5 Time Management Tips to Help You Achieve Your Goals

Everyone looking for success in their professional and personal lives sets goals regularly — even if they’re not writing them down as they think of them. Though you may achieve some of those goals as you get tasks done on your list of things to-do, you’ll find that a good chunk of those goals aren’t that easy to achieve — only because you aren’t dedicating the right amount of time to them.

You may run an organized business or find success in the work that you do, but that doesn’t necessarily mean that you’re using your time as efficiently as you could be. If you’re ready to achieve the goals that have been unattainable for as long as you can remember, check out this list of time management tips curated specifically to help you achieve your goals.

 

1. Audit your time for 7 days.

 

How do you spend your time at work? At home? For a whole week, keep track of what you did every hour in a journal or on your phone. Then, before bed, spend some time highlighting the least productive things you did that day. The next day, avoid the habits that you thought were unproductive, and at the end of the week, check and see where you spent the most time. This will make it easier for you to determine where you need to put in additional effort, and where you need to cut back.

 

2. Get your most important tasks done in the mornings.

Once you’ve rubbed the sleep out of your eyes, you’ll find that you’re fresh, energetic, and ready to take on the day that lies ahead of you. Mornings are usually quiet, so you can focus on your thoughts — that’s when you should define your three most important tasks of the day (MITs). Use your morning to get those three tasks done, and once they’re complete, you’ll be motivated to continue being productive throughout the rest of the day.

 

3. Schedule specific times in the day to respond to emails.

Is having your email notifications on completely necessary? In most cases, you’ll find that it’s not. Constantly getting notifications for your email is an obvious distraction, especially when you keep taking breaks from work to reply to them. Schedule three or four times in the day to check your email, and stick to your plan. Make a similar plan for answering messages so you can avoid unnecessary distractions — just be sure that your colleagues, clients, and family know to give you a call in case of an emergency.

 

4. Declutter your workspace.

Researchers at the Princeton University Neuroscience Institute have published a study that concludes, “When your environment is cluttered, the chaos restricts your ability to focus.” Spend some time cleaning off your desk — what do you need on the surface, and what can be put away? If you find that papers and other items accumulate on your desk every day, take some time each evening before your leave work to clean up your work station. Coming back to to a clean space the next morning will act as another motivational tool to help you complete those MITs you’ve set.

 

5. Find inspiration and stay positive.

Whether it’s listening to a motivational podcast while driving to work, or reading an inspiring quote before your day has begun, find a way to look forward to accomplishing your goals — it’ll even boost your creativity. Plus, always stay positive, even if you aren’t able to achieve everything you wanted to one day. After thinking about what you could’ve done better, pat yourself on the back for trying, and make sure to tell yourself that you’ll do better tomorrow. That way, you’ll hold yourself accountable while practicing self-love.

 

 

Have you heard? MSATP does a Facebook Live every week! If you missed this week’s Live video where we talked about the Maryland Board of Accountants meeting, exciting changes to Microsoft Office, and updates from the IRS, check out the video on YouTube. Make sure to subscribe to our channel so you don’t miss out!

Tax Reform and the 529 Savings Plan

Parents love the 529 college savings plan.

Under the Small Business and Job Protection Act in 1996, the 529 was originally established as a pre-paid tuition program. Two years later, the IRS created guidelines for tuition plans under Code Section 529.

For over a decade, parents have been using the 529 to help their children pay for higher education through pre-paid tuition programs and investment savings plans. Any money in the savings account, including investment growth, used to pay for tuition, fees, room and board, books, and any other required school supplies, is distributed tax-free.

Now, under the Tax Cuts and Jobs Act of 2017, the 529 has been expanded to cover qualifying expenses for private, public, and religious K-12 schools. Unlike the 529 for college though, the 529 for K-12 students cannot be spent on supplies, fees, or activities — it can only be spent on school tuition.

The yearly withdrawal limit per child is $10,000, and any parent that overdraws that limit will face a 10% penalty on top of the taxes they must pay on the amount of investment growth. Overdrawing may also mean having to pay back any state tax deductions received when originally depositing money into the 529.

Though less than half of U.S. states have agreed to adopt this new rule, Maryland is one of the states in which parents can start funding a 529 savings plan for their children in K-12 schools.

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For more information about the changes that the Tax Cut and Jobs Act of 2017 is bringing about, tune into last week’s Facebook Live below to learn about what was discussed during the NASBA Eastern Regional Conference in Orlando, FL.

Key Takeaways from MSATP’s Live: Maryland Volunteer Lawyer Service

The MSATP Facebook Live channel is back with a brand-new feature, and last week’s episode doesn’t disappoint! Before recapping the latest show, we’d like to thank all the members, family and friends who participated in last week’s first of two Battle of Beltway baseball games. The next game will take place at Nationals Park in Washington, D.C. on June 21 at 7:05 PM. MSATP will host a social hour before the game in the Roosevelt Room. If you would like to join in the pregame festivities, give us a call at 1-800-922-9672! Tickets are $53.00 and going quick!

MARYLAND VOLUNTEER LAWYER SERVICE—VOLUNTEERS NEEDED!

Switching gears to the most recent episode, we welcomed newly inducted President, Ellen Silverstein, and Janice Shih of Maryland Volunteer Lawyer Service (MVLS) to the show. Janice is the managing attorney of the Low-Income Taxpayer Clinic (LITC), which deals with tax issues including audits, credits and refund claims between clients and the IRS or Maryland Comptroller. The LITC is funded by the IRS and has 138 offices in 49 states—including 3 in Maryland.

As tax professionals, you know the potential impact tax issues can have on your clients. The IRS can place levies on your wages, liens on property, and can levy benefits such as social security. The Maryland Comptroller is more aggressive – not only can they levy your wages and put liens on property, but they can also place holds on driver’s licenses, vehicle registration, and professional licenses (nursing, hairdressers, truckers). The MVLS LITC seeks to alleviate these issues by working with volunteers who can represent clients before the IRS – this includes tax professionals such as CPAS, EAs and attorneys. MVLS offers comprehensive tax controversy trainings for volunteers twice a year. The trainings are free, but attendees must take a client. The next live training is Tuesday, Sept 25, from 9 AM – 1 PM at the Owings Mills office located at 10461 Mill Run Circle. The instructors are Jerry Kelly and Cheri Wendt-Taczak, two private practice tax attorneys, Jim Leith, the LTA and Jay Maschas, from the MD Comptroller. While the session is available via webinar, CPAs can obtain 4 CPEs for attending live training, which provides information on common tax controversies, forms, templates and more. Volunteering for MVLS is a great way to learn new skills and interact with appreciative clients. In addition, MVLS provides malpractice insurance and mentors from our panel of experienced tax representatives who can assist with any client issues you may encounter. MVLS also offers its volunteers monthly webinars, networking events and access to its downtown office for client meetings!

MSATP is looking for members interested in this opportunity to contact MVLS and Janice Shih. We want to know about your experience and how you benefited from it. Also, for those who are interested, members can make monetary donations as well. For more information, contact Janice via email at jshih@mvlslaw.org or by phone at (443) 451-4061.

UPCOMING SEMINARS

MSATP has some great educational opportunities coming up for our members to network and advance their careers. Here’s a preview of the upcoming seminars—be sure to check out the event calendar on the MSATP website for a complete list as well as registration information and details for all of our classes.

  • June 5th:
    • LOCATION: Frederick
    • SPEAKER: Bill Leonard
    • TOPIC: Preparations of Compilations & Reviews (8 Hours)
  • June 6th:
    • LOCATION: Frederick
    • SPEAKER: Bob JenningsTOPIC: Social Security (8 Hours): We offered this course in 2016 and had over 200 attendees!
  • June 7th:
    • LOCATION: Gaithersburg
    • SPEAKER: Josh Robertson, EA and Matt Ryan, CPA
    • TOPIC: Ethics ( 2 CPE/4 CPE Respectively)
  • June 19th:
    • LOCATION: Towson
    • SPEAKER: David DeJong
    • TOPIC: Effects of 2018 Tax Act on Estate Planning


DONATION REQUESTS

In addition to the great discounts on copiers and printers, a purchase/lease from Doceo Office Solutions can support our non-profit community. This year, Doceo is introducing a new format that gives our customers the opportunity to select a non-profit of your choice who will receive a donation of $50.00 for every Toshiba/Sharp/KIP order received and $25.00 for every Lexmark order. MSATP would like to see the donations given to the two initiatives which the Society and our members are supporting:

  • Maryland Volunteer Lawyer Service, 201 North Charles Street #1400, Baltimore, MD 21201 (ProBono Tax Work)
  • Maryland Council on Economic Education, Towson University, 8000 York Road, Towson, MD 21252 (Financial Literacy)

That’s it for last week’s Facebook Live Recap!

In case you missed it, you can find the full broadcast below and at https://youtu.be/-RgqBkpyDGg.



We will NOT be having a Live this Thursday as Executive Director Sandy Steinwedel will be attending the Annual NASBA Eastern Regional Meeting in Orlando, FL. This conference brings together over 150 Accounting Associations to discuss issues facing the CPA. There will be some great opportunities to hear what is on the horizon for CPA’s like:

  • Changes to regulations monitoring CPE and other specific requirements related to tracking those credits
  • Industry advances and challenges; technology (the ever-fluid landscape!)
  • Other closely watched State Board issues

Sandy will share her observations and what the buzz on the street may be from other conference attendees and post information to the MSATP Members Group throughout the week. If you’re not already a member, NOW is the time to request to join by clicking HERE!