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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 .....