I just started a business, what can I deduct?
This is a commonly asked question and there are thousands of resources out there. How do you know which ones are credible and current?
Most businesses lose money the first few years of operation. If you are just starting your business, hiring a tax pro might be out of your reach. Preparing your own taxes with inexpensive tax software may seem like an easy option. On the upside, DIY self-prepared software answers questions about deductions and streamlines the tax process.
However, this can cost you valuable deductions that are overlooked or missed. Software programs are designed to present the standard deductions. Unless you know where to look, you can often miss out on deductions. You are giving money away! For those who don’t know the rules it is easy to overpay taxes. The Anvil Tax Guide gives you an inside track on the rules of paying less and deducting more.
Take Action! If you discover missed deductions (by using our system), you can amend a previous year’s return to harvest these missed opportunities. A lot of money is left on the table for incorrectly prepared taxes. The taxman limits the number of years you can ask for your money back and after that time he keeps your money, so take action!
We provide knowledge and an action plan so you can be empowered. With the Anvil Tax Guide, you can enjoy the benefits of the tax system, instead of leaving your money on the table.
I’ve been in business a while and how do I know I’m taking all the tax write-offs that I’m entitled to?
This is another commonly asked question. The Anvil Tax Guide makes it simple to understand how the tax system works and how to put money back into your business instead of lending the taxman your money.
We are equipping more people to do it themselves – The DIY crowd
You know that as a business owner you are responsible for every aspect of your business. It’s difficult to trust anyone with your business. We know you! For years, the Anvil Tax Guide was only available to our existing clients. Now, I’ve made this guide available to the public so that you can now receive the same tax benefits, knowledge, and education as our existing clients.
This is a lot of information. I need a workbook.
I frequently give keynote speeches about all sorts of tax topics. A frequent observation is that the information provided was good and delivered well, but it was a little overwhelming. The participants wish there were a workbook to go through at their own pace. That’s why we created this system! Since everyone has different learning styles, our Tax Guide is a good resource for removing the learning roadblocks.
What is the Taxman looking for?
The IRS has their own language and set of rules that determine how they audit and conduct business. Called the Internal Revenue Manual (IRM), most tax preparers are usually current with the tax rules and often do a good job at putting the right numbers on the right lines, yet have no training and experience working with the IRM as the IRS conducts business.
We help you to know your audience.
Think back to English 101, when your professor told you to write for your audience. You have to prepare for your audience when presenting taxes as well. Who is your audience? In this case, you are writing for the taxman. If you prepare your tax return as if it is going to be audited, you might sleep better at night knowing your records are in good order. Our guide helps you prepare for an audit.
The Anvil Tax Guide is a 3-in-1 System:
1st – You get a simple excel bookkeeping template to get organized (saving you time by not having to learn another complicated software program).
2nd – The easy to read commentary will give you the fundamentals of our tax system and how YOU can take charge of your tax expenditures and maximize deductions.
3rd – We provide an Ex-IRS Auditor’s Insider Tips (thats me!) to the most common expense categories that raise red flags. How to prepare for an audit by keeping accurate records.
Face your business future with boldness (and more money)
I often hear business owners say they would rather play it safe and not take a possible deduction to avoid the IRS or local auditors. Yet I notice these scaredy-cats are audited just as much as everyone else. You can’t run from the taxman! Prepare and get organized to weather the audit storm.
Why aren’t you keeping more of the dollars you earn?
Many people wind up paying more in taxes because they don’t know how the tax system works. I can tell you, from my days as an auditor, that there is a real lack of tax understanding in America. I am excited for the opportunity to show you how the tax system works so that you can keep more of what you earn by using this guide.
The Anvil Tax Guide was designed to give you options:
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.
After a few years of working as an IRS auditor, I realized how much the tax system was costing me.
Every day, I was driving to work, buying tea or coffee in the morning, talking business over meals (Breakfast, Lunch, or Dinner), surfing the web on my phone and then driving home.
From time to time, I was reimbursed for a few meager miles. Yet, the wealthy people that I audited were deducting the majority of their lives, the things that the people in the tax system for the poor could not do.
Since I worked as the TAXMAN at that time, I quickly figured out that it was costing me over seven thousand dollars a year to be an employee. I felt like a victim of the tax system for the poor; the wealthy people I was auditing wrote off all this stuff legally, ethically, and morally.
The wealthy taxpayers I audited taught me many valuable lessons. They had figured out the tax system and were using it instead of being used by it! As the “Taxman” (auditor) at that time this realization really hurt.
I realized that most people know how to work tirelessly for their money, yet the Wealthy make their money work hard for themselves. They make money while they are sleeping, on vacation, and while the rest of the world is working for them.
I wanted to expand my reach to communicate, educate, and help as many people as possible and thus the Anvil Tax Guide was born.
Reasons why you should order this book! It is only your money that you have worked so hard to earn, why not learn how to keep more instead of giving it away to your favorite not-for-profit, Uncle Sam?