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Category Archives: Business Reports

Business Report: New Years Financial Resolutions

Posted onJanuary 16, 2023January 16, 2023
Meghan Murray is a financial advisor with Edward Jones Financial in Glens Falls.

By Meghan Murray

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: Changes To Employer Retirement Plans

Posted onDecember 13, 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.

Keep in mind, if you sponsor a 401k, you must ensure the plan is amended to include the required changes from the SECURE Act. Make sure to check that your plan administrator is taking care of this now.

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Business Report: Charitable Giving: Maximizing Tax Benefits

Posted onNovember 14, 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. 

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Business Report: Technology, Outsourcing Help

Posted onOctober 17, 2022
Mark Shaw, president and CEO of Stored Technology Solutions Inc. (StoredTech).

By Mark Shaw

The economy is bumpy, but technology and outsourcing can make it smoother. 

The first thing we all do during uncertain economic times is look for ways to save money and get the most bang for our buck. Just like with anything else, we can seek savings and efficiencies with technology.

All business owners have grown dramatically more dependent on technology to run their businesses, manage their information, and support their remote and onsite workforces. When considering your in-house IT staff, or in many cases what we often call the one-man band, you uncover lack of skills in one area or another. One small team does not possess the knowledge and skills about every aspect of the vastly rapid changing IT world.

Think about the laundry list of items that your in-house IT staff needs to be familiar with to provide daily support for your business. Your IT, telecommunications and security needs go on and on, but below are a few of the items needed to have expertise in:

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Business Report: Employers Deal With ‘Quietly Quitting’

Posted onOctober 17, 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. 

I’m a ‘70s girl and I can remember my generation saying not to trust anyone over 40 years old. It was a time when young people were “anti-establishment” only to become the establishment later in their lives. 

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Business Report: Electronic Monitoring Law Impacts Workplace

Posted onAugust 15, 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:

• Written and electronic notice to current employees.

• Upon hiring a new employee, employers must obtain written acknowledgment of the notice.

• Posting a notice of their electronic monitoring in a conspicuous place which is readily available for viewing by subject employees.

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Business Report: Retirement Considerations In Inflationary Times

Posted onAugust 15, 2022
Jim Amell, CPA, director of Marvin and Company PC CPAs.

By Jim Amell

After a decade of extremely low inflation, the rapid increase in costs of living we are experiencing has been difficult for most households, particularly retirees on a fixed income. 

Many retirees are facing declining income along with increased expenses. Our current economic environment also provides lessons for everyone on how to position their personal finances for their retirement. 

How should retirees respond so as not to be overwhelmed by increased cost of living? First, determine your monthly income. Social Security benefits have and will continue to increase at a rate roughly equal to the core inflation rate. Unfortunately, Medicare premiums withheld may also increase, leaving beneficiaries with only a slight increase in net social security benefits. 

Revisit your sources of income other than social security. The stock market has declined significantly this year, and whether your retirement savings are in a 401k/IRA/Roth IRA,  taxable investments, cash savings, or a combination of  the amount you can comfortably withdraw depends on the nature of your investments and income generated by those investments. If you withdraw from investments based on a fixed percentage of invested assets you will most likely be withdrawing less than in recent years. 

Read More

Business Report: When Can You Choose Retirement?

Posted onAugust 15, 2022
Meghan Murray is a financial advisor with Edward Jones Financial in Glens Falls.

By Meghan Murray

If you’re like most people, your work has been a central part of your life. So, wouldn’t it be nice to have the flexibility to decide when you no longer want to work?

Many people of retirement age have achieved this type of control. In fact, two-thirds of workers ages 65 and older say they work primarily because they want to, not because they have to, according to a 2021 study by Edward Jones and Age Wave. 

But that means that one-third of workers in this age group feel financially compelled to work. This doesn’t necessarily mean they dislike the work they do — but it’s probably fair to say they would have liked the option of not working. How can you give yourself this choice?

You can start by asking yourself these questions: 

• When do I want to retire? You’ll want to identify the age at which you wish to retire. You may change your mind later and move this date up or back, but it’s a good idea to have a target in mind. 

• What sort of retirement lifestyle do I want? When you retire, do you anticipate staying close to home and pursuing your hobbies, or do you hope to travel the world? Would you like to spend your time volunteering? 

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Business Report: Achieve Your Entrepreneurial Vision

Posted onApril 18, 2022
Christy Alexander, founder of WorkSmart Coworking & Meeting Space in Glens Falls.

By Christy Alexander

Small businesses are key contributors to the vibrant communities that people want to call home. 

Fortunately, entrepreneurship in the U.S. is on the rise. But for these new businesses to have an impact, they must survive, and by focusing on some key areas, entrepreneurs can have the best possible chance to reach their goals and build thriving, sustainable businesses.

Entrepreneurship can be rewarding, and thoughts of independence are exciting, but the life of an entrepreneur isn’t a good fit for everyone. The truth is that running your own business is hard. It can mean long days of solving problems and taking responsibility for endless decisions. Conquering these obstacles requires passion and relentlessness. The first thing you can do to set yourself up for success as a hopeful entrepreneur is to carefully decide whether you’re ready, willing, and able to accept the challenges of entrepreneurship.

With so many challenges to manage, it’s easy to go adrift, so having a clear vision to guide you is critical. You need to develop a clear image of what you want for your business and your life. It is this clarity that will help you stay on track when you must make tough decisions, and a compelling vision that will inspire others to join you in pursuit of your goals.

Even with a clear vision, you’ll be required to wear many hats in your business. It can be draining, and you will be better off playing to your strengths than trying to work on your weaknesses. Assess your abilities and identify the tools you will need for success. 

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Business Report: Caregiving And Planning For Care

Posted onMarch 21, 2022March 21, 2022
Sherry Finkel is a private wealth advisor with The Atrium Financial Group. Courtesy Atrium Financial Group

Sherry Finkel Murphy, CFP, ChFC, RICP

Often, my work as a certified financial planner practitioner is also personal. Traditionally, we spend a lot of time discussing marriage, educating children, the cost of retirement, etc. But we need to discuss ‘caregiving’ and planning for personal care as near-universal life phases of this age. 

That’s especially timely now, when the pandemic has made these planning challenges more acute. Caregiving is largely gendered—75 percent of caregivers are women, according to Institute on Aging. During the pandemic, 6 in 10 caregivers took on new or expanded caregiving responsibilities. 

That is likely to continue as longevity increases. There’s a 50 percent chance a 65-year-old man will live beyond the age of 88. And there’s a 50 percent chance that a 65-year-old woman will live beyond the age of 90. 

My 94-year-old mom is sharp as a tack. She’s happy in her independent living facility, but growing frail as even healthy bodies do. She uses one of three rollators—each with different features—and a cane if she needs extra mobility and has my arm to steady her. Her shower has no step up. Her bed drops down to meet her. Her hearing aids are controlled by her iPhone (I am the chief iPhone troubleshooter). 

When she has a doctor’s appointment, I’m the chauffer; and my work schedule is blocked out, accordingly. When she needs something in a hurry, I’m the go-to phone call. She’s the only person permitted to interrupt me in a client meeting. Although she’ll say, ‘If I’m dead, there’s no rush; so call me back.’ We’ve already managed the multi-year decline and passing of Dad, in his 90’s, a few years ago: late-stage Alzheimer’s diagnosis, home health aide, memory care, hospice. 

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