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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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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