Saratoga National Bank and Trust Co. announced that Scott E. Armando has joined the bank as a residential mortgage originator. Armando will guide clients through the mortgage application process. He serves the same role for Glens Falls National Bank, part of the Arrow family of companies. Armando has worked in banking for more than...
The Wesley Community has launched a capital campaign designed to meet the evolving needs of the older adult population for current residents and future generations.
The Campaign for Springs seeks to raise $5 million in funding, which will help the nonprofit senior care provider to embark on the second phase of improvements to the Springs building at the Wesley Health Care Center, which serves residents requiring long-term care, officials said.
The project will add approximately 5,500-square-feet to the building’s existing footprint, create an additional 19,500-square-feet within the building and renovate the second through fourth floors of the building, thereby increasing the number of private rooms available to residents by nearly 30 percent and creating a more home-like environment.
By Christine Graf
New York City native Whitney Mulqueen has been working in the equine industry for her entire adult life. Two years ago, she relocated from northeastern Pennsylvania to Saratoga County.
“I came here to immerse myself in the horse industry—just not the racing part of it,” she said. “It ended up being the best decision I could have made in terms of career and doing what I really enjoy.”
After relocating, she was offering riding lessons through her teaching business, Celtic Crest Farm LLC. In July, she moved her business to a leased space in Ballston Spa and opened Rewind Equine Tack & Consignment at 76 Front St. in Ballston Spa.
By Jill Nagy
The Rosenblum family is about to open its newest and largest ValuSpace Personal Storage facility at 1607 Route 9 in Halfmoon.
The facility will have 900 storage units of various sizes, accessible at any time by the renters.
The property was under construction for seven months, according to Daniele Haase, assistant manager of the other two ValuSpace sites: Hoosick Road in Brunswick and Russell Road in Albany. She could not provide construction cost figures for Halfmoon but noted that the Albany facility, with 700 units, cost about $7 million to build.
By rachel Phillips
Dog Haus Biergarten, known for hotdogs and beer, has opened at 7 Southside Drive in Clifton Park.
According to the company, they serve a variety of nitrate-free, hormone-free and antibiotic-free meats. Along with their seven craft hotdogs, the restaurant also serves sausages, burgers and chicken sandwiches, with beer and shakes. Plant-based burgers and sausages from Impossible Foods and Beyond Meat are also on their menu.
The restaurant was founded in 2010 by Hagop Giragossian, Quasim Riaz and André Vener in Pasadena. Calif. The Clifton Park store is one of more than 30 locations across the country, with another 10-plus in development. The local branch is also one of the largest locations in the country, with 20 team members, and a 2,600-square-foot building, according to the company.
By Andrea Palmer
Hinman Construction of Saratoga County won the 2019 Master Design Gold Award for an entryway and laundry redo project they completed in Clifton Park.
An article regarding the achievement was written in the September issue of national industry magazine Qualified Remodeler.
“We tend to submit some of our projects for awards,” said Kim Hinman, co-owner of the company based in Ballston Spa. “Whether it’s the National Kitchen & Bath Association, or Builders & Remodelers or other associations.”
Lola Saratoga, a boutique offering a finely-curated selection of high-end accessories and specializing in authentic pre-owned and vintage designer handbags, opened a second storefront at the outdoor lifestyle shopping center in Stuyvesant Plaza, Albany.
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.
The IRS requires estimated quarterly tax payment to be filed by anyone who expects to owe at least $1,000 in federal income taxes. This year’s fourth quarter estimated tax payments are due on Jan. 15. Estimated taxes must also be paid quarterly to New York state.
According to Kevin Hedley, CPA, of Hedley & Co. CPA’s in Clifton Park, business owners who are in an underpayment penalty situation should consider making contributions to a retirement plan.
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.
While tax-qualified retirement plans like 401(k)s and 403(b)s are the most common retirement savings plans, they shouldn’t be your only option. These plans give you the ability to make pretax contributions that reduce your taxable income today. However, you’ll have to pay taxes on those dollars when you make withdrawals. This can greatly reduce the amount of money you’ll have to spend when you’re retired.
By Robert Snell
We’ve still got a couple of months until 2019 draws to a close, but it’s not too early to make some end-of-the-year financial moves. In fact, it may be a good idea to take some of these steps sooner rather than later.
Here are a few suggestions:
• Boost your 401(k) contributions. Like many people, you might not usually contribute the maximum amount to your 401(k), which, in 2019 is $19,000, or $25,000 if you’re 50 or older. Ask your employer if you can increase your 401(k) contributions in 2019, and if you receive a bonus before the year ends, you may be able to use that toward your 401(k), too.
• Add to your IRA. You have until April 15, 2020, to contribute to your IRA for the 2019 tax year, but the more you can put in now and over the next few months, the less you’ll have to come up with in a hurry at the filing deadline. For 2019, you can put up to $6,000 in your IRA, or $7,000 if you’re 50 or older.