Saratoga Business Journal

Toys For Toga Kicks Off 11th Annual Holiday Toy Drive And Fundraiser

November 22, 2023November 22, 2023

Toys for Toga holiday toy drive and fundraiser is back for its 11th consecutive year and organizers hope to raise more than 3,000 toys and raise $8,000 for Saratoga County kids.

The Toys for Toga holiday toy drive and fundraiser is back for its 11th consecutive year, and with the help of the public and three new fundraising partners, organizers hope to collect more than 3,000 toys and raise $8,000 for Saratoga County kids in need this holiday season.

Through Dec. 10th, the public can donate new, unwrapped toys at any of the more than 80 participating Saratoga County businesses. Participating businesses include local restaurants, bars, retail stores, hotels, and more, with a Toys for Toga toy collection bin.

Toys for Toga has three new partners this year: packaging producer Ball Corporation, charitable organization Brewnited and Franklin Square Market.

Business Report: NBT Analyst Highlights Economic Concerns

November 22, 2023

Kenneth J. Entenmann,chief investment officer & chief economist with NBT Bank.

By Paul Post

The U.S. should have no trouble weathering a mild recession if one occurs, but inflation, a national labor shortage, and skyrocketing debt coupled with high interest rates are major causes for concern.

That’s what a leading financial analyst told more than 200 people gathered for a recent Adirondack Regional Chamber of Commerce event at the Queensbury Hotel.

Ken Entenmann is senior vice president, chief investment officer and chief economist for Norwich, N.Y.-based NBT Wealth Management. He holds a bachelor’s degree in applied economics and business management from Cornell University, an M.B.A. from the University of Rochester’s William E. Simon Graduate School of Business Administration, and oversees more than $9 billion in assets under management and administration in trust, custody, retirement, institutional and individual accounts.

His presentation, supported by detailed graphics, was entitled, “Should I Stay or Should I Go?: Waiting for the Imminent Recession That Has Yet to Happen.”

“Whether we have a recession or not, I don’t think is the relevant question,” Entenmann said. “Things are slowing, but because consumer and corporate balance sheets are relatively strong, I think we’ll weather a recession. I’m concerned because I think it’s fair to say Washington right now is dysfunctional, and the likelihood that they’re going to tackle some of the bigger problems like Medicaid and Social Security is small. Therefore, I think those problems are going to linger.”

Since 2007, national debt has more than tripled from $9 trillion to $33 trillion.

“Then the chickens came home to roost,” Entenman said.

While debt was growing exponentially interest rates remained low, but have since gone up 550 basis points, meaning this year’s interest payments on debt will total about $800 billion and likely reach nearly $1 trillion in the next few years, or 8 percent of the federal budget.

“Why is that important? Because it sucks the life out of an economy when all that money is going to pay off debt,” he said.

Business Report: Smart Tax Moves: Year-End Harvesting

November 22, 2023

Matthew Burnell, financial paraplanner, HK Wealth Management Group.

BY MATTHEW BURNELL

“It’s that time of the year, and I don’t mean just the holiday season, even more exciting it’s time for year end ﬁnancial and tax planning! The following are some topics that you may want to discuss with your tax accountant or ﬁnancial advisor.

One year end strategy is “tax loss harvesting”. You or your ﬁnancial professional may be selling equities in non-retirement accounts throughout the year. If selling at a price higher than the purchase price, you have a capital gain on the sale which is taxed according to your income bracket and the amount of time the security was held. With the goal of reducing tax on capital gains, you can look to oﬀset some of the gains by selling other securities in your portfolio that have a loss.

This should be done strategically considering the investment philosophy of your portfolio. Note, repurchasing the same or substantially identical security that you sold for a loss within thirty days, or the loss may be considered a “wash sale” and disallowed.

Now may also be a time to review your withholding on your salary heading into the new year. If you keep owing a large tax bill in April and would prefer to pay this over the course of the year instead, and if applicable reduce interest and penalties your withholding percentage may not be aligned with your income tax rate. For example, if your eﬀective Federal Tax Rate is 25% and the withholding on your paystub is 15%, there is a 10% gap here and you will likely owe taxes in April if you have not been making estimated payments. You can adjust your withholding on form W4 provided by your employer.

Maxing out your retirement contributions is a way to reduce taxable income as well as save for retirement. If you are using a pre-tax plan such as a 401K or 403(B). The maximum contributions for 2023 to a 401K is $22,500 plus an extra $7,500 if over the age of ﬁfty. For example, a client is over age 50 and earns $120,000. If they contribute $30,000 to a 401K that reduces taxable income (aside from FICA taxes) to $90,000 for the tax year. So, you have deferred taxes on this $30,000 as well as set aside money for retirement that can grow over time.

Business Report: Year-End Tax Strategies For Business Owners

November 22, 2023

Megan Nelson, CPA at Whittemore, Downe & Ricciardelli, LLP..

By Megan Nelson, CPA

Business owners, whether a sole-proprietorship, partnership, S-Corporation or closely held C Corporation, should take the time before year end to assess their current financial situation. First and foremost, make sure the books and records are up to date, reconciled and properly categorized so you have an accurate view of your financial picture. No benefit is derived from tax planning based upon poor records. Next, take some time to reflect on the past year, anticipate the remainder of the year and project ahead to next year.

Most business owners are looking to minimize taxes, however avoiding taxes at all cost may not always result in keeping the most cash. For example, buying something before year end for the sake of getting a deduction does typically result in lower taxes, but it can also result in a negative impact on cash flows, meaning more dollars are spent than taxes saved and often doesn’t result in the best overall financial situation for the business. On the other hand, spending money on necessary expenses or equipment that will help the business grow and be more effective/efficient might justify that impact on cash flows. Or, if profits are up, it may make more sense to pay tax now and keep those after tax dollars to grow your business.

Keep in mind, tax planning shouldn’t be looked at based on a single year. Consider your tax situation this year, but how might it compare to next year and the year after? The Tax Cuts and Jobs Act (TCJA) became law in 2017 and lowered income taxes for almost everyone. Personal income tax rates in effect today are scheduled to sunset at the end of 2025 and increase to what they were in 2017. Under current law, the beginning of 2026 could find many taxpayers paying 3% to as much as 9% more in federal tax compared to the same income this year. Maybe saving cash and postponing that equipment purchase is a better financial decision.

If after looking at your current year income with consideration for few years, you decide it is beneficial to reduce current year income, here are some options to maximize deductions:

Nurse Practitioner Kristen Marquis Launches KM Psychiatry To Fill Mental Health Gaps

November 22, 2023

by Christine Graf

Board Certified Psychiatric Mental Health Nurse Practitioner Kristen Marquis has opened her own practice, KM Psychiatry, at 4 Emma Lane in Clifton Park. She provides psychiatric care to adults, adolescents, and children ages 5 and up.

“I specialize in children and adolescents, but I see patients of all ages,” said Marquis. “I see a lot of kids with special needs and kids who are on the autism spectrum. I also see a lot of bipolar and ADHD. I also work with the transgender population.”

Marquis also sees same-day crisis patients from Albany Medical Center and spends one day a week working at Northern Rivers, a residential foster care program in Schenectady.

In her role as a psychiatric nurse practitioner, she does not provide therapy.

“When I see a patient and they are struggling, I do spend the time to listen to them and validate them. I also refer them out to therapists who we collaborate with,” she said.

Instead of providing therapy, Marquis conducts psychiatric evaluations, recommending medication when necessary. Those who are prescribed medication are monitored closely.

“Sometimes I won’t make a decision about medication after the first interview because I want to get to know them better. Especially with kids, you don’t want to jump to conclusions,” she said. “And, sometimes I don’t medicate them. There are a lot of kids who I think need therapy instead of medication.”

Marquis understands that some parents are reluctant to have their children take a medication that she recommends.

The Joint Chiropractic Marks 10 Years Of Serving The Clifton Park Community

November 22, 2023

Celebrating 10 years in Clifton Park with a ribbon cutting at 5 Southside Drive.

By Susan Elise Campbell

The Joint Chiropractic celebrated 10 years in Clifton Park with a small ribbon-cutting ceremony Monday, October 30th, at its office on 5 Southside Drive.

The practice is part of a national franchise that operates in non-traditional ways. Its four chiropractors do not own the franchise. Marvin Thornton, the managing partner, and his partners do, along with 10 other franchises in four states.

According to Thornton, there are no appointments needed, only walk-ins are taken. By paying up front for a package of visits, patients can enjoy deep discounts. Most offices are open six, if not seven, days a week.

And once a member, travelers can visit any of the 900 The Joint offices around the world, their file can be pulled up online, and their pass will be honored regardless of the currency exchange.

Thornton said this operational arrangement provides benefits to patients and to him personally.

“I wake up every morning knowing we’re doing good for people,” said Thornton. “Every day, guaranteed, chiropractors help improve the quality of people’s lives.”

Thornton had no prior experience with or opinion about chiropractic care until a friend approached him with a business opportunity in 2011. At the time Thornton was in the military with seven years until retirement.

“He told me there was a great franchise opportunity and it was called The Joint,” he said. “I read the information and my friend had a lot of experience, so I knew I wanted to buy into a business.”

At the time the owners of a Clifton Park practice had let it be known they were looking to sell.

Adirondack Wilderness Medicine: Equipping Outdoor Enthusiasts With Life-Saving Skills

November 22, 2023

AdkWildMed will prepare you to face dangerous challenges with confidence. Our courses are designed for all experience levels.

By Susan Elise Campbell

A person never knows when first aid training may be needed, but Clark Hayward, founder of Adirondack Wilderness Medicine, believes if they are an hour or more away from a hospital, his wilderness first aid course may not only come in handy, but save a life.

“It’s amazing that new students taking the course are surprised how much can go wrong out on a hike or ski trip,” said Hayward. “We are here locally to train anyone who does things outdoors, either sports or hunting or in their line of work.”

The basic two-day, 16-hour training encompasses everything a standard first-aid course includes along with the practical skills to prevent such conditions as hypothermia or heat stroke, he said.

“The difference between wilderness first aid and standard first aid is the latter assumes an ambulance will arrive in about 15 minutes,” said Hayward.

With wilderness first aid, that help “may not arrive for hours or even days,” during which time someone has to manage the situation medically as well as provide food and water, he said.

The course curriculum Hayward follows is designed by SOLO, the international leader in wilderness education founded in 1976 and the originator of wilderness medicine in the U.S. Hayward is a licensee of the SOLO program, he said.

While wilderness first aid may be the course choice of scout leaders, camp counsellors and avid sportspeople, Adk Wild Med offers higher level training and certification as well.

Discover Radiant Skin At Clifton Park Laser & Wellness – Where Beauty Meets Science

November 22, 2023

Clifton Park Laser And Wellness offers laser treatment services at their wellness center in at 963 Route 146 Suite 2 Clifton Park.

Clifton Park Laser & Wellness owner John LaCombe, R.N., and business partner Erin Ozinsky, Licensed Esthetician recently opened their new medical spa company at 963 Route 146 Suite 2 Clifton Park across from the Shenendehowa Central School Campus entrance.

“We noticed a growing interest among our clients in achieving a higher level of skin care results, thus a heightened need to provide more advanced state-of-the-art skin care services. Most laser and light-based skin therapy procedures require no downtime, minimal pain and maximum results,” said LaCombe.

“Given our collective 20+ year backgrounds in the health and wellness field, Erin and I partnered to create a medical grade skincare company that would respond to the needs and desires of our clients and customers.” LaCombe added.“Notably, our treatments and services are healthy and safe for all skin types, not always the case with other technologies,” Ozinsky explained. “Our practitioners have been exclusively trained in XEO™️* light and laser technologies: Laser genesis/hair removal for men and women; facial chemical peels; dermaplaning; microdermabrasion and eyelash extensions.”

Business Briefs: November 2023

November 22, 2023

Mayor Ron Kim and Commissioner of Finance Minita Sanghvi announced that the City of Saratoga Springs completed its purchase of cobra head street lights, which will convert the City’s street lights to LED, dark-sky compliant fixtures. The New York Power Authority (NYPA) will manage the upgrade of the street lights through a contract with the construction management firm Guth DeConzo, with the entire project slated for completion by June.

Mayor Kim states, “We are thrilled to have completed this sale as it allows us to replace our street lights with energy efficient LED technology, reduce street light energy use by as much as 65%, provide a safer and well-lit community, and reduce energy use.”

Commissioner Sanghvi adds, “We’re taking a major step toward reducing the city’s carbon footprint, and we’re also realizing financial benefits. In addition to using less energy, this project will generate an estimated total annual cost savings of $270,820.”

Beyond The Classroom: Dr. Borgos-Hatin’s Impact On Business And Education

November 22, 2023

Dr. Borgos-Hatin appointed SUNY Distinguished Professor after 23 years at ACC.

by Ann Donnelly

New York’s State University Board of Trustees has appointed Dr. Kelli Borgos-Hatin as SUNY Distinguished Professor. Dr. Borgos-Hatin has been a Business Professor at SUNY Adirondack for over 23 years, starting when the college was known as Adirondack Community College, and has taught and mentored hundreds of students during that time. While building the next generation of business leaders is a great passion, she is also a highly regarded entrepreneur. Throughout her career, Borgos-Hatin had also worked in event catering and saw frequent issues with staffing the bar, so in 2011, she founded Mixaritas, mobile bartending services, with Jenn Berry-Youngs, who had been a student in Borgos-Hatin’s Hospitality Management Classes. Since then, the business has seen great success, leading to another business opportunity for Borgos-Hatin. Many event guests asked to purchase the flavored simple syrups she uses in her cocktails.

In 2019, Borgos-Hatin launched Mixa-Fusion, making syrups with pure cane sugar and natural ingredients with no added preservatives, powders, or extracts. In addition to the syrups, Mixa-Fusion makes and sells hot cocoa bombs in various flavors and scented hand sanitizer that they started producing when there was a significant demand early on during the pandemic.

Early in her career, Borgos-Hatin worked with two strong businesswomen from the region who she cites as role models: Maureen Monahan Chase of Monahan Chase Caterers and Catherine Fisher, who owned a Carvel Ice Cream franchise. Her parents were also significant influences: her mother, JoAnn Borgos, showed her how to manage a busy yet happy household successfully, and her father, Stephen Borgos, who was Professor of Business Emeritus at Adirondack Community College (SUNY Adirondack), working there from 1966-2001.