Organizing Your Taxes

Taxes, taxes, taxes…Fun times are ahead. With the tax deadline rapidly approaching, some people are scrambling. Scrambling to find receipts and scrambling to organize them. Robyn Reynolds, owner of Organize2Harmonize, a professional organizational company suggests the following to make tax time a little more manageable. Even if your receipts and important papers are not organized, be mindful of the ones that you need instead of scrounging for everything.

The basic records that most people will need include, in addition to the previous year’s return:
• Income –W-2 forms, 1099 forms, bank statements, brokerage statements, K-1 forms
• Expenses – sales slips, invoices, receipts, cancelled checks, receipts from qualified charities
• Home – closing statements, purchase and sales invoices, proof of payment, insurance records, receipts for improvement costs
• Investments – brokerage statements, mutual statements, 1099 forms, 2439 forms

In order to make the process easier for yourself and the tax preparer, separate the papers into different categories. Use the list above as a guideline. Even if you haven’t yet gotten everything together it would be advantageous to make your appointment anyway. This gives you a deadline which will push you to work on it sooner rather than later and not have to wait until the last minute.

For others, the following information may be needed. Those specific records might include:
• Alimony – whether you pay or receive
• Business use of home
• Casualty and Theft Losses
• Child Care Credit
• Contributions
• Credit for the elderly or the disabled
• Education Expenses
• Exemptions
• Employee Business Expenses
• Energy Incentives
• Gambling Winnings and Losses
• Health Savings Account and Medical Savings Account
• Medical and Dental Expenses
• Mortgage Interest
• Moving Expenses
• Pension and Annuities
• Taxes
• Sales Tax on Vehicles
• Tips

For more information you can always check the IRS website.

Here are a few tips for keeping your papers organized for next year and the next and the next… For personal returns there are notebooks that you can purchase where you can keep track of your monthly expenses and pockets to put those bills in by the month. I find these books much easier to use than a file cabinet. Some even come with extra blank pockets where you can file donations, write-offs, receipts, etc.

For businesses, it is easy enough to keep any receipts that will be used as a write-off in a separate folder. While it may be accounted for in Quickbooks or whatever bookkeeping program you are using, you still need the hardcopy as a backup.

Instead of letting the receipts and paperwork pile up, either file them when you get them or pick one day a week to do the filing. Even 15 minutes a day will keep the paperwork manageable so that it doesn’t become overwhelming. Whichever works best for you is what you should choose. Even so some people procrastinate because the paperwork is so unorganized and so overwhelming they don’t know where to become. They may even need extensions because there is no organized method which ends up costing the client money. If that is true for you, you might need the assistance of a professional organizer. To find out more about the services offered by Organize2Harmonize you can visit the website at http://www.organize2harmonize.com.

The Value of a Coach

As I am learning, there is more to starting a business than just helping clients. First you have to get the clients. For a lot of people that tends to be the most daunting part. For me, I know where I am today and where I want to be but I don't always know how to get there. That's where a coach comes in. I felt that it would be very helpful for me to have a coach to help me figure out how to get from point A to point Z. As a professional organizer it was important for me to have a coach that was also a P.O. because they would really understand the business and the challenges. I actually researched and interviewed several coaches before I decided on who I wanted to work with. I wanted to make sure as much as I could that the coach I chose would be a good fit for me and my business.

Once I made the decision I started the work. From the first session I could see that this is probably the single most valuable thing I could do for my business. Immediately she had me write down my goals. I gave her a list of both business and personal goals. She broke down everything for me so that I could get a clear picture of what I needed to do to reach those goals. Step by step she laid it out for me. I now know where exactly to put my energy day in and day out.

Everyone works differently and is at different stages in their business. Since I am still building my business, I felt it necessary to equip myself with as many tools as possible to reach my end result. This may not be for everyone. For me, I ask myself, why did I wait so long? Stay tuned for the successes.

Customer Service vs. Profitability

The concept of customer service vs. profitability is kind of like what came first the chicken or the egg. In order to be more profitable you have to have better customer service. But how do you have better customer service without customers? And of course, you need the customers to be profitable. So what exactly does this mean?

When someone starts a business do they actually think about the customer service aspect of the business? The customer service could actually make or break a business. I just wonder how much emphasis is put on this. When I decided to start my business, I thought about the basics of the business, how to do the job, how to market, etc. I don't think I really thought about customer service as far as the big picture is concerned.

When I worked with my business coach, Judi Glova of Pinnacle Coaching, she suggested I read Raving Fans by Ken Blanchard and Sheldon Bowles. I also attended a luncheon where Kay Wallace of Tools2Connect was speaking and she suggested the book Delivering Happiness by Tony Hsieh, the founder of Zappos.com. Both of these books focus on customer service. I found both books to extremely valuable. The thing I realized is that customer service will set me apart from others in my field. But what does that look like? How should I do that? Even while reading I was internalizing and trying to think of what my company could do that would separate me from the pack.

After much self deliberation I realize that it is not just about how I treat my customers or clients. It is also about how I service them. What I give to them, how I meet and greet them, how I follow up with them. It is all these things and so much more. I have finally figured out what that service would look like now I just have to do it. In all honesty I have yet to put these things into practice. Everything takes time but I am in preparation mode. I am putting systems in motion and will soon enough be at the top of my game. That I know for sure. (That's not conceit, just confidence.)

What to do when......

Building a business definitely has its ups and downs. In the beginning there are lows trying to figure out what to do and how to build the business and there are highs when the calls come in and you start to get clients. Every day we are constantly hustling the phone, running from one place to another, juggling this and that, working with clients, etc. Slowly things are picking up and moving in the right direction. You become so busy half the time you don't know what time it is, if you've eaten or where you're headed next. You get sooooo busy that it becomes overwhelming and you need a break. You get so overwhelmed with the "work" and "life," that you long for some down time. Then it happens. Down time! The phone isn't ringing as much, there's not as much hustling and juggling and instead of running all over the place you now have time to walk leisurely. Damn! Be careful what you wish for because you just might get it.

What to do now? You could sit in a pile of self-pity but that's not really productive. The best thing to do is to look and see what you can do that you otherwise wouldn't have the time for. Maybe it's filing, research, re-connecting with contacts, social networking? Really think about all the things that when you are busy you wish you had the time for. Then do those things. Finish the filing, make some phone calls, do something that will occupy your time so those things can be past you when you get busy again.

No one wants to sit around waiting for the phone to ring. You have to be proactive. Every business goes through down times. No matter how big or how small. The key is to not let it get you down. Stay positive, re-group and keep on track so when the wave of busy happens again, you can say thank you to the down time and start again with the much needed and much appreciated beloved chaos.

Crazy Busy

So you decide to start a business... And you have a family. Maybe a spouse, a kid or two or more, parents, in-laws, etc... How do you juggle them all? Being a single mother of late and no family nearby I find it extremely challenging to juggle it all -my schedule, her schedule, babysitters, play dates, etc. Some time you just want to scream. I actually have it much easier than a lot of people because I don't have the extended family obligations that most people do. However, that brings it's own set of challenges. My short list of free babysitters is much shorter than most.

There are days that I have meltdowns like a three year old and there are other days when I am a big girl. There's the networking, the meetings with potential clients, then the actual working with clients, then there's homework and play dates and dance classes and me going to the gym...I want to scream! And then the worst thing happens. It slows down and then it's quiet and you wonder why and when will it get busy again.

Trust me, I am very grateful when it is very busy because I'm making money. But at the same time I have to remember not to focus too much on all the chaos at that time because eventually it will slow down. The law of attraction is something else. When I am beside myself with work and tired as anything, I get so overwhelmed that I meltdown. I want it to slow down. And what do you know? IT does. Then I get frustrated because I'm not crazy busy. Is there no pleasing me? Lesson learned: careful what you wish for because you just might get it.

What I always have to remind myself is that 'this too shall pass.' It won't always be this way. It's not the worst thing in the world to be crazy busy. In fact, it might be the best thing. The busier I get, the more help I need and then I can hire an assistant. Imagine having someone that can help with all the work? What a concept! I hope to be in that position shortly. This is getting crazy.

The Business of It All

I am the type of person that I sometimes act without thinking things all the way through. That's sometimes good and sometimes not so good. When I decided t start my company I just plowed ahead and just started. I got business, started networking and got clients. What else did I need right? Apparently I needed a business plan. I heard this term alot but I always thought it was something you needed if you were trying to get funding. Since I didn't need funding I didn't think I really needed one. I figured I could just wing it and I would be fine. Don't get me wrong, things were moving along but not just as fast as I would have liked them to.

Then I met Judi Glova, business coach, of Pinnacle Coaching. A few months ago she became one of my clients when I helped her with a move. During the process we were talking about what it is that she does. As she explained different aspects of her business it sounded really interesting. Since I had never worked with a business coach I wasn't sure what they did. Nonetheless I decided that it would be helpful if we started working together. So we did.

We had several sessions where I did different exercises. I didn't really understand it at the time, how it all was tied together, but eventually I would. Soon enough I realized that we were working towards putting together my business plan. (I 'm a little slow, OK?) Ever though I am still tweaking my business plan, just putting it down on paper was the beginning of everything coming together. Goals were established for the next 5 years, breaking down each year individually. Other things were also defined such as mission statement, who is my target audience, what are my services, income goals, etc.

This was probably one of the best things I could have done for my business. The goals that I listed in my plan have started becoming a reality. The phone is ringing and they are ringing with the types of clients I listed, the ideas that I listed, etc.

Who knew that putting a couple of pages together could jump start my business even more? Was it worth it? Absolutely! Do I recommend it? Absolutely! I have no idea what it will do for anyone else but it certainly did wonders for me. I'm just excited to see what else but develop from my ideas in my plan. Stay tuned for more....

Just remember: Clear the clutter, clear the mind, be more productive.

Moving right along.........

The past couple of weeks have been very busy. Juggling my daughter and her summer schedule and the business is definitely a challenge. Finding reliable babysitters is the most challenging part of all. Nonetheless, I think networking has become my new job title. I try to get to as many events as I can to meet people and get the word out about what I do. My hard work is starting to pay off and the word is definitely getting out because the phone is definitely ringing. Woohoo!!!

When networking the most important thing to remember is that it's not about whether this person will be my client but who they know and who they can refer me to. There's a whole learning curve when networking. So many people try and sell the person that they're talking to. Wrong!! According to my networking coach, Anne Hilbert, she says that it's about reading people, following their energy (or knowing how to work with their energy) and developing a relationship with the person you are talking to. (Anne would be so proud of me.) Most business doesn't happen at the event. But what can happen is a plan to get together outside of the event where you can learn more about that person. That's where the business happens.

Happy networking everyone!