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Category Archives: Year-End Tax Planning

Saratoga Springs Man Is Named President Of Fenimore Asset Management Firm

Posted onNovember 7, 2022
Christian Snyder, J.D., CFA, was appointed president of Fenimore Asset Management.
©2022 Saratoga Photographer.com

Christian Snyder of Saratoga Springs, J.D., CFA, has been appointed president of Fenimore Asset Management, an independent, Capital Region-based investment advisory firm and manager of the FAM Funds family of mutual funds.

He succeeds Debra Pollard who is retiring from Fenimore at the end of 2022 after a tenure of more than 30 years with the company, the last six as president.

Snyder will work closely with Fenimore founder and Executive Chairman Tom Putnam, Chief Executive Officer John Fox, and the management team to guide the 48-year-old firm into the future.

“Fenimore prides itself on attracting and retaining associates who share our strong values, distinctive investment philosophy, and dedication to service excellence. Deb and Christian exemplify these traits,” said Fox.

“Christian has nearly two decades of experience in the financial services industry along with a solid track record of leadership and integrity. We are excited to have him on the team and look forward to working together to further our mission of preserving and growing our investors’ capital over the long term.”

Snyder joins Fenimore after five years as chief operating officer of the Wealth Strategies Group at Goldman Sachs Ayco Personal Financial Management. Prior to that, he served three years as associate counsel and then deputy general counsel for the company. 

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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.”
He urges his clients to have a health care proxy, naming someone to make medical decisions if they are unable to; a living will, to indicate their preferences in connection with medical care; and a power of attorney, appointing someone to make decisions in non-medical matters if they are unable to do so.
“In times like these, they are very critical. Nobody should be without them,” he said.
Vahanian said people with young children to should decide who they want to raise them if they are unable to do so.

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Business Report: When Are Meals, Entertainment Deductible?

Posted onNovember 12, 2020November 13, 2020
Joanna Piscitella is a CPA with Hedley & Co. PPLC.

By Joanna Piscitella, CPA
The Internal Revenue Service has issued final regulations on the business expense deduction for meals and entertainment following changes made by the 2017 Tax Cuts and Jobs Act (TCJA).
The Treasury Department and the IRS did not receive any requests to speak at a public hearing on the proposed regulations but they had received written and electronic comments in response to the proposed regulations.
These written comments were incorporated into the new regulations.
As a reminder, the 2017 TCJA generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. However, taxpayers may still deduct business expenses related to food and beverages if certain requirements are met (Typically limited to 50 percent of the expenditure).

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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. The COVID-19 pandemic upended everyone’s plans—financially, and in general—starting in March. A busy and heavily contested election season added to the feeling of heading into the unknown.
Whether you’re looking at financial planning for 2021 from the perspective of a business or as an individual, the pandemic isn’t going away and so uncertainty is likely to continue.
To help reduce some stress, take a look at what is in your control and focus on those elements. Financial planning has many components that are squarely within your control.

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Business Report: Your Lease Amid COVID-19 Pandemic

Posted onNovember 12, 2020November 13, 2020
Lisa Blanchette is an associate with Bond, Schoeneck & King.

BY Jessica M. Blanchette
Commercial tenants: Remember that extensive and wholly uninteresting document entitled “lease agreement” that you scanned, signed, then shoved into a file folder and never thought of again?
Well, it’s making a comeback.
If you are one of the many businesses struggling to pay your rent due to the economic effects of the COVID-19 pandemic, your lease agreement should be one of the first resources to which you turn for guidance.
Like all contracts, commercial leases typically include the standard who, what, where, when, and why provisions of an agreement between a landlord and tenant. But they generally go beyond that as well and many leases, especially long-term ones, also contain lengthy provisions outlining the rights, obligations, and, perhaps most importantly, protections for both landlords and tenants.

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Business Report: Businesses Should Take To The Offensive

Posted onNovember 12, 2020November 13, 2020
John D. Flory III, chief information security officer, Harbor Networks.

By John Flory III
It is time for businesses to play offense against cyber criminals: For the last 200 days the business world has faced unimaginable challenges. These challenges have forced us to stray from our comfort zone, modify our existing tried and true policies as we fought to survive. Going forward we have to anticipate the unexpected and be prepared for anything.
The strength of the American Economy comes from the resilient nature of its’ businesses. Solving for these challenges just makes them stronger.
The speed at which a “work from home” adaptation occurred and the laxing of policies to account for the transition, while closing the doors, has opened an enormous number of windows. While we have been learning how to be “operable”, cyber criminals have been ramping up their capabilities to exploit this new opportunity exposed to them. Where email phishing is still the primary way criminals are stealing from us, their tactics are changing, and we need to take an offensive approach to defending our livelihoods and our homes.

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

Posted onNovember 7, 2019November 7, 2019
Kevin M. Hedley, MS, CPA, PFS, founder of Hedley & Co. Certified Public Accountants.
Courtesy Hedley & Co. Certified Public Accountants.

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.

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Business Report: Diversified Approach To Retirement Savings

Posted onNovember 7, 2019November 7, 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.
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.

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Business Report: End-Of-Year Financial Moves

Posted onNovember 7, 2019November 7, 2019
Robert Snell, financial adviser with Edward Jones Financial in Saratoga Springs.

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.

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Business Report: Qualified Opportunity Zones

Posted onDecember 6, 2018December 7, 2018
Scott D. Shimick is a partner at Whiteman Osterman & Hanna LLP.

By Scott D. Shimick

As part of the 2017 Tax Cuts and Jobs Act, Congress added Sections 1400Z-1 and 1400Z-2 to the Internal Revenue Code, creating the Qualified Opportunity Zone tax benefits. Owing in part to confusion over the provisions, the Qualified Opportunity Zone tax benefits have not been as widely publicized and discussed as most of the other provisions of the TCJA. 

However, the IRS has recently issued proposed regulations and a Revenue Ruling that have brought clarity and interest to the Qualified Opportunity Zones.

Qualified opportunity zone benefits.

Congress’s purpose in creating the Qualified Opportunity Zone tax incentives was to promote private sector investment in economically distressed communities. Investors in the opportunity zones are eligible for the deferral of capital gains and possible reductions in total tax liability.

Investors in a Qualified Opportunity Zone Fund (QOZ Fund) can defer an unlimited amount of their capital gains. This deferral allows the investor to push back the recognition of capital gains to the earlier of (1) Dec. 31, 2026 and (2) the sale or exchange of the QOZ Fund investment.

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