Does being a people pleaser really help anybody out? Maybe… But, more than likely, not the right people. Let me explain a little more…

A couple of weeks ago I went Las Vegas with a dear friend of mine for the Ali Brown Shine conference. I have to admit, it was a roller coaster weekend for me. The range of emotions I felt were difficult to say the least. And, while I walked away with a lot of great information and inspiration, I also had a life altering realization.

I am a people pleaser.

I would have never thought there was anything bad about it. However, when you have three children and a husband, you can get depleted very quickly. I have spent my life being a mother hen. All of my friends know me, I am the one that takes care of everyone. I am the one that gives up something so someone else can have it. I am the first person to volunteer my time…for anything, even if I really don’t have it. I am the one running around like a chicken with it’s head cut off because I am running around making everyone else happy.

I have three beautiful little boys that deserve the absolute best mommy possible. I have the most amazing husband in the world that deserves the best wife possible. I have some of the greatest friends I could possibly ask for that deserve a great friend in return. I have some of the greatest clients that deserve the best CPA I can give them. How can I make them all happy at once?

Stop putting everyone above myself!

When I came back from Shine I made some major changes in my life. I started with having a conversation with my husband about my core values and how I was going to rearrange my life around them and what steps I was going to take. Then, I spoke with each of my boys about the changes mommy was going to be making and how they could support me in that. Then, I got down to business when it came to my business. I changed my office hours and created a schedule for me to follow so I was not so easily drawn off course. Lastly, I started to shave away all the things that did not fit in perfectly with those core values. That way, my valuable time could be spent on things that will fill my cup. So, once it is overflowing again, I can start serving from my saucer instead.

Are you a people pleaser too?

From www.irs.gov, working taxpayers may be eligible for the Making Work Pay tax credit, a significant tax provision of the American Recovery and Reinvestment Act of 2009. This tax credit means more take-home pay for millions of American workers.

Here are five things the IRS wants every taxpayer to know about the Making Work Pay tax credit:

1.  This credit — available for tax years 2009 and 2010 — equals 6.2 percent of a taxpayer’s earned income. The maximum credit for a married couple filing a joint return is $800 and $400 for other taxpayers. Most wage earners have been enjoying a boost in their paychecks from this credit since April.

2.  Eligible self-employed taxpayers can also benefit from the credit by evaluating their expected income tax liability. If eligible, self-employed taxpayers can make the appropriate adjustments to the amounts of their upcoming estimated tax payments in September and January.

3.  Taxpayers who fall into any of the following groups should review their tax withholding to ensure enough tax is being withheld.  Those who should pay particular attention to their withholding include:

•  Married couples with two incomes
•  Individuals with multiple jobs
•  Dependents
•  Pensioners
•  Social Security recipients who also work
•  Workers without valid Social Security numbers

Having too little tax withheld could result in potentially smaller refunds or – in limited instances –small balance due rather than an expected refund.

4.  The Making Work Pay tax credit is either phased out or unavailable for higher-income taxpayers. The phase out begins at $75,000 for single taxpayers and $150,000 for couples filing a joint return.

5.  For those who believe their current withholding is not right for their personal situation, a quick withholding check using the IRS withholding calculator may be helpful. Taxpayers can also do this by using the worksheets in IRS Publication 919, How Do I Adjust My Withholding? Adjustments can be made by filing a revised Form W-4, Employee’s Withholding Allowance Certificate. Pensioners can adjust their withholding by filing Form W-4P, Withholding Certificate for Pension or Annuity Payments.

For more information on this and other key tax provisions of the Recovery Act, visit the official IRS Website at IRS.gov/Recovery.

From www.irs.gov, summer is a time many Americans take their fishing poles and gardening tools out of storage. Hobbies – such as woodworking, stamp collecting and scrapbooking – are often done for pleasure, but can result in a profit.

If your favorite activity does make a profit every year or so, there may be tax implications. You must report income to the IRS from almost all sources, including hobbies.

Here are eight questions that will help determine if your activity is a hobby or a business.

1. Is the purpose of your activity to make a profit? Generally, your activity is considered a business if it is carried on with the reasonable expectation of earning a profit.
2. Do you participate in your activity just for fun? Hobbies – also called not-for-profit activities – are those activities that are not pursued for profit. 
3. Do you depend on income from the activity? If so, your activity is likely considered a business.
4. Have you changed methods of operation to improve profitability? If so, your hobby may actually be a business.
5. Do you have the knowledge needed to carry on the activity as a successful business? People who carry out hobbies just for fun, often don’t have the business acumen to turn their not-for-profit activity into a profitable business venture.
6. Have you made a profit in similar activities in the past? This may indicate your activity is a business rather than a not-for-profit hobby. An activity is presumed carried on for profit if it makes a profit in at least three of the last five tax years, including the current year – or at least two of the last seven years for activities that consist primarily of breeding, showing, training or racing horses.
7. Does the activity make a profit in some years? Even if your activity does not make a profit every year, it still may be considered a business.
8. Do you expect to make a profit in the future from the appreciation of assets used in the activity? This indicates your activity may be a business rather than a hobby.

If your activity is not carried on for profit, allowable deductions cannot exceed the gross receipts for the activity. If you are conducting a trade or business you may deduct your ordinary and necessary expenses.

More information about not-for-profit activities is available in Publication 535, Business Expenses, available on the IRS.gov Web site or by calling 800-TAX-FORM (800-829-3676).

I asked Kristie while I had her on the phone, “If she knew then, what she knows now, what would she do differently?” One of the first things she said was to make sure everyone had disability insurance. 

No one wants to think about being disabled, however, the reality is one third of all American’s between the ages of 35 and 65 will become disabled for more than 90 days, according to the American Council of Life Insurers. 

What’s worse is that one in seven workers will be disabled for more than five years. This is not normally caused by a freak accident, most of the time it is caused by illness.  MORE