The stability of earth slopes can be enhanced by introducing an anchoring system. The factor of safety of an anchor-reinforced slope is one of the essential items required to evaluate stability. This parameter can be predicted using limit equilibrium and numerical approaches by relevant software. Taylor’s stability chart has been frequently used to estimate the factor of safety of an unreinforced homogeneous cohesive-frictional soil slope. An analytical expression was developed in this study based on the friction circle method by which the factor of safety of anchor-reinforced slopes can be predicted using Taylor’s chart. The anchor-reinforced slope considered in the analysis consisted of homogeneous cohesive-frictional soil. The analyses were carried out considering different slope inclinations, anchor loads, anchor orientations, and slip circles. An illustrative example explained the procedure for finding the factor of safety and showed how the developed method could be used by practicing engineers. A comparison between the factor of safety estimated by Taylor’s chart and the limit equilibrium method using SLIDE indicates a good agreement.