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How to Write Great Happy Holiday Emails

There’s no better time than the holidays to show your employees and your clients how much you appreciate them. Here are five simple steps to help you craft the perfect email in no time. Decide on the Audience and Purpose Before you begin, determine who will be your recipients. For instance, if you’re writing to …..

Time is Running Out to Take Your 2022 RMD

Required Minimum Distributions (RMD) are required taxable distributions from qualified retirement plans and are commonly associated with traditional IRAs, but they also apply to 401(k)s and SEP IRAs. The tax code does not allow taxpayers to indefinitely keep funds in their qualified retirement plans. Eventually, these assets must be distributed, and taxes must be paid …..

How to Host Awesome Holiday Office Parties

Fall is here and so are many of the holidays we love. Whether it’s Halloween, Thanksgiving, or the December holidays, here are some fail-safe things you can do to make sure everyone shows up and has a good time. Throw a Potluck One of the easiest ways to lure people away from their desks is …..

Should You Upgrade Your Homeowners Insurance?

During the first year of the pandemic, many homeowners spent their downtime upgrading their homes. 2020 alone saw a three percent uptick in spending on home improvements – to the tune of nearly $420 billion nationwide. This included modifications for remote work, online schooling, and leisure activities at home. Between remodeling, high inflation, and today’s …..

Inflation Reduces Income Tax

As the country emerges from the COVID pandemic and supply chain issues, along with the fallout from the war in Ukraine, the country has been experiencing high inflation rates that negatively impact the cost of everyday living, including food, gas for your vehicle, utilities and more. But there is one shining light: tax-related inflation adjustments …..

Tax Break for Commercial Real Estate Investors

COVID-19 impacted the economy dramatically, and commercial real estate was no exception in terms of decreased values. Often, the real property could no longer service the debt used to finance it. This debt restructuring and resulting debt forgiveness can result in taxable income. Taxable Income and Debt Cancellation If you have an $80,000 loan and …..

Is This an Opportune Time to Convert Your Traditional IRA to a Roth IRA?

If your traditional IRA is invested in stocks and/or mutual funds, the recent substantial downward slide by the stock markets may provide a unique opportunity to convert your traditional IRA to a Roth IRA at a low cost, and then benefit when the markets recover. Why would you want to do that? Because Roth IRA …..

What’s Happening at NWC? August Round-Up

August was a busy month for the Nathan Wechsler team! We celebrated our recently promoted team members, went on a harbor cruise, and threw a number of showers. Here are some of our team’s highlights from the month: We celebrated recent promotions for Josh, Kim, Renee, and Duncan. We are proud of the ways they …..

Understanding Free Cash Flow

Understanding how cash flow is measured and analyzed is an important step for businesses. Business owners should constantly monitor and adjust their operations to increase the chances of becoming and staying cash flow positive. JP Morgan Chase & Co. (JPM) monitors small business activity and presents some sobering statistics for businesses’ cash flow challenges. For …..

Research Credit Potentially Doubled By The Inflation Reduction Act

The Inflation Reduction Act that President Biden signed into law back in August, has a lesser-known provision that could benefit many small business startups, allowing them to potentially double the amount of the research and development tax credit they can claim from $250,000 to $500,000 per year against payroll taxes. This little-known tax benefit for …..

IRS Announces Special Per Diem Rates Beginning October 1, 2022

The IRS recently released Notice 2022-44, detailing updated special per diem rates. The new rates are effective for the period beginning October 1, 2022 and ending September 30, 2023. These rates apply to the per diem allowances paid by employers to their employees in order to cover “ordinary and necessary business expenses incurred while traveling …..

Health Savings Accounts Fill Multiple Tax Needs

The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) to save for medical expenses that are not covered by insurance due to the high-deductible provisions of their insurance coverage. However, an HSA …..

How Will the Federal Reserve’s Quantitative Tightening Impact Markets?

Starting June 1, the Fed began reducing its balance sheet holdings of U.S. Treasuries by $30 billion a month for three months. Thereafter, it will double its reduction of U.S. Treasuries by $60 billion per month beginning in the fourth month. For its mortgage-backed securities, the first three months will see $17.5 billion roll off …..

If You Want to Maximize Your Social Security Income, You Need to Start Planning Now

According to one recent study, about 27% of people in the United States between the ages of 55 and 67 years old have less than $10,000 saved for retirement. If you needed just one statistic to outline how important it is to plan ahead when you’re younger, let it be that one. Similarly, you need …..

What’s Happening at NWC? July Round-Up

Summer might be officially over, but we aren’t ready to leave it behind just yet. The Nathan Wechsler & Company team had a busy, fun-filled July. Here are some of our team’s highlights from the month: Managers Ashely and Kim hit the links for a golf outing the New Hampshire Society of CPAs Young Professionals …..

Top Side Hustles

In our current economy, or anytime actually, it can’t hurt to have a side hustle to bring in extra cash. Some of these options can be quite lucrative, but like everything, it takes a little work to create a steady income stream. However, with a little pre-planning, you can do it. Let’s take a look. …..

October Extended Due Date Just Around the Corner

If you could not complete your 2021 tax return by April 18, 2022 and are now on extension, that extension expires on October 17, 2022. Failure to file before the extension period runs out can subject you to late-filing penalties. There are no additional extensions (except in designated disaster areas), so if you still do …..

How Social Security Benefits Are Affected by Earned Income

Thanks to the Great Resignation trend over the past year, there is a high availability of jobs. Therefore, now is a good time for retirees who would like to go back to work to ease into the job market. However, if you’ve already begun drawing Social Security benefits, you should understand how earning income will …..

How to Protect Yourself When Selecting Investors For Your Startup

Any seasoned entrepreneur will tell you that coming up with an idea for a startup is ultimately the easy part of this process. Figuring out how you’re going to get the funds necessary to make that vision a reality? That part is a bit trickier. Selecting investors for your startup can be the hardest part …..

4 Common Depreciation Methods and Their Uses

Depreciation is the accounting concept that evaluates an asset’s useful life. As the Internal Revenue Service (IRS) explains, depreciable property – which could include equipment, structures, means of transportation, fixtures, etc. – is examined to see how many years the purchase price can be averaged and “deducted from taxable income.” This is in contrast to …..