Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.
Long-Term Care Insurance — Federal And New York State Tax Advantages
If you have considered purchasing long-term care insurance, you know that it is an expensive proposition. However, some tax advantages related to the premium payments for long-term care insurance are available to you. If you are an employee and itemize your deductions, you can deduct a portion of your long-term care insurance premium as a […]
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
If you have considered purchasing long-term care insurance, you know that it is an expensive proposition. However, some tax advantages related to the premium payments for long-term care insurance are available to you.
If you are an employee and itemize your deductions, you can deduct a portion of your long-term care insurance premium as a medical expense on the itemized deductions of Schedule A of your 1040 tax return.
Premiums for qualifying long-term care insurance policies for individuals under 65 may be deducted to the extent that they, along with other non-reimbursable medical expenses, exceed 10 percent of the individual’s adjusted gross income.
The maximum deductions for 2017 for long-term care insurance premiums paid (these amounts increase annually) are as follows:
AGE AS OF THE END OF THE TAXABLE YEAR
Below 40 41-50 51-60 61-70 70+
Amount of $410 $770 $1,530 $4,090 $5,110
Deduction
If you are self-employed, you may be able to deduct premiums that you pay for medical, dental, and qualifying long-term care insurance premiums for yourself, your spouse, and your dependents. This is a deduction on page 1 of Form 1040 and is not an itemized deduction subject to the percentage of adjusted gross-income limitations as a medical expense under itemized deductions.
Partners and LLC members who are treated as partners for tax purposes may also be able to deduct health and long-term care insurance premiums as a straight deduction and not limited as an itemized deduction as a medical expense under certain circumstances.
Additionally, if you are a New York state resident, you are entitled to a credit on your New York State tax return if you or your business pay premiums for qualifying long-term care insurance policies. The credit is 20 percent of the premiums.
Therefore, while long-term care insurance appears to be quite expensive, if you are unlucky enough to get sick and be in need of long-term care, long-term care insurance definitely softens the blow on protecting your assets and income, and there are deductions and credits available to reduce the actual cost of the long-term care insurance.
Ami S. Longstreet is a partner at the Syracuse–based law firm Mackenzie Hughes. This article is drawn from the firm’s Plain Talk blog. Longstreet works with businesses and individuals to help them understand estate and trust planning and administration as well as elder law, including asset protection and Medicaid planning, and planning for individuals with disabilities. Contact her at
Group forms to highlight hunting’s economic impact in New York state
UTICA — Hunting is big business in New York state. That’s the message that local and regional leaders representing New York’s sporting and business communities are promoting with a new partnership called Hunting Works For New York. “Hunting and shooting sports are huge drivers of our state economy, but I feel they haven’t gotten the
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
UTICA — Hunting is big business in New York state. That’s the message that local and regional leaders representing New York’s sporting and business communities are promoting with a new partnership called Hunting Works For New York.
“Hunting and shooting sports are huge drivers of our state economy, but I feel they haven’t gotten the credit they deserve,” Brendan O’Bryan, government relations manager at the Greater Binghamton Chamber of Commerce and co-chair of Hunting Works For New York, contended in a news release. “Hunters spend millions of dollars annually, and much of that money goes to New York’s local business owners and entrepreneurs. In fact, hunters spend a great deal of money at stores like Bass Pro and Cabela’s but they also shop at locally owned sporting goods stores, hardware stores, gas stations, restaurants, hotels, and cafés across our home state.”
Launched Sept. 14 with a news conference at Bass Pro Shops in Utica, Hunting Works For New York says it will educate the public on how hunting “positively impacts” New York’s economy, monitor public-policy decisions, and “weigh in” on hunting-related issues that affect New York jobs.
The new partnership will serve as a “vehicle to facilitate important public-policy discussions” and to “tell the story of how New York’s hunting heritage benefits conservation and jobs throughout the state,” the release stated.
Hunting Works For New York says it exists to promote the “strong economic partnership” between the hunting and shooting communities and the local economy of the state of New York.
The Congressional Sportsmen’s Foundation reports that 823,000 people hunt in New York state annually. Hunting Works For New York says it seeks to highlight the impact these hunters have on the state’s economy. For example, hunters in New York spend more than $810 million on hunting trips and more than $484 million on equipment, according to the release. Hunter spending totals $2.3 billion annually in the Empire State.
In addition to considerable economic contributions, hunter dollars also help fund conservation efforts. “Many people do not realize that hunters pay an 11 percent excise tax, through the Pittman-Robertson Act, that is used to conserve and restore habitat whenever they purchase equipment,” Hunting Works For New York noted.
Hunting Works For New York and its partners will be attending events and educating the public and elected officials on why hunting and the shooting sports are “so important” to New York’s economy.
“Too many people just don’t know how integral hunting and the shooting sports are to state and local economies,” Larry Steiner, owner of Steiner Packing Company and a co-chair of Hunting Works For New York, said in the release. “I was thrilled to join this partnership because I want to spread this information; I want people to know that hunters are responsible for thousands of jobs and thousands of acres of wildlife habitat.”
The newly formed Hunting Works For New York partnership has more than 50 partner organizations and expects to “add dozens more” in the weeks and months ahead. The effort is supported by sporting organizations such as the National Shooting Sports Foundation.
North Syracuse Fire Department to receive nearly $150K in federal funding
NORTH SYRACUSE — U.S. Senate Minority Leader Charles E. Schumer (D–N.Y.) and U.S. Senator Kirsten Gillibrand (D–N.Y.) recently announced that the Village of North Syracuse Volunteer Fire Department will receive $146,178 in federal funding. The money was allocated through the Department of Homeland Security’s (DHS) Staffing for Adequate Fire and Emergency Response (SAFER) grant program.
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
NORTH SYRACUSE — U.S. Senate Minority Leader Charles E. Schumer (D–N.Y.) and U.S. Senator Kirsten Gillibrand (D–N.Y.) recently announced that the Village of North Syracuse Volunteer Fire Department will receive $146,178 in federal funding.
The money was allocated through the Department of Homeland Security’s (DHS) Staffing for Adequate Fire and Emergency Response (SAFER) grant program. The funding will allow the North Syracuse Volunteer Fire Department to boost firefighter recruitment and retention.
“These federal funds will allow the North Syracuse Volunteer Fire Department to bring on additional firefighters and maintain the staffing level necessary to respond safely and effectively to emergencies in the community,” Gillibrand said in a news release.
The SAFER grant program, established by FEMA within the DHS, provides funding directly to fire departments and volunteer firefighter interest organizations. It seeks to help them increase the number of trained, “front line” firefighters available in their communities to enhance the local fire departments’ abilities to comply with staffing, response, and operational standards established by the National Fire Protection Association and the Occupational Safety and Health Administration, the release noted.
Founded in 1913, the North Syracuse Fire Department says it provides fire protection to the Village of North Syracuse, Town of Cicero, and Town of Clay. The North Syracuse Fire District encompasses 15 square miles and provides protection and rescue services to 25,000 residents.
Upstate Needs More Business-Friendly Policies to Combat Shrinking Labor Force
Unemployment rates are often viewed as an indicator of how the economy is doing, and these rates do provide valuable insight on economic activity. However, because of how the unemployment rates are calculated, they should not be the sole assessment in determining the health of the economy. The current unemployment rate in New York state
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
Unemployment rates are often viewed as an indicator of how the economy is doing, and these rates do provide valuable insight on economic activity.
However, because of how the unemployment rates are calculated, they should not be the sole assessment in determining the health of the economy. The current unemployment rate in New York state is 4.9 percent. From a statewide perspective, this is good because it shows a measure of economic growth since the recession when the rate was almost 9 percent. Unfortunately, upon closer inspection, the reductions in unemployment rates are mainly attributed to job gains being made in the Downstate and New York City region — not in Upstate. This prompts the real question: why is upstate New York lagging behind in economic and job growth.
Recently, New York State Comptroller Thomas DiNapoli examined the issue of employment growth in New York in the report, “Labor Force Trends in New York State.” The report takes a close look at the unemployment rates and makes comparisons among regions and analyzes other workforce data. Interestingly, the report affirmed some of the same beliefs that I and many of my colleagues in the legislature have been expressing: despite some gains, the upstate New York economy is struggling.
The report found that all 10 labor-market regions of the state saw a drop in unemployment rates, however, the comptroller’s office points out that these numbers are somewhat misleading. The comptroller found that the reduction wasn’t because more people have jobs, rather, there are fewer people in these regions looking for jobs. While that may sound like the same thing, it is not.
The U.S. Bureau of Labor Statistics measures the unemployment rate each month and looks at data for each region and county. The unemployment rate only represents the number of people who have tried to find work within the last four weeks but have been unsuccessful. In other words, the rate does not account for the people who have stopped looking for work or have actually moved out of the area or the state. If these statistics included these populations, the unemployment rate would be much higher. Also, while the unemployment rates have improved, from 2011 to 2016, in upstate New York, the overall number of jobs has declined. Statewide, the labor force rose only by 0.7 percent during the same period, compared to a national increase of 3.6 percent.
Population loss is a contributing factor. Only 16 of New York’s 62 counties have gained population since 2010. With a few exceptions, most gains were recorded downstate. In 2014, New York lost its ranking as the third most populous state in the U.S. to Florida. Locally, Oswego County lost 2.6 percent of its population from 2010 to 2016. During that same 6
-year span, Onondaga County lost 0.2 percent and Jefferson County lost 1.9 percent. This population loss puts added strain on local governments that are tasked with providing virtually the same level of services with fewer residents. This only adds to the taxpayer burden and makes the whole state less appealing to prospective or existing residents.
A loss in population also has political consequences. Following the 2010 census, New York lost two congressional districts due to population decline. Federal and state funding is tied to population so this outward migration affects not only the labor force but also government aid.
The comptroller’s report confirms once again that New York needs to focus its policies and legislation on being friendlier to businesses by reducing the regulatory and tax burdens. Small businesses and manufacturers are the backbone of a strong economy. Creating a welcoming business environment would eventually add to the tax base and create jobs. This, in turn, would reduce unemployment. While the job-creation numbers look bleak, there is hope. We have great schools, an abundance of natural resources, comparatively low crime rates, and caring communities. By enacting policies that spur the economy rather than hinder it, Albany could accelerate economic growth and create more jobs.
William (Will) A. Barclay is the Republican representative of the 120th New York Assembly District, which encompasses most of Oswego County, including the cities of Oswego and Fulton, as well as the town of Lysander in Onondaga County and town of Ellisburg in Jefferson County. Contact him at barclaw@assembly.state.ny.us, or (315) 598-5185.
In Search of Intelligence at Our Intelligence Agencies
The whacky North Korean leader revealed a few things recently. One is that the country has learned how to make hydrogen bombs. The other is that our intelligence agencies don’t have much of what they are named for — intelligence. In other words, the agencies missed whacko’s H-bomb. They figured he was a few years
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
The whacky North Korean leader revealed a few things recently. One is that the country has learned how to make hydrogen bombs. The other is that our intelligence agencies don’t have much of what they are named for — intelligence.
In other words, the agencies missed whacko’s H-bomb. They figured he was a few years away from this bomb.
This will make another plaque on the walls of the CIA. It will sit nicely alongside the plaque for missing the ICBMs of North Korea. Our intelligence guys assured us they would not arrive for years.
We ought to admit the obvious. That the only difference between the CIA and you is the money. You don’t know when the North Koreans will do something significant. Neither does the CIA. But they get paid to know nothing.
In the last few months we have seen transcripts of our president’s chats with foreign leaders. We know what President Trump and Mexico’s leader said to each other. We know the conversation between Australia’s leader and Trump.
Wow, somebody revealed the secret conversations of the leader of the free world? We had better catch that bird. Right. We have thousands of intelligence agents. Yet none of them know who leaked the conversations.
The Russians interfered with our elections. Yes, we have a dossier here … Wait a minute. We have emails here … Wait. Well, we have something around here somewhere that proves something or the other.
Yes or no, did Saddam Hussein have an active program for weapons of mass destruction? Our intelligence agencies said yes. The answer was no.
The intelligence agencies made similar screw-ups with Muammar Gaddafi in Libya. And with the results that would come from the uprisings in the “Arab Spring.”
The agencies bungled information that should have warned us of 9/11.
Imagine the boasting that must go on at reunions of the old agents. “You screwed up 9-11? That’s nothing. We missed the collapse of the Soviet Union. That was a biggie.”
“Wait a minute. You missed the collapse? We got the population of the Soviets wrong by about 20 million. Top that!”
How do we justify paying these intelligence guys? I mean what is the point of having these agencies and their army of agents? Surely, we could find better uses for the money. And if these agents are on tenure, maybe we could set them to painting the White House fence.
While they are doing that, they might stumble over the idiots. The ones who keep climbing over it on their stroll across the lawn to the White House. Thank you, Secret Service, — whose motto is “What happens in Washington … we’ll get back to you on.”
Here is another money-saving idea. We could hollow-out these intelligence agencies. Sack all the agents, the lot. But pretend that we still employ them.
Then, we could pay a couple of kids to use their IT skills to tell us what we need to know. They could hardly do any worse than the many intelligence agents for which we pay millions.
Or we could outsource all our intelligence gathering to the Israelis. They seem to know what is going on in the undercover world. We surely don’t.
The first thing they could reveal to us is where the North Korean generals get those stupid-looking hats.
From Tom…as in Morgan
Tom Morgan writes about political, financial, and other subjects from his home near Oneonta. You can write Tom at tomasinmorgan@yahoo.com. You can read more of his writing at tomasinmorgan.com
Enterprise Holdings (Alamo, Enterprise Rent-A-Car, and National Car Rental) announced it has recently promoted AARON SMITH to area car sales manager of its Enterprise Car Sales dealership in the Syracuse area. He previously was Enterprise’s assistant sales manager for nearly three years, according to Smith’s LinkedIn page. Before that, Smith was an account executive for
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
Enterprise Holdings (Alamo, Enterprise Rent-A-Car, and National Car Rental) announced it has recently promoted AARON SMITH to area car sales manager of its Enterprise Car Sales dealership in the Syracuse area. He previously was Enterprise’s assistant sales manager for nearly three years, according to Smith’s LinkedIn page. Before that, Smith was an account executive for the firm in the Rochester region.
ADAM FUMAROLA has been appointed senior associate VP of real estate services and asset management at Syracuse University. He has more than 17 years of experience in managing multi-million-dollar commercial real-estate portfolios from both the business and legal perspective. Fumarola served as senior director at Raymour & Flanigan in Liverpool since 2013, where he was
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
ADAM FUMAROLA has been appointed senior associate VP of real estate services and asset management at Syracuse University. He has more than 17 years of experience in managing multi-million-dollar commercial real-estate portfolios from both the business and legal perspective. Fumarola served as senior director at Raymour & Flanigan in Liverpool since 2013, where he was responsible for the management and operation of the company’s extensive portfolio of retail, industrial, and office-support properties. He joined Raymour & Flanigan as senior counsel for real estate and transactions in 2006, after previously serving as assistant general counsel at American Financial Realty Trust (n/k/a Gramercy Capital Corporation) in Jenkintown, Pennsylvania. Since January 2016, Fumrola has taught at Syracuse University’s Whitman School of Management as an adjunct professor, teaching real estate development at the James D. Kuhn Real Estate Center. He earned his law degree at the University at Buffalo School of Law and a bachelor’s degree in environmental public policy at Binghamton University.
Herkimer College has appointed GRACE V. ASHLINE as instructor of human services. She will teach human-services courses on-campus and online. Ashline was an adjunct instructor at Mohawk Valley Community College and also served as an MCP (mentoring children of prisoners) coordinator and support counselor for Big Brothers Big Sisters of the Capital Region; master’s of
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
Herkimer College has appointed GRACE V. ASHLINE as instructor of human services. She will teach human-services courses on-campus and online. Ashline was an adjunct instructor at Mohawk Valley Community College and also served as an MCP (mentoring children of prisoners) coordinator and support counselor for Big Brothers Big Sisters of the Capital Region; master’s of social work intern at Ellis’ Community Day Treatment Program, Schenectady; prevention supervisor at Community Maternity Services, Albany; and director at the Youth Advocate Program, Albany & Schenectady County. She holds a bachelor’s degree in sociology/criminal justice from SUNY Albany and a master’s degree of social work, clinical concentration, from SUNY Albany.
PAUL ARVANTIDES has been hired as a business advisor for the Mohawk Valley Small Business Development Center (SBDC). He owned and operated his own business for 12 years and managed all aspects of a revenue cycle management service company. Arvantides has working knowledge of business operations, staff management, human resources, contracts, QuickBooks, marketing, and advertising.
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
PAUL ARVANTIDES has been hired as a business advisor for the Mohawk Valley Small Business Development Center (SBDC). He owned and operated his own business for 12 years and managed all aspects of a revenue cycle management service company. Arvantides has working knowledge of business operations, staff management, human resources, contracts, QuickBooks, marketing, and advertising. He also has experience working in a family-run business, succession planning, and knowledge of mergers and acquisitions. Arvantides has a bachelor’s degree in psychology from Hamilton College and a bachelor’s degree from SUNYIT in health information management.
Mirabito Energy Products recently added two new employees to its workforce. MICHAEL PECHA will now serve as assistant safety manager. He has degrees in criminal justice and civil engineering and has worked as a police officer, public safety officer, and a building and fire code inspector. Mirabito hired STACY THATCHER as its new accounts payable
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
Mirabito Energy Products recently added two new employees to its workforce. MICHAEL PECHA will now serve as assistant safety manager. He has degrees in criminal justice and civil engineering and has worked as a police officer, public safety officer, and a building and fire code inspector. Mirabito hired STACY THATCHER as its new accounts payable clerk. She has been a youth advocate worker as part of a therapeutic support staff and served as 2nd deputy clerk of courts for Susquehanna County.
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.