David Tuck
[email protected]
Anvil Tax, Inc.
www.anviltax.com
P:971­227­9052 F:503­713­5190 Download your free excel template at: www.anvtiltax.com/sample To receive the full benefits of this program purchase it at www.anviltaxguide.com David Tuck
[email protected]
Anvil Tax, Inc.
www.anviltax.com
P:971­227­9052 F:503­713­5190 Anvil Tax Guide 5 Snapshots To help you navigate, this bookkeeping guide is mapped out in five snapshots. Snapshot 1: The Taxman’s Odd Calendar Months and quarters are listed in columns from left to right: ● Each month has its own column and is totaled per quarter to quickly calculate quarterly estimated tax payments. ● The quarters are shaded to emphasize when estimated taxes are due. ● The months are arranged unevenly: ○ Q1: three months ○ Q2: two months ○ Q3: three months ○ Q4: four months ● Your yearly total is on the far­right column, which totals each quarter. *More details provided in Appendix A about quarterly taxes and due dates. Snapshot 2: Easy Math Income calculations are listed in the gross receipts (all income before any expenses): ● less returns and allowances ● less cost of goods sold ● equals gross profit ● net profit/loss (gross profit less total expenses) To clarify, gross means before expenses—net is after expenses. Snapshot 3: Options, Options, Options Expenses: ● Hyperlinked items usually require more attention. ● Income and expenses are explained throughout this book. ● There are several expense categories possible; you can customize them all. ● Add up all expenses per the bookkeeping guide to equal total expenses. Snapshot 4: Other Easy Facts ● The bookkeeping guide has been laid out in portrait view, rather than landscape, for easy printing on one page. ● Expenses are listed alphabetically, except for returns and allowances, cost of goods sold, and home office; these require separate calculations. ● Excel software does the heavy lifting for you by computing the numbers quickly. ● I prefer to record expenses monthly, yet everyone has a personal preference. Some will choose to record expenses quarterly or yearly (more on that shortly). Snapshot 5: Honey, I’m at the office! ● Home office is intentionally left out of the flow in the bookkeeping guide. It is an indirect expense as opposed to a direct expense. ● Home office rent and utilities are listed separately (don’t double deduct!). *More details provided in Chapter 5 and 9 *available in the paid version of the tax guide Download your free excel template at: www.anvtiltax.com/sample To receive the full benefits of this program purchase it at www.anviltaxguide.com