With all the fanfare and excitement of the very best shows on the strip – The GEAC was proud to introduce a great guy who knows a lot of stuff – just in from a national tour of eastern Portland – a roaring round of applause welcomed the one and only “Kevin Minkoff, CPA – NOT your ordinary bean counter.” Kevin has a reputation for being much more than an accountant. He is also an efficiency consultant with tools and training for best practices in financial management and tax saving strategies for small business owners.
Kevin was prepared to share small business tax saving strategies for filing 2013 and for planning 2014. Chin in the air and eyes darting around the room, he dared the audience to deny the importance of his wise words regarding tax strategies for each of their businesses. Speaking about deductions, a lot has changed from 2013 to 2014, starting with the revamp an overhaul of the affordable care act. The rules for deduction of start up costs, organizational costs are much different and the audience learned the details.
As Kevin sorted through the description of expensed versus capitalized expenses, the audience was impressed with the pertinent examples and immediately sat up to ask questions. Next we learned the de minimis rules that outline limits for expenses based on the size of the company. Kevin explained the transitional relief offered to businesses as we change from the old rules to the new.
Do you have an office in your home? Kevin offered some valuable tips on Section 179 deductions and what depreciation has been eliminated. We even learned the ins and outs of the IRS standard mileage allowance. Who knew there were so many variables in the seemingly simple concept. The big bean counter covered, 401K rules, healthcare rules, tax rate changes, credit card payments, penalties, Portland’s paid sick leave rules, PDX-MCBIT, business property taxes and seldom followed tax strategies. The questions continued to flow to the front of the room, and Kevin answered with embellished expertise. Finally, Deborah kicked him off the stage so that the door prizes could be awarded.
This was an absolutely essential presentation for a small business. If you were unable to attend, you may want to give Kevin a visit, or ask for the slides he used to accent the critical points.
VP of Business and Community Development