxes

Millennial “Coach Dad” Helps You With Your Taxes

 

With the July 15th COVID-extended tax deadline fast approaching, I wanted to put on my “Coach Dad” hat and give my Millennial/small business clients out there some peace of mind…

 

While filing your taxes may not be as simple as a line my daughter always quotes…

 


“I don’t know what the big deal is about filing taxes…
you just gather all your stuff and hand it to your Dad!”


 

…I do recognize that each tax situation is personal and subject to individual circumstances, but it can be even more overwhelming if you are a small business owner or self-employed.

 

Now, before I jump in, let me state that I am not a CPA or other tax professional and that what I write here is for informational and educational purposes only and comes to you from my years of personal experience. I recommend that you seek professional tax advice before filing your return.

 

First off, let me acknowledge that filing taxes is unsurprisingly one of the main sources of stress we all experience. In fact, a recent survey identified getting stuck in line at the DMV, being trapped in the middle seat of a plane, and undergoing major dental work as LESS stressful than doing taxes! I used to feel the same way.

 

When it comes to small business owners, freelancers, and self-employed, the IRS itself acknowledges that those taxpayers “face a particularly bewildering array of laws” regarding compliance, so many entrepreneurs put off taxes until the last minute, and then do it only as a necessary evil. But it doesn’t have to be that way:

 

Let me recommend you shift your mindset about taxes.

 

Do so by knowing two things: ❶ if you keep records as you go, you can save yourself a lot of grief, and ❷ you don’t need to know it all.

 

❶ By keeping accurate records as you go, you will have the best chance of maximizing your deductions and minimizing your taxable income. You can also more accurately project at any time of the year what your likely year-end revenue and expenses will be and therefore more accurately calculate your quarterly estimated payments (1040ES). Maintaining your own records helps keep you in control. Plus, it’s easy to do. You can create a simple spreadsheet or use affordable, cloud-based accounting software designed for self-employed professionals. My team and I use Quicken.

 

Time and money are the most common expenses for most freelancers. Effectively tracking your time usually produces more billable hours, which enables you to earn what you’re really worth. Here, too, you can use a basic spreadsheet or find cloud-based solutions. Many options for the latter also can generate invoices to keep you and your clients accountable. My daughter loves to use FreshBooks for her marketing agency, iHartMarketing.com.

 

Tracking your time and expenses has other benefits as well. You’ll be able to see how productive you are by project or client. Come filing time, you more easily can spot patterns and categorize expenses that appropriately reduce your taxable income. This includes the money you’re spending on advertising, business supplies, business insurance, gas, conferences, professional services, and travel. In short, you’ll have all the information you need to protect yourself from overpaying.

 

❷ And for the “you don’t need to know it all” part: there are many software alternatives out there, like TurboTax, that will walk you through the mechanics of your return in an interview kind of way. And, if you’re beyond that, just choose the “Forms” format and select what you need to file your return. This is especially helpful after you have a few years of filing under your belt and not much has changed with business operations in the meantime. Just merge in your last year’s return and take it from there.

 

Most self-employed professionals do not need an accountant or bookkeeper to manage their year-round finances. Those internal finance roles are more appropriate for small businesses with complex sales-tax issues, payroll, or other advanced reporting requirements. However, partnering with a professional at tax time is a smart move. If you’ve done the work to keep track of your income, taxes paid and business expenses, a tax expert can make the actual filing virtually painless. He or she can also identify potential deductions to track in the future, reducing your taxable income for years to come.

 

Taking control of your taxes removes one of the biggest barriers to sustained and successful financial independence. It also opens the door to start thinking about other ways to maximize your success — such as examining whether an LLC or S-Corp structure makes the most sense and how you can incorporate retirement planning into each model. Peruse this website to find my many FREE resources to help you Grow Your Life and Build Your Business.

 


 

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My mission is to inspire people and organizations to live their highest vision.

I am a Success Strategist and Master Coach. I provide transformational coaching and training for individuals and organizations to help you Grow Your Life and Build Your Business by getting clear and focused on what you want, why you want it, and how to create it. Learn more about me at SuccessSeriesLLC.com.

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Too Little Sleep Can Lead to Dehydration…Whaaatt???

 

 

#GrowYourLife  #BuildYourBusiness

Life Area: Personal
Topic: Sleep

 

Too Little Sleep Can Lead to Dehydration…Whaaatt???

 

“Are you getting at least eight hours of sleep?”

 

We hear this question all the time—from our doctors, our parents, and our partners—and yet, most of us aren’t getting enough sleep. Despite the fact that we know there are negative consequences of skimping on sleep, it can still be so difficult to prioritize it over all our other activities and responsibilities.

 

As you know, my first lesson for higher productivity is “energy control.” And, the three ingredients to increased energy are: exercise, nutrition and sleep. Learn 8 Ways to Gain Energy Naturally in my blog post [here]. But increased energy is not the only key reason for getting plenty of sleep, here’s another one…avoiding dehydration!

 

I get it! Sometimes we need a little extra motivation to hit the sack at a reasonable hour, which is why a new study showing that sleep deprivation can make you dehydrated is something we should turn our attention to. The study, published in the journal Sleep analyzed data from over 25,000 adults from China and the United States, and the results showed that compared to those getting the magic eight or more hours of sleep, people who slept only six hours a night had more concentrated urine and a 15-60% higher chance of being dehydrated.

 


Experts think it has everything to do with a hormone called vasopressin, which is released in the body during the night, later on in the sleep cycle.


 

Vasopressin

 

So what’s the reason for this? Experts think it has everything to do with a hormone called vasopressin, which is released in the body during the night, later on in the sleep cycle. Vasopressin helps manage the body’s fluid levels. In fact, it can actually pull water back into the body from our urine to prevent us from losing too much water while we’re sleeping. The theory is that when we’re not getting enough sleep, vasopressin can’t do its job as well, and our hydration levels suffer.

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Talk with Tom: Episode #76 | A Healthy Remote Office Environment

 

remote office

Tom gives practiced strategies to create a healthy work environment in this age of employees working remotely.

You can create a healthy, happy team environment. Learn how the important aspects of building a team in the office are just as important while everyone is working in a remote office.


Every month Tom shares topic after topic to Grow Your Life and Build Your Business. If you’re not already a subscriber, join us. Talk with Tom is 100% free, and there are special benefits available only to our subscribers, so be sure you subscribe yourself on iTunes or wherever you get your podcasts, and we look forward to seeing you right back here on the last Wednesday of every month with Talk with Tom.