Archive: Business & Technology

If you're a woman, you have to be actively involved in your financial preparations for retirement - and that's true whether you're single or married. As a woman, you have at least two special considerations associated with your retirement planning:

• You've got a longer life expectancy. Women typically outlive men by about seven years, according to the U.S. National Center for Health Statistics - and more years of life mean more expenses.
• You may have less money in your retirement plan. Women drop out of the work force for an average of 12 years to care for young children or aging parents, according to the Older Women's League, a research and advocacy group. This time away from the workforce results in women accumulating much less money in their employer-sponsored retirement plans, such as 401(k)s.

Ithaca, NY) The Tompkins County Chamber of Commerce held a ribbon cutting ceremony last Friday. Century 21 Sbarra & Wells has relocated its office from Triphammer Road to 306 South Meadow Street in the heart of Ithaca. This was a strategic move to increase the visibility of their company and to give their customers easier access. Sbarra & Wells has enjoyed being a part of the Ithaca community for the past five years (nearly 40 years in the upstate and finger lakes region) and at its new location plans to continue its growth and success for many years to come.

“We feel we are the best kept secret in Ithaca”; said Tom Sbarra, broker/owner, “no other real estate company has the unparallel services that we offer and with the increased visibility on Meadow Street, we won’t be a secret any longer. You can expect more value from us.”

It's that time of year when students from across the country graduate from college. If you're one of them, you'll be anticipating a new chapter in your life. And that means you'll have to do your homework on a very important topic: your financial situation. It's one subject in which you'll definitely want to earn a passing grade.

Of course, if you're like many recent graduates, the financial issue that might weigh heaviest on your mind is your student loans. To help pay for college, about two out of three students take out loans, with the average debt amounting to more than $19,000, according to figures from the U.S. Department of Education.

Around 85 businesses and not-for-profits got to show their stuff Wednesday when they converged on the Ithaca Farmer's Market for Showcase Tompkins, the Tompkins County Chamber of Commerce's annual business trade show.  Visitors were treated to  music, food, a cash bar, door prizes, and giveaways from the various booths that filled the market.  It was an upbeat celebration of the best Tompkins County has to offer, with a diverse collection of businesses of all kinds.  "Showcase Tompkins serves as a fundraiser for the Chamber of Commerce," says Director of Membership and Public Relations Doug Levine.  "Support of this event helps the Chamber continue with many programs our members have come to value and rely upon to further network their businesses and organizations."

 
WASHINGTON, D.C. — Today the U.S. Small Business Administration (SBA) and the Business Software Alliance (BSA), an organization dedicated to promoting a safe and legal digital world, announced a partnership to educate nearly 100,000 small businesses on proper software management and the risks associated with the use of unlicensed software.

Coined “Software Strategies for Small Businesses,” the multi-year partnership will provide small businesses and SBA resource partners—including SCORE “Counselors to America’s Small Business,” Small Business Development Centers, Women’s Business Centers and SBA district offices—with a set of software asset management tools and educational materials that will help small businesses establish, communicate and enforce policies that ensure copyright compliance in the work force.

(Ithaca, NY) The Tompkins County Chamber of Commerce held a ribbon cutting ceremony on Thursday at The Strebel Planning Group’s newly renovated office located at 944 Dryden Road in Ithaca. The Strebel Planning Group was the recipient of The Chamber’s 2006 David R. Strong Memorial Small Business of the Year Award.

Expansion of the office began in autumn of 2006. One of the key goals for the project is to provide a seamless integration of design, functionality, and materials with the original building. “It’s very important to have our clientele experience the original and expanded components of an 1836 Greek Revival Home,” said Paul Strebel, one of the founding partners of the group. This project created over 2000 square feet of professional space, including 5 offices and a new reception area. Additionally, structural components including updates to interior finishes, such as refurbishing the original wood floors and period-specific wall coverings, underwent renovation.

If you have young children or grandchildren, you may want to start investing for them - and you should. As you invest, however, you'll need to keep a couple of key dates in mind - because they can make a difference in your family's tax situation and your control of your child's or grandchild's assets.

One important date to remember is the day your child or grandchild turns 17 - because that's the last year he or she will be affected by the "Kiddie Tax." The Kiddie Tax applies to unearned income - typically from investments held in the child's name - above an annual threshold, which, in 2007, is $1,700. Of that $1,700, the first $850 of earnings is tax free, but the next $850 will be taxed at the child's rate, which is typically 10 percent. Any income above that $1,700 will be taxed at the parents' rate, which could be as high as 35 percent.

The Tompkins County Home Ownership Program will commemorate a significant milestonetoday: its 250th real estate closing to help a Tompkins County homebuyer purchase a first home. The homeownership program has operated for the past 14 years, as a partnership between Better Housing for Tompkins County and the Tompkins County Planning Department.

None of us can predict the future - so if you want to make sure your family and other heirs receive what you want them to have, it's not too soon to do your estate planning. Trusts can be a key part of those plans. But under what circumstances might you need to establish a trust?

Before you choose a specific trust, you'll need to know how trusts work. Usually, a trust is a legal arrangement in which you, as grantor, set up the rules and appoint a trustee, who manages the trust and its assets. You (and possibly others) then fund the trust with assets. The trustee collects these assets and invests the money according to the rules of the trust, which will also determine the trust's beneficiary - the recipient of the trust's proceeds.

Greg Thomas, president of Ithaca-based Performance Systems Development, joined a small group of colleagues from around the country in a webcast sponsored by the US Department of Housing and Urban Development (HUD) Thursday, May 17. The webcast focussed on energy efficiency improvements for high-rise and multi-family housing units.

“There is an increasing demand for information on the best ways to retrofit and remodel multi-family residences to reduce energy use while increasing comfort and safety,” said Thomas, who has helped establish the concept of “building performance” in local, regional, and national markets. His company works with builders and contractors whose goals include increasing energy efficiency in existing structures.

May 10, 2007 (Ithaca, NY) Merrill Lynch, a major national financial services firm, has announced that it has signed a lease agreement with Bloomfield/Schon Associates to occupy space in the Cayuga Green project. The firm will expand its presence in Ithaca to 5,600 square feet. The new operation will be located in the commercial space create by the Cayuga Garage on Cayuga Street directly across from the Holiday Inn.

Merrill Lynch will combine two separate operations into its new Cayuga Green space. In 2006, Merrill Lynch acquired the local Advest/J.S. Barr firm. This operation will be merged into the new Cayuga Garage location. The new, larger facility will feature state-of-the-art technology and a classroom for workshops, educational programs, and meeting rooms. Merrill Lynch in Ithaca employs 19 people and expects continued growth. Merrill Lynch was recently named "America's Most Admired Company" in the securities industry, according to Fortune Magazine's 24th annual survey of industry champions.

One of the reasons you invest in bonds - perhaps the main reason - is the interest payments you'll receive. So, naturally, you'd like these payments to be as large as possible. However, "chasing" high rates may not always work out in your favor. But when buying bonds, you can hardly go wrong when you look for quality.

As you may know, there's a direct - and inverse - relationship between a bond's quality and its interest rate. To attract investors, the lowest-quality bonds typically pay the highest interest rates. Conversely, high-quality bonds pay lower rates.