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 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

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

  • serviced office

    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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