Before we get too late in the month, let's find out how my friends juggle it all. I asked them this.

“The holidays are such a busy time of year, so it got me thinking about balance.

Between shopping, decorating, business… family – how did you handle it all? Got tips for my readers?”

I think you'll find the answers this week interesting and helpful.

Jason Fladlien of Wishy Washy Guru (<-You know you gotta click that one) says:

For this busy time of the year… I actually get more done believe it or not. Because everyone else takes a break, they are not lined up to speak to me or need my time as much… plus with the family off of work they have more free time

I like to focus more on internal stuff and preparing for next year instead of going external marketing. But December is a great time to launch products because most people don't do it…

Jeanette S. Cates, PhD of Plan Your Online Business says:

Balance between business and personal lives is a challenge at any time of the year – but particularly during the holiday season. I've found that I prefer shopping late in the evening, after I've finished “work” for the day and had dinner with my husband. The stores are less crowded at that time of day and that's a high energy time for me. Other people are in bed at midnight as I'm closing down the stores!

I'm also doing most of my first round shopping online. As a family we “post” our Christmas lists on Thanksgiving day, so it makes it easy to pick out things you know people will like. Since we encourage everyone to be specific in what they want, they sometimes even include the store and catalog number! So right now my living room is piled with boxes of gifts to be wrapped (my husband's job – did I mention delegation?)

For my business, I preschedule blog posts and tweets. Plus my assistant tweets reminders on things several times per week. I also preschedule email broadcasts (to coincide with the blog posts and other announcements). I try to work a couple hours a day, generally in the morning, so I have the rest of the day “off” for personal fun. After all, we're working this business to have more personal freedom. NOW is the time that pays off!

Starting around the 20th of December, my assistant will only check the help desk once a day and go through email once a day. On Christmas we don't turn on a computer (except for video games with the grandkids!). Then the “quiet week” between Christmas and New Years I'll crank back up full-time. It's a GREAT time of year to get things done!

Kelly McCausey of Solo Smarts says:

I don't believe in balance in the sense that many people talk about it. Sure, you can forecast a perfect balanced schedule, but life doesn't usually fit into your expectations. Rather I believe in having well considered priorities and making choices based on them.

For this empty nest season of my life, I get to be my main concern quite a lot and I'm taking advantage of it. I focus a lot of time on my self care, going to the gym, eating right, etc.

My family is always a priority. I have a whole day every week set aside to be available to them. My calendar booking tool won't let you set up an appointment on that day. I have breakfast or lunch with my step-dad and I'm free to visit other older relatives.

These loved ones are precious and I've no guarantee that they'll be there for me to visit next year or the year after that – so they've got to be a priority now.

As far as the holidays go, I've played it very low key up to now. Not a lot of shopping, definitely not spending a lot of money. My gift to others this year is my time and undivided attention – and home made goodies of course. Future holiday seasons may not be so laid back so I'll take advantage of this one for sure!

Kevin Riley of  Blogpreneur Training says:

Fortunately, I live in Osaka, Japan, where we aren't affected by the whole Christmas madness. However, the commercial aspect of Christmas has been making inroads over here in the last few years.

Rieko and I only buy one present each for each other – just something small that we know the other person will enjoy. In this way, there's no pressure to get some big gift, just for the sake of giving a big gift. I'm very happy to be away from that whole gift exchanging thing, and just buying each other a little treat. It really frees up Christmas for just enjoying the season. BTW, this year, I bought Rieko a DVD of a season of Friends, which she loves (Shhh. Don't tell her.)

As for decorating, we only put up a tiny tree and a handful of decorations. When I say tiny, I mean tiny– about 18 inches tall. Next week, we'll make a gingerbread house, which rounds out our decorations and also gives us something to nibble on.

Tips for you? Keep it simple. Focus on just having an enjoyable time with your family. Take stress out of the equation and you can have so much more fun this Christmas. Rather than big presents, give your family your time.

Tiffany Lambert of  Work Life Balance says:

Balance is a tough one for me, but I handle everything so I must be doing something right!

For me, what works best is an all day work schedule. Some people prefer to have a set business time, but I feel less stressed if I have the luxury of starting and stopping work in between other tasks that need to get done.

Some days nothing much gets done. The Thursday before Christmas, I spent the first part of the day at my younger kids’ school participating in school events – and then brought them home for my oldest son to watch while I went and did more shopping for six hours.

How did I manage work that day?

My iPhone. I approved and responded to blog posts while standing in those long, grueling lines at the mall. I answered emails when I got back in my car between stores. If I don’t stay on top of things, then it gets out of control and becomes overwhelming to me.

Doing a blog reply here and an email reply there is easily doable.

Regardless, the key is not to beat yourself up if something doesn’t get done – whether that’s part of your home life or business world.

Guilt is debilitating, and you have to enjoy the fact that flexibility is what this career is all about. No one tells you what to do or WHEN to do it. If you need to push work aside until 8 PM because you’d like to enjoy decorating the Christmas tree, then do it! Those are precious family moments and no amount of work or productivity can replace that.

I will say that balance is much more achievable when you have residual income streams that work for you when you need time off for other things. If you're always working as a service provider, then every second you spend not working is a boulder of stress on your shoulders.

Nicole Dean of .. here! .. says:

This is the most wonderful time of the year… and the most stressful, too.

In addition to all of the craziness that I already have, my daughter is in the annual production of Christmas on the Coast, here in town. So, I'm in the dressing room under the stage by the pit – and my hubby is doing props for an entire week. But, she loves it – so it's worth it.

By the way, if you're in Pensacola, come see the show.

So here are some things that I do to try to keep myself mostly sane this week.

1. Cut me some slack, Jack.

I try really hard to cut myself  a break during the holiday season, and just flat out do what I can and not stress too much over what is left undone.

2. Take Advantage of Amazon Prime.

Amazon Prime is truly one of the best inventions on earth. I can order pretty much anything and get it shipped anywhere in the USA in 2 days for free. This means that even if I don't start my holiday shopping until mid month, I'll be fine.

3. Presell a New and Exciting Course.

I'll be teaching a Passive Income Course in January with my friend Melissa Ingold. So, we started preselling it this month.

That gives four big benefits:

• I get to finish the year strong,
• My affiliates have a way to easily earn some quick money promoting something NEW that people will love,
• My students get the tax break of paying by the end of the year (and also a discount for buying during the launch), and
• We all get to start the next year with a fun and exciting project to look forward to.

4. Embrace Routine, but Call it Tradition.

I've read that some of the most successful people on earth have a very limited closet of clothes. Like they buy the same darned thing so they don't have to waste valuable brain power on such menial tasks as deciding which socks to wear.

I've realized that I do much better if I do the same.

For instance, this Christmas, I won't be searching Pinterest for a  new and fun way to make mashed potatoes. I'll use the same recipe that I've used every year for the last 10 years.

Now that's not to say I don't LOVE Pinterest and enjoy trying new things, but with everything else going on, now is not the time for me to be messing around with new stuff. You follow?

So, I'll be making my SAME spinach dip that I make every year, my same mashed potatoes, my same green bean casserole, and the same old can of wiggly cranberries out of the can.

Now, my husband and kiddos are totally free to come up with whatever dishes and desserts they want to eat.  But, as for me, the one who is responsible for all the holiday shopping, plus the business, plus the kids school and staying on top of everything? I have to just let myself have the “tradition” of knowing exactly what I have in front of me for Christmas dinner.

5. As for Business – Follow the Money.

I encourage my coaching clients to do this and I'll encourage you, too. KNOW where your money is coming from and focus on that, especially in times of added stress.

• If you make your money from publishing a new Kindle book – then do that.
• If you mail your lists daily and that's where the majority of your income comes from, then by golly, don't be messing with a webinar this month.
• However, if you know you can run one webinar with a trusted partner, make enough for the whole month and then be done with work – then do that.

Of course, the above also applies to where you're investing your outsourcing dollars. Put them where you'll get the highest ROI.

6. Planners Profit.

PLAN out the rest of the month now, if you haven't already. In writing. You know, with a paper and pen and a calendar of some sort – so you know what you've got to do and how much time you need to accomplish it.

7. Your VA has a Life.

Understand that your helpers have a life, too. Make sure you're setting them up so they have a happy holidays, too. Do this by planning ahead, posting your hours on your customer support site, and being extra careful of the timing of new promotions and coupons – so there isn't a glitch on the 24th of December that puts everyone in a panic.

8. Take Care of You!

The extra holiday stress can bring your immune system down. Take care of yourself so you're not spending Christmas morning with a thermometer in your mouth instead of a piece of pie.

9. Remember the Routine? Recycle, too.

I post the SAME blog posts this time every year with minor edits.

For instance, you'll see these posted here nearly ever year since 2008:

• Blogging Calendar
• Save on Taxes

Streamline and make your life easier – by hitting that ‘copy post' button on your blog and reworking your eagerly anticipated Annual Posts. (Remember Tradition is a good thing.) Or as my friend, Sean Platt said in a presentation that I heard him give. “Become a habit”. I hope and pray that my audience looks forward to these annual posts and anticipates them each year.

10. Don't forget to Spend.

Spend some extra money in your business by the end of the year for tax breaks, but I meant something different.

SPEND time with the ones who you love. Put down that blasted phone (unless you're taking pictures with it) – and experience the moments that you are blessed with. Work can wait and it will be there when you get home.

11. Have your Priorities Straight. 

I always tell my coaching clients this:

Remember, it's freaking ONLINE BUSINESS. We're not the ones flying the heart to the transplant. We are web publishers, social media managers, authors, coaches, and bloggers. The world CAN wait to hear back from us in 99% of the cases. But you only get one shot at Christmas 2013 – so enjoy it!

Warmly,
Nicole Dean

PS. This is a great opportunity to tell you about Tiffany's new product. Check out Work Life Balance to get a good butt-kicking about making sure you keep your priorities in line

This week I asked our panel of experts the same thing I asked last year and the year before …

“If you made more money this year than last year, your quarterly taxes probably won't be enough to cover what you owe (since you'll owe more), assuming everything else in your life remains the same. (Unless you added a deduction like a baby to your family or something…)

Quick explanation (with totally hypothetical  numbers):

• Let's say that you made $30,000 in 2011. Your quarterly taxes that you pay in 2012 might be then set at $2000 every 3 months. ($8000 for the year)
• Now, what if you made $60,000 in 2012 – and you're only paying $2000 every 3 months, then come April, you may have a day of reckoning. (You will have paid $8000, but then may owe as much as another $8000 for taxes on the added income.)
  

So, you'll owe a chunk of money in April.

At the end of the Year, because I've been fortunate enough that my income has grown every year, I Normally End up Making Several Large Purchases in Order to Decrease my Taxable Income for Next Year.

Do you have ways you reduce your taxable income? If so, what kinds of things do you purchase?”

I think you'll find the answers this week interesting and helpful in your business tax planning and preparations.

** Note: Contact YOUR CPA/Financial Adviser before making any decisions. The following people are not professionals in regard to tax laws.

Jeanette S. Cates, PhD of Plan Your Online Business says:

Actually I AM an accountant! That was my Bachelors' degree. My first business was a bookkeeping and tax service that I “invented” so I could write off my first computer. Happily, I sold that business for a nice profit 3 years later. But taxes remain a hobby for me.

Okay, if you're still reading (and not laughing at that “taxes as a hobby” comment), the secret to tax savings is timing. You don't necessarily WANT to reduce your taxes this year. If you're new in the business, it's likely that you'll make more next year and need more deductions. Likewise, there's a good chance that tax rates are going up, if the government has anything to say about it. So again, you may want to defer those expenditures until January.

But if you do want a deduction this year, here are a few easy ones –

• Office supplies (stock up!)
• Phones and tablets, if used more than 50% for business
• Contractors and employees (pay before the end of the year – they'll love it
• and you get the deduction)
• Affiliate payments (pay them at the end of December for sales to that point.
• Welcome money for them – deduction for you).
• Donations – always in season!

Kevin Riley of  Blogpreneur Training says:

Since I live in Japan, I'm dealing with a tax system that differs quite a bit from what I dealt with in North America. However, some of the following advice (especially, to keep all your receipts) probably applies in all countries.

One benefit we enjoy in Japan is the no-limit entertainment expenses deduction. Due to our culture of entertaining prospects and customers, the Japanese tax system does not limit you on how much you can deduct for entertainment. Therefore, any time I go drinking, eating, or otherwise spending money in a fun way, I ask for an official receipt (ryoushushou). Find out what you can deduct, and make it a habit to always save your receipts.

Since my office is in my home, I also can deduct a percentage of all home expenses from my income tax. This means that I can deduct a percentage of rent, water, electricity, and grounds maintenance fees. This is a deduction I also enjoyed in Canada, so look into it for where you live. This can make a huge difference in the amount of tax you pay.

Jason Fladlien of Wishy Washy Guru (<-You know you gotta click that one) says:

It took me a long time to realize leasing a car – at least for my business and my perspective – was actually a better deal than buying a car… I was always raised that leasing was dumb and it's true if you can't set it up to be a business deduction… but if you do it right with your accountant's guidance, it might actually be worthwhile for you to consider…

Nicole Dean of .. here! .. says:

Hey guys! I posted about this topic two years ago and last year, and had my friend, who is a financial adviser help, too.

So, I'll resurrect that blog post because it contains some really good tips.

Here it is…

If you made significantly more money with your online business this year than you did last year, CONGRATULATIONS! That's wonderful news.

However, next year at tax time you might not think so — if you've got to come up with an extra $17,000 to fork over in April like I did this year.

Basically, it comes down to how much money you made (which is the overall amount that you took in minus expenses). That’s what we’re taxed on.

Last year, in December, I purchased approximately $5000 in advertising and paid my affiliates early and prepaid some subscriptions in order to lessen my income. (The expenses get subtracted from my income so my overall income would be less — therefore less taxable income.)

So, since advertising is an expense, I choose to spend money on it, knowing that it’ll pay me back (and then some) the following year.

As to how much is the right amount for you to spend… you’d have to run those numbers with your CPA/Accountant. Normally I spend a bunch in December, then we run the numbers again in January to see how much I should put into my SEP (which is like a 401K) to give me the best tax breaks in April.

WARNING!!!! Don’t go spending money you don’t have on things that you don’t NEED. You’re still spending money.

However, if you plan to buy things anyway.. or have a birthday coming in February like I do and want to treat yourself to some business items, then buying early can be a smart move – especially if you're planning for growth for next year.

For instance, I do some consulting for high level marketers on their affiliate programs — and I've gotten more than my regular amount of requests this month — probably because they're planning for next year. So, why not have them prepay and save on their taxes?

Now, I’m not a tax adviser (nor a doctor nor a lawyer), but I do know a CFP & CPA who I asked for advice.  So, here she is Kristine McKinley in an interview I did with her and posted in 2008:

Kristine McKinley says…

You definitely have the right idea. If your business income is up this year, then you want to do some year-end tax planning to try to reduce your taxable income for the year.

You basically have two options: you can defer income into the next year, or accelerate expenses into this year.

If you’re not sure how to do that, here are some tips to reduce your taxable income:

Defer income:

if you are self employed, one way to reduce your taxable income is to defer income. You can do this by holding off on billing clients until after 12/31. Or if you were planning a teleclass or a big product or service launch at the end of the year, you could hold off until January.

Accelerate expenses:

– Software: I know I’ll need tax software in the next month or so, so I can choose to purchase it in 2008 if I want to accelerate my expenses, or if I think my 2009 income will be higher, I can wait until Jan 1 to buy my software

– Supplies: same concept; any supplies I know I will need for tax season I’m going to buy now to reduce my 2008 income.

– Furniture and equipment: do you need a new computer, an external hard drive for backup purposes, a new chair for your desk?

– Web hosting or domain renewals: do you have any domains that will be expiring soon? Renew them now instead of waiting until they expire.

– Office supplies, shipping supplies, computer supplies: basically stock up on any supplies that you use on a regular basis in your business before the year is over

– Continuing education or classes to improve your business: if you are required to take continuing education, or if you just want to take some classes to help you improve your business, signup and pay for the class before the end of the year so you can deduct it on your 2008 taxes.

– Membership sites: if you’ve been sitting on the fence about joining any membership programs (Shelancers for example), signup before Jan 1 so you can deduct the fees on your current year tax return. Even better, if they offer a lifetime membership fee, choose that option to save money and to take an even larger deduction on your tax return.

– Do you need any work done by web designers, VAs, or other independent contractors? Consider prepaying them for work that you expect them to do in the next 30-60 days. Don’t forget to send them a 1099 if you pay them $600 or more during the year.

– Affiliates: do you usually pay your affiliates on the 5th of the month? Consider sending them their December commissions on 12/31 instead of waiting until Jan 5th.

– Donate to charity: while donations to charity won’t reduce your business income, they will reduce your total income, so consider donating cash, services or goods to your favorite charity before the end of the year

Basically, any expenses that you expect to incur in the next few months that can be accelerated into 2008 will help reduce your taxes for 2008.

One other strategy that every self employed person should consider is funding your retirement account. However, you have a little more time for this strategy as the deadline for most retirement contributions (to IRAs, Roth IRAs, Simple IRAs, etc.) is April 15.

Here are my recommendations for some items you might purchase (based upon my favorite things)…

They are also products that I personally use in my online business.

For when you’re on the go.

• Kindle or Nook – Read and learn on the go.
• mp3 Player – More Learning on the road. (Be sure to load up my podcast.)
• Cell Phone.
• Headset for your Cell Phone. I love my headset. I can use my cell as an mp3 player while I walk the dogs (and still feel good about having my phone on me).
• iPad. I keep mine in my purse. It’s so much easier than carrying around a laptop.
• Good books – just in case you get trapped on a Deserted Island.
• Comfy office chair or a Lazy Boy Recliner for your office.
• Noise Cancellation Headphones. (I have some. They’re weird.)

Software.

• Camtasia
• SnagIt
• Photoshop
• GotoWebinar

• Premium WordPress plugins
• Premium WordPress Themes
• Hire someone to redesign your blog

Stuff for your Office.

• Desk Pad Calendar. For scheduling and staying organized.
• Day Clock – in case you lose track of time, really badly!
• Demotivators. (You probably saw those in my home office.)
• Big freaking White Board. Did you see mine in my office video?
• Space heater. Again… brrrrr….

Camera & Microphones.

• Video camera for video marketing.
• Headset with Microphone. For recording tutorials and webinars on your PC.

PLR!

• PLR Articles Because you can always use more articles for your blog.

Promo Stuff

• Personalized Twitter T-shirt
• Cool Business Cards. Zazzle has really cool “skinny” & “chubby” sized cards.

Courses to Learn Cool Stuff From.

• NAMS Membership
• Easy Link Love.
• MomMasterminds Annual Membership. This is a great program for Moms and I recommend it for anyone looking for assistance in their online business.

Travel

• Luggage for traveling to cool Internet Marketing conferences to hang out with me.
• Ticket to NAMS for February.
• Airline tickets

Business Tools

• Autoresponder – if you’ve been putting off this purchase, now’s the time.
• Shopping Cart – Switch to an annual plan and pay for a year in advance.
• Get Organized with your Outsourcing – organize all of your helpers.
• Roboform – to be more efficient in 2011

Hire Help

• Hire a Virtual Assistant or Virtual Assistant to write press releases, articles, sales pages, or design graphics for you.
• Also, you can go to the Warrior Forum and check out their Special Offers section to find great deals on advertising and copywriting.

Get a Coach

• Hire a coach or consultant to come into your business and tweak/refine it to make you more money.

** Most of the stuff above is tax deductible.

And, of course, you can hire Kristine to help you with your financial planning (which is another way to spend a bit of cash). She said:

Hope this helps! If you need more ideas I’ve got several posts on my blog about year end tax planning. Here’s my site: http://www.beacon-advisor.com/

Keep more of your money instead of handing it to Uncle Sam.

Best of luck.
Nicole