Monthly Archives: June 2012


Challenges For Entrepreneurs & Online Business Owners Include A Tax Audit

By | Woman's Finance | 2 Comments

Tax audits are on the rise, especially for the Schedule C sole proprietor, which is what most small online business owner and entrepreneurs are.

One of the top challenges for entrepreneurs and online business owners is preparing for a tax audit.

Getting ready for an IRS tax audit is tedious, time consuming and scary all at the same time.

Being in the tax industry for over 14 years, and being online business owners and entrepreneurs, we thought it would be helpful for you, if we shared a few tips on how to prepare for a tax audit.

We got the “dreaded IRS audit letter” about a month ago and have been putting off getting organized until a few days before the audit. Since I’ve returned from my New York City vacation, it’s time to prepare for the IRS tax audit.

One of the challenges for entrepreneurs and business owners is constantly keeping good records in case you do ever get audited.

So when you get that “dreaded letter,” like I did, what do you do?

There are many steps and organization techniques that you can use to prepare your taxes, which we will go into in a different article. These are the steps for online business owners to get their papers organized and ready for the actual IRS audit.

1. If you prepared your own taxes, which we do not recommend for online business owners and entrepreneurs, we suggest taking the letter into a professional tax preparer to get help. One of the challenges for entrepreneurs and online business owners is knowing exactly what part of the tax return is being audited. A tax preparer will be able to tell you exactly what the IRS is auditing and what you will need to prove your deduction. Remember the burden of proof is on you; meaning if you do not prove the deductions then your deductions will be disallowed. We would also recommend that you have a professional go to the audit with you.

2. One of the challenges for entrepreneurs and an online business owners is determining exactly what is being audited. You will need to find and organize all your paperwork. In every tax audit they will want to see your

  • tax return,
  • any amendments that were made to the tax return,
  • all your bank statements and
  • credit card statements if you use a credit card for your business.

Get these main documents together first.

3. Write out what the IRS is auditing and the amount that you claimed on your tax return. For example, many times, for online business owners or entrepreneurs they audit miscellaneous expenses, which can include many things. Write out what they are and the amount that was claimed on your taxes and treat them as individual numbers. Then get the back up documentation for those numbers. Say finance charges were included in miscellaneous expenses, get all your credit card statements in a flat pile, highlight all the finance fees, then use a calculator with ticker tape to add them all up.

4. Color coordinate all your expenses with different highlighters.  For example, if they are auditing professional dues, finance charges and advertising. We would highlight all the professional dues in orange, finance charges in green, and advertising in pink. This way when they are looking at statements they know what the expense is for.

A few key tips to remember for an online business owners and entrepreneurs:

1. As online business owners and entrepreneurs, never go to an audit with your papers in the envelopes and unorganized.
2. As an online business owner and entrepreneur your goal is to be as organized as possible. The more organized you are  the quicker and easier the audit will be.
3. If you do not have all the documentation they want, get everything that you do have. This is better than nothing.
4. If changes are made to the year they are auditing they will look at additional years, so one of the challenges for entrepreneurs is taking the time getting everything organized.

These tips will help all you online business owner and entrepreneurs if you receive an IRS tax audit letter.

We wish you the greatest success in your online business and we are here to help you achieve your dream life.

Use the contact form on the right to get your free 7-Day Series, “Living A Life Without Limits,” for more business building pointers, tips and strategies. We are here to help!


To Your Life Without Limits…

Elena & Jean


P.S. Have you ever been audited? We would love to hear your experience. Share your knowledge by leaving a comment below. We love it when our posts are shared. Feel free to share the love with your family and friends.


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Successful Women Entrepreneurs Don’t Waste Time On Things That Don’t Make Money

By | Woman's Finance | 4 Comments

I hear so often when talking to women entrepreneurs that are getting started in their online business, that they are, “spending countless hours on their business and not making any money.”

I have to admit this has become a little of a pet peeve of mine.

If you’re going to be a successful women entrepreneur you have to stop wasting your time on things that don’t make you money.

Here is what I mean.

As soon as someone tells me they are putting in the time and not making money, I ask “how are you spending your time?”

If you are spending your precious time on things that don’t make you money, it won’t be long before you get discouraged and give up on your dream. This drives me crazy.

Truth is it’s called a hobby if you are spending your time on things that don’t make you money, or provide you some sort of return.

So if your stubbornly committed to activities that don’t make you money you aren’t running a business no matter how much time you are putting in.

Social media can be a big problem for new women entrepreneurs. With the growth of all the different social media platforms there has been a huge opportunity to get your business in front of millions of people. Women tend to be social and naturally enjoy the social media platforms.

The problem, social media has also been one of the biggest time wasters for new online entrepreneurs.

This is a trap I see new women entrepreneurs fall into.

The solution, use a timer next to the computer to keep track of how much time is being spent on your social media platforms. Social media should never take more then 5-15% of your total business time. The truth is social media feels, “safe,” for many people.

Successful women entrepreneurs are always pushing themselves into the fear zone and growing.

Social Media is not the only problem.

We have learned, to be successful female entrepreneurs, we needed to keep track of how we were spending our business time and weather or not it was creating the return we needed. Sometimes it’s hard to let go of projects, marketing, blogs or ideas that are not working.

Know the value of your time.

As  successful women entrepreneurs you have to be constantly aware of your time and if your effort is not producing some sort of measurable return then something has to change.  You must either change how or what you’re doing or totally cut your losses and move on.

A successful female entrepreneur, has a clear idea of what measurable results they want from a particular activity. It can be a certain amount of financial return, a growth in clientele or list size, or personal growth.

It’s essential to know what you want to get for your time, have the results be measurable  and know if it’s not working then something has to change.

Your time is valuable and can never be replaced. Know how your spending it.

We wish you the greatest success in your business. Feel free to share our post. We would love to hear how you have overcome time wasters in your business. Please feel free to leave us a comment below


To Your Life Without Limits,

Elena & Jean


P.S. Get your Free copy of, “Live A Life Without Limits,” by leaving your email at the top of this page, for more tips and strategies in building your business and more time management pointers.

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Entrepreneurial Women Develop Your Courage Muscle To Achieve Your Dream Lifestyle

By | Women In Business | 4 Comments

There have been many things that over time can prevent us from living our best life, our life without limits. For many of us fear is one of the biggest challenges.

For entrepreneurial women developing your courage muscle is the only way to achieve your dream lifestyle.

We have at times allowed fear to make the decision on how we would live our lives instead of making the changes we really want in our lives. Sometimes we don’t even realize we are letting our lives be controlled by fear.

As entrepreneurial women as we start to make changes in our life and grow our business, we naturally begin to feel uncomfortable.

We all want to feel safe and secure, but the reality is as we build our dream lifestyle, we stretch into situations that are new, uncomfortable, and scary. To keep growing and stretching, developing your courage muscle is essential to building the life you desire.

Think about it. The behaviors and habits you have developed to this point have gotten you the life you have here and now. To bring about your life without limits, your dream lifestyle will require new habits, new behaviors and new skills.

Each new habit and behavior requires learning new skills. As we coach women into building the life they desire, the hardest thing to teach isn’t the computer skills, writing skills, technical skills or anything like that. It’s always the mental skills and developing the mental courage it takes to move out of our comfort zone that we are currently in.

As entrepreneurial women we are constantly learning and growing. We must ask ourselves to have the courage to do things we have never done before.

Let me explain.

Have you ever felt the task at hand was impossible, only to slowly over time accomplish and then become good at it?

We all have!

As an adult, walking up to a stranger and starting a conversation, at one time, felt like an impossible task. I would stand frozen in fear unable to take the steps to simply walk over and say hello. Over time, like riding a bike, it became a learned skill.

How about speaking or performing on stage?

So many times we have heard, “I could never do that.” The truth is it’s just another learned skill.

So what does any of this have to do with courage and living the life you desire, living a dream lifestyle?

It takes courage to try new things, to fail and try again, yet this is part of entrepreneurial women’s lives.  Entrepreneurial women must develop their courage muscle, one day at a time. Like any muscle in your physical body your courage muscle gets stronger with use.

As entrepreneurial women we have learned to find the courage, and to use fear to expand our comfort zone, we have been able to share more of ourselves, and our skills and talents with the world. Our journey hasn’t been smooth or easy but has been the only way to live our best life, to learn to live our life without limits and have the dream lifestyle we desire.

As always we are here to help you, “live a life without limits.”

How have you developed your courage? We would love to hear about it. Share your comments below and we would love to have you share this post with your family and friends.



To Your Life Without Limits,

Elena & Jean


P.S. We are excited to share with you our 7-day series, “Living A Life Without Limits,” full of hints, tips, and strategies for you to live your dream lifestyle. Simply tell us at the top of this page what email you would like us to send your tips, hints and strategies too.

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Top 5 Tips For Female Entrepreneurs To Stay Consistent In Business

By | Women In Business | 2 Comments

When starting our business we met so many roadblocks, walls, detours, and moments of uncertainty.

As  female entrepreneurs, this is all part of the journey to success.

Each of us runs into these moments, no matter if you are starting a new venture or are years into your business.

The unfortunate truth is that sometimes life gets in the way, but that is part of life.

Situations like sick kids, cancer, divorce, whatever the life situation, it can completely derail your business efforts.

We are not pointing this out to place blame or judgement, but to be honest and keep it real.

Life moments of uncertainty are when you need to dig deep and be consistent in your business.

We are often asked, “If you were to do one thing different, what would that be?”

The answer–Stay Consistent in Your Business!

Sounds simple enough, right? But why, at times, can it become so hard to execute?

Truth is, as female entrepreneurs we learned our lesson the hard way. Life happened and our consistency became less of a priority. Not only did our business growth stop, we went backwards.

As a female entrepreneur to stay consistent in your business is essential to your business growth. So, what do you do when life happens?

As we look back over the last 5 years of our business, the one thing that we make a priority is our ability to “be consistent.” We are just like other women. Family members get sick, kids get sick and at times it can seem like your world gets torn apart.

But life goes on and being consistent in your business is required for you to live the life of your dreams, a life without limits. 

Why? Consistency is the #1 thing that will increase your success and the rate your business makes money.

So, how do you make that happen?

5 Tips to Stay Consistent in Your Business

1. Develop a clear plan. Whether you are seeking to create your life or business without limits, clarity is essential. Having a road map keeps you motivated and clear, especially through times of uncertainty. There is nothing more damaging to your business, than the lack of clarity, so be sure to know where you are going at all times.

2. Hire a coach. A coach keeps you focused and on track towards your vision, enabling you with a plan of action. This plan allows you to know exactly what to do next. Having this support is crucial to success. We know–we worked quite a few years without a coach and have learned that we will never be without one again! Yes, even coaches have coaches.

3. Find a mastermind group. A mastermind group will help motivate you and allow you to see that it is normal to have roadblocks. Groups usually consist of people you can confide in if you are feeling stuck. If you can’t find a group near you, create one instead.

4. Get out of your head. Often, we stop being consistent because we are thinking too much and telling ourselves things that aren’t true. Statements such as “this will never work” or “I cannot do this”, take us out of alignment and stop momentum. Change your thoughts and change your life!

5. Take care of yourself. As a female entrepreneurs, it is easy to leave yourself behind and take care of everyone and everything first. This approach can often lead to a lack of motivation and consistency. Remember, to schedule time to take care of yourself. Whether it is yoga, the spa, or lunch with friends, rewards and fun help fuel you to be consistent in business.

Consistency does not come naturally–you need to create it.

Make a plan, find support, and get out of your own way to create your life without limits, and if you need help, you know where to find us!


To Your Life Without Limits,

Elena & Jean


P.S. We would love to hear  your  tips to be consistent in your business, when life gets in the way. Leave us a comment and share your wealth of knowledge. Feel free to share this post with your family and friends.

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Say Goodbye to Procrastination Once and For All, And Build Your Business

By | Women In Business | 6 Comments

Is your procrastination under control?

Regardless of whether you are a new female entrepreneur or a seasoned professional, one of the most common struggles among all of us, involves procrastination!

Yes, you know what I’m talking about, right? At times, it can sneak up on you without even noticing its ugly head.

Procrastination is one of those things that comes to haunt me every once in awhile, too.

Does this sound familiar, you sit down, with great intentions, to get your “to do” list done for business….but then suddenly something interrupts your mind’s flow–it “takes a little vacation”.  Whatever it is and you are suddenly sidetracked.

Maybe you are off in “Twitter Land,” Facebook, Pinterest or the laundry or vacuuming begins to call your name. Then, bam–you realize you just wasted an hour of your time. Ouch–painful stuff.

Each of us finds ourselves waging this battle from time to time, so what do you do to stop procrastination dead in its tracks?

Instead of focusing on the ‘shoulds’ and ‘shouldn’ts’, try this: What do you need to do to say “goodbye” to procrastination and “hello” to building your business?

Through the years of running our business, we learned some key tips that help keep us on track and able to cross things off our “to do” list.

Tips to Building a Successful Business Without Procrastination

1. Make a list. Yes, I know, you all heard this one before, but list building is an essential tool to stopping procrastination and building your business. Number your list with the most important 3 things you need to get done, before 11am the next morning. This allows you to subconsciously prepare for your morning, while you are sleeping.

2. Start your day off right. Each day begin working on your biggest or hardest assignment, first. In the morning, you are alert and ready to work, so don’t start with meaningless tasks. Start with your most important, which are normally, what we consider, income producing.

3. Create project deadlines. Give yourself deadlines on each of your projects. As entrepreneurs we are often juggling many projects at a time. Make sure you have a set deadline for each one and when it should be completed. Stick to your deadlines, just as if you had a boss.

4. Get an accountability partner. Finding someone to hold you accountable is key to tackling your to do list. Make sure, however, this person will really hold you to your word and not let you slide, due to hurting your feelings. Use the accountability to go both ways and the two of you can succeed together!

5. Understand the payoff. In other words, know why it is important to complete your tasks. What will your life look like when you achieve your goals? What are the benefits you receive from completing your list and your goals? Without understanding the end result, it is hard to find the motivation for completion.

The only way to say goodbye to procrastination is to become aware that it exists. Don’t beat yourself up because it’s there–just make the necessary adjustments to stop it when it arrives.

Building your business and life without limits requires focusing on what produces results. Become aware of the changes you want to make and make them happen.


To Your Life Without Limits…





P.S. Remember, we are always ready to support you through your journey.

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