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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Subchapter S Corporation CPA discusses the Balance Sheet on Form 1120-S

Subchapter S Corporation CPA Form 1120-S

Your Subchapter S Corporation’s Form 1120-S can do more that just report data to the IRS. (910) 399-2705.

Subchapter S Corporation CPAs routinely analyze the Balance Sheet components of Form 1120-S during tax preparation. Why? Five reasons:

  • CPAs look for managerial implications of the Balance Sheet. Fortune 500 companies use relationships between Balance Sheet components to optimize their operations. Tax preparation of Form 1120-S might be the only opportunity your Subcapter S Corporation CPA has to help you with these same tools. After all, you’re already paying for the service; why not get the most value from your company’s CPA fees?
  • The IRS are experts at financial analysis, which helps find red flags for potential tax audits.  The Balance Sheet helps corroborate or discredit the income and profit your company reports for the year.
  • CPAs look for red flags, too. If it turns out that the underlying figures are correct, Subchapter  S Corporations CPAs provide supplementary information on Form 1120-S to explain the situation, hopefully preventing further IRS interest.
  • Shareholder equity transactions during the year flow to the Balance Sheet of Form 1120-S. Accurate accounting helps prevent internal discord.
  • This year’s Form 1120-S becomes the basis for future tax positioning.

“In Subchapter S Corporations, Form 1120-S functions as a substitute for Financial Statements. Financial Statements provide managerial insight. Tax positioning consists of applying multiple strategies that collectively create tax savings.”
– Gary Bode, Subchapter S Corporation CPA and Form 1120-S tax accountant

Form 1120-S Balance Sheet Managerial Examples

Financial analysis deals with financial ratios between components on the Financial Statements. Such ratios allow benchmarking, like comparisons to prior company performance, comparisons to the company’s industry segment and monitoring performance of strategic goals.

Common Financial Statement financial ratio categories include:

  • Profitability ratios.
  • Liquidity ratios.
  • Activity or efficiency ratios.
  • Debt or leveraging ratios.
  • Market ratios.
  • Capital budgeting Ratios.

Let’s imagine your Subchapter S Corporation anticipates an expansion loan in a year or so. CPAs know a banker will look to the company’s liquidity ratios as an indicator of loan re-payment capability. These liquidity ratios might be currently unacceptable, but over time, the company can structure itself such that these ratios become acceptable. For example, I graph liquidity ratios over time to visualize the company’s progress.

Our Form 1120-S Tax Preparation Philosophy

Most of my Form 1120-S Clients are untrained in accounting or financial statement analysis. Since they’ve paid me to prepare the return, I take that extra bit of time to look at the Balance Sheet, and then I share any managerial insight gleaned with that client.

Your Subchapter S Corporation’s Form 1120-S provides managerial insight. Our firm operates as an S Corporation, so I stay current on Form 1120-S issues. (910) 399-2705.

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