Saratoga Business Journal

Capital Region’s GTM Payroll Services Enhances Offerings With GTM Insurance Agency

November 22, 2023

GTM Payroll Services (GTM), a Capital Region leader in payroll and human resource solutions, announced a significant expansion of the insurance and employee benefit products and services it provides to businesses. Offered through a new affiliate, GTM Insurance Agency, GTM is further enhancing its ability to integrate essential business solutions that save companies time and money while delivering operational efficiencies.

Founded in 1991, GTM has offered workers’ compensation insurance with pay-as-you-go and robust payroll reporting options to businesses for more than two decades. The expansion of GTM Insurance Agency enables access to a wider variety of products and services utilizing local carriers, including MVP Healthcare, CDPHP, and Highmark, and national firms, such as The Hartford, Prudential, and Travelers Insurance, among others. Importantly, all of its sales, operations and support staff – including 4 new hires – are based in the Capital Region, at the same time several area insurance agencies have been acquired by larger firms from outside the region.

Saratoga And Glens Falls Gear Up For Holiday Celebrations In November And December

November 22, 2023November 22, 2023

Holiday music and festivities will entertain from 6 to 9 p.m. November 30 as this years edition of the Victorian Street Walk kicks off the 37th year of this holiday tradition.

BY JILL NAGY

November and December will be a busy months for holiday celebrations in Saratoga and Glens Falls. In Saratoga Springs, the Victorian Street Walk will be back in its previous format from 6 to 9 p.m. November 30. Glens Falls has renamed its outdoor holiday market, scheduled for December 1-3, the Adirondack Holiday Festival. Glens Falls also plans a holiday decorating contest open to homeowners, apartment dwellers, and business owners. The Festival of Trees returns to the Saratoga City Center November 20 to December 4. And there are rumors of a holiday parade in South Glens Falls.

This is the 37th year for the Saratoga Springs Victorian Street Walk, an event that has evolved from a street festival largely sponsored by local business owners as “a great way for businesses to welcome people and thank them for their support,” according to Deann Devitt, board president of the Saratoga Springs Business Association, the main organization running the event. Over the years, it has grown to a night of entertainment in downtown businesses and on the streets. During the height of the Covid pandemic, the event was changed from a weekday evening to a full weekend, in order to minimize crowds. This year, it returns to its previous format. Before the pandemic, close to 10,000 people would crowd Broadway for the walk. In between, “It’s been a couple of weird years,” Devitt said. This year, with people still shy of crowds, she expects some 5,000 walkers.

The evening will begin with the lighting of a holiday tree. City employees from the Department of Public Works will bring the tree and set it up. Munter Enterprises, another of the tree sponsors, will lend a lift to get the tree onto its stand. Rena Fine Flowers, a Saratoga Springs florist, was hired to decorate the tree.

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.”