Timely tax tips and pancakes flip at East Portland businessperson’s meeting

In addition to a dinner of pancakes flying onto diners’ plates, see what attendees learned from outer East Portland’s ‘Not Your Ordinary Bean Counter’ on tax deductions businesses may be missing …

Gathering at the SMILE Station in Sellwood, the February meeting of the Association of Home Businesses gets underway.

Story and photos by David F. Ashton

As has been their recent tradition, a winter meeting of the Association of Home Businesses (AHB) provided a combination of a unique dining experience, and helpful tax tips.

On Thursday, February 20, more than a dozen members and guests who made their way to the SMILE Station found pancake chef Sheldon Penner of Chris Cakes Northwest behind his hot griddle.

Hotcake chef Sheldon Penner flips a toasty flapjack; it lands on the plate of AHB member and media strategist Sandy Hubbard.

After launching another flapjack, Chef Sheldon lands another pancake on the plate held by AHB member Nancy Chapin of The Support Group.

Each diner was asked to take a dish, step away from the griddle, stand steady, and watch him flip a pancake high in the air to land on their plate. Folks dressed their hotcakes with syrup and butter and helped themselves to copious hot sausages.

After self-introductions, Kevin Minkoff, CPA, “Not Your Ordinary Bean Counter” — located in the Hazelwood neighborhood of outer East Portland — began his lively talk geared to the upcoming tax preparation season.

Kevin Minkoff, CPA, begins his presentation to the AHB gathering.

In addition to answering questions about when to start a “S Corporation”, and the tax ramifications of health care, the primary focus of his presentation was “Small Business Deductions: What You Might Be Missing”.

“There are three primary categories, where small business owners are likely to miss out on valuable deductions,” Minkoff said.

Account Kevin Minkoff discusses some of the “tax landmines” for small business owners to avoid while preparing their returns.

His comments on the categories included:

Cash Payments Often Overlooked

“Consider small but significant cash payments, including bridge tolls, parking fees, newspaper subscriptions, postage, and even cash payments to contractors – they are all deductible business expenses that often go unrecorded,” Minkoff elaborated.

Documentation Is Key

Improper documentation of expenses often keeps business owners from properly deducting expenses, Minkoff noted. He highlighted common items such as automobile mileage, meals, travel, home office expenses, and self-employed health insurance that are often disqualified due to a lack of proper recordkeeping.

“So,” Minkoff advised, “it’s really essential to keep detailed, contemporaneous [“noted at the time of occurrence”] records – like receipts and mileage logs, so you don’t miss out on deductions that could save you money.”

Answering a question about travel expenses, Kevin Minkoff stresses the importance of documentation.

Personal Expenses with a Business Purpose

Finally, Minkoff shed light on the personal expenses that can sometimes be converted into business deductions.

“If the expense serves a clear business purpose, it can likely be deducted,” he explained. “For instance, business owners who maintain an office at home may not realize that cleaning, maintenance, and even magazine subscriptions for their office lobby, could be deductible. Similarly, part of the costs for mobile phones and home internet access can be deducted when used for business purposes.”

Learn more about Kevin Minkoff, CPA, by visiting his website: CLICK HERE.
To learn more about the Association of Home Businesses, see their official website: CLICK HERE.

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