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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 used Gary’s services to file my 2012 income tax return. This was my first year having an accountant do my return, as I have always done it myself using TurboTax. However, this year I had cancelled debt from my old primary residence which I was forced to convert to a rental property after relocating out of state.

While it didn’t cost me anything to do the short sale, the income tax consequence from the cancelled debt, roughly $50,000 in my case, was enough to move me from the 15% tax bracket to the 25% tax bracket.  Needless to say, I was concerned about that.

Finances were already tight and my husband and I are expecting our first child this fall. So the possibility of owing income tax was stressing me out. However, Gary was great at relieving my fears.

He is extremely knowledgeable, answered all my questions and was very thorough. I knew I was in good hands. He kept in constant contact with me throughout the process, keeping me updated on the progress of my return and letting me know what paperwork he needed to complete my filing.

In my mind, best case scenario would have been to not owe any taxes. Second best would be to only owe a little. Well, you can imagine my surprise and delight when Gary told me I was actually due a refund of a little over $2,700.00!

To top it all off, I found Gary’s fee for service to be fair, competitive and affordable; especially given the complexity of this type of return. I am so glad I did not try and go it alone this year. I am extremely pleased with Gary’s service and would recommend him highly to anyone, in fact I already have. If you have cancelled debt from a short sale or foreclosure, don’t freak out. Take a deep breath and call or email Gary. I am grateful I did.

Angie Falke of Holiday, FL

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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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CPA Wilmington NC | IRS 2010 Tax Rates and Tax Forms

CAP in Wilmington NC demonstrates new tax proposals with numerical examples

A CPA in Wilmington NC demonstrates taxes will actually decrease for most Americans under the new proposed regulations

There’s public interest over President Obama potentially allowing the top two marginal income tax rates to revert back to their higher levels. 

Update: on Dec 17th Congress finally passed legislation.  As we know, tax rates are basically unchanged for 2010.  All of the Bush era cuts were kept.  Several tax provisions were re instated as well, prompting delays in E File ability for many Americans until late February 2011, delaying tax refunds.  Multiple tax forms have to be revised too.  For more info see our numerous other posts on these topics.  I think the example below shows the core of the controversy over these rates and how few and privleged the affected taxpayers were.

But the Wilmington Star’s story on September 12th didn’t explain that the income level these tax rates affect are expected to change too.  As a CPA tax accountant, I think a numerical example of the new proposed tax, versus the current tax might might help clarify the issue. 

“The new rates would actually decrease income taxes for single folks having up to $450,000 of taxable income a year.”
Gary Bode, CPA Wilmington NC 
Tax Accountant

Background on our Progressive Tax System: with a tax example of marginal and aggregate tax rate

American income tax is based on taxable income, which as any tax preparer knows, is not your gross income.  Deductions and credits significantly decrease taxable income. Your taxable income is taxed at progressive higher percentage rates.  These are called marginal tax rates. For a single person in 09 it starts off at:

  • 10%, up to $8,375. 
  • Then it goes to 15% on taxable income of $8,376 to $34,000. 
  • Then 25% from $34,001 to $82,400. 
  • Then 28% from $82,401 to $171, 850. 

I think accountants and CPAs help cloud the issue because our tax strategies often affect the last bits of income, which we cite at the marginal tax rates above.  But the total amount of tax due on $171,850 is $41,827.25, a 24.3% aggregate tax rate.  Which is less than the marginal tax rate.

Poor and Middle Class: tax rates stay the same but taxes actually decrease

Tax cuts Bush enacted expire at the end of 2010.  President Obama wants to, basically, extend those reduced tax rates into 2011 and beyond for the bottom four marginal tax brackets above. But the taxable income base increases under the proposed new tax regs, leading to overall tax decreases, albeit miniscule ones.

The total tax under the new proposed tax rates, on the same $171,850 example above is $41,674, a $153.25 savings, which is so small it still comes out to a $24.3% rounded aggregate tax rate. 

These tax decreases continue up to about $450,000 of taxable income.

The Wealthy: a $600,000 Taxable Income example

A single person, under the new tax regulations, on a simplistic tax preparation scenario, with $600,000 of Taxable Income, and a 39.6% marginal tax rate, pays an extra $6,848 compared to current rates.  For a 32.4% aggregate tax rate.  But he gets to keep $143,152 of the additional $150,000 he made.

No one likes to pay additional taxes.  Sometimes we don’t like what they’re used for.  Or how much waste there appears to be in government spending.  We hope this example better demonstrates the proposed changes.

If you or your company needs a free consult from a Wilmington NC CPA and tax accountant, please call us at (910) 399-2705.

1 comment to CPA Wilmington NC | IRS 2010 Tax Rates and Tax Forms

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