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

When my business partner and I found ourselves in a land investment that was abandoned by the developers, we had no reasonable economic choice but to walk away from our mortgage loan.  While we understood that there would likely be tax consequences, the magnitude of our exposure was not fully anticipated.  Thankfully, Mr. Bode was able to work with us to strategize a defensible tax position and mitigate the tax implications of our investment loan abandonment.  I would recommend that anyone facing an investment loss that has tax implications due to debt forgiveness give Gary a call.  It is always best to fully understand the circumstances and the tax rules and related options before paying a hefty bill.  Thanks Gary!

Brian D. - CPA

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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