Increase Your Productivity

Stephen Covey literally wrote the book on The Seven Habits of Highly Effective People. And while that’s all well and good, Inc.com author Ilya Pozin offered a more truncated version in her article entitled “7 Things Highly Productive People Do,” after consulting with Tony Wong, self-proclaimed project management blackbelt who boasts such clients as Toyota, Honda and Disney.

Here we share 5 of their seven tips in increasing productivity in the workplace:

1. Stop multitasking. In a recent Tax Tips article we shared valuable time-management techniques, one of which was to avoid multitasking. While many of us may still be under the impression that multitasking is a good thing, the truth is when you split your attention amongst many tasks, you don’t do any of them very well. Focus, instead, on doing one task, completing it in less time and with greater accuracy.

2. Schedule email. We can waste a lot of time throughout the day in regularly checking our email. Instead, limit yourself to reading and responding to email once or twice a day, reserving the remaining work hours for other important tasks.

3. Control your agenda. Don’t let the day get away from you before you’ve had the chance to prioritize and schedule those most important tasks and projects that need your current focus. That way you ensure that you’re not only productive but responsible, completing those jobs that are most pressing.

4. Work backwards from goals to milestones to tasks. Pozin explains when tackling a big project, “Break down the work into smaller and smaller chunks until you have specific tasks that can be accomplished in a few hours or less. …That’s how you set goals and actually succeed in crossing them off your list.”

5. Work in 60 to 90 minute intervals. Studies show that your brain functions best when working for 60 to 90 minutes at a time. Any longer and your brain’s not functioning at top capacity. This is why it’s important to take regular breaks, even if just for 10 minutes. While it may extend your work day, it will also extend your productivity.

Increasing productivity leads to greater profitability. If you want to accomplish more in less time, implementing these 5 tips will definitely help. And your business will ultimately flourish in the end.

Standard Deduction vs. Itemizing: Seven Facts to Help You Choose

Each year, millions of taxpayers choose whether to take the standard deduction or to itemize their deductions. The following seven facts from the IRS can help you choose the method that gives you the lowest tax.

1. Qualifying expenses - Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year. If the total amount you spent on qualifying medical care, mortgage interest, taxes, charitable contributions, casualty losses and miscellaneous deductions is more than your standard deduction, you can usually benefit by itemizing.

2. Standard deduction amounts -Your standard deduction is based on your filing status and is subject to inflation adjustments each year. For 2011, the amounts are:
        Single     $5,800
        Married Filing Jointly   $11,600
        Head of Household   $8,500
        Married Filing Separately  $5,800
        Qualifying Widow(er)  $11,600

3. Some taxpayers have different standard deductions - The standard deduction amount depends on your filing status, whether you are 65 or older or blind and whether another taxpayer can claim an exemption for you. If any of these apply, use the Standard Deduction Worksheet on the back of Form 1040EZ, or in the 1040A or 1040 instructions.

4. Limited itemized deductions - Your itemized deductions are no longer limited because of your adjusted gross income.

5. Married filing separately - When a married couple files separate returns and one spouse itemizes deductions, the other spouse cannot claim the standard deduction and therefore must itemize to claim their allowable deductions.

6. Some taxpayers are not eligible for the standard deduction - They include nonresident aliens, dual-status aliens and individuals who file returns for periods of less than 12 months due to a change in accounting periods.

7. Forms to use - The standard deduction can be taken on Forms 1040, 1040A or 1040EZ. To itemize your deductions, use Form 1040, U.S. Individual Income Tax Return, and Schedule A, Itemized Deductions.