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Category Archives: Corporate Tax / Business Planning

Company Owners Should Develop Business Plans That Reflect Their Vision for Future

Posted onJanuary 15, 2021January 18, 2021
Paul A. Curtis, CPA, founding partner of CMJ, LLP in Queensbury.

By Susan Elise Campbell
The fourth quarter of any fiscal year is a busy time for CPAs. But this year, advising clients is posing more than the usual challenges.
“It has been the busiest year-end in 10 years because of uncertainty with taxes and the economy,” said Paul A. Curtis, CPA, a founding partner of CMJ, LLP in Queensbury. “Our firm was in a rush to close business sales because the new administration is thinking of eliminating the maximum 20 percent capital gains rate and raising personal income tax rates.”
“A company that has grown to a million dollar business pays $200,000 under the current tax code but may have a $400,000 tax bill if they wait to cash in next year,” he said, which is why CMJ closed six major transactions in December. Uncertainty scares businesses to death.”
“It is difficult enough for CPAs to get out of 2020, much less plan for 2021, when passing laws pertaining to deductions, depreciation and taxes is delayed,” said Laurie A. Stillwell, a CPA in Saratoga Springs.
“My biggest fear professionally is that it is difficult to advise clients on how to move forward from a business and personal tax perspective,” she said. “I have never been busier, but I want to be proactive and that is nearly impossible.”

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Technological Innovations Will Continue To Revolutionize Functions In Every Day Life

Posted onJanuary 15, 2021January 18, 2021
Stephen Kyne, CFP, partner at Sterling Manor Financial LLC in Saratoga Springs.
Courtesy Sterling Manor Financial

By Stephen Kyne, CFP
There is an old curse that reads, “May you live in interesting times.” I think we can all agree that we are certainly in interesting times. From the pandemic and the economy, to the political climate, 2020 (and so far, 2021) will long be remembered as a consequential year. The question now: Where do we go from here?
2020 was a tale of two economies. Small businesses experienced a very different reality last year than large businesses. We all know local business owners who are struggling, or who have gone out of business, altogether. We know service sector workers whose financial lives are in complete collapse. Yet, on the other side, many large national businesses are booming. It’s a travesty, and our hearts go out to those suffering.
Things will get better.
For investors who stayed invested during 2020, it turned out to be a surprisingly positive year, especially in the technology sector.

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Business Report: Strategies For Strengthening Your Business

Posted onJanuary 15, 2021January 18, 2021
David Cumming, financial advisor in Saratoga Springs at Morgan Stanley Smith Barney LLC.

By David Cumming
As a small business owner, you are playing a big role in driving our nation’s economy. According to the U.S. Small Business Administration, small businesses create two out of every three net new jobs in the private sector. Currently, there are over 30.7 million small businesses in the U.S., accounting for 47.3 percent of all U.S. employees.
If you’re like most entrepreneurs, you wear many hats, including overseeing the finances of your business. Each day, you face critical decisions that may have an enormous impact on the future success of your company. Questions about day-to-day cash flow, attracting and retaining talented employees and balancing finances at work and at home are just some of the challenges you must consider as you grow your business.
Every business is unique, but the five critical strategies for strengthening a business for long-term growth are the same.
1. Managing cash flow
Having an effective cash flow strategy can assist you in keeping your finger on the pulse of how quickly and effectively cash is moving in and out of your business, while also working to enhance the yield on your short-term assets. You’ll also need skills and resources to address a broad range of credit structures.
2. Protecting your assets
Unforeseen events can jeopardize the value of your business. What if something happens to you, or another person who is critical to the success of the business? Or what if you get sued?

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Company Owners Should Develop Business Plans That Reflect Their Vision for Future

Posted onJanuary 16, 2020January 17, 2020
John Crawford, founder of JP Crawford Associates in Glens Falls

By Susan E. Campbell
As a new year arrives, many company owners review their business plans to make sure every financial decision, marketing program and staff member remain aligned with their company vision.
“Most of the time a business plan is stuck in a drawer and only revisited when the owner needs something, such as a loan,” said William Brigham, director of the Small Business Development Center of the University of Albany School of Business.
“We see a thousand businesses a year from 11 counties, and people would be surprised by the lack of a formal business plan,” said Brigham, who has been with the nonprofit organization for 20 years.
Financial advisors agree that a solid business plan is at the heart of a company’s success. Some aspects of the planning process are commonly overlooked or under-emphasized, according to local professionals who shared some tips for keeping companies on point, especially this time of year.

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Business Report: Are Your Financial And Tax Advisers Talking?

Posted onJanuary 16, 2020January 17, 2020
Meghan Murray is a financial advisor with Edward Jones Financial in Queensbury.

By Meghan Murray
Now that we’ve closed the book on 2019, it’s officially tax season. As you prepare your tax returns for the April 15 deadline, you might already start looking for opportunities to improve your tax-related financial outcomes in the future.
One important step you can take is to connect your tax professional with your financial advisor.
Together, these professionals can help you take advantage of some valuable strategies:
• Roth vs. traditional IRA. If you’re eligible to contribute to a Roth IRA and a traditional IRA, you might find it beneficial to have your financial advisor talk to your tax professional about which is the better choice.
Generally, if you think your tax rate will be higher in retirement, you might want to contribute to the Roth IRA, which provides tax-free withdrawals (if you’re older than 59½ and have had your account at least five years).

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New App Helps Manage Self Employment Taxes

Posted onJanuary 16, 2020January 17, 2020

For entrepreneurs and freelancers who struggle with quarterly taxes, help is here. AARP Foundation has launched AARP Foundation Self-Saver, an online resource and iOS app that enables the self-employed to anticipate and manage large expenses such as taxes.
Self-Saver is an all-in-one tool 1099 earners can rely on to calculate taxes, itemize expenses, automatically withhold the right amount of tax and submit quarterly filings to the IRS. The convenient, streamlined process makes it easy for users to get a handle on self-employment taxes.

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Business Report: Why You Should Have A Plan

Posted onJanuary 16, 2019January 17, 2019
Michael Cruz, president of Lighthouse Advisors LLC in Queensbury.

By Michael Cruz

Good business planning must start with Visualization.

Unless you want to finish next year exactly where you are today, it is important to think about where you want to be. And then write it down. Visualization starts with a thought process. What do you see your company headed? Sales goals? Customer satisfaction goals. Do you want to add new products or services?

Planning adds urgency to those goals. I worked with a client years ago that needed more space to reach their growth goals. We worked to define what that facility would look like. He described the building he wanted to move into. And, a year and a half later he moved into a facility that exactly matched the picture he had in his head.

It highlights the magic that came from his created visual. And he has exceeded his growth goals that came with the new facility.

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Business Report: To Be (A ‘C’) Or Not To Be

Posted onJanuary 16, 2019January 17, 2019
Carissa A. Conley is a senior tax manager with CMJ, LLP.

Carissa A. Conley, CPA

With the newly lowered corporate tax rate, many passthrough businesses are wondering if they should now convert to a C Corporation. The Tax Cuts and Jobs Act (TCJA) reduced the corporate tax rate from a maximum of 35 percent to a flat rate of 21 percent and eliminated the corporate AMT.

Meanwhile, income of passthrough entities is taxed at the individual taxpayer level which is still based on graduated rates up to a maximum of 37 percent. While this initially sounds like a no-brainer, in most cases, small businesses will be still pay less tax as a passthrough entity.

Even though a C Corporation is only taxed on its net income at a rate of 21 percent now, there is still the issue of double taxation when shareholders take dividend distributions. Depending on the shareholder’s tax bracket, these dividends which have already been taxed at 21 percent, are now taxed again at a rate up to 20 percent (for those in the highest tax bracket) plus another 3.8 percent for Net Investment Income tax.

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Business Report: Put Investment Performance In Perspective

Posted onJanuary 16, 2019January 17, 2019
Meghan Murray is a financial advisor with Edward Jones Financial in Queensbury.

By Meghan Murray

How can you assess your investment portfolio’s performance in 2018? The year was full of wild swings in the financial markets, so your own results may well have bounced around quite a bit, too.

But you can still get a clear picture of how you did if you keep your investments’ returns in the proper perspective by making sure your expectations are relevant, realistic and reviewed.

Let’s look at how these terms can apply to a meaningful evaluation of your investment progress:

Relevant. Many investors compare their portfolio returns to a popular market index, such as the S&P 500. But this comparison is not really valid for a variety of reasons. For one thing, indexes are typically not diversified across different types of investments—the S&P 500, for instance, only tracks large U.S. companies.

But your portfolio should consist of a broad range of investments: domestic and international stocks, bonds, mutual funds, government securities and so on, appropriate for your goals and risk tolerance.

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2018 Could Be A Year For Equity Investors To Reap Rewards For Taking Even Moderate Risk

Posted onJanuary 10, 2018January 11, 2018
Stephen Kyne, partner, Sterling Manor Financial in Saratoga Springs and Rhinebeck.

By Stephen Kyne

As we turn the page on another year, it’s time to take a look back at all that was, and prepare for what lies ahead. For the economy at large, 2017 was a stellar year and we think there is more to look forward to in 2018.

We’re beginning to feel a bit like a broken record when we say that the year has been better than we expected, and we expect the next year to be good as well. Unfortunately, since 2009, many investors have remained on the sidelines and have missed the opportunities that the economy presented since the recession. The good news is that we think there’s still room to run in this expansion—even those shy investors have time left to participate.

This time last year, we expected that U.S. stock indices could easily provide returns in excess of 10 percent, and boy were we right!. As of Dec. 29, the Dow sits up about 25 percent, the S&P is up 18 percent, and the NASDAQ is up a whopping 29 percent for the year, while bond indices have returned in the neighborhood of 2 percent (barely pacing inflation).

Clearly, equity (stock) investors have been rewarded in 2017, as they have been ever since March of 2009. Loosening regulations, lowering corporate taxes and increased consumer activity have all been among the factors that contributed to an environment which is producing record corporate profits and ultimately the beneficiaries have been stock investors.

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