As tax season is winding down, with less than a week left to file your 2011 returns or an extension in the United States, I thought about purging some of my old files. I tend to keep a lot that may not be necessary. Generally, you need to keep supporting records of income or deductions until the period of limitation set by the Internal Revenue Service runs out. This period is that in which you can amend your return to claim a credit or refund or the IRS can assess additional tax. Here are some guidelines, according to IRS Publication 583 (Starting a Business and Keeping Records).

1. For most tax returns filed on time with tax paid, keep supporting records for three years after the filing deadline, the extension deadline or the actual filing date, whichever is later.

2. If you had income that you should have reported (but did not) that was 25% in excess of your gross income, keep records for six years after your final payment was made.

3. If you have employees, keep all employment tax records for four years after the employment tax became due or was paid, whichever is later.

4. Keep records to support any deduction for bad debt loss for seven years.

5. In cases of someone required to file a return (and does not) or in the case of fraudulent returns, the IRS requires records be kept indefinitely.

6. Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. You must keep these records to figure any depreciation, amortization, or depletion deduction, and to figure your basis for computing gain or loss when you sell or otherwise dispose of the property.

Those are IRS requirements. You may have other reasons for keeping records longer, e.g., insurance or business valuation. If you do, it would be a good idea to make copies of your records and returns and keep them on a CD (or DVD) and store them offsite.

Do you have any tips for keeping records? Please share your thoughts below.

Mastering the Art of Longarm Quilting
Gina Perkes
C&T Publishing; $29.95

You got your longarm, now what? Many books offer lots of quilting designs. Gina Perkes does that, too, but she actually helps you get to the stage where you can use the designs. She starts with step-by-step instructions from finding design inspiration and selecting the appropriate design all the way to blocking and binding the quilt. I loved all the tips throughout the book, e.g., printing a large color photo of your quilt to sketch designs on it, how to build a lightbox, how to use clear tablecloth vinyl to draft border designs, and how to add additional measurements to the leaders to help maintain a square quilt. Since longarm quilters are thread lovers, Gina includes a chapter on choosing and using thread, including troubleshooting. In addition to quilting designs shown throughout the text, she includes 40 original quilting designs. If you are new to your longarm, or more experienced, I think this is a great reference.

Look for the book at your favorite book retailer. Here’s a link to Amazon if you would like to learn more about the book.

One of the things we talked about during the Creative Arts Business Summit was building a support team for your business. Teams are one way to leverage your business to grow. When I think of professionals in the quilt and fiber arts industry who do this, I first think of pattern designers. They know that they cannot possibly stuff all those patterns into plastic bags themselves. It’s not long before they’ve enlisted every family member and friend in that task. At some point it becomes so unwieldy, they look for additional help, often at the local sheltered workshop.

So, who do you put on your team? I like to look at the team as three legs on your company stool. You have your advisory team, your work team and your support team. And, of course, some people may be on more than one team.

Your advisory team might include your accountant, your lawyer, your banker and your insurance agent. They are people who help your business stay legal and in the black. You might talk them to once a year or once a month or as the need arises.

Your work team helps you on a more day-to-day basis or project basis to get your work out into the world. It might include the pattern stuffers and testers, your virtual assistant, your bookkeeper, your web designer and web tech person, your photographer, your sales reps.

Your support team might add your spouse, your networking group or mastermind partners, your coach. It might include your housekeeper or day care provider so you can focus on your business.

Where do you find these people to help you so that you can work on your business? Friends and colleagues are good place to start for a recommendation. Your guild or other groups you frequent are another source. You can also try Craig’s list or look online. A google search may be just what you need. I have one client who is successful using odesk.com. Another uses elance.com. Your IAPQ member benefits are another source. You can use our IP attorney if that need arises. And, if you are looking to add a virtual assistant to your team, Suzanne Moore can help you identify what your needs are.

I believe that once you add support in the way of team members you will begin to see your business grow in ways you just didn’t expect. And, it’s a wonderful change.

Who do you have on your team and when did you realize that you needed to add to your team? Please share your thoughts below.

Simply Triangles
Barbara H. Cline
C&T Publishing; $24.95

Barbara Cline focuses on using the basic triangle to create complex-looking quilts. The 11 quilts she created are divided into three groups and vary by complexity. The first features triangles that make star designs. The second features triangles that turn into daisies. The final section takes the basic triangle, sometimes with a diamond, and creates pinwheel patterns. Because sewing is a family tradition – Barbara’s Mennonite parents purchased a fabric store when she was 10 – she includes life lessons from many of her family members. You’ll find a good variety of Barbara’s sewing and quilting tips throughout.

Look for the book at your favorite book retailer. Here’s a link to Amazon if you would like to learn more about the book.

Quilting Modern
Jacquie Gering and Katie Pedersen
Interweave; $26.955

What sets this book apart from others that focus on the modern quilt movement is Jacquie Gehring’s and Katie Pedersen’s emphasis on improvisation. For the authors, improvisation means, “creating in the moment and reacting to ideas and our environment to make something new. Improvisation energizes our creativity and fosters an inventive spirit.” After covering the basics – tools and materials, quilting basics, color and design, and finishing techniques – Jackie and Kate share seven different improvisational techniques. These include free piecing, improvisational log cabin, slice and insert, stitch and flip triangle, strip piecing, modern crazy-piecing and improvisational curves. You have your choice of 22 different quilts and projects, or venture out on your own and improvise!

Look for the book at your favorite book retailer. Here’s a link to Amazon if you would like to learn more about the book.

One of my favorite business tools is the SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. After completing your SWOT analysis, you should be able to set goals and make plans that let you capitalize on on your opportunities and minimizing any potential threats, all while keeping your business strengths and weaknesses in mind.

So how do you actually do the SWOT analysis? Easy. Just get out a piece of paper or your journal and draw four columns. Label them S-W-O-T and start brainstorming. Consider internal factors, i.e., those within your control, and external factors, i.e., those outside your control. Look at competitive factors, environmental factors, technological factors, economic factors, sociological factors and political factors as they affect your SWOT.

When is a SWOT analsyis helpful? I like doing one each year when I review my goals. It’s also a helpful tool whenever you are considering a new product or big change to your business.

Do use use a SWOT analysis now? If not, what is your favorite business planning tool? Please share your thoughts below.

A Bountiful LIfe
Karen Mowry
Kansas City Star Quilts; $27.95

More than 150 years ago, an anonymous quiltmaker designed and appliquéd what is today regarded as one of the masterpieces of American folk art. Bird of Paradise, that quilt top, is now held by the American Folk Art Museum in New York. Folk artist and quilter Karen Mowry has created her own version of the quilt top, and, like the inspiration, it is now in the same museum collection. While the story behind the quilt top is unknown, Karen does offer some speculation as to meaning of the blocks and the top. I enjoyed the small bit of history behind the quilt and its bits of whimsy, e.g., the inclusion of an elephant named Hanible. The book includes full-size patterns for the 20 blocks in the book and the border.

Look for the book at your favorite book retailer. Here’s a link to Amazon if you would like to learn more about the book.

Over the years I’ve wrestled with saying “no” to many requests. When I was two years old, I’m sure I didn’t have that problem. Just ask my family! As I grew up, I think the people pleaser in me showed up, and “no” seldom found its way into my vocabulary. As an adult, I have a distinct memory about learning how to say “no.” I was doing volunteer work at a local museum for a major fund-raising event. I was responsible getting volunteers for my committee. I still remember the woman I asked who instead of just saying “no” said, “No, I can’t help you now, but when the event takes place I’ll be glad to work.” Gosh, that no really didn’t sound so much like a no.

Yes can be the right answer many times, but none of us has unlimited time available to say yes to everything. It’s knowing when to say yes or no and then how to say it that makes the difference.

Here are seven ideas to help you say “no.”

1. Does the request move you closer to your goals? If it does, that’s great. Commit the time needed. If it doesn’t, it should be easy to say no.

2. How does the time commitment for a “yes” affect your priorities? Sometimes we might like to say yes, but the time away from our stated priorities is a sacrifice that we aren’t willing to make. One example might be that your priority for family time requires you to say no to requests that interfere with that. And, don’t forget that commitments to yourself count as priorities; don’t give up time you need to rejuvenate or “fill the well.”

3. It’s OK to think about the request. You can tell the person you’ll give some thought to their request and then get back to them. This gives you time to consider the request, see how it fits into your goals, priorities and commitments.

4. Don’t apologize for saying “no.” Often people will say, “I’m sorry, but I can’t because….” It’s not necessary to give a reason why you can’t. It’s your time you are guarding. If you feel the need to explain, a simple “I can’t at this time” should work.

5. Offer an option. If you want to be involved in an activity that will take too much of your time, think of how you can do something small that will be less stressful. That’s what the woman who taught me how to say “no” did. For example, if you’re asked to be responsible for arranging for snacks for your child’s soccer team for the season, offer to bring snacks for one game. When my quilt guild was in need of volunteers for its show, I offered to design the brochure and advertising materials, something I could do on my own time.

6. Try to be aware of when someone is going to ask you for something. If you are on a committee or part of a group, it’s much easier to let the chair/group know ahead of time that you are already committed and can’t take on something else.

7. Practice saying no. Try it when you are asked for personal information when you shop. Try it with telemarketers.

And, once you’ve said no, just move on. In all likelihood, you’ll feel better and much less stressed, and the person who asked just moves onto the next name on her list.

How good are you at saying, “no”? Please share your thoughts below.

Easy Quilts
Best of Fons & Porter
Leisure Arts; $24.95

The subtitle of the book got me: 31 Projects to Make in a Weekend or Less. Who doesn’t want to make a quick quilt that’s attractive? This book features mostly quilts in a variety of styles and size options by 27 designers, so there’s sure to be something for everyone. As with other Best of Fons & Porter books, it’s filled with technique sidebars. What was odd was that the same sidebar on making yo-yos appeared twice in the book. I’m not sure if all the quilts are really completed in a weekend, but you will definitely make good progress in that direction.

Look for the book at your favorite book retailer. Here’s a link to Amazon if you would like to learn more about the book.

Give up Perfectionism. No way, you say! Everything must be just so, the best, perfect. After all, it’s probably served you well in the past, and perfect has its place. Besides, what will happen if it’s not perfect?

This is something some of my clients wrestle with. And, I’m going to come clean and include myself there. Actually I never really thought I was squarely in that boat, or at least that it wasn’t that obvious to others. This past Sunday after church, I had a conversation with our priest, and she said to me, “You need to give up having to be perfect.” Whoa! Back to working on imperfect!

Truth be told, I had already realized this about myself and thought I’d been making progress to move from this. And, I have. I know where my perfectionism comes from and when it crops up. I know what needs to be perfect and what doesn’t, though I do struggle with it on occasion. Perfectionism has its good points. It can also become a dead end. Here are some things it can lead to:
1. Procrastination and/or indecision. If you need everything to be perfect, you wait for the best solution or the right time. You don’t want to miss it, so you wait and wait.

2. Missing the big picture because you are focusing on the details. It’s like missing the forest for all the trees.

3. Loss of creativity. I think this one is tied into procrastination, because you want perfect results so you put it off. You don’t have “failed creative efforts.” And, of course if you did, they could lead to growth. (Ironically, growth is one of the reasons people want to be perfect.)

4. Perfectionism in the extreme can lead to depression and alienation of relationships.

So how do you work on becoming a recovering perfectionist? Here are some tips to try:

1. Be aware of why you are a perfectionist and recognize when it rears its head. Know whether it’s good perfectionism or obsessive perfectionism. I think that’s often half the battle.

2. Ask yourself, “What will happen if it’s not perfect?” or even, “What will happen if I don’t have to do it perfectly?”

3. Aim for good enough. I have two signs in my office. One says “Good enough is good enough.” The other says, “Progress, not perfection.” It’s not license to slack off, it’s license to finish.

4. Look at the big picture, i.e., look at the forest not the trees. Prioritize to figure out if all the trees, aka tasks, are necessary to fill in the big picture. If not, get rid of that tree.

5. Learn how to delegate. Once you do this and begin to have faith in other people’s abilities, it becomes easier to delegate. You don’t have to do it all to be perfect. And, it may not be perfect to your way of thinking, but it will be done.

6. Just once, set a goal to do something poorly. What a concept! This is really freeing. Imagine being perfectly imperfect!

7. Celebrate. My clients know I like to have a weekly Success and Strategies Summit. If you’ve managed to let go of some of your perfectionist tendencies, celebrate it as a success.

I love quotes and searched for the perfect (!) quote on perfectionism. In the end, I decided to share the words from one of my favorite authors, Anne Lamott, from her book Bird by Bird:

Are you a perfectionist or a recovering perfectionist? Please share your thoughts below.