We help you to utilize our guide.
This system is a powerful tool that has helped hundreds of business owners with forecasting, banking, and wealth building. Lenders often want to see business plans, and this guide works as an excellent one-page financial snapshot business plan to show your past, present, and projected future income and expenses.
Benefits of Keeping Good Records.
Bookkeeping and accounting are the language of business. We attempt to explain the basis of the tax system in plain english so you know how to make money work hard for you instead of always working hard to earn money. This a key ingredient in keeping more of the money you earn instead of it being vacuumed from your wallet by the IRS.
Helping you to fill your expense buckets with the proper write-offs!
As a business owner, your expenses are likely to fall into three general categories. We give you insight into what, how, when, and where to deduct these business expenses. Often the IRS battles are over what and when something is deductible. We cover the current deduction vs. capital expense and what is deductible as an expense ordinary & necessary in the IRS terms.
How to watch out for the Taxman!
It’s never convenient when the taxman’s auditors come knocking. You have no choice when the taxman calls, but you can be prepared when he does by being organized and ready with the Anvil Tax Guide system. Don’t miss your daughter’s wedding preparing paperwork to justify running your business when you can have all your ducks in a row!
We give you answers to the commonly asked questions about documentation.
We provide guidance about getting your “deducts” in a row, how to go green, and reducing paper clutter. We provide helpful tips on keeping track of important tax documents throughout the year and how long to keep these documents on file.
Helping you demystify paying Estimated Quarterly Taxes (EQT).
As an employee, your boss paid the Taxman for you. This happens behind your back and automatically out of your paycheck. Yet as a self-employed person, no one is funding the government for you. This guide has built-in estimated tax due-date reminders. It also helps you to come up with your net amount of earnings in order to determine estimated taxes.
Get more tools to put tax dollars back in your pocket.
The tax system requires you to have authority to take a tax deduction and authority to not report money received as taxable. We provide the foundation to help understand what income is considered taxable vs. nontaxable, earned vs. unearned and the tax impact. We call this process the 5-4-3-2-1: Countdown to Cutting Your Taxes! We break it down into five quickviews of the tax system, four strategic tax pillars, three types of money, two sides of the tax system, and the number one way to cutting your taxes.
Realizing that timing is key, we want you to receive the benefits of tax planning and help you control when you want to be taxed. Choosing to tax me later, tax me now, or tax-free are in your control. We provide guidance to help you make better choices with your freedom.
Helping you to avoid the inventory trap.
If you sell products and maintain an inventory at the end of the year, we want to equip you with the tools to avoid the uneven tax teeter-totter effect of inventory. If you are unaware of the mechanics, many self-employed practitioners (e.g., authors, naturopathic doctors, massage therapists, etc.) could be caught off guard with the inventory traps. We share a helpful example of the author Jane, who writes three books in three years and tracks bookkeeping for these titles while maintaining an inventory.
Write-off, Write-off, Write-off and more Write-off
This guide was developed over my years of experience as an IRS auditor and now in private practice. I’m frequently asked what expenses can be written off. This is an insider guide to the most commonly used expenses for business owners. It’s a template designed to be modified for the expense categories simply added or remove items you want.
Auto Expenses can be a gold mine or landmine depending on how you treat them.
We want to equip you with the tools to avoid the landmines and help you choose the best option to maximize automobile deductions. We’ve provided answers to your questions about such things as the actual vs. standard mileage rate method, advertising on automobiles, how to document adequate records, buying vs. leasing vehicles and more.
Depreciation & Fixed Assets
Deprecation is another confusing topic that revolves around timing of how long the asset will last and the amount of expense over time. We provided tax updates on the new De Minimis Safe Harbor rules, along with depreciation recapture, and record keeping requirements.
When to hire an employee vs. an independent contractor
The IRS is keeping a close eye on businesses that pay independent contractors and often challenge the status of an independent contractor. With our system, you can determine the factors relating to hiring an employee vs. independent contractor while avoiding the 1099-MISC trap.
Helping you to avoid the repairs vs. improvements teeter-totter
This is another hot topic for the Taxman. It frequently gets back to the issue of timing, the use of the repair or improvement that qualifies the amount of the deduction, and when the expense can be deducted on your taxes.
We will give you tips on how to cash in with home office deductions
Home offices may be the most misunderstood deduction available. Taxpayers fear it will raise audit flags. Yet having a home office can save thousands in taxes each year. For many home base business owners, it is common to experience the equivalent of a month’s worth of rent or mortgage payment each year by just having a home based business.
Are your activities a hobby or a legitimate business?
There is more tax litigation concerning this topic than any other tax topic. We want to give you the tools needed to walk through the IRS hobby loss landmines.
Business Entities as Unique as Your Business
Your business entity is the tax structure you choose to form your business. Among all the important decisions you make when starting a business, none is more important than choosing the right business entity. Choosing the right entity will not only determine the amount of paperwork needed to operate, it will also impact how much money you can raise, your personal liability, and the amount of taxable benefits.
Fringe Benefits (aka Tax Candy)
I want to introduce you to the fantastic world of fringe benefits. When I get excited about taxes, it’s usually around fringe benefits. I fondly refer to it as “tax candy.”
Did you start a business recently, how are you deducting startup expenses?
Startup costs are the expenses incurred during the process of creating a new business. Of course, all businesses are unique, requiring contrastive amounts of startup costs.
Employee Business Expenses
Many employees are entitled to deducting expenses associated with working for someone else. Many expenses may be deductible, yet phaseouts, due to several factors, result in no or little tax savings actually being received. We want to give you tips on how to turn these lost deductions into money back in your pocket.
This tool is different from other programs.
There are many electronic bookkeeping programs on the market such as Quickbooks, Xero.com, and TurboTax among others. I recommend these programs to certain clients. However, many clients have switched from these programs to our bookkeeping guide because it just makes more sense and is easy to understand. No matter what program you use for bookkeeping or tax prep the knowledge, insight, and concepts in this tax guide will be a valuable tool to help you save on taxes.
We approach tax preparation and planning from a legal, ethical, and moral stance which is above board with our strategies, ideas, and concepts.
We believe in knowing the tax rule. This allows a competitive advantage over those who do not know the rules and how to utilize the system as it was designed to be used.