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What\’s REALLY Holding You Back?

By: Laurie Hayes

This may or may not surprise you, but I have learned that regardless of age, it usually isn’t lack of skill, time or money that gets in the way of starting or growing your business.

Most of the entrepreneurs I work with are between 40 to 65 years young, and when they hit a wall or spin their wheels, it’s rarely associated to lack of ability, desire, physical or monetary means.

Physically, they have what it takes, but mentally — there’s a lifetime of baggage blocking access to real progress.

Many have raised children, have been supervisors at work, devoted and hardworking employees, and creative geniuses, and despite their lifetime of accomplishments, something seems to come up when they begin the journey from employee to entrepreneur.

Some of it is tied to the transition into the business world, but much of it also comes from reaching a certain point in life where you can start putting your needs ahead of others. You have raised your children, supported your spouse in his or her career, served as a loyal employee to your boss and now, it’s time to focus on following your dream.

The problem is the dream is clouded by old programming.

How many times in the past did you do or say things you didn’t want to simply to please your parents, teachers, spouse, church leaders or children?

Did you take courses you didn’t want to take or jobs you hated because someone told you it was best for you? Did you marry someone you shouldn’t have because you were told it was the “right” thing to do?

How many times were you told you had dumb ideas, weren’t smart, pretty or strong enough?

How many times were you told not to bother pursuing a professional sport, music or writing because you’d never make it — only the exceptional few did?

If you’re struggling to get clear on what you want or if you’re not taking the right actions even though you know what must be done, look inside yourself and try to uncover what’s really holding you back.

How much of other people’s “stuff” are you allowing to influence how big you dream and the actions you do or do not take?

I recall a colleague of mine who today is a millionaire, but when he started his business he struggled to succeed. He had done well in corporate, but when he started to promote his new business, he couldn’t attract clients.

It was only after he locked himself in his office for a full day and began looking at his marketing materials that he realized he had designed everything to appease his father and gain his approval. He wasn’t communicating to his target audience at all.

He re-wrote his material, changed the way he promoted himself, and within months attracted numerous clients.

Another client realized in her late 50’s that because she was allowing her father to make her feel guilty because he had helped her out when she was younger, every day was dictated by his mood and the demands he placed on her.

She couldn’t grow her business because she allowed her father to determine the amount of time and activities she could focus on each day.

It took almost two years to release the guilt and feeling that she had to be at his beck and call, but when she did, doors began to open. She started receiving phone calls and orders from large organizations and she started meeting people with huge networks who loved her products and wanted to share her with all of their friends.

She became a vibrant, confident woman and started attracting other vibrant people into her life.

I share these stories not to encourage you to blame your parents or loved ones for the obstacles in your life, but to create awareness of the fact that what often holds us back is our belief that we must be responsible for everyone else’s happiness and comfort.

One of my former clients works with people who struggle with what she calls People Pleasing Syndrome because it is more often than not the biggest obstacle to personal and professional growth.

If you’re facing challenges in your business, take some time to look at the behaviors and beliefs you hold. What thoughts may be holding you back? What actions do you take that you know for a fact aren’t moving you forward?

Make the effort to uncover the reasons behind your thoughts and actions. If this is too hard to do on your own, seek the assistance of a coach or trusted professional.

Your life, your business and your ultimate happiness depend on your ability to give yourself permission to follow your dream without guilt or embarrassment and if you need help to make that happen, give yourself that gift. You deserve it.

2007 © Laurie Hayes - The HBB Source

Article Source:
http://www.articlecity.com/articles/business_and_finance/article_8996.shtml

Small Business Tax Help: Are You Claiming Enough Deductions?

By: Ara Rubyan

The formula is pretty simple: your small business must pay taxes on what’s left of your revenues after you have deducted all your expenses. That said, it would seem to make sense to claim the maximum allowable number and amount of deductions in order to reduce your tax liability. Luckily, the IRS gives you lots of choices as to tax deductions that you can legally claim.

Here are some deductions that you should think about when doing your business tax planning.

Here’s some allowable tax deductions that you don’t want to miss.

1. Deductions for Start-up Costs

In your first year of small business, you are allowed to write off as much as $5,000 in start-up costs. In addition you can write off an additional $5,000 in organizational costs. Not only that: you also have the option of spread out expenses not deducted in the first year over a period of 15 years, beginning with when you opened your business. Eligible costs include things like market research, company advertising, training of your employees, travel for business, legal advice and other costs. Consult your tax professional for more details.

2. Deductions for Education

First stop: IRS Publication 970, ?Business Deductions for Work-Related Education.? For the most part, you can write off expenses related to your employees? education if the courses relate to their jobs.

In other words, if the course helps them keep pace with the marketplace demands (or improve their skills) or if they need the course to actually keep their existing jobs, then the expense may be a legitimate deduction. The bad news is that you can?t take a write-off on any expense related to training in a new, unrelated field. A couple of other things to remember: You can also claim a write-off if you are self-employed. Deductions also include the cost of getting to and from the classes. Consult your tax professional for more details.

3. Deductions for Vehicles

Be careful here: the rules for deducting automobile expenses are pretty detailed and the Feds pay close attention to anyone claiming these deductions. So, for starters, keep clear and concise records. You can deduct expenses two ways:

The first option is to claim a deduction by counting how many miles you drove while on business. Currently, you can claim a deduction of 44.5 cents per mile. Check to make sure that is the current amount, as it does change occasionally. The other option is to track your total expenses incurred on things like gasoline, repairs and maintenance.

Remember: keep good records. If you?re using your own personal vehicle for your small business, make sure you separate the times you use it for business from the times you do not. Include dates, destinations, purpose of the travel, etc. Read IRS Publication 463 for more info. And here?s an important point: if your employees use a business vehicle while running personal errands, for example, you have have to show this as income to them on their W-2.

A couple of other things to remember: If you bought a new (or previously owned) car, you can take a write-off. You?ll have to decide if it?s better to take it in one single deduction or spread out over a period of time through depreciation. And if that car is a hybrid, you might be eligible for a tax credit. Read IRS Publication 8910 for more details. As always, consult your tax professional for more details.

4. Equipment Deductions

If you have purchased new or used business-related equipment, you can take a write-off on it. In 2006, the upper limit for purchases was $100 thousand, so you have quite a bit of latitude here. The key is to be able to show that 50% or more of the equipment’s usage was business related.

Qualifying equipment includes computer hardware, furniture for your office, business machinery, cars and other similar equipment.

Make sure you read a current copy of IRS Form 4562 before planning your tax strategy on this point. If you decide you are not going to claim this write-off immediately, you can spread it out over a period of years by claiming depreciation on that equipment. Consult your tax professional for more details.

5. Deductions for Entertainment

The IRS definition of entertainment is pretty flexible. Generally speaking, if you attend a business meeting, for example, and you are not reimbursed for the expenses, you?re allowed to write off up to half the entertainment expense. They do caution you that the ?entertainment? must be in a business context. This means if you go to a seminar or conference, that?s OK. Also, the entertainment should come immediately before or after the meeting. You get a break if you are self-employed; then, the 50 percent deduction cut-off does not pertain to you. Consult your tax professional for more details.

Conclusion

There are lots of ways to reduce your small business taxes. Generally it involves increasing the number and amount of allowable business deductions. Consult your tax professional for more details.

Article Source:
http://www.articlecity.com/articles/business_and_finance/article_8881.shtml