Saratoga.com logo
Saratoga.com logo
  • Places to Stay
  • Things To Do
  • Food & Drink
  • Events
  • Businesses
  • Travel Guides
Saratoga Business Journal
  • Home
  • New Businesses
  • Business News
  • Business Reports
  • Business Briefs
  • Business Registrations
  • Personnel Briefs
  • Contact Us

Category Archives: Business Reports

2023 Follows Difficult Year For Economy And Markets, But Adjustments Remain Possible

Posted onFebruary 13, 2023
Stephen Kyne, partner, Sterling Manor Financial LLC in Saratoga Springs.
Courtesy Sterling Manor Financial LLC

By Stephen Kyne

The year 2022 was an incredibly difficult year for the economy and the markets. In fact, it was the worst year for U.S. stock markets since 2008. Rapidly rising interest rates meant that there were few places to hide as an investor, since even fixed income funds sank due to interest rate pressure. 

The S&P 500, the most broadly used US index, ended the year down 20 percent, while the NASDAQ suffered a 33 percent loss, according to FactSet. You’ll be in good company if you open your December statement and find that your balance dropped in 2022.

Down years happen, and it’s something that every investor must accept. The question is: Where do we go from here?

We think that the economy and markets will be impacted by several factors. The first of which will be the continued raising of interest rates by the Fed.

Caught flat-footed in early 2022, the Fed began a rapid series of interest rate increases in a desperate attempt to rein in rampant inflation, which resulted from the wanton subsidies and stimulus of the government’s pandemic response. Since interest rates are essentially the price of money, raising them should slow down economic activity, although it can be a messy and very imprecise process.

Read More

Business Report: New Years Financial Resolutions

Posted onJanuary 9, 2023
Robert Snell, financial adviser with Edward Jones Financial in Saratoga Springs.

By Rob Snell

It’s that time of year when many of us promise ourselves we’ll go to the gym more, or learn a new language, or take up a musical instrument, or any number of other worthy goals. 

But this year, when making New Year’s resolutions, why not also consider some financial ones?

Here are a few to consider:

Don’t let inflation derail your investment strategy. As you know, inflation was the big financial story of 2022, hitting a 40-year high. And while it may moderate somewhat this year, it will likely still be higher than what we experienced the past decade or so. 

Even so, it’s a good idea to try not to let today’s inflation harm your investment strategy for the future. That happened last year: More than half of American workers either reduced their contributions to their 401(k)s and other retirement plans or stopped contributing completely during the third quarter of 2022, according to a survey by Allianz Life Insurance of North America. Of course, focusing on your cash flow needs today is certainly understandable, but are there other ways you can free up some money, such as possibly lowering your spending, so you can continue contributing to your retirement accounts? 

It’s worth the effort because you could spend two or three decades as a retiree.

Read More

Business Report: Hiring A Grant Writer

Posted onDecember 12, 2022
Sabrina Houser is the owner of Capital CFO+ in Saratoga Springs.

By Sabrina Houser

Many nonprofits rely heavily on securing grants to fund the programs and initiatives that serve our communities. Grant writing services for nonprofit organizations are often handled by staff that have many other responsibilities as well. 

One strategy for success that is often overlooked or dismissed as too expensive is to contract with a grant writer or grant consultant. A grant writing consultant can work with existing staff to maximize the chances of success. 

A nonprofit grant consultant reviews the organization’s mission and finds grants that fit the mission. An outsourced grant consultant will also work with staff to make current grant applications align with funding requirements. A consultant can review, edit, and make suggestions to increase the  chances of submitting a successful grant application.

Grant management for nonprofits requires skill, time, and experience. Every grant comes with funder expectations for reporting, tracking of expenditures and program outcomes. Restrictions may also be placed on what the funds may be expended on. Tracking and reporting expenditures, properly allocating funds to allowed expenses, as well as measuring and evaluating program outcomes fall under the purview of grant management.

One of the critical functions of a nonprofit grant consultant is in strategizing funding support for specific initiatives and programs. A grant consultant’s experience with Federal, State, and private or corporate foundations can be an invaluable asset to a nonprofit that is struggling to secure grant funding or would like to increase their grant success rate. 

Read More

Business Report: Changes To Employer Retirement Plans

Posted onDecember 12, 2022December 12, 2022
Carissa Conley, CPA, co-managing partner, Bucknam & Conley CPAs.

By Carissa A. Conley, CPA

This year has seen a lot of legislative proposals and a lot of speculation, but not too many new changes to employer-sponsored retirement plans. The most recent set of changes came from the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) of 2019. 

Congress has been working on what’s being tagged as the SECURE Act 2.0, but nothing has yet to make it through. From the 2019 legislation, these are the updates that could affect your retirement plan and employees.

• The age at which Required Minimum Distributions (RMDs) must begin is now 72, instead of age 70 ½.

• Long-term part-time employees will be eligible to participate in employer retirement plans after three years of employment. Since this provision went into effect 2021, the earliest their participation can begin is 2024.

• Inherited retirement accounts must now be fully distributed within 10 years and can no longer be stretched out over the beneficiary’s life expectancy. (There are certain exceptions to this for surviving spouses, minor children, disabled taxpayers, or beneficiaries not more than 10 years younger than the participant).

• New parents can withdraw up to $5,000 from eligible retirement plans without incurring the normal early withdrawal 10% penalty – if this is not incorporated into your plan, the employees can still take advantage of this on their personal tax return.

Read More

Business Report: Begin Estate Planning ASAP

Posted onDecember 12, 2022
Eric Scaringe, is a principal at UHY Advisors, Inc.

By Eric Scaringe

Recently, the office of the Illinois state treasurer was tasked with handling one of the most bizarre and complicated unclaimed estate cases ever recorded in U.S. history. 

Chicago resident Joseph Stancak passed away in 2016, secretly leaving behind $11 million in his estate. Fast forward to October 2022, 119 of Stancak’s relatives have now received a portion of his wealth more than five years later.

With no siblings, children of his own, or nephews and nieces, his lineage had to be traced by going all the way back to his parents before coming back to these relatives who are located in multiple states and even countries. That is a life-changing amount of money, and there is not much information on how he accumulated the wealth, but there is an important lesson to be learned here.

The best time to begin estate planning is as soon as possible. It basically starts with going through “what if” scenarios, some financial housekeeping and then bringing in professionals to finalize the process. 

The biggest error you can make is thinking that estate planning is only for those worth tens of millions of dollars and doesn’t apply to your family.  Anyone with assets owned in their own names may be subjecting their heirs to a long and expensive probate court process to simply inherit their assets.

Here are steps you can take to start the process:

Read More

Business Report: Charitable Giving: Maximizing Tax Benefits

Posted onNovember 7, 2022
Bill Canty, CPA, CFP, founder, CFM Tax and Investment Advisors.

By Bill Canty

Charitable giving is a great thing to do regardless of whether or not you are able to realize a tax benefit. 

However, if you can help others and realize a tax benefit this is a good thing and might even allow you to give a little bit more. Here are some things to know in trying to maximize the tax benefits of charitable giving. 

The standard deduction is a reduction in taxable income available to all taxpayers regardless of whether or not they can itemize deductions or have any tax credits. For 2022, the standard deduction is: Single and married filing separately,  $12,950; married filing joint, $25,900; and head of household, $19,400. 

If you have itemized deductions in excess of the standard deduction, you can deduct that amount from your taxes. Examples of itemized deductions include: property taxes, state income taxes, mortgage interest, medical expenses and charitable contributions.

Charitable contributions can be made in a number of ways that can qualify as an itemized deduction. These include direct gifts of cash, gifts of securities like stocks, mutual funds, and ETFs, and gifts of property such as real estate, art, and collectibles.

 The amount that can be deducted as an itemized deduction is as high as 60 percent of adjusted gross income for some cash donations, dropping to 50 percent or as low as 20 percent for other types. This percentage can also vary by the type of organization. 

Read More

Business Report: Should You Consolidate Retirement Accounts?

Posted onNovember 7, 2022
Robert Snell, financial adviser with Edward Jones Financial in Saratoga Springs.

By Rob Snell

One of the rewards for working over several decades is the ability to contribute to tax-advantaged retirement accounts, which can help provide needed income for you when you do retire. 

As the years went by, you may well have accumulated several retirement accounts, such as IRAs and 401(k)s or similar employer-sponsored plans. But you might find it advantageous to consolidate these accounts with a single provider.

Consolidating them can provide you with several potential benefits, including these:

• Less confusion and clutter. If you have multiple accounts in different locations, it may be difficult to keep track of tax documents, statements, fees, disclosures and other important information. Consolidating accounts could help provide clear, simplified account maintenance.

• Less likelihood of “lost accounts.” It may be hard to believe, but many people abandon their retirement accounts, leaving thousands of dollars behind and unclaimed. In fact, at the end of 2021, there were nearly 25 million forgotten 401(k) accounts, worth about 20 percent of all 401(k) assets, according to an estimate by Capitalize, a financial services company that helps individuals roll over retirement plan assets into new accounts. 

Read More

Business Report: Employers Deal With ‘Quietly Quitting’

Posted onOctober 10, 2022
Rose Miller, SPHR, area HR thought leader, speaker, writer.

By Rose Miller

There is a term floating around the TikTok work circles. I like to follow TikTok’s workplace trends discussions because I get to hear what employees are talking about. Similar to the way restaurateurs follow Yelp, some employers follow social media such as TikTok, Reddit, and Twitter to hear what the work force is saying about their employers and their work environments. 

There is a phrase called “quietly quitting” and it is catching on quickly. 

What I found as a surprising discovery was that the term doesn’t mean they are actually leaving their jobs. Instead, they have decided not to take their jobs too seriously. Young professionals are stating they reject the idea of going above and beyond in their careers. The idea is to stay at the company but focus time on things they do outside of work. They have decided to pass on promotions, pay and titles.

They are setting some firm boundaries like refusing to work overtime. They insist on leaving right at five. Others advertise the fact that they will only do enough to get by. Unlike their senior managers, they don’t want their careers to be confused with personal identifies. 

Remember these are young professionals and it’s not uncommon for younger employees to, at first, refuse to climb the corporate ladder, only to end up changing their minds later. Gaining a mortgage, spouse and children can change perspectives and priorities in a drastic way. 

Read More

Business Report: Electronic Monitoring Law Impacts Workplace

Posted onAugust 8, 2022
Sabastian S. Piedmont, managing partner at Tully Rinckey PLLC.

By Sabastian Piedmont, Esq.

New legislation in the form of an amendment to the New York Civil Rights Law became effective on May 7, requiring private employers to inform current and newly hired employees that the employer electronically monitors their work telephone, email, and internet access and usage. 

With the increased reliance on technology in the workplace—and for that matter, the increased amount of remote work being done throughout New York state—many employees and employers are curious as to how this will impact their normal operating procedures, if at all. 

While the law does not radically modify the terms of an employee’s use of technology in the workplace (and remotely), there are several changes that both employees and employers should be aware of with regard to the consent/notice given of this surveillance, as well as how it will impact those currently employed versus those who will be newly hired.

Now that the amendment is in effect, all private employers of all sizes must disclose that they are electronically monitoring employee internet usage, emails, and/or telephone communication in the form of:

Read More

Business Report: When Is It Too Late To Plan Your Estate?

Posted onJuly 11, 2022
Debra A. Verni, Esq., senior counsel, Rowlands, LeBrou, & Griesmer PPLC.
Courtesy Rowlands, LeBrou, & Griesmer PPLC.

By Debra A. Verni, ESQ.

The answer to this age-old question is, it depends. It depends on what you consider estate planning. It is a safe bet that after you pass away it is too late to prepare a will to dispose of your worldly possessions, but an estate plan is not just a will. 

 A good estate plan consists of a will, a durable power of attorney, a health care proxy and a living will. When is the best time to create an estate plan? Any time after the age of 18. I know 18 sounds young to be worrying about an estate plan but 18 is a pivotal age. Most parents forget that when their children turn 18 their ability to get information or make health care decisions for their children ends. 

Most kids at 18 are off to college. As a parent of a college student, especially one far away from home, you should have your child appoint you as their health care proxy so you can receive medical information and make medical decisions for them if they become hospitalized or need care. Additionally, your child should appoint you as their power of attorney so you can deal with financial aid and any other financial issues such as housing, paying bills etc. 

So now that your kids are all set what about you? Do you have an estate plan? I always joke with clients and say that if you don’t have a will, you have a won’t. I won’t ever die, I won’t need to plan, everything will work out fine. 

Unfortunately, if you do not prepare an estate plan that gives your family direction as to who you want to be in charge and where you want things to go, could be a mess. Newsflash—if your family does not get along now, they will not get along if you get ill or pass away. The best plan is to have your documents in place and tell the person that is going to be in charge where your documents are or give them the name of your attorney so they know where to find your documents and the attorney can give them direction. 

Read More

Posts navigation

Previous 1 2 3 4 5 6 7 8 … 27 Next
Subscribe to Our Newsletter View the Latest Virtual Edition

Categories

  • 50-Plus
  • Banking
  • Banking / Asset Managment
  • Building Trades
  • Business Briefs
  • Business News
  • Business Registrations
  • Business Reports
  • Commercial / Residential Real Estate
  • Community Services
  • Construction
  • Construction Planning
  • Corporate Tax / Business Planning
  • Cyber / Tech
  • Dining Guide
  • Economic Development
  • Economic Outlook 2016
  • Economic Outlook 2017
  • Economic Outlook 2018
  • Economic Outlook 2019
  • Economic Outlook 2020
  • Economic Outlook 2022
  • Economic Outlook 2023
  • Economic Outlook 2024
  • Economic Outlook 2025
  • Education/ Training/ Personal Development
  • Entrepreneurial Women
  • Entrepreneurship
  • Environment / Development
  • Financial Planning / Investments
  • Fitness / Nutrition
  • Health / Community Services
  • Health & Fitness
  • Health & Wellness
  • Healthcare
  • Holiday Guide
  • Holiday Shopping
  • Home / Energy
  • Home / Insurance
  • Home & Real Esate
  • Insurance / Employee Benefits
  • Insurance / Medical Services
  • Leadership Development
  • Legal / Accounting
  • Meet The Chef
  • New Businesses
  • Non-Profit
  • Office / Computer / New Media
  • Office / HR / Employment
  • Office/ Technology/ E-Commerce
  • Outlook 2021
  • Personnel Briefs
  • Retirement Planning
  • Senior Living / Retirement
  • Summer Construction
  • Uncategorized
  • Wellness
  • Women In Business
  • Workplace / Security / Legal
  • Year-End Tax Planning

Archives

  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
Show More
Connect With Us

Follow, like and subscribe to Saratoga.com on social media

Account Sign In Submit An Event
Saratoga.com logo
  • Home
  • Places To Stay
  • Things To Do
  • Food & Drink
  • Events
  • Real Estate
  • Businesses
  • Guides
  • Contact Us
  • Blogs
  • Sweepstakes
  • Advertising
Visit Saratoga.com For Everything Saratoga
Full-Service Internet Marketing: Search Engine Optimization, Website Design and Development by Mannix Marketing, Inc.
Mannix Marketing, Inc. is headquartered near Saratoga Springs in Glens Falls, New York
Saratoga.com All Rights Reserved © 2025
Disclaimer & Privacy Policy / Terms of Use / Copyright Policies
[uc-privacysettings]

We strive to insure accuracy on Saratoga.com however accuracy cannot be guaranteed. Information is subject to change.
Please alert us if there is any inaccurate information here.

Having trouble using this site? Accessibility is our goal, please contact us with site improvements.