Business Briefcase – April 2012

Salon opens in Potsdam

Deb Moschell, Potsdam chamber board member, Marylee Ballou, chamber executive director, Kristy Hayes, owner of Taglio Salon, Brianna Jones, Taglio Salon stylist, Amanda Crump, chamber membership committee member, and Fred Hanss, Potsdam Planning Office.

The Potsdam Chamber of Commerce held a ribbon cutting March 14 for Taglio Salon, 2 Elm St., Suite 2, Potsdam, a new member of the chamber.

Owned by Kristy Hayes, Taglio Salon offers AVEDA products.

Donation received for scholarships

The Small Business Development Center at Jefferson Community College has received a $1,000 donation from Mosher Business Advisors Corp. to underwrite scholarships to the SBDC’s entrepreneurial training course.

Mosher Financial Group Ltd., Watertown, the parent company of Mosher Business Advisors, was founded in 1987 as a business advisory firm specializing in mergers, acquisitions and business consulting.

Holistic healing business opens in Potsdam

Paula M. Youmell, certified holistic health and nutrition coach, has opened Hands on Health Holistic Healing in Potsdam.

Ms. Youmell is certified through the Institute of Integrative Nutrition, Manhattan, and draws on experience as a registered nurse, state-licensed health and physical education teacher, herbalist, adult fitness teacher, yoga instructor and Reiki practitioner.

Hands on Holistic Healing provides lifestyle coaching to assist clients in discovering the underlying causes of health problems and making healthy changes to heal or prevent diseases.

For more information, visit the website www.handsonhealthhh.com.

 Keynote speaker announced

Global futurist and co-author of the book “Foresight 20/20,” Simon Anderson will be the keynote speaker at the North Country Technology Symposium on May 23 in Potsdam. The symposium is the region’s largest business-to-business event presenting the latest information technology topics for businesses and organizations.

In a talk titled “Understanding the Technology of Tomorrow Can Transform Your Business Today,” Mr. Anderson will address how emerging technologies and trends are transforming business and the opportunities this creates for organizations and businesses.

Full-service salon opens

The Potsdam Chamber of Commerce welcomed MH Studios, 63 Market St., to the Potsdam business community with a ribbon cutting on March 26.

MH Studios is a full-service salon that offers nail care, waxing and spray tanning services. The salon is open from 11 a.m. to 8 p.m. Tuesday-Friday and 11 a.m. to 4 p.m. Saturday. For more information, visit www.mhstudiossalon.com.

Seeking nominations

The Potsdam Chamber of Commerce is seeking nominations for the Business of the Year Award. The award is presented to a Potsdam business that has excelled in improving the community, increasing economic activity, growth in employment level and customer service. Nominations may be sent to the chamber at P.O. Box 717, emailed to Potsdam@slic.com, or dropped off at the chamber office at 24 Market St. The winner will be announced at the spring luncheon May 9 at the Potsdam Town and Country Club.

10 key tax points for farmers

According to the IRS, you are in the business of farming if you cultivate, operate or manage a farm for profit, either as an owner or a tenant. A farm includes livestock, dairy, poultry, fish, fruit and truck farms. It also includes plantations, ranches, ranges and orchards.

The IRS has 10 key points for farmers regarding federal income taxes:

1. Crop insurance proceeds: You must include in income any crop insurance proceeds you receive as the result of crop damage. You generally include them in the year you receive them.

2. Sales caused by weather-related condition: If you sell more livestock, including poultry, than you normally would in a year because of weather-related conditions, you may be able to postpone until the next year the reporting of the gain from selling the additional animals.

3. Farm income averaging: You may be able to average all or some of your current year’s farm income by allocating it to the three prior years. This may lower your current year tax if your current year income from farming is high, and your taxable income from one or more of the three prior years was low. This method does not change your prior year tax, it only uses the prior year information to determine your current year tax.

4. Deductible farm expenses: The ordinary and necessary costs of operating a farm for profit are deductible business expenses.  An ordinary expense is an expense that is common and accepted in the farming business. A necessary expense is one that is appropriate for the business.

5. Employees and hired help: You can deduct reasonable wages paid for labor hired to perform your farming operations. This includes full-time and part-time workers. You must withhold Social Security, Medicare and income taxes for employees.

6. Items purchased for resale: You may be able to deduct, in the year of the sale, the cost of items purchased for resale, including livestock and the freight charges for transporting livestock to the farm.

7. Net operating losses: If your deductible expenses from operating your farm are more than your other income for the year, you may have a net operating loss. You can carry that loss over to other years and deduct it. You may get a refund of part or all of the income tax you paid for past years, or you may be able to reduce your tax in future years.

8. Repayment of loans: You cannot deduct the repayment of a loan if the loan proceeds are used for personal expenses. However, if you use the proceeds of the loan for your farming business, you can deduct the interest that you pay on the loan.

9. Fuel and road use: You may be eligible to claim a credit or refund of federal excise taxes on fuel used on a farm for farming purposes.

More information about farm income and deductions is in IRS Publication 225, Farmer’s Tax Guide, which is available at www.irs.gov or by calling the IRS at 1 (800) 829-3676.

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