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

My husband and I had to deal with canceled debt from a Deed in Lieu of Foreclosure on a second home with our 2012 taxes. We never had to deal with this type of tax experience and needless to say, we were fearful. Owing taxes on possible additional income was stressful. We searched for CPA’s as well as info about DILs and how Insolvency worked. When we came across Gary’s website, we were impressed. We found his website 8 months prior to tax season. We kept it as a “Favorite” as we knew we would need to contact him for assistance. When it was time to get a CPA, we called Gary. We felt relieved that we actually had someone that not only understood our concerns but was an expert in this area. He walked us through the process and all the time telling us not to worry. When our taxes were completed, you cannot imagine the relief we had when we actually were able to get a refund.

Gary is a dedicated professional and attentive to his clients. We love the virtual office as it is convenient during tax time and he’s fees were fair and affordable when you consider the depth of work accomplished on our taxes!

We’ve already started recommending Gary to others. We are so blessed and grateful for all that Gary did to assist with our taxes.

 

Patty and Tim, Fredericksburg, VA

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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Tax Accountant Reviews IRS 2010 Retirement Plan Contribution Limits

An tax accountant and CPA in Wilmington NC discusses pension limits

As Your Tax Accountants, We Run the Maze for You

It might be optimistic, in a recession to look at the maximum retirement plan elective deferral amounts for 2010.  And they haven’t changed from 09.

  • Employee 401(k) contributions are capped at $16,500, or $22,500 if the participant is > 50 years old.
  • Combined employee and employer 401(k) elective deferral is $49,500, or 54,000 if the employee is > 50 years old.
  • SIMPLE elective maximum deferrals: $11,500, $14,00 if > 50 years old.
  • SEP contribution limit: $49,000.
  • IRA: $5000, $6,000 if taxpayer > 50 years old. Income phase-outs to limit detectability increased slightly.

Elective deferral contribution limits for pension plans are basically unchanged in 2010.
Gary Bode, CPA
Wilmington NC Accountant

Good news for some; the long standing rule that taxpayers with > $100,000 Adjusted Gross Income can’t convert Roth IRAs is gone!

The Social Security tax wage cap is unchanged for 2010, $106,800. Some good salary strategy available here.

“Stuffing” high salaies is a legitimate way to save 12.4% of employment taxes on wages above the Social Security wage cap. This could mean combined company and personal tax savings of >$6,200, albeit every other year.”
Gary Bode, CPA – Wilmington NC Tax Accountant

The ARRA is foregoing the tax on cancellation of debt “income” for some businesses that restructured in 2009. Naturally, there are wrinkles.

During 2009 the basis for for any partner in a LLP or LLC, to claim material participation to avoid the passive activity loss (if income) improved, via classifying all partners as general partners for this hurdle. This is true even for single member LLCs.

As always, taxation continues to evolve.

For a free initial consult, please call (910) 399-2705

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