February Luncheon Notes

Thursday, February 8th

Called to Order at: 11:50

Attendance:  15

1- Introductions – (experience)

  • T. McCampbell* – 2nd year School to Career, 2nd year ABA
  • P. Miller – Westside Cruisers Car Club 8 years in existence
  • T. Greeno – Ark Realty 5 years
  • L. Taylor – Western Willamette Habitat for Humanity –  25 years,  CPA 30 years, 5 years ABA
  • B Miller – Westside Cruisers Car Club 8 years in existence
  • B. Merritt* – Movement Mortgage 2 years, 18 as loan officer
  • M. Holcomb* – Holcomb Computer Services 20+years
  • K. Bolin – Edward Jones 14 years, 20 years financial services
  • C. Zamara – Naturopathic at Songbird Healing Arts 10 years
  • J. Doane – TVWD Commissioner 20 years
  • J. Doane – Aloha Community Library – 2012 started Library
  • J. Garland – Benting Construction – ABA member 2 years
  • D. Atkins – Key Bank 6 years, Banking 35 years
  • M. Schmidt* – Schmidt and Yee 39th year in practice 27
  • K. Yarnell – Principal at Aloha 37th year in education 33rd at Aloha
  • S. Fabre* -Agape Community Insurance 13th year

*2018 ABA Board Member

Presentation of Leadership Award to Karen Bolin for years of service to ABA as President

2 – Board Report – Sally Fabre

Board Meeting Last week discussed the following ideas:

  • Invite non traditional businesses to speak in summer – Medical Marijuana, Hydroponics, Mr Peeps.
  • Home Based businesses – month devoted to spotlighting 5+presenters
  • Next Door App – conversation about homelessness and community -could we hold a town meeting to discuss this to formulate solutions
  • Volunteer Sign Up – Committees:  communication, membership, special events, etc.
  • If Sally not available Mike Schmidt is next in line
  • How do we increase Social Media presence?  Look to assistance from students at Aloha in the Fall (speakers in fall to cover social media)

 

3 – Committee Reports

A – Treasurer Report – Michael Holcomb – $597.86 available in bank.  Cash flow Jan $260 in, 162.50 out. Invoices going out this weekend.

B – Membership Report – Mike Schmidt-  3 renewing members 69 members total. (Challenges in membership renewals.  Mike contacts if invoices have not been paid to see if they forgot and need help to remove.  Contact information is often outdated and hard to track down)

C – Community Partnerships – Sally Fabre – Aloha 50th Anniversary, Night to Shine tomorrow night.  

D – Communications – Brian Merritt – wants to increase business among members , wants to push for reviews done by members.  Google maps is best spot for a review.  

E – Aloha High School Report – Tabitha McCampbell – Paul Rizzo (Film and Media teacher at Aloha ) students at Aloha want to go to businesses and make short videos (commercials) for local businesses.  FREE.  Postable to social media

4 – Guest Speaker – Leon Taylor – 2018 Tax Law Changes

  • 1100 page Tax law act.  Passed quickly (13 months to pass under Reagan, this took 3 weeks). As it was part handwritten, there will be many changes.  
  • Go into effect Jan 1 2018, expire Dec 31 2025 (temporary)
  • Corporate Taxes are “permanent”
  • Does get rid of individual mandate penalty.  Reduced to 0.  Potentially could come back in 3 years.  Remainder of ACA remains in place. 
  • Removed many itemized deductions and have increased federal standard deduction ($24,000). (State has yet to be determined).
  • No standard exemption, no children’s exemption.  $2000 credit for kids under 17.  
  • Small 500 credit for dependent  over the age 16
  • Lose some deductions, get some standard deductions, resulting in higher amount of taxable income
  • 7 tax brackets
  • 3 capital gains rates
  • 77,000 taxable income = 0 federal tax
  • Itemized Deductions – state and local taxes and property taxes withholding limited to $10,000
  • Mortgage interest – New mortgage – can not deduct interest unless under $750,000 (was 1m) Mortgage Insurance is no longer deductible.  Home Equity loans no longer deductible – based on what you use money for. (Home improvements qualify, a new car would not) Older Loans NOT grandfathered in.  
  • Loan not used to purchase or improve house are not deductible.  
  • Casualty loss. Not deductible (i.e. House burns down) can claim a loss only if in a federal disaster  area
  • Misc itemized deductions – i.e. Tax prep are gone.  
  • Drive for job – employer does not reimburse –not deductible, home office expenses – not deductible, job search not deductible, education for job not deductible, uniforms not deductible
  • Act punishes employees but rewards business for yourself people (W2 vs 1099)
  • 529 plan – use up to $10,000 for “lower than college” schools (i.e. Special high schools, etc) per student/per plan is unclear
  • Alimony not deductible by person paying it, not taxable by person receiving it.  
  • Moving expenses not deductible unless in military, companies paying moving expenses no longer deductible
  • IRA convert to Roth IRA – can’t convert back after 2018.
  • State tax exemption increased from 5.6 million  to 11.2 million (will continue to rise)
  • Gift Taxes increased to 11.2 million.
  • Can expense business asset purchases (i.e. New factory)
  • Business entertainment (i.e. Take a client to dinner) are no longer deductible.  However “quiet business meals” where a meeting runs into mealtime and the meeting just continues through it are.  Client appreciation event not deductible.  Promotional (i.e. Baskin Robbins grand opening – give away ice cream) deductible.  Party open to the public may be deductible.
  • Net operating losses can not be carried forward (except farmers) no longer get a refund based on loss
  • Employer provided child care credit gone
  • Remodel for ADA (handicap access) no credit
  • Medical deductions in excess of 7.5% of income

5 – Testimonials – live demo on how to post reviews

6 – Spot Light Business of the Month – Godfathers Pizza – ABA Members 10% off  (spotlight members who are restaurants but can not come to meeting)   Try to eat there this month and post a review

7 – Announcements / Free Drawing – $25 Gift Card for Godfathers.   C. Zamara won

Next Meeting:  Thursday March 8th, 2018

How to use your business as an outreach to diversify your clients

2nd Thursday of every month, 11:30 AM to 1:00 PM at Peppermill Restaurant  

Please invite someone to join!

 

The ABA Board would like to thank

Schmidt and Yee and

Movement Mortgage

for hosting our Board Meetings.

 

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