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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Divorce CPA explains QTIP Trust Basics | IRS Form 706 | Wilmington NC

Wilmington NC divorce CPA discusses QTIP Trusts.

Gary Bode, CPA: we offer an empathetic free initial phone consult on divorce issues at 399-2705.

CPA divorce planning services complement the attorney. Post divorce CPA services involve tax cleanup when we aren’t consulted early enough to plan. Please find the linked posts below to see examples. QTIP (Qualified Terminal Interest Property) Trusts are an estate planning vehicle, generally used by divorced folks who have re-married.

Do You Need a QTIP with a Second Marriage?

  • Tax: volatility in Estate and Gift tax laws make planning prudent despite the 2011 $10 Million deduction for couples and 35% rate. I think the debt crisis will eventually lower the deduction and raise the rate.
  • Non-Tax: QTIPs allow ongoing support of your surviving spouse while ultimately controlling your Estate’s final distribution.

QTIP Trust Pros

QTIP Trusts address concerns of the first spouse to die:

  • QTIPs delay potential Estate taxes until death of the surviving spouse. The only thing almost better than paying less tax is paying that tax later.
  • QTIPs provide support for the surviving spouse, generally through income from your assets. But provisions can provide $5,000 or 5% of the principle annually, to augment that income.
  • QTIPs allow control of asset dispositions after the death of the surviving spouse, e.g. your spouse can’t divert assets away from your children once you’re gone.
  • QTIPs blocks the surviving spouse’s creditors attaching to your assets.

QTIP Election and Disclaimer

Use Form 706, United States Estate (and Generation-Skipping ) Tax Return. This post can’t be used as definitive guidance for QTIPs or Form 706 preparation. Prudence includes legal and accounting consults on your specific fact pattern.

Divorce CPAs help minimize tax consequences during settlements. But often, divorce CPAs clean up taxation issues that result from lack of planning. Here are some posts to illustrate avoidable post divorce issues.

We’re a Wilmington NC CPA firm experienced in divorce issues. Please peruse our postings to gauge our expertise and empathetic nature. We offer a free initial phone consult on divorce issues at (910) 399-2705. Don’t let distance dissuade you. We all can’t live here in wonderful Wilmington, NC. Our virtual office provides excellent client service to a broad geographic base.

2 comments to Divorce CPA explains QTIP Trust Basics | IRS Form 706 | Wilmington NC

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    You actually make it seem so easy together with your presentation but I find this topic to be really something that I believe I’d by no means understand. It seems too complex and very huge for me. I’m taking a look ahead to your next submit, I will try to get the hold of it!

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