I’m not a tax guy, but I do know how to save money.
As a financial advisor, I naturally get questions about taxes.
Here is a list of tax resources that I believe are *better than Googling*
IRS Tax Audit Technique Guides
IRS Tax Audit Technique Guides- If you want to get the best info, go straight to the source: the IRS website.
I know what you’re thinking, but hear me out.
Skip the fluff and go straight to the Audit Technique Guides.
The Audit Techniques Guides (ATGs) help IRS examiners during audits by providing insight into common self employed tax issues and accounting methods for your business.
Each guide is broken down by industry so you can really niche down into your particular business.
They even have a guide designed specifically for the Entertainment Industry, which includes: W2 vs. independent contractors, advertising and promotion deals, and giveaways and prizes.
https://www.irs.gov/businesses/small-businesses-self-employed/audit-techniques-guides-atgs
(This is a great guide for the rising social media influencers out there)
Each guide is kept up to date with the latest tax code and gives not only the individual rules, but also the rationale and interpretation of those rules in the real world.
This is major.
Every small business owner should check out their guide and see what applies to them.
Carry Money eBook
Carry Money eBook- Business Owners Guide to Paying Less in Taxes: A Complete Guide to the Biggest Tax Saving Strategies for US Business Owners, Freelancers, Creators and Self-Employed Individuals. by Ankur
https://carrymoney.com/resources
This eBook is a life saver for taxpayers that want to get a general idea of what could be available to them with a little tax planning.
At only 69 pages long (that’s short in tax world) its packed with 2-3 page explanations on 20 different topics.
Some of my favorites are: the power of having a solo 401k, R&D Credits, and Cash Balance Plans. Most guides have trouble getting to the point, this one gives you enough information to come prepared to your CPA meeting.
Quick Disclaimer: I am not sure if Ankur will come out with regular updates and editions, so for now I only recommend using this eBook for the current tax year.
The tax code is always changing due to our friends in Washington.
Tax Summary Guide by Eaton Vance
Tax Summary Guide: by Eaton Vance Rates, Schedules and Contribution Limits
https://www.eatonvance.com/tax-information.php
This 4 page guide is better than Google because it is all in one place (no clicks needed).
For those who like numbers, this guide is for you.
It consolidates all essential annual tax information into a single, accessible document, eliminating the need for multiple internet queries. This guide is regularly updated and properly sourced to ensure accuracy and relevance.
I have used this for years and print one out on my desk. (I’m still old school like that).
Due to its comprehensive nature, the guide not only covers current tax-related matters but also includes lesser-known limits and provisions, like the Corporate Tax Rate and Child Tax Credit, that *may* become relevant to your financial situation in the future.
The guide covers a spectrum of possibilities, ensuring you’re well-prepared.
Check out the website or some other work here.
Best,
Darin Tuttle, CFA
NOTE – This is not investment advice. Do your own due diligence. I make no representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness, or reasonableness of the information contained in this report. Any assumptions, opinions and estimates expressed in this report constitute my judgment as of the date thereof and is subject to change without notice. Any projections contained in the report are based on a number of assumptions as to market conditions. There is no guarantee that projected outcomes will be achieved. Unless there is a signed Investment Management or Financial Planning Agreement by both parties, Tuttle Ventures is not acting as your financial advisor or in any fiduciary capacity.