We Prepare Tax Returns!

We prepare most type of tax returns:

Individual. 

S Corporation.

C Corporation.

Partnership.

Payroll.

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.

Client Video Testimonials

Click here to watch some of our clients in their video testimonials!

Client Testimonials

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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Adoption Credit CPA discusses IRS Form 8839 and NC D-400TC

Wilmington NC CPA firm comments on the IRS 2011 Adoption Credit

Want to talk proactively with a Wilmington NC CPA to help maximize the Adoption Credit? Call us for a free initial consult at 399-2705.

IRS Form 8839  was kept alive, extended and expanded through 2011, via a provision tucked into the Patient Protection and Affordable Care Act.  Tax credits offset your actual tax liability; a dollar of credit can be worth a dollar of tax savings.  Deductions just lower your taxable income and may only be worth 15 cents in tax savings.   And, new in 2011, the Adoption Credit can actually generate a tax refund if your tax liability falls below zero!  So the Adoption Credit is a nice tax and social incentive for parents when adopting, essentially offsetting some of the upfront costs.

“The Adoption Credit is now refundable: parents may get a tax refund if their tax liability i less than the credit amount.”
Gary Bode, CPA | Wilmington NC Tax Accountant

The provision raises the maximum credit amount by $1,000, for qualifying adoption expenses incurred after January 1, 2010, to a limit of $13,170.  When the adoption credit began 10 years ago, it was $5000 and non-refundable.  Other changes to the Adoption Credit include incentives for adopting children with special needs.

But IRS Form 8839 is only part of the good news for adopting parents.  NC also honors the Adoption Credit.  Through NC D-400TC.  But at half the IRS amount.  It is non- refundable: the NC Adoption Credit can only reduce you tax liability to zero, it cannot generate refund.  But any unused dollar amounts can be carried forward for five tax years.

Allowable adoption costs for calculating the credit include:

  • Adoption fees
  • Lawyer fees.
  • Court costs.
  • Travel expenses
  • Meal expenses etc.

Exceptions include:

  • Expenses to adopt your spouse’s child.
  • Expenses deductible elsewhere on the return.
  • Expenses paid by your employer.
  • Expenses paid by the government etc.

For non US citizen children, the credit doesn’t apply until the adoption is final. For married folks, a joint return should be filed. The credit is per child and allows for multiple children to be adopted.

Uncle Sam uses tax incentives to promote economic and social goals. I doubt parents would adopt solely for $13,170. But $13,170 is a nice incentive during a recession for kind hearted folks thinking about adoption. Talk to your Wilmington NC CPA proactively. Like most IRS issues, there are lots of details.

If you need a free initial consult on the Adoption Credit from a Wilmington NC CPA tax preparer, please call us at (910) 399-2705.

1 comment to Adoption Credit CPA discusses IRS Form 8839 and NC D-400TC

  • Angie Roberts

    We were gifted money from our church and another organization. We have seen in other adoption tax credit related information that amounts paid by your employer “or other organizations” would count as an exception. Both of these gifts were given to us in the form of a check we deposited into our personal checking account. Would these two donations apply to the exceptions and we should therefore subtract those amounts from our total adoption expenses? Or, are donations/gifts regarded differently and should not be subtracted from the total adoption expenses? Thanks for your help.

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