The Green Issue | Fall 2021

A publication of the York County Economic Alliance • FALL 2021

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THE GREEN ISSUE

From Financial Advising to Business Tips, Upcycling and Investments- We’ve Got You Covered!

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TH IS

IS S U E

HEAR FROM US A message from Kevin Schreiber A SWEET STORY Wolfgang Confectioners Hits 100 Years of Investing in York

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THE GREEN ISSUE

From Financial Advising, to Business Tips, Upcycling and InvestmentsWe’ve Got You Covered!

08 NEW SEASON, NEW CHANGES FOR YOUR BUSINESS

Seasons Change, So Might Your Business Set Up with Tips from Fulton Bank

10 15 18 21 23

FINANCIAL ADVICE FOR ANY STAGE OF LIFE Smith Wealth Advisory Group is Here to Help with Your Wealth and Living a Fuller Life FINDING TREASURE IN YoCo Shop Through History at the County’s Many Antique and Vintage Shops YoCo BLOOM: SMALL BUSINESS DEVELOPMENT PROGRAM Small Business Spotlight: Carolina Velasco, Unlimited Welding & Fabrication LLC ADVOCACY Lesser-Known Tax Changes for Business and Individuals EVENTS

ABOVE Many treasures await you at Refindings in Downtown York, one of the many antiques and collectible stores throughout the county. Read more on Page 15.

ON THE COVER *Top Left: Tyler L. Lerman provides financial advice (Page 10); Top Right: Vintage glasses on sale at Refindings (Page 15); Bottom Left: Production taking place at Wolfgang Confectioners (Page 6); Bottom Right: Carolina Velasco, a graduate of the Small Business Development Program (Page 18).

C R E D IT S

View the digital version of YoCo Connect online at YCEApa.org.

144 Roosevelt Ave., Suite 100

The opinions expressed in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

P: 717.848.4000

York, PA 17401

Copyright © 2021 York County Economic Alliance. All rights reserved.

No portion of this publication may be reproduced, in whole or in part, without the specific written permission of the York County Economic Alliance.

YCEApa.org

@YCEAPA ADVERTISING Katie Mahoney: kmahoney@yceapa.org

04 • YoCo CONNECT | FALL 2021 • Credits

HE A R

F R O M

U S

BY KEVIN SCHREIBER PRESIDENT & CEO

Regardless of your 2022 plans, financial health plays a role.

As we approach the fourth quarter of 2021 (hard to believe!), we naturally begin planning for the following year. For some, that means trips, events, activities, or perhaps home renovations, new vehicles, and so on.

In this issue we cover not only financial tips for small businesses, but also individuals. We know that financial health and stability is a primary indicator of economic

after attending the YCEA Small Business Development

equity and stability, and can also be a stressor for those

Classes, and also a 100-year-old candy confectioner

with student loan debt, business start-up expenses, and

who continues to invest in YoCo after all these years.

more. The pandemic continues to emphasize these concerns. A recent poll in neighboring Lancaster County

As we continue the long journey to pandemic

reported that twice as many consumers and spenders

recovery, businesses are remaining positive, but rising

indicated COVID-19 as a major threat to their personal

material and labor costs, supply chain flow, and labor

finances this month, compared to last.

attraction and retention are all being monitored.

Businesses are consistently reflecting on their financial

But there continue to be reasons for optimism. York

health and sustainability, and finding creative ways to

County added around 2,100 jobs over May and June,

redirect concerns into successes.

bringing total employment to only 3% below 2019 levels.

And the 2020 Census results are in, showing York County’s

From Smith Janney Wealth Advisors, and Fulton

population grew by 5% since 2010, with a 2020 population

Bank, to our own team at the YCEA, the York

of 456,440, defying the trend of most Pennsylvania

Community stands ready to assist and support those

counties by adding 21,470 new neighbors.

who live, work and play here. We hope you find your inspiration for the next phase of life in this issue –

Each of us in York County, whether you’re a young

whether you go for it and launch the business of your

professional, mid-career expert, embarking on a new

dreams, begin saving for retirement, or just feel the

entrepreneurial adventure, or approaching retirement, can

support needed to put down roots in YoCo.

find inspiration in this issue. And, if you are still learning to save and work within a budget, we’ve got some tips on where to find the best thrifted deals in YoCo. We also hear from businesses about their investments and fiscal security – a small business who received a Bloom grant

05 • YoCo CONNECT | FALL 2021 • Hear From Us

A SWEET STORY:

Wolfgang Confectioners Hits 100 Years of Investing in York

BY KATIE MAHONEY | VICE PRESIDENT, MARKETING & COMMUNICATIONS

Photo Credit: Commonwealth Media Services

“I like to say we’re a 95-year-old start up.” ~ SAM MILLER PRESIDENT OF WOLFGANG

Wolfgang has a lot history in York, founded in 1921 by Delphi Eli and Mima Mae Wolfgang as the D. E. Wolfgang Candy Company, in North York, which still exists today. “You can’t go 30 miles any direction without running into someone who bought, ate, or sold Wolfgang candy in their lifetime,” Miller adds.

Since then, the company has experienced it’s share of hardships, and is now poised for a future of growth. “It’s not a secret Wolfgang declared bankruptcy in 2012,” Miller states.

“We had to re-build from there, hence the start-up mentality, and fortunately, we found a trusted partner.” Back in 2012, Wolfgang had 85% customer concentration with their key partner. “They’d come to us and we’d white board an idea,” shares Miller. “We could approach things differently than other manufacturers.” Now, Wolfgang runs 65% with their key partner, but also welcomes smaller lines to support emerging brands.

On July 22, 2021, Governor Tom Wolf visited Wolfgang Confectioners in Loganville to announce the company's expansion funding and new jobs.

Five years after opening their Loganville facility, Wolfgang now supports seven production lines that produce household name brands at a staggering pace. The facility is expected to produce 20 million pounds of candy in 2021 that you can find anywhere in the country.

But for Wolfgang and Miller, it’s not just about turning the company towards a brighter financial future, it’s about the people and community. “When we say ‘make candy and bless lives,’ we mean every life” he states. And they walk the walk of their 400+ employees, including leadership positions and c-suite executives, 50% are women, and 40% people of color. They’ve established Women of Wolfgang as a collaborative cohort, and are part of the national Women in Manufacturing.

Recently, Wolfgang invested $3.5 million in operational expansion at their 137,000 square-foot facility in Loganville creating an additional 95 new full-time jobs. Support for this project also came from the Department of Community and Economic Development with a $95,000 Pennsylvania First grant and a $50,000 workforce development grant to help the company train workers. Like most industries, they continue to seek more employees.

“We have no interest in leaving York,” shares Miller. “I’m a West York boy, and York is in our blood. We’re in the heart of the snack food capital of the world, and we have good relationships here. York is a mixture movement, but also a breath of fresh air.”

That movement is visible at Wolfgang, with expanded operations running 24 hours a day, 7 days a week. As the industry continues to evolve, offering more health-conscious options such as low sugar and paleo friendly, another

“When we say ‘make candy and bless lives,’ we mean every life.” ~ SAM MILLER, PRESIDENT OF WOLFGANG CONFECTIONERS

expansion for Wolfgang is likely.

07 • YoCo CONNECT | FALL 2021 • Wolfgang Confectioners Hits 100 Years of Investing in York

NEW SEASON, NEW CHANGES FOR YOUR BUSINESS

BY SULLY PINOS I DIRECTOR, BUSINESS SOLUTIONS & INNOVATION

As the seasons change, now is the time to review your business set up with these tips from Fulton Bank Team Members: Aneury E. Perez, Multi–Center Financial Manager (pictured top right), Edouardo Thibault, Commercial Relationship Manager (middle), and Cedric Adams, Management Trainee (bottom).

RECORD KEEPING HABITS Keep receipts, invoices, and other related records that you would want to have access to quickly upon request. It’s helpful to also keep records of anything you would want credit for should any grants or lending applications ask for proof.

MARKETING YOUR SERVICES Since more people are booking staycations during the pandemic, there is value that comes from clients budgeting dollars to nearby communities that they normally wouldn’t have targeted. Don’t underestimate advertising any accommodations you are making for your clients during the pandemic, such as delivery options, or curbside/mobile services.

SEASONAL AND “JUST IN CASE” BUDGETING It’s best to get pre-approved for a line of credit while you can, rather than waiting until you need it and then not being able to qualify. Doing your research will inform you to make precise/conservative budgeting decisions, as many industries have been hurt with drastic fluctuations in pricing due to product demand and inflation during the pandemic.

08 • YoCo CONNECT | FALL 2021 • New Season, New Changes for Your Business

PREPARE FOR THE VIRTUAL WORLD

FINANCIAL CHECKUPS

Focus on your communication skills in regards to

In the current environment, does your ownership

verbal and nonverbal consumer and business partner

structure still make sense? A well-thought-out real

cues. Our current environment depends a lot on a

estate “leasing versus owning” decision may be a

virtual presence (Zoom, FaceTime, and such), where it

topic of discussion at your next financial checkup.

may be slightly more difficult to get a feel for

Financial institutions and other professionals often

identifying interest from consumers/supporters.

offer these at no cost.

ENGAGEMENT WITH YOUR INDUSTRY

ACCEPTING PAYMENT

Keep in touch with your peers. A consistent and

With today’s ever evolving consumer climate, the

diversified networking stream will provide support

importance of options in regard to accepting

and fresh perspective. For example, stay in touch with

payments is key. These options can range from Cash

groups like the York County Economic Alliance and

App, Zelle, Apple Pay, Venmo and far beyond. The

Downtown Inc to learn more about grants and

most secure option is the traditional merchant services

networking opportunities.

offered by most large financial institutions and proudly

spotlighted at Fulton Bank for being a local provider

DIVERSIFICATION

with local support.

Diversifying your current product or service offerings can be an explosive way to enhance your small

This is simply a list of suggestions for you to consider

business, as well as secure multiple new streams of

along your business journey. For any connections with

income and survive market volatility. Look around,

professional advice and technical assistance, reach

what would you like to see at your business from the

out to the York County Economic Alliance team or

eyes of a consumer?

Fulton Bank.

fultonbank.com

FINANCIAL ADVICE FOR ANY STAGE OF LIFE Smith Wealth Advisor y Group is Here to Help with Your Wealth and Living a Fuller Life It’s never too late to get your finances in order, and the team at Smith Wealth Advisory Group has some advice to get you started and keep you on track. Regardless of your life stage, the following pages offer a few tips to consider.

Building a Foundation.

Arguably the most crucial stage, developing good habits and avoiding bad ones is critical to a sound financial future.

Start an emergency fund. An emergency reserve of 3-6

Be sure to capitalize upon any “free money” available

months of living expenses is generally recommended to prepare

through such employer matching contributions.

for unforeseen events (i.e. home or car repair, medical expense,

Additionally, establishing a Roth IRA may be wise early

loss of income, etc.) which can be costly and unpredictable.

in one’s career. After-tax monies are contributed to the

Earmarking several months of living expenses into a savings

Roth account initially, with all future investment growth

reserve can provide protection from these situations by giving

and subsequent withdrawals tax-free assuming the

you access to monies that are readily available on short notice.

account has been opened at least 5 years and the owner is age 59 ½ or older. The IRS limits who can

Pay yourself first. The first monthly bill to be paid should be to

contribute based upon income and also limits the dollar

yourself for the betterment of your financial future. It’s common

amount that can be contributed each year ($6,000 in

for investors to get this backwards and attempt to save whatever

2021, plus an additional $1,000 if age 50+). Thus, it’s

monies may remain at the end of each month after expenses are

important to consider a Roth earlier in one’s career

paid. Inevitably, little typically remains after all the bills are paid

while income is lower and generally still within

so nothing gets saved. Start by routinely putting away at least

applicable limits.

10% of your income regardless of the specific dollar amount.

With time and compounding, it’s amazing what even small

Focus on debt reduction. Many investors focus

ongoing investment contributions can do over time.

primarily on increasing assets but lose sight of the other side of the balance sheet - debt. It’s important to

Capitalize on tax-advantaged retirement accounts.

recognize how high-interest credit card, auto loan, and

Many employers offer retirement plans (401k, 403b, 457b,

student loan debt can hinder one’s ability to save and

SIMPLE IRA, etc.) that enable employees to contribute a portion

erode their net worth over time. Paying off high-interest

of their pay in a tax advantaged manner. Many employers will

debt not only eliminates unnecessary interest costs, but

also match employee contributions up to a certain percentage.

also enhances cash flow flexibility.

10 • YoCo CONNECT | FALL 2021 • Financial Advice for Any Stage of Life

Mid-Career Strategic Planning.

By now, you should have a solid foundation already built with sizable savings and the know-how to make wise choices in preparation for retirement.

APPROXIMATE MEDIAN MONTHLY COSTS OF CARE IN THE YORK AREA RANGE FROM $4,260 - $11,498

Assess retirement readiness. Although retirement may still be years away, review your current financial situation and develop reasonable projections to ensure you are on track for the “Golden Years.” Review anticipated retirement income sources (Social Security, employer pension, deferred compensation, etc.) and compare against projected expenses. Look to your investments to bridge any gap between expense needs and income. When projecting retirement investment balances, consider any ongoing contributions between now and retirement and make a reasonable estimate for annualized

Mitigate long-term care risk.

investment growth. After completing this exercise, consider whether any changes may be necessary such as increasing savings, revising expense expectations, and/or adjusting your retirement date to ensure your desired retirement is on track.

Arguably the most significant retirement financial risk is a health event that may require extensive nursing care in a home.

Review asset allocation. Throughout the latter financial life stages, continuously assess the retirement portfolio allocation to ensure it remains aligned with established objectives and time horizons.

Although it’s typical to be heavily invested in equities while many working years remain, it’s wise to revisit the portfolio mix and consider changes as one’s proximity to retirement diminishes.

Focus on debt elimination. Review outstanding liabilities to determine when they are scheduled to be fully amortized. Entering retirement with zero debt is generally advisable since it reduces ongoing expense obligations and improves cash flow flexibility.

Consider making additional payments toward debt principal as warranted in order to transition into retirement debt-free.

Approximate median monthly costs of care in the York area range from $4,260 to $11,498 depending upon the type of care, including home health aides, assisted living, or a private room in a nursing home.

Such costs can seriously disrupt even sound retirement plans, so careful consideration should be given to mitigating such risk via various potential long-term care insurance solutions.

Retirement.

Whether you are near retirement or already retired, this stage can be one of the most enjoyable and rewarding. Financial priorities often broaden to include supporting grandchildren Plan your estate. Periodically review your estate plan and related documents, including wills, Powers of Attorney, and Advanced Medical Directives, to ensure they properly reflect your wishes as your personal and/or financial situations change. Review beneficiary designations of existing retirement accounts, life insurance policies, and benefit plans to ensure they are current and consistent with your wishes.

Optimize social security. Although the earliest age an individual can commence social security retirement benefits is 62, the amount is significantly reduced compared to deferring benefits until Full Retirement Age (67 currently). In conjunction with a retirement readiness assessment, evaluate the merits of deferring social security until at least Full Retirement Age, or potentially as late as age 70 when benefits are maxed, in order to not only optimize available bonuses

DEFER BENEFITS AS LONG AS POSSIBLE TO OPTIMIZE AVAILABLE BONUSES AND MINIMIZE INFLATION RISK

and mortality credits but also minimize inflation risk and longevity risk.

12 • YoCo CONNECT | FALL 2021 • Financial Advice for Any Stage of Life

Monitor Required Minimum Distributions (RMDs).

Contemplate Roth conversions. Following

The IRS mandates owners of pre-tax retirement accounts

retirement, but prior to age 72 when Required

distribute a certain percentage of the account balance annually

Minimum Distributions must commence, consider

upon attainment of age 72. Carefully monitor and coordinate

Roth IRA conversions and/or partial taxable retirement

these distributions among all applicable retirement accounts,

account withdrawals depending upon the amount of

such as IRAs and 401ks. The failure to withdraw an RMD, failure

taxable income anticipated each year. It’s common for

to withdraw the full RMD amount, or failure to withdraw RMDs by

one’s marginal federal tax bracket to increase when

applicable deadlines subjects the account owner to a potential

RMD rules later take effect. Marginal tax rates are also

50% penalty tax on the shortfall amount.

scheduled to increase in 2026 when existing tax laws expire. Prudent conversions and/or withdrawals

Consider charitable rollovers. If charitably inclined, consider

beforehand may minimize your overall long-term

Qualified Charitable Distributions (QCDs) from pre-tax IRA

tax burden and reduce future tax uncertainty.

accounts upon attainment of age 70 ½. Monies donated to charity directly from a tax-deferred IRA account are counted toward annual required minimum distributions (RMDs) but not included in taxable income. The effect of such rollovers is the same as a tax-deductible charitable donation that otherwise is unavailable to those who do not itemize their tax deductions. Since the charitable rollover amount is not counted as income (as a Required Minimum Distribution otherwise would) other favorable tax implications such as reducing Medicare Part B premiums and/or reducing potential taxation of Social Security benefits – both of which are based upon reported income levels – are also possible.

2315 North Susquehanna Trail Suite A, York, PA 17404 | 717.779.2769 smithwealthadvisory@janney.com

FINDING TREASURE IN YoCo

S H O P

T H R O U G H

HISTORY

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BY JASON MCSHERRY

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Did you know there are countless treasures to be found throughout YoCo? History and stories await you in the trove of antiques and valuables from times past strewn across the county. Whether you seek estate jewelry, retro fashion, mid-century bakeware, vintage video games, architectural salvage, or classic literature, you can find it all in YoCo! Whatever the treasure search for may be, the hunt may be even more precious.

Here are just a few of the many antiques and collectible stores throughout YoCo:

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Black Rose Antiques and Collectibles 1100 Eichelberger St STE 3, Hanover, PA 17331 blackroseantiques.com Hanover’s Black Rose Antiques and Collectibles boasts more than 100 booths filled to the brim with furniture, collectibles, estate jewelry, and more. All on a single floor, it is easy to get turned around while digging through the bountiful racks, stacks, and cases.

2

Dover Antique Mall

o c o y Our nds Fi

5010 Carlisle Rd, Dover, PA 17315 doverantiquemall.com On the outskirts of town, you’ll find the Dover Antique Mall. With two floors and more than 130 vendors, there’s bound to be a find for everyone!

Stauffer’s Nif-Ty Butter Pretzels Tin Everyone loves Stauffer’s infamous Animal Crackers! But the D.F. Stauffer Biscuit Company has been baking crackers, cookies, biscuits, and pretzels in York County for 150 years. This vintage Nif-Ty Butter Pretzel tin is from the 1950’s and has an eye-catching print that looks great in any home. You can find similar tins for $20 to $30.

Refindings, Downtown York

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Downtown York downtownyorkpa.com Within the city of York, numerous stops await you with even more treasures to be discovered.

Refindings is an architectural and salvage warehouse with 14,000 square feet of vendors with thousands of vintage items, authentic and repurposed antiques, stained glass, ironworks, and architectural finds. In Downtown York, Artemis Vintage Market has multiple vendors with antiques, vintage pieces, collectibles, and

For a more specialized treasure, visit the York Emporium

handmade items.

and browse dozens of shelves housing about 500,000 vintage and modern books, and cases of mid-century to

If you are looking for vintage apparel, Boho Bella,

present vinyl records, science fiction and militaria

m.elene.vintage, and Revolt Style Studio are just

collectibles of all kinds. The Dark Parlour Haus of

a few of the many shops downtown that carry a

Obscurities offers a variety of antiquities, including

variety of designer brands and trendy vintage

funerary and mortuary pieces, medical and religious

clothing and accessories.

iconography, and other obscure ephemera.

16 • YoCo CONNECT | FALL 2021 • Finding Treasure in YoCo

Our yoco Finds Cigar Molds and Drying Trays In the late 1800’s and early 1900’s, York County was one of the largest producers of cigars in the world. During the height of production, Red Lion had more than 100 cigar factories and residents had the highest per capita income of anywhere in the United States. These wooden cigar molds and drying trays were used to shape and dry cigars before shipping. With numerous ways to display or repurpose these molds (visit Molly’s Courtyard Café in York and take a close look at the sides of their counter), they are a bargain at $20 to $30 each.

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Grey Beards of Jacobus 51 N Main St, Jacobus, PA 17407 The town of Jacobus is home to the Grey Beards of Jacobus, which was named the Best of the Best antique store for 2021 by the York Daily Record.

With four floors of vendor booths, be careful not to get lost with the continually changing antiques and collectibles lining every nook and cranny of the building.

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Shrewsbury Antique Center 65 N Highland Dr, Shrewsbury, PA 17361 shrewsburyantiquecenter.com Once an old sewing factory, the Shrewsbury Antique Center is the oldest multi-dealer antique shop in YoCo and features more than 10,000 square feet of booth space over three levels.

6 Harley-Davidson Roadmaster Sportster Bicycle A stalwart of American and York County history, the Harley-Davidson Motor Company has been manufacturing their iconic motorcycles in York since 1973. When the Harley-Davidson Roadmaster Sportster bicycle came out in 1994, it was a must have for every kid in the neighborhood. Featuring a starter button with throttling noise and a functioning odometer, the Sportster bicycle was the next best thing to a Harley-Davidson motorcycle. Vintage Roadmaster Sportster bicycles sell for $200 to $300.

American Daydream Antiques & Miscellanea 3790 E Market St, York, PA 17402 americandaydreamantiques.com In the village of Stonybrook lies the American Daydream Antiques & Miscellanea, a newly renovated barn opened in 2019 and filled with antiques, vintage, handmade and homemade products. This store also specializes in preserving York County historical memorabilia.

Grey Beards of Jacobus

Small Business Development Program

Small Business Spotlight:

Carolina Velasco UNLIMITED WELDING & FABRICATION LLC

BY SULLY PINOS DIRECTOR, BUSINESS SOLUTIONS & INNOVATION

It was the summer of 2019 when Carolina Velasco joined a room full of budding entrepreneurs at Crispus Attucks for the start of the BLOOM Small Business Classes. These classes were offered at no cost to all attendees and eligible graduates of the program would later have the opportunity to apply for a BLOOM grant. Little did we know that this was the start of a long-term connection.

Carolina signed up for the classes on behalf of her and her husband’s new business, Unlimited Welding & Fabrication LLC, a small welding company with big goals.

A true family-owned business originating from El Salvador, she and her husband, Wedner Granadeno, share the tasks of the business, from the project

After already completing Bloom courses, what made you register again?

A: I learned so much from the classes and that helped us to make sure we were established and could continue to operate. So much has changed from the pandemic that I knew that our business could benefit greatly from these classes as a refresher, but also as an opportunity to connect directly with experts on the challenges we might be experiencing now. It’s an opportunity that we couldn’t pass up.

management and delivery, to administration and payroll.

They are also preparing for the next generation of ownership with their two children. Through the BLOOM classes, not only did the couple find the resources and technical assistance needed to navigate through the administrative side of their business, but they grew empowered to network, form relationships with other businesses, and the reassurance that they could grow the business to meet their goals.

After the classes concluded, and with the support of a BLOOM grant, Carolina and her husband were able to purchase a truck to help them deliver finished products to clients across the Central Pennsylvania and Maryland areas. Since then, the business has relocated to the Dover area, and they are looking to bring on employees to the payroll.

18 • YoCo CONNECT | FALL 2021 • Small Business Spotlight

What have you gained from the classes and the support of the YCEA? A: YCEA and the team has been a blessing for our family business.

Having your support over these years truly keeps us moving forward, and knowing that the support is available in our native language of Spanish is invaluable. We’ve taken the information from the first set of classes and the ones we are in currently to apply them to our business operations as we look to grow. I keep in touch with participants from the last round of classes and we help each other out whenever we can. We gained some great friends along this journey.

What do you recommend for other businesses navigating through the startup phase?

A: Don’t be afraid to ask for help and it is ok to not know the answers or process. The BLOOM Small Business Development classes are a great resource for any business to take and make the same connections that we did for our business. The team will truly help you along the way.

The next round of BLOOM Small Business Classes, “The Alphabet Soup for Starting a Business,” will start on October 7. Information on registering can be found on the YCEAPA.org website, under Workforce Development.

Looking to be involved as a future instructor? Contact Sully Pinos at spinos@yceapa.org to get connected.

Lesser-Known Tax Changes for Business and Individuals

BY DAVID GONZALEZ | DIRECTOR, ECONOMIC INITIATIVES

DID YOU KNOW? Employers can choose to make tax-exempt annual contributions of up to $5,250 per employee toward eligible education debt through Dec. 31, 2025.

The COVID-19 pandemic brought along significant funding programs to aid many small businesses as changes in their operations and consumer spending habits took center stage.

Both small businesses and individuals stand to benefit from a few crucial programs installed to aid the economic rebound and stability of households. Below is a selection of a few lesserknown changes.

Please note: business owners and individuals should consult their own tax professional for all tax decisions. The items listed below are strictly for informational purposes and are not tax recommendations, nor should they be used for the basis of any financial decision.

Employer Student Loan Repayment Although most federal student loan borrowers are experiencing paused payments through September 30, 2021, there is an additional benefit from The Consolidated Appropriations Act of 2021 which allows employer-provided student loan repayment as a tax-free benefit to employees for five additional years. This extends CARES Act relief first made available in March 2020.

This means that through Dec. 31, 2025, employers can choose to make tax-exempt annual contributions of up to $5,250 per employee toward eligible education debt. The funds allocated for this student loan assistance do not count toward an employee's gross taxable income and neither the company nor the employee will have tax liability for the money applied to student loan payments.

21 • YoCo CONNECT | FALL 2021 • Advocacy

DID YOU KNOW? From Jan. 1, 2021 and through Dec. 31, 2021, small businesses with fewer than 500 employees that experienced a quarterly revenue decline of 20% (previously 50%) year-over-year can claim a payroll tax credit for 70% of qualified wages up to $10,000 per employee per quarter.

Child Tax Credit This tax credit is automatic for families who have filed their taxes and have previously claimed their children on their taxes, but data from the Center on Budget and Policy Priorities indicates nearly 4 million families are at risk of missing out on the monthly child tax credit payments this year. The American Rescue Plan’s Child Tax Credit expansion made these children’s families eligible for the credit largely for the first time.

The Rescue Plan also allowed the IRS to distribute part of the credit through advance monthly payments between July and December 2021, rather than as a lump sum at tax time in 2022. The IRS is issuing these advance payments automatically for families for whom it has information, either through tax returns or the Economic Impact Payment portal.

Employee Retention Credit (ERC) This is a tax credit aimed at helping small business owners keep employees on their payroll. From Jan. 1, 2021 and through Dec. 31, 2021, small businesses with fewer than 500 employees that experienced a quarterly revenue decline of 20% (previously 50%) year-over-year can claim a payroll tax credit for 70% of qualified wages up to $10,000 per employee per quarter. If the credit is larger than payroll tax debt, the business can receive the difference back in cash. A business can qualify for this credit even if the business received a Paycheck Protection Program (PPP) loan. The caveat, a business cannot use the same wages for both the ERC and PPP loan forgiveness.

Fully Deductible Business Meals Business owners and the restaurants they patronize can both benefit with this change. The IRS and Treasury announced that business may now deduct 100% of the cost of food or beverages consumed in 2021 and 2022. This change came via the Taxpayer Certainty and Disaster Relief Act of 2020, where the previous deduction limit was at 50%.

E V E N T S

For details, visit YCEAPA.org

For details, visit DowntownYorkPA.com

October 1 –

First Friday presented by WellSpan Health Downtown York, 5-9 pm

October 20 –

Business Series Workshop: Maximizing Holiday Business Potential, York College Center for Community Engagement, 12-1 pm

October 23 –

Fall Sweetest Pint presented by Harley-Davidson, Downtown York, 2-5 pm

October 26 –

Fall Downtown Update presented by Traditions Bank, Appell Center, 8-9:30 am

SEPTEMBER Friday, September 24, 5-9 pm Showcasing YoCo: The YCEA Keynote Event Wyndham Garden York Thursday, September 30, 12-2 pm Leadership Luncheon: Human Resources Guide to Effective Interviewing Strategies and Retention with Elsner Bell & Associates YCEA Office, Upstairs Boardroom

November 5 – First Friday presented by WellSpan Health Downtown York, 5-9 pm

Thursday, September 30, 12-2 pm Virtual Leadership Luncheon: Labor and Employment Law Update with CGA Law Firm Zoom

For details, visit enrootyork.org

OCTOBER Thursday, October 7, 9:00 am-10:30 am YCEA Member Orientation YCEA Office, Upstairs Boardroom Tuesday, October 12, 11:30-1 pm WBCO Session: Celebrating National Women’s Business Month Heritage Hills Resort Thursday, October 14, 12-2 pm Virtual Leadership Luncheon: Estate Planning Seminar with CGA Law Firm Zoom Wednesday, October 20, 7:30-8:30 am Economics Club Event presented by Murray: Political Update Wyndham Garden York Tuesday, October 28, 11:30am-1:30 pm Legislative Luncheon Out Door Country Club NOVEMBER Tuesday, November 9, 11:30-1 pm WBCO Session: Mentorship Heritage Hills Resort Wednesday, November 17, 7:30-8:30 am Economics Club Event presented by Murray: State of Manufacturing Wyndham Garden York Friday, November 19, 5-9 pm Directors DrawDown and Silent Auction presented by Harley-Davidson Wyndham Garden York DECEMBER Tuesday, December 14, 11:30-1 pm WBCO Session: End of Year Recap and Networking Session Heritage Hills Resort Wednesday, December 15, 7:30-9:00 am Spirit of YoCo Awards Breakfast presented by RKL LLP Wyndham Garden York

September 21 – York Story Slam: Homesick, Zoom, 7-9 pm October 19 –

York Story Slam: Blood & Guts, Zoom, 7-9 pm

November 16 –

York Story Slam: Grand Slam - Theme TBA

144 Roosevelt Avenue York, PA 17401