Saratoga Business Journal

Advisers Say Investors Should Not Panic Even When Stock Market Shows Signs Of Dropping

November 8, 2018November 8, 2018

Jeff Vahanian of Vahanian & Associates in Saratoga Springs.
©2018 Saratoga Photographer.com

By Jill Nagy

Sit still. Hold tight. Don’t panic. That sums up the advice of some financial advisors to investors feeling a bit seasick in a volatile market.

From 1980 to the late October 2018 market drop, there have been 36 corrections in which the market fell 10 percent or more, said Jeff Vahanian of Vahanian & Associates in Saratoga Springs. In each case, the market recovered and continued moving upward.

The worst thing an investor can do is to sell when the market drops and then miss the upswing that is likely to follow, he said.

Tim Pehl of Luther Forest Wealth Advisors agreed.

“We try to keep our clients on the straight and narrow,” Pehl said. His advice to nervous clients: “Stick to your plan.”

“People with good rules, good discipline, and good habits do well,” noted Vahanian.

Business Report: Closing Out 2018 Finances

November 8, 2018November 8, 2018

Stephen Kyne is a partner at Sterling Manor Financial in Saratoga Springs.

By Stephen Kyne

The end of another year is rapidly approaching, and just as you cross items off your checklist and prepare your home for the winter, it’s also important to complete maintenance items to prepare your finances to close-out 2018.

An often-overlooked task is to review your beneficiary declarations each year. Families grow, as new members are added, and shrink with death and divorce, which means that beneficiary and transfer-on-death declarations can easily become outdated and no longer reflect your true wishes.

Since these declarations are a matter of contract, they will overrule what your will may say. So, even if you’ve updated your will to exclude an ex-spouse, but you left them as beneficiary on your IRA, your new spouse won’t be able to inherit those assets, but the ex will, and it can’t be challenged in probate.

Another piece of financial housekeeping is to begin to gather documents you’ll be needing just after the new year to prepare your taxes. Compile receipts for medical bills, tuition payments, child care and charitable contributions, among others.

Business Report: Tax Saving Chances For Capital Investments

November 8, 2018November 8, 2018

Frank Mayer is a member of Bond Schoeneck & King.

Frank C. Mayer

On Dec. 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act. The Act has effectively reduced the acquisition cost of certain capital assets by making significant changes to the rules for bonus depreciation and capital expenditures, commonly known as Internal Revenue Code Section 179 Expensing and certain other depreciation.

Prior to the Act, taxpayers were allowed to deduct 50 percent of the cost of most new tangible personal property and most new computer software in the year that an asset was placed in service. Because of the bonus depreciation deduction allowed in the year an asset was placed in service, there was a corresponding reduction in the amount of regular depreciation allowed in that year and later years.

For qualifying property placed in service after Sept. 27, 2017, and before Jan. 1, 2023, the Act raised the 50 percent bonus depreciation deduction rate to 100 percent.

More Participate In NY Employee Insurance Plan

November 8, 2018November 8, 2018

NY State of Health, the state’s official health plan Marketplace, announced a boost in participating employers in New York’s Small Business Marketplace (SBM) due to significant changes made earlier this year.

State officials said it’s now easier for small businesses to access the federal Small Business Health Care Tax Credit, and there are more health plans for employers to choose from through New York’s SBM.

In the first five months of New York’s re-vamped SBM, the number of participating small employers increased by over 300 percent and now exceeds 9,000.

Business Briefs – November 2018

November 8, 2018November 8, 2018

The Adirondack Trust Co. has once again secured a 5-Star rating from BauerFinancial, a bank rating firm.

Earning a 5-Star rating indicates this bank excels in areas of capital adequacy, profitability, asset quality and much more. Earning and maintaining this top rating for 49 consecutive quarters, puts the Adirondack Trust Co. in an even higher bracket as an “exceptional performance bank”.

This title is achieved after successfully earning the top 5-Star rating for 40 consecutive quarters (ten years or longer).

BauerFinancial Inc., based in Coral Gables, Fla., has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983.

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Colden Co. Inc., an IT Services provider with offices in Ballston Spa, announced the achievement of Microsoft’s Small and Midmarket Cloud Solutions Silver Competency.

Discount Hockey Tickets Benefit Senior Citizens

November 8, 2018November 8, 2018

The Adirondack Thunder and The Wesley Community have entered into a new partnership that will offer seniors a savings on home game tickets to see the Thunder at Cool Insuring Arena in Glens Falls.

Seniors ages 55 and older will receive a $2 discount on tickets to home games during the 2018-19 regular season, courtesy of The Wesley Community. The discount is available on all full-price tickets exclusively at the Upstate Chevy Dealers Box Office at the arena.

“We are extremely excited to announce this brand-new partnership with The Wesley Community,” Thunder President Jeff Mead said. “Adirondack Thunder hockey at Cool Insuring Arena is a great night of fun and entertainment for people in our community of all ages. Our goal is to always make Thunder hockey affordable for all and this new discount program will continue that push for the seniors in our region.”

Adirondack Health Institute’s New Network Addresses Social Factors That Impact Health

November 8, 2018November 8, 2018

Adirondack Health Institute (AHI), in collaboration with numerous community, social service, public sector, and health care provider organizations, has launched ADK Wellness Connections, a powerful, centrally-connected resource navigation and referral coordination network.

ADK Wellness Connections aims to improve access to care and services to address unmet social and health-related needs for individuals and families in the greater Adirondack region. It is part of a larger effort to increase collaboration and interoperability between clinical and social service providers, under the state Department of Health Delivery System Reform Incentive Payment (DSRIP) program. A five-year program beginning in 2015, DSRIP was intended to transform care delivery to individuals who receive Medicaid with the goals of reducing avoidable hospital use, increasing access to primary and preventative care, and improving population health outcomes.

Addressing social factors that impact health outcomes, such as housing, transportation, and access to nutritious food, has proven to be a key consideration in DSRIP initiatives.

ADK Wellness Connections utilizes Unite Us, a secure, HIPAA-compliant software platform, to support referral coordination, resource navigation, and the collection of social determinants of health outcomes data among network partners in Clinton, Essex, Franklin, Fulton, Hamilton, Saratoga, St. Lawrence, Warren, and Washington counties.

Bog Meadow Brook Nature Trail Opens With Ceremony Overseen By Saratoga PLAN

November 8, 2018November 8, 2018

A group of more than 50 trail enthusiasts turned out on Nov. 3 to cut the ribbon at the new entrance to the Bog Meadow Brook Nature Trail in Saratoga Springs conducted by Saratoga PLAN.

The reopening culminates a season of trail renovations including the creation of a new spur trail at Meadowbrook Road, extended bog bridging to avoid wet areas, extensive raising and smoothing of the trail surface, numerous drainage improvements, and new additions to prevent flooding caused by an active beaver population, officials said.

The trail had been closed since last spring while the renovations were underway.

Many volunteers who worked on the trail attended, along with representatives of business partners, the city of Saratoga Springs, and Saratoga PLAN staff.

Hank Hudson’s Brewing Co. Taproom Opens At ‘The Fairways Of Halfmoon’ Golf Course

October 5, 2018October 5, 2018

Chris Crounse, left, and Darren Van Heusen recently opened Hank Hudson’s Brewing Co., at the Fairways of Halfmoon Golf Course. They have an assortment of IPAs, pilsners and ales.
©2018 Saratoga Photographer.com

By Maureen Werther

Chris Crounse and Darren Van Heusen have opened a new craft brewery and taproom, Hank Hudson’s Brewing Co., at the Fairways of Halfmoon Golf Course.

They are hosting a grand opening, dubbed Hanktoberfest, from 1-4 p.m. Sunday, Oct. 14.

The taproom is newly constructed in the space between the Fairways clubhouse restaurant and the pro shop. The interior is constructed of reclaimed barn wood from two local farms on nearby Farm to Market Road. The seating consists mainly of long communal tables that facilitate friendly dialogue among fellow beer lovers as they sample pours from the 16 different taps at the bar.

It has a large stone fireplace and sliding glass doors that lead outside to a deck area. Outdoor patio seating is available in front of the taproom.

Ground Broken For Construction Of Battery Energy Storage Facility At Malta Tech Campus

October 5, 2018October 5, 2018

Officials conduct the ceremonial groundbreaking for the KCE NY 1 facility, a 20 megawatt (MW) utility-scale battery storage project located at the Luther Forest Technology Campus in Malta.
Courtesy Saratoga Prosperity Partnership

Key Capture Energy broke ground on Sept. 26 on its KCE NY 1 facility, which represents the commencement of construction on the project.

The KCE NY 1 facility is a 20 megawatt (MW) utility-scale battery storage project located at the Luther Forest Technology Campus in Malta.

The project is the largest lithium-ion battery storage project in New York state and supports he state’s commitment for the state to reach 1,500 MW of energy storage by 2025.