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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Form 8941 CPA gives tips on 2012 Preparation

Form 8941 CPA 2013

Gary Bode, CPA: I think of Form 8941 as part of the company’s tax return. Here’s some pointers. (910) 399-2705.

Form 8941 CPAs aren’t shocked to find only a draft version of the Credit for Small Employer Health Insurance Premiums as of the end of November. The previous year’s version was finalized in January! The draft is probably close enough to the final version of Form 8941 to discuss it. Note the 2012 Form 8941 instructions aren’t posted yet. But here are pointers and FAQs I’ve encountered during the last two years.

How am I a Form 8941 CPA?

I prepare lots of small business tax returns and prepare Form 8941 as part of it.

How do I get the information to complete Form 8941 for a company?

Most of it comes from the company payroll records for the year. But I often get clarification from the owners, members, shareholders, partners etc.

Is Form 8941 too complicated to self-prepare?

Not really. In most cases CPAs earns their keep during the tax preparation process. Rumor has it that companies, who self-prepare their taxes, error on the side of less tax. But my experience is the opposite; self-prepared business taxes pay too much tax. And raise red flags for IRS audits too in other parts of the return. Pay close attention to the IRS instructions. The first time is always the hardest. Form 8941 covers a wide array of circumstances and once you understand your company’s specifics they seldom change.

Is the Credit for Small Employer Health Insurance Premiums worth the hassle of preparing Form 8941?

CPA chatter says that companies find the actual tax reduction too small and Form 8941 too complicated to bother with. In my experience, the small extra fee for Form 8941 warrants submitting it. I think not submitting it raises a red flag, but that’s just my opinion. Form 8941 does come off sometimes as “weasely”. For example, Line 7 of the 2012 draft version of Form 8941 uses a 35% credit. But that 35% gets succesively whittled down as you progress through completion of Form 8941.

What are excluded workers?

Generally anyone that can be construed as an owner. Why? Probably to prevent the type of top-heavy tax positioning common in pension plans. Check the Form 8941 instructions.

What’s a FTE?

One Full Time Equivalent equals 2080 hours of labor by included workers. So let’s say you have three employees, one full-time and two part-time. The full-time employee works 2080 hours in 2012 and the two part-time employees work 1040 hours each. The number of FTE = (2080 + 1040 + 1040) / 2080 = 2 FTE.

How does the average wage factor in?

Last year limitations on the Form 8941 credit kicked in at an average payroll rate of $25,000 per FTE. Another example of the process potentially appearing weasely.

I’m a CPA with a virtual office to serve your company wherever it is. I’m a Form 8941 CPA because I prepare business tax returns. Most companies have a CPA. But if your’s doesn’t, consider giving us a call. (910) 399-2705.

 

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