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Jake Van Ness

2079 Articles

Business Report: Retirement Plan Options For Small Business

Posted onMarch 3, 2017
Robert Schermerhorn is a certified financial planner at Saratoga Financial Services.
Courtesy Saratoga Financial Services

By Robert Schermerhorn, CFP

With only 14 percent of small employers with fewer than 100 employees sponsoring a retirement plan according to the Government Accountability Office, finding the right retirement plan is more important than ever. Having a retirement plan in place not only helps the business owner work towards securing their financial future, but can also make your business more competitive in attracting, and maintaining, top employees.

There are also potential tax benefits to offering a plan that reduces your company’s tax burden, as plan contributions are deductible as a business expense, as well as tax credits for new start-up plans.

Although most business owners think of a 401(k) plan when deciding on a retirement plan, there are several different types of plans available that may be more appropriate for your business.

The following are retirement plans that small business owners might consider:

1. 401(k) plans

2. Solo 401(k) plans

3. SEP IRA (Simplified Employee Pension Plan)

4. SIMPLE IRA (Savings Incentive Match Plan for Employees)

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Donna Mock Gives Classic Looks To Walls And Ceilings With Her Distinct Brand Of Artistry

Posted onMarch 3, 2017March 3, 2017

By Jill Nagy

When the renovated Adelphi Hotel on Broadway in Saratoga Springs reopens, its new look will include ornate ceilings decorated by Donna Mock whose company, Classic Design Finishes, has been bringing new life to area walls and ceilings for nearly 20 years.

The ceilings in the Adelphi’s rooms and hallways will be finished with a silver metallic glaze, Mock said. She has completed work on the rooms and she expects to have the hallways finished in three or four weeks.

The project at the Adelphi is fairly simple, she said. Often, she produces murals, trompe d’oeil effects and other artistic details. “I can make walls look like wallpaper, plaster, whatever the client wants, but I am best known for my plaster work,” she said.

Another project, the lobby of the Saranac Hotel at Saranac Lake, is more complicated.

That work is “coming along” and should be finished in May. For that project, she is working on 30-foot-long ceiling beams first installed in 1924. There is water damage and much of the design on the beams has faded so that they have to be completely redone.

Mock’s work is part of the historic restoration of the hotel.

These relatively large commercial projects are a change from Mock’s usual work. Most of the time she works on people’s homes, both new construction and existing buildings.

“Every job is different,” she said, “And I love what I do. It’s very creative, it’s fun, and it’s great to work with clients.”

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Woman Heads Local Company That Provides Testing For Heating, Ventilation, AC Industries

Posted onMarch 3, 2017
Eileen Venn is CEO of Mechanical Testing Inc. on Lake Avenue in Saratoga Springs, an independent, certified test and balance (TAB) contractor.
©2017 Saratoga Photographer.com

By Jennifer Farnsworth

Duct work testing, air testing, and fume hood testing are not career areas associated with  females.

Eileen Venn saw things very differently when she and her husband, Brian, took over Mechanical Testing Inc. in 2008.  As the CEO of the company, Venn is making her mark in the industry.

MTI, located at 70 Lake Ave., Saratoga Springs, is an independent, certified test and balance (TAB) contractor. It provides clients with reliable and repeatable TAB services for the heating, ventilating and air conditioning industry. It was established in 1967.

“It can be very intimidating, women in construction. You need to be confident and it helps to have  a strong support group, which I have,” said Venn.

Venn is a graduate of SUNY Albany with a degree in business. She said her background helped her fight through any doubts.

“I came in with experience in the alcohol and beverage business,” said Venn.

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Saratoga Women In Business Group Rolls Into Its Third Year Of Making Local Connections

Posted onMarch 3, 2017March 14, 2017
Dorothy Rogers-Bullis, left, Rachel Spensieri, center, and Heidi Ives are the founders of Saratoga Women in Business, a group that a networking group for area business women.
Courtesy Saratoga Women In Business

It has been two years since Heidi Ives, Dorothy Rogers-Bullis, and Rachel Spensieri first began discussing the need for a women’s networking group in Saratoga Springs.

While each of these women comes from differing professional backgrounds and industries, they pooled their collective talents, and from those early conversations, the Saratoga Women in Business (SWIB) was established.

SWIB targets female professionals in the greater Saratoga Springs area and offers free bi-monthly fellowship opportunities, hosted and sponsored by various local businesses. Wine and light snacks, donated by the host business, are provided at each gathering, and door prizes, provided by SWIB members, also are awarded.

“I often point out that men do their professional networking on the golf course, and women often have a tough time finding a comfortable venue that serves that same purpose,” said cofounder Heidi Ives, a manager and mortgage loan originator with HomeBridge Financial.

“One of my primary goals for the SWIB gatherings was to provide a casual, unintimidating atmosphere for professional women to enjoy a glass of wine and network with each other,” she said. “Our unofficial motto for SWIB is ‘Make friends first, and the business will follow,’ and time and time again, this is exactly how new business relationships are formed.”

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Townley And Wheeler Funeral Home Is Both A Business And ‘A Calling,’ Says Its Owner

Posted onMarch 3, 2017
Kathleen Lowes Sanvidge is the owner of Townley and Wheeler Funeral Home.
Maureen Werther

By Maureen Werther

Some people may wonder why a person would choose mortuary science as a profession, and others might even consider it to be depressing. For Kathleen Lowes Sanvidge, being a funeral home director is the fulfilment of what she terms a God-given gift.

Lowes Sanvidge is the owner of Townley and Wheeler Funeral Home at 21 Midline Road in Ballston Lake, which she purchased four years ago after working as a funeral director in the Clifton Park area for 20 years. Owning her own business has meant being able to do the work she feels she was meant to be doing, while offering the compassionate care to her clients and their departed loved ones.

Lowes Sanvidge first became interested in the profession as a Shenendehowa senior. She had an internship at Ellis Hospital, where she met people who worked in the funeral home industry. She said she realized they were a special kind of people with whom she related on a spiritual level. After graduating from Shenendehowa, Lowes Sanvidge went on to obtain a degree in mortuary science from Hudson Valley Community College.

Over 25 years later, Lowes Sanvidge is more invested in her work than ever. 

“This is not a morbid business,” she said. “Doing this work fills me with a sense of grace and purpose that I realize not everyone is fortunate enough to feel.”

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SEDC Creates, With Clarkson University, An Advisory Team To Mentor New Businesses

Posted onMarch 3, 2017
Ryan VanAmburgh, left, shakes hands with Clarkson University President Anthony Collins at the finalization of an agreement under which the college will give support to early-stage businesses.

Following through on a key element of its 2016  Advance Saratoga priorities, Saratoga Economic Development Corporation (SEDC) has formed an Advance Saratoga Startup Advisory Team to mentor early-stage businesses.

Officials said it supports SEDC’s mission to promote, retain and grow talent, investment and job opportunities.

Local entrepreneur networks like Sharatoga Tech Talks and similar regional tech executive meet ups revealed a desire among Saratoga area entrepreneurs for access to professional expertise to help overcome challenges to business growth, said Dennis Brobston, president of SEDC.

Clarkson University’s Shipley Center for Innovation operates six business incubators and has agreed to provide support services to new entrepreneurs and early-stage project teams and companies for the Advance Saratoga startup platform.

“Talent begets talent,” said Brobston. “Inspiring, mentoring and accelerating growth companies to do business here will be enhanced by facilitating access to the world-class talent and reach of our member investors and other area experts.”

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Development Officials In Glens Falls Region Await State Decision On Grant Spending Plan

Posted onMarch 3, 2017
This portion of downtown Glens Falls, looking across South Street, with South Street in foreground and School Street on left, is a portion of the Glens Falls Downtown Revitalization Initiative (DRI).

By Jill Nagy

Glens Falls planners and city officials have had the job for the last few months of deciding how to spend $10 million. The money comes in the form of a grant from the state’s Downtown Revitalization Initiative.

They came up with more than a dozen programs and initiatives ranging from a year-round farmers’ market to a “race for space”  contest.

Plans were presented to the public at a Feb. 23 meeting. The final wish list will be reviewed by a statewide committee and then passed along to the governor, according to Ed Bartholomew, president of EDC Warren County.

Each proposed project will be reviewed. Bartholomew said the proposals total more than $10 million. If all 14  of them are approved, the city will seek other funding to make up the difference.

A decision is expected from the state in late summer.

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Job Retention Is As Important As Job Creation When It Comes To A Strong Local Workforce

Posted onMarch 3, 2017
Martin Vanags is president of the Saratoga Prosperity Partnership.
Courtesy Saratoga Prosperity Partnership

By R.J. DeLuke

A huge component of economic development is helping existing businesses, looking to expand, find a local solution that meets their needs, and also connecting the right dots so that businesses looking to come into Saratoga County can do so with relative ease.

A key part of both of those situations is having a workforce that meets the needs of the employer, said Marty Vanags, president of the Saratoga County Prosperity Partnership.

The Prosperity Partnership, along with the Saratoga County Chamber of Commerce and Chamber of Southern Saratoga County, announced less than a year ago a business retention and expansion initiative dubbed Business First Saratoga.

It is intended to serve local business owners by developing relationships to better understand the opportunities and challenges of doing businesses in the region. An area that the program tries to assist businesses with is  workforce development.

“Employers are having a difficult time finding employees to work at their facilities,” he said. “I hear it all the time.”

Some of the need to find employees comes as the work demographic changes, he said. Baby Boomers are getting to the point of retirement those jobs need to be filed.

Skills that are required today are different as technology put a stronger stamp on how things are accomplished.

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Business Report: Trump Presidency And Tax Planning

Posted onMarch 3, 2017
Jane-Marie Schaeffer is a senior associate with the Herzog Law Firm.
Courtesy Herzog Law Firm

By Jane-Marie Schaeffer

How can you best tax plan in 2017? Will the proposals of the Trump campaign impact your immediate plans? The answer is “depends.”

There are certain changes that were already scheduled to happen in 2017 irrespective of the election results. In addition, while there will be more changes if President-Elect Trump’s proposed tax plan gets passed, most would not take effect until 2018.

Individual income tax – brackets and rates

Currently, there are seven income tax brackets and they are expected to remain in place in 2017. Income tax rates range from a low of 10 percent to the maximum of 39.6 percent. For married couples, the maximum tax rate of 39.6 percent will apply only after adjusted gross income reaches $470,700. Capital gains will continue to be taxed at 0 percent, 15 percent or 20 percent, depending on your income level.

If the tax proposals Trump’s campaign presented were enacted, it would simplify the tax code by reducing the number of income tax brackets from seven to three (12 percent, 25 percent and 33 percent), with the highest bracket starting when adjusted gross income reaches $225,000 for a married couple.

This would result in a significant reduction in taxes collected overall, however results at specific income levels would vary depending on the deductions and credits that would be available to each taxpayer. Capital gains tax rates would remain the same under Trump’s plan.

Individual income tax – deductions and misc.

The annual standard deduction gets a small increase in 2017, up to $6,350 for individuals and $12,700 for married couples. The personal exemption amount did not change and remains at $4,050 per person. Taxpayers have the choice of using either the standard deduction or the itemized deduction (whichever is higher).

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State: Cybersecurity Rule Will Help Financial Services Industry Avoid Costly Cyber Attacks

Posted onMarch 3, 2017

New York state has adopted a cybersecurity regulation that officials say will protect New York’s financial services industry and consumers from the threat of cyber attacks. It took effect March 1.

The regulation requires banks, insurance companies and other financial services institutions regulated by the Department of Financial Services to establish and maintain a cybersecurity program designed to protect consumers’ private data and ensure the safety and soundness of New York’s financial services industry.

“New York is the financial capital of the world, and it is critical that we do everything in our power to protect consumers and our financial system from the ever increasing threat of cyber-attacks,” Gov. Andrew Cuomo said.

He said the protections “will help ensure this industry has the necessary safeguards in place in order to protect themselves and the New Yorkers they serve from the serious economic harm caused by these devastating cyber-crimes.”

State Department of Financial Services Superintendent Maria T. Vullo said the  regulation “is ensuring that New York consumers can trust that their financial institutions have protocols in place to protect the security and privacy of their sensitive personal information. As our global financial network becomes even more interconnected and entities around the world increasingly suffer information breaches, New York is leading the charge to combat the ever-increasing risk of cyber-attacks.”

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