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.

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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

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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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Wilmington NC CPA discusses Income Tax Extensions: IRS Form 4868 and NC D-410

CPA Wilmington NC discusses IRS Form 4868 and NC D-410

Gary Bode, CPA: tax extensions have ramifications. If you need a free initial consult with a CPA firm, please call us at 399-2705.

Filing IRS Form 4868 and NC D-410 gives you an automatic, additional six months to file your actual tax returns.  No reason has to be provided to either NC DOR or the IRS.  No fees, per se, are required.

Why Extend?

Many taxpayers routinely extend filing their tax returns, just on principal.  Some think it decreases chances of a tax audit.  But even for well organized taxpayers, the April 15th deadline is often unrealistic.  For example, Schedule K-1s, from Corporations, Partnerships and Estates aren’t always ready by April 15th, forcing taxpayers to extend.  But of course, some folks just aren’t motivated to file on time.  Like many taxation issues, there are things to consider before extending.

 Potential Problems with Forms 4868 and NC D-410

“Extending the filing date of your tax returns doesn’t mean an extension of time to pay the taxes due, if any.  There can be under payment penalties.  Extending just eliminates the Failure to File penalties, which for the IRS can be up to 25% of the taxes due.  IF you actually file your tax returns within the additional six months.  ”
Gary Bode, CPA, Wilmington NC tax accountant

This means you have to estimate how much you will owe before extending, and send those amounts along with the extensions.  The trick is how to estimate what you owe without completing your return.  There are penalties for under payment, but many folks don’t worry about them. 

Another Reason to Extend

I don’t recommend waiting to pay, whenever possible at least.  While not often discussed, under payment penalties can be viewed as interest on short term capital, if absolutely required.

Should you Extend if you expect a Refund? 

CPAs usually say yes for a variety of reasons. 

There are automatic two month IRS extensions without filing Form 4868 if you’re out of the country on the filing date.  And then you can file Form 4868 within those two months for the additional four if needed.

We’re a Wilmington NC CPA firm, but serve a wider geographical base.  We offer tax preparation services for all business entities, Estates, Trusts and individuals.  Please read any of our tax posts to gauge our expertise and proactive attitude.  If you’d like a free initial consult with a tax accountant, please give us a call at (910) 399-2705.

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