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

Free Consult

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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Business Tax CPA discusses Auto Bonus Depreciation

Business Tax CPA discusses auto depreciation.

Gary Bode, CPA: business auto depreciation is a conflicting intersection of tax code. For a free initial consult, please call (910) 399-2705.

Every business tax CPA knows bonus auto depreciation encompasses conflicting tax code. Optimizing a client’s depreciation deduction takes tax savvy coupled with knowledge of the company’s future tax position.

Pure Examples of Auto Depreciation

Depreciation just expenses cost of the company’s auto over the life of its expected usefulness. Typically this use a period of time as a cost driver. If a company expects a $50,000 car to last five years, the business would deduct $10,000 per year ($50,000/5). But mileage is also a valid cost driver. If a company expects a $50,000 auto to last 100,000 miles, and, and drove it 25,000 miles during the tax year, the business would deduct $12,500 [(25,000/100,000) x $50,000] as depreciation.

“Auto depreciation for the IRS no longer resembles true depreciation.”
-Gary Bode, business tax CPA

Congressional Games with Auto Depreciation

Originally a valid accounting concept, Congress warped auto depreciation for tax purposes.

  • First what is an auto? Any four-wheeled vehicle weighing less than 6,000 pounds.
  • The year of purchase only counts as a half-year for auto depreciation.
  • They accelerated the rate of depreciation for the first five years.
  • They capped the depreciation deduction for all years. The company can still deduct the entire purchase amount, but it will probably take more than five years to do it.
  • “Bonus” depreciation raises the first year deduction by $8,000. But only if the auto is purchased after Sept. 8, 2010 and before Jan. 1, 2012.
  • After five years, the depreciation switches to a straight line method.

Dollar Limits

If no bonus depreciation:

  • $3,060 for the placed in service year.
  • $4,900 for the second tax year.
  • $2,950 for the third tax year.
  • $1,775 for each succeeding year.

With bonus depreciation:

  • $11,060 for the placed in service year.
  • $4,900 for the second tax year.
  • $2,950 for the third tax year.
  • $1,775 for each succeeding year.

Assorted Auto Issues

  • The company can use the standard mileage method instead of actual expenses (including depreciation). Which way is best? It depends.
  • SUVs and trucks can usually be written off in the year of purchase.

We’re a business tax CPA firm in Wilmington NC, but through our virtual office, serve a broad domestic and international base. For a free initial consult with a business tax CPA, please call (910) 399-2705

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