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We prepare most type of tax returns:

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Amended.

Gary Bode, CPA is a Master's Degreed, nation wide accountant offering tax and business services. Member of AICPA and NCACPA. Our virtual office provides excellent service to long distance and international clients. Call (910) 399-2705 for a free phone consult.

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I became totally and permanently disabled after a working for 44 years. I returned to college late in life (while working full-time) to fulfill my dream of becoming an RN and at that time found it necessary to secure student loans. Three years after being declared totally and permanently disabled my student loans were discharged. In January 2013 we received a 1099-C form declaring said student loans that were discharged however that amount could be considered as income for 2012. This was a large amount of money and we live on two pensions and social security income.

I started looking on the internet for information regarding 1099-C and felt that this was something that we could not handle alone. I made phone calls locally to a very reputable tax group in a city near us and they said it would cost $500 for an appointment and that they really prefer to do corporate taxes and they referred me to a local person who had worked for them at one time, we called and explained the situation and an appointment was made and then the comment was made that "I will have to do some research on this" and flags immediately went up and we called back and cancelled that appointment. I had been researching the IRSwebsite and every place else I could think of and I was not comfortable doing our own taxes this year. We called another local tax preparer that we had used in the past and made an appointment, however prior to the appointment, while still seeking information regarding our situation,

I came across a website for Gary l. Bode, MSA, CPA, PC in Wilmington, NC. I called Mr. Bodeand explained our situation and asked if he could help. He spoke very knowledgeably regarding the situation and stated that yes; he felt he could help us. As Mr. Bode was in North Carolina and we were in New York I scanned all of our documents including back-up documents for all of our claims and forwarded all to him. Mr. Bode kept in touch with us via email; we have spoken on the telephone several times and have become very comfortable with his knowledge and professionalism. Also, as I am a true "worrier" I have continued looking into information regarding our tax situation and I came upon another web page for Mr. Bode that included testimonials which spoke of his experience with this type of tax situation as it became prevalent during the recession. This reinforced in our minds that we had made the right decision in hiring this person as our tax preparer.

I share all of this as our taxes are now ready to be filed (we do owe tax for 2012 but not the astronomical figure we thought we were facing), and we are confident that they have been prepared with the utmost care by a gentleman who has an excellent working knowledge of the situation we faced and the tax laws that were applicable to said situation.

 

Bill and Carol

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Even though Gary enjoys helping colleagues, we no longer provide free consults to other tax preparers. He's happy to consult on an hourly billing basis if our schedule allows.

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A Wilmington NC CPA Accountant Discusses how to Reduce Bank Fees

CPA Wilmington NC discusses reducing bank fees

Gary Bode, CPA: your company shouldn't feel like a supplicant at its bank

According to the Blue Book of Bank Prices (Fall 2009), banks raised cash management fees, on an industrial average, 3.6% in 2009.  Expect the same in 2010.  So lockbox services, ACH debit card transactions, and checking overdraft fees are higher. 

“Bank managers have the power to forego or reduce these fees!  So negotiate.”
Gary Bode CPA
Wilmington NC Tax Accountant

What These Fees Mean to Your Company: Does $1000 less expense = $1000?

Are these fees material to the company?  Let’s look at a numerical example from the perspective of the CPA for Wilmington NC Widgets, our demo company. Banks have a variety of fees and don’t always make an effort to state them.  So the first step is determining what fees are being incurred for what services.  So the CPA for Wilmington NC Widgets runs a QuickBooks bookkeeping report.  The CPA was smart enough to have a QuickBooks category that captures all their bank fees in one place. 

We discuss how to reduce these bank fees below, but let’s assume the CPA is able to save WNW $1000 on them.  That’s $1,000 less expense, or, $1,000 more gross profit.  WNW’s owner compensation ultimately derives from gross profit.  To generate that same $1000, at a 60% gross profit margin, Wilmington NC Widgets would have to produce additional services/products and collect an additional $1,667 (1,667 x 0.6=1,000).  So cutting costs is more effective, relevant to funds available for owner compensation, than generating more gross production and revenue.

How to Reduce Bank Fees

First, your business should only pay for bank services it needs.  Pretty obvious, but as CPAs we see instances where streamlining the banking relationship is worthwhile.  Next, if your company bounces checks, have your local Wilmington NC CPA help you with cash flow.

“Your company shouldn’t feel like a supplicant at its bank.”
Gary Bode, CPA | Wilmington NC Tax Accountant and QuickBooks Consultant

Start thinking of your bank as just another vendor.  The banks have to make enough to stay in business.  But your company is important to at least the local bank branch manager, so get to know him/her.  The bank tracks his/her performance, in part, on his “numbers”.  They can negotiate many types of bank fees.  At a certain level of financial volume, your company becomes important to the main bank branch in Wilmington.  Sometimes a company needs to take that step up and engage the local VP.  And you generally don’t have to play hardball either to get results.  A good bank relationship is important to any company.  But there are lots of banks in Wilmington.

If you need a free initial consult with a Wilmington NC CPA firm on any accounting, business or tax preparation issue, please call us at (910) 399-2705.

1 comment to A Wilmington NC CPA Accountant Discusses how to Reduce Bank Fees

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