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Category Archives: Year-End Tax Planning

Business Report: Should You Consolidate Retirement Accounts?

Posted onNovember 14, 2022
John Gable is a financial advisor with Edward Jones Financial in Warrensburg.

By John Gable

One of the rewards for working over several decades is the ability to contribute to tax-advantaged retirement accounts, which can help provide needed income for you when you do retire. 

As the years went by, you may well have accumulated several retirement accounts, such as IRAs and 401(k)s or similar employer-sponsored plans. But you might find it advantageous to consolidate these accounts with a single provider.

Consolidating them can provide you with several potential benefits, including these:

• Less confusion and clutter. If you have multiple accounts in different locations, it may be difficult to keep track of tax documents, statements, fees, disclosures and other important information. Consolidating accounts could help provide clear, simplified account maintenance.

• Less likelihood of “lost accounts.” It may be hard to believe, but many people abandon their retirement accounts, leaving thousands of dollars behind and unclaimed. In fact, at the end of 2021, there were nearly 25 million forgotten 401(k) accounts, worth about 20 percent of all 401(k) assets, according to an estimate by Capitalize, a financial services company that helps individuals roll over retirement plan assets into new accounts. 

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Federal Reserve Of New York Advisor Will Speak On Area Economics At ARCC Event

Posted onNovember 14, 2022

The Adirondack Regional Chamber of Commerce will present a session on regional economic conditions from the perspective of the Federal Reserve Bank of New York on Wednesday, Nov. 30, at The Queensbury Hotel, 88 Ridge St., Glens Falls.

Economist Jason Bram, an economic research advisor and research officer within the regional analysis function at the New York Fed, will be the speaker.

The event will run from 9:30-11:30 a.m.

Bram is an economic research advisor in Urban and Regional Studies within the Household and Public Policy Research Division of the Federal Reserve Bank of New York. His research and analysis focus is on the U.S. economy, with a primary emphasis on the Federal Reserve’s Second District that includes New York state, northern New Jersey, and southwestern Connecticut, as well as Puerto Rico and the U.S. Virgin Islands. 

Bram produces the regional Beige Book reports, and uses monthly business surveys to monitor and analyze current and emerging economic trends and issues of concern. Recent research has focused on minimum wage effects and effect of the pandemic on local economies. Earlier research focused on housing markets, composite indexes of regional activity, dynamics of the Puerto Rico economy, and the impact of the 9/11 terrorist attack on the New York City economy. 

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Business Report: Time To Update Your Estate Plan

Posted onNovember 14, 2021
Jennifer Corcoran is a partner with Tully Rinckey PPLC.

By Jennifer Corcoran, Esq.

The coming of a new year often has us reflecting back on things we meant to do but did not get done or looking forward to things we wish to accomplish. It is the perfect time to put an estate plan in place or review your existing estate plan for any changes that may need to be made.

In addition, major life changes such as marriage, divorce, the birth of a child, a death in the family or even an increase or decrease in assets or income warrant updating your estate plan.

You may have had the foresight to create an estate plan to ensure that your assets are distributed the way you want them to be after you are gone. However, each new year brings updates to laws and potential life changes, all of which should be reflected in your estate plan.

What if you don’t have an estate plan? The new year is the perfect time to create one, no matter how many—or few—assets you may have. Among the many benefits, an estate plan can help to protect families with children and ensure that heirs are not overburdened with debts or taxes. A good estate plan, created with the help of a knowledgeable estate planning attorney, allows you to control the distribution of your assets according to your wishes.

It is important that your will is in place and up to date, because without a will, your assets could pass under the intestacy laws to persons you do not intend or wish to receive them. You cannot pass assets to nonfamily members, and your estate cannot make charitable contributions without a will.

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Business Report: CARES Act Encourages Charity Donations

Posted onNovember 14, 2021
Patrick J, Diggin, CPA, is a partner at UHY LLP.
Courtesy UHY LLP

By Patrick J. Diggin

During the COVID-19 pandemic the CARES Act provided for expanded deductibility of charitable contributions to encourage taxpayers to give to charities during 2020. In December 2020, the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR) was enacted which expanded and extended many of these provisions into 2021 to incentivize continued charitable giving through the end of the year.

The expanded benefits allow individuals who elect to take the standard deduction and ordinarily do not qualify for charitable contribution deductions, to deduct up to $300 ($600 for married taxpayers filing joint returns) for cash donations to qualified public charities.

For individual taxpayers that itemize their deductions, the expanded benefits increase the deduction limitation, ordinarily limited to up to 60 percent of the taxpayer’s adjusted gross income (AGI), up to 100 percent of AGI so long as the charitable contributions are made in cash to qualified public charities during 2021.

If excess contributions are made over the 100 percent limit, the donor may carry these excess deductions forward for up to five subsequent tax years, however the enhanced deductibility is set to expire after 2021.

Corporate taxpayers also saw an increase in deduction limits from the ordinary limitation of up to 10 percent of taxable income to 25 percent.

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Financial Advisors Urge People Not To Panic Amid The Uncertainty Caused By COVID-19

Posted onNovember 12, 2020November 13, 2020

By Jill Nagy
Get your life in order, think about possible tax changes and, above all, don’t panic. That is the advice of area financial advisors for surviving in the age of COVID-19.
“It’s never been more important to attend to your estate plan,” said Jeff Vahanian of Vahanian & Associates in Saratoga Springs. “We are very aggressive about this. People have had to adjust their behavior in many ways. I hope they refocus on things that matter.”

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End Of The Year Provides Opportunity To Review, Optimize Estate And Financial Plans

Posted onNovember 12, 2020November 13, 2020

By Raymond C. Radigan
Year-end is always a special time. A time for resolutions and reflection—especially in a year as volatile and unprecedented as 2020.
The end of the year also provides a final opportunity to review and potentially optimize your estate and financial plans to ensure you are in the best possible position going into 2021. With the uncertainty and potential changes in tax policy, it is even more important to speak with your estate planning and/or tax adviser to get a head start. Consider the following issues when contemplating year-end planning:

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Business Report: Focus On What You Can Control

Posted onNovember 12, 2020November 13, 2020
Mickey Orta, senior vice president for wealth management at NBT Bank.

BY Mickey Orta
The top two questions that financial professionals have been hearing from customers are: “What’s going to happen to my investments and financial plans depending on the results of the presidential election?” and “When will things get back to normal post-COVID?”
While these questions can’t be answered directly, that doesn’t mean we have to sit tight without taking any action.
It’s probably safe to say that 2020 has not unfolded in a way that any of us could have predicted.

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Business Report: Gold Watch, Pension, Health Care For Life

Posted onNovember 14, 2019November 15, 2019

By David Kopyc
The days of working for a company for 30 to 40 years and leaving with retirement security for life are over with. For most of us the future of retirement will not be the same as the one our parents had and personal responsibility is your path to retirement security.
The Pepsi Company originated the gold watch back in the 1940s. The concept “you gave us your time, now we are giving you ours,” made sense when people worked with a company for several decades.

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Companies That Pay Estimated Taxes Can Find Ways To Avoid Penalties, Limit Exposure

Posted onNovember 14, 2019November 15, 2019
Paul Dowen, partner, Whittemore Dowen and Ricciardelli LLP.

By Christine Graf
As 2019 draws to a close, local tax professionals advise individuals who pay estimated quarterly taxes to review their annual income in order to determine if they will owe a penalty to the IRS.
Estimated tax payments are paid by business owners who operate partnerships, LLCs, sole proprietorships, and S corporations. Business income from these pass-through tax entities passes through to business owners on their personal income tax returns.
Those who operate pass-through tax entities are required to make estimated quarterly tax payments to pay income tax and self-employment tax on income that is not subject to withholding.

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Business Report: Diversified Approach To Retirement Savings

Posted onNovember 14, 2019November 15, 2019
Sherry Finkel Murphy, CFP®, ChFC®, RICP® at The Atrium Financial Group of Northwestern Mutual.

Provided By Sherry Finkel MurphY Associate Wealth Management Advisor
For most people, saving for retirement means making steady contributions to a 401(k) until they hit a specific goal. However, a broader approach to saving and investing offers more options for building that nest egg.
Keep in mind that where you put your money is as important as how much you save. That’s because each savings strategy has tax considerations that can impact how much you’ll have when it’s time to take the money out. By keeping a mix of tax-free and tax-deferred sources of income, you’ll have the flexibility to withdraw funds strategically during retirement, based on tax and market implications.

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