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jessewinters

1197 Articles

Business Report: Closing Out 2018 Finances

Posted onNovember 8, 2018November 8, 2018
Stephen Kyne is a partner at Sterling Manor Financial in Saratoga Springs.

By Stephen Kyne

The end of another year is rapidly approaching, and just as you cross items off your checklist and prepare your home for the winter, it’s also important to complete maintenance items to prepare your finances to close-out 2018.

An often-overlooked task is to review your beneficiary declarations each year. Families grow, as new members are added, and shrink with death and divorce, which means that beneficiary and transfer-on-death declarations can easily become outdated and no longer reflect your true wishes. 

Since these declarations are a matter of contract, they will overrule what your will may say. So, even if you’ve updated your will to exclude an ex-spouse, but you left them as beneficiary on your IRA, your new spouse won’t be able to inherit those assets, but the ex will, and it can’t be challenged in probate. 

Another piece of financial housekeeping is to begin to gather documents you’ll be needing just after the new year to prepare your taxes. Compile receipts for medical bills, tuition payments, child care and charitable contributions, among others.

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Business Report: Tax Saving Chances For Capital Investments

Posted onNovember 8, 2018November 8, 2018
Frank Mayer is a member of Bond Schoeneck & King.

Frank C. Mayer

On Dec. 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act. The Act has effectively reduced the acquisition cost of certain capital assets by making significant changes to the rules for bonus depreciation and capital expenditures, commonly known as Internal Revenue Code Section 179 Expensing and certain other depreciation.

Prior to the Act, taxpayers were allowed to deduct 50 percent of the cost of most new tangible personal property and most new computer software in the year that an asset was placed in service. Because of the bonus depreciation deduction allowed in the year an asset was placed in service, there was a corresponding reduction in the amount of regular depreciation allowed in that year and later years.

For qualifying property placed in service after Sept. 27, 2017, and before Jan. 1, 2023, the Act raised the 50 percent bonus depreciation deduction rate to 100 percent.

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More Participate In NY Employee Insurance Plan

Posted onNovember 8, 2018November 8, 2018

NY State of Health, the state’s official health plan Marketplace, announced a boost in participating employers in New York’s Small Business Marketplace (SBM) due to significant changes made earlier this year. 

State officials said it’s now easier for small businesses to access the federal Small Business Health Care Tax Credit, and there are more health plans for employers to choose from through New York’s SBM. 

In the first five months of New York’s re-vamped SBM, the number of participating small employers increased by over 300 percent and now exceeds 9,000.

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Business Briefs – November 2018

Posted onNovember 8, 2018November 8, 2018

The Adirondack Trust Co. has once again secured a 5-Star rating from BauerFinancial, a bank rating firm. 

Earning a 5-Star rating indicates this bank excels in areas of capital adequacy, profitability, asset quality and much more. Earning and maintaining this top rating for 49 consecutive quarters, puts the Adirondack Trust Co. in an even higher bracket as an “exceptional performance bank”. 

This title is achieved after successfully earning the top 5-Star rating for 40 consecutive quarters (ten years or longer).

BauerFinancial Inc., based in Coral Gables, Fla., has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983.

***

Colden Co. Inc., an IT Services provider with offices in Ballston Spa, announced the achievement of Microsoft’s Small and Midmarket Cloud Solutions Silver Competency. 

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Discount Hockey Tickets Benefit Senior Citizens

Posted onNovember 8, 2018November 8, 2018

The Adirondack Thunder and The Wesley Community have entered into a new partnership that will offer seniors a savings on home game tickets to see the Thunder at Cool Insuring Arena in Glens Falls.

Seniors ages 55 and older will receive a $2 discount on tickets to home games during the 2018-19 regular season, courtesy of The Wesley Community. The discount is available on all full-price tickets exclusively at the Upstate Chevy Dealers Box Office at the arena.

“We are extremely excited to announce this brand-new partnership with The Wesley Community,” Thunder President Jeff Mead said. “Adirondack Thunder hockey at Cool Insuring Arena is a great night of fun and entertainment for people in our community of all ages. Our goal is to always make Thunder hockey affordable for all and this new discount program will continue that push for the seniors in our region.”

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Adirondack Health Institute’s New Network Addresses Social Factors That Impact Health

Posted onNovember 8, 2018November 8, 2018

Adirondack Health Institute (AHI), in collaboration with numerous community, social service, public sector, and health care provider organizations, has launched ADK Wellness Connections, a powerful, centrally-connected resource navigation and referral coordination network.

ADK Wellness Connections aims to improve access to care and services to address unmet social and health-related needs for individuals and families in the greater Adirondack region. It is part of a larger effort to increase collaboration and interoperability between clinical and social service providers, under the state Department of Health Delivery System Reform Incentive Payment (DSRIP) program. A five-year program beginning in 2015, DSRIP was intended to transform care delivery to individuals who receive Medicaid with the goals of reducing avoidable hospital use, increasing access to primary and preventative care, and improving population health outcomes.

Addressing social factors that impact health outcomes, such as housing, transportation, and access to nutritious food, has proven to be a key consideration in DSRIP initiatives.

ADK Wellness Connections utilizes Unite Us, a secure, HIPAA-compliant software platform, to support referral coordination, resource navigation, and the collection of social determinants of health outcomes data among network partners in Clinton, Essex, Franklin, Fulton, Hamilton, Saratoga, St. Lawrence, Warren, and Washington counties.

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Bog Meadow Brook Nature Trail Opens With Ceremony Overseen By Saratoga PLAN

Posted onNovember 8, 2018November 8, 2018

A group of more than 50 trail enthusiasts turned out on Nov. 3 to cut the ribbon at the new entrance to the Bog Meadow Brook Nature Trail in Saratoga Springs conducted by Saratoga PLAN. 

The reopening culminates a season of trail renovations including the creation of a new spur trail at Meadowbrook Road, extended bog bridging to avoid wet areas, extensive raising and smoothing of the trail surface, numerous drainage improvements, and new additions to prevent flooding caused by an active beaver population, officials said. 

The trail had been closed since last spring while the renovations were underway.

Many volunteers who worked on the trail attended, along with representatives of business partners, the city of Saratoga Springs, and Saratoga PLAN staff.

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Plug Power Moves Into Saratoga County With New Manufacturing Plant In Clifton Park

Posted onSeptember 7, 2018September 10, 2018
This new facility, at 620 Van Patten Drive in Clifton Park, will supplement the Plug Power’s existing manufacturing plant in Latham company officials say.
©2018 Saratoga Photographer.com

By Jill Nagy

Plug Power Inc., a manufacturer of hydrogen-powered fuel cells based in Latham, opened a new manufacturing plant in Clifton Park in August. The new facility, at 620 Van Patten Drive, will supplement the company’s existing manufacturing plant in Latham. 

The company said the facility provides the expanded manufacturing capacity required for Plug Power products to meet the rapidly growing demands of the hydrogen fuel cell industry.

Plug Power is investing nearly $2.8 million over five years for the new 38,400-square-foot facility. Plug Power estimated that it will add 97 new jobs to its current roster of 650 employees. Because of the commitment to creating new jobs, Plug Power will receive nearly $640,000 in tax credits under the state’s Excelsior Job Program.

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GlobalFoundries Stops Development Of New Microchips, Lays Off Workers In Malta

Posted onSeptember 7, 2018September 7, 2018
GlobalFoundries is shifting its strategy and will cease development of cutting edge manufacturing technologies. The change resulted in layoffs at this plant in Malta.
Courtesy GlobalFoundries

By R.J. DeLuke

GlobalFoundries announced in late August that it is shifting its strategy and will cease development of cutting edge manufacturing technologies and stop all work on its 7LP (7 nm) fabrication processes. Instead, the company will focus on specialized process technologies for clients in emerging high-growth markets.

The change has resulted in layoffs. GlobalFoundries will eliminate 455 jobs at its Malta plant and another 31 based at SUNY Polytechnic Institute in Albany, according to filings with the state Department of Labor.

The company employed about 3,400 people before the restructuring.

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Second Highest All-Sources Handle Reported By NYRA For 2018 Saratoga Racing Season

Posted onSeptember 7, 2018September 7, 2018

The New York Racing Association, Inc. (NYRA) aid the 2018 season at Saratoga Race Course concluded on Labor Day with the second highest all-sources handle in history, despite a summer meet that was inundated with more than 10 inches of rain.

Total all-sources handle generated during the meet was $659,083,459, in spite of the fact that 50 races were forced to be taken off the turf, nearly double the number from 2017 and almost as many as the prior two years combined, officials said. A total of 27 races were taken off the turf in 2017 and 25 in 2016.

On track handle for the 2018 Saratoga meet surpassed $148.8 million. Total paid attendance for the 2018 Saratoga meet was 1,124,149, marking the third consecutive season that paid attendance has exceeded 1.1 million fans.

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