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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Roth IRA CPA discusses 2012 deadline for Roth IRA Conversion

Roth IRA CPA Wilmington NC discusses conversions

Gary Bode, CPA: Multiple parameters factor into a Roth conversion decision. For a free phone consult, call (910) 399-2705.

Roth IRA CPAs generally think 2012 is the last year taxpayers can convert a traditional IRA to a Roth IRA with favorable tax consequences. Why?

  • The Bush-era tax cuts are expected, again, to expire at the end of 2012. Marginal tax rates will increase. Phase-outs will return.
  • The $100,000 Adjusted Gross Income limit on Roth conversions is gone.
  • Additional tax increases are likely for Americans “doing well.”

Why Were Roth IRAs Established?

In 1989, Congress created Roth IRAs as a social tax incentive to encourage more annual retirement contributions than traditional IRAs allowed.

OK, Some Basic IRA Back Ground

  • Traditional IRA contributions are tax free when contributed, but taxable upon withdrawal.
  • Roth IRA contributions are made after taxes, but incur no income tax when distributed.
  • There is an additional 10% tax on distributions if withdrawn before age 59 1/2. CPAs frequently see folks caught in this tax trap.
  • There are IRS penalties if minimal distributions aren’t made by age 70 ½ for traditional IRAs but not Roth IRAs.
  • The IRS sets annual limits on traditional IRA contributions. There is a nasty 6% excise tax on excess contributions!
  • Roth IRAs grow tax-free.
  • Traditional IRAs grow tax deferred.

Roth IRA Conversions

Essentially you pull money out of your traditional IRAs, pay the tax on them this year, and covert them to Roth IRAs that grow tax-free. Obviously, consult with your Roth IRA CPA before making any decision. This post provides general information.

Roth conversion decision factors include:

  • The time remaining until your expected retirement.
  • How fast the IRA assets can be expected to grow.
  • Whether you’ll need IRA distributions after age 70 and a half.
  • Ability to pay the income tax on Roth conversions this year.
  • Estate planning objectives.

Roth Conversion Recharacterization

You can change your mind and convert your Roth IRAs back to traditional IRAs, with certain time limitations. For example, the worth of your IRA could drop after converting, so recharacterization might be prudent. But your IRA custodians get commissions coming and going.

I’m a Roth IRA CPA with a virtual office to serve clients outside of my Wilmington NC base. If you haven’t got a local Roth IRA, or just like what you read on this website, consider calling us for a free phone consult at (910) 399-2705.

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