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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Schedule C CPA discusses Tax Preparation and gives Tax Advice

Schedule C CPA wilmington NC

Gary Bode, CPA: I actively look for red flags on Schedule C before E-Filing it. For a free phone consult, please call 399-2705.

Schedule C CPAs see a variety of interesting issues with small business owners. The IRS audits Schedule C more often than any other type of business. Clearly, accuracy is important.

Schedule C Tax Advice: A Common Trap

Include all your income on Schedule C, even if it is a cash business. Interestingly, when large corporations lie about revenue, they inflate it. Why? They need to attract investors and maintain lines if credit. As a Schedule CPA, I see folks who might be fudging the numbers and then go to the bank for a loan. Well, the banks use Schedule C to evaluate your company. Look to the future and don’t concentrate on just reducing taxes.

“Schedule C CPAs look for expenses that are there, but shouldn’t be, and, expenses that aren’t there and should be. Both raise red flags with the IRS.”
– Gary Bode, Schedule C CPA and tax accountant.

Expenses

Look over a blank Schedule C. It probably doesn’t reflect the way you think about your business. Read any of the QuickBooks postings on this website and you’ll see that a CPA sets up a chart of accounts that makes intuitive sense to the owner. Reducing taxes is just one managerial task. I suggest using those same intuitvely obvious categories on Schedule C. And then using them consistently year after year.

Schedule C CPA Tax Advice for Proactive Audit Prevention

We actively look for red flags. How? Schedule C CPAs compare the current tax return to prior year tax returns. Unusual changes raise red flags. We also look at the expense ratios of the current year’s tax return. On other business tax returns, like say Form 1120-S, the IRS or State require a Balance Sheet. This can explain unusual changes in the submitted tax figures. Since Schedule C doesn’t provide the opportunity of a Balance Sheet, CPAs provide a supplemental explanation to the IRS with the tax return. For example, say you bought $40,000 worth of equipment, but only had $65,000 of income. Red flag. A supplemental explanation might mention a loan you took out for $35,000, and a $5,000 gift from family. While the return probably raises the same initial red flag when analyzed by computer, it also sends Schedule C to a human because of the supplemental information. When a human reads the explanation the audit is circumvented.

“A good Schedule C CPA looks for red flags and proactively helps explain them away.”

We have a virtual office to accommodate long distance and international clients. Physically, we’re a Wilmington NC CPA firm. There are hundreds of posts on this website and I hope you read a few to get a feel for what we do and how we do it. For a free initial phone consult, please call (910) 399-2705.

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