AFM CPA's and Advisors, LLC

The Saver’s Credit, formerly known as the Retirement Savings Contribution credit, is available to those who earn low and moderate income and save money for retirement. If you’re filing single on your tax return, you can get a credit worth as much as $1,000, and $2,000 if filing as a married couple. To see if you’re eligible for this credit, visit the IRS website below and contact us for any questions you have regarding tax and retirement savings.

Retirement Savings Contributions Savers Credit | Internal Revenue Service The Saver's Credit is a tax credit for eligible contributions to your IRA, employer-sponsored retirement plan or Achieving a Better Life Experience (ABLE) account.

Separate business and personal expenses. One of the first steps a small business should take is opening a business bank account, which it can do after obtaining its Employer Identification Number, or EIN (sole proprietors can use social security numbers). Business bank accounts offer several advantages over personal ones, including:

Making it easier to track and substantiate business expenses to take advantage of tax deductions.
Offering personal liability protection by keeping business funds separate from personal funds.
Providing the option of a line of credit that the company can use to cover cash gaps.

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A successful business relies heavily on cash flow management. Cash flow projection is an important part of guiding your company to the right direction.

Should You Invest in a Business Consultant?

Should You Invest in a Business Consultant? | www.financialhotspot.com Hiring a business consultant can help you improve performance and make strategic changes to achieve long-term success. A skilled business consultant can also help your company overcome challenges, maximize revenue, and drive growth. However, it's important to ensure your business consultant has exte...

Didn’t request a tax filing extension and still haven’t filed a 2021 return? Don’t wait. Avoid additional penalties and interest by filing as soon as possible, contact us today!

Is inflation affecting your taxes during retirement?

How Higher Inflation Increases Your Taxes, Especially If You’re Retired Inflation still triggers automatic tax increases, especially on retirees.

A DIY approach to bookkeeping may become counterproductive as your business grows. As you take on new responsibilities and stretch your to-do list, hiring a professional bookkeeper may be one of the best business decisions you can make. Learn how we can help you today!

Here's a fun fact! The Academy saw accusations of fraudulent tabulating so it hired the London-based accounting firm Price Waterhouse to count votes, ensure the secrecy of the results, and stem the tide of unfavorable industry sentiment.

Crucial Tax Considerations for Remote Businesses

4 Crucial Tax Considerations for Your Remote Business | www.financialhotspot.com Due to the COVID-19 pandemic, businesses experienced significant financial, management, and operational challenges. The sudden lockdown and stay-at-home orders forced many companies to close their doors and shift to a remote work model. Now, employers are weighing the options of returning to the off...

The accounting equation is a basic principle of accounting and a fundamental element of the balance sheet. This equation sets the foundation of double-entry accounting and highlights the structure of the balance sheet. Our team is happy to answer any accounting questions you may have!

Financial success is all about balance, perspective, knowledge, values, and how you define what is most important to your happiness

While these financial roles share common goals, they support different stages of the accounting process. As a business owner, it’s important to know the difference.