We Prepare Tax Returns!

We prepare most type of tax returns:

Individual. 

S Corporation.

C Corporation.

Partnership.

Payroll.

Amended.

Client Video Testimonials

Click here to watch some of our clients in their video testimonials!

Client Testimonials

I had a 1099-C for about $135,000. My husband didn't have any withholding on Social Security. His employer couldn't withhold due to incompetence. I felt utter dread wash over me. Memories of owing the IRS before were constantly on my mind. I called a local CPA. Besides being clueless, he wanted to charge me for every question I had about insolvency. I looked on line and found little hope of the countless stories of permanently disabled people like myself getting their student loans forgiven only to be asked to pay taxes on it as if it were income.
Somewhere, somehow, I find an article by Gary Bode. I bookmarked it for when it's time to do the actual taxes. With his excellent help in how to do all of this out of a virtual office I get my part of the work done. My questions got answered, for free. I give a retainer, do what I said I did and wait. I hear from Gary. I go into shock! How can this be? Not only do I not owe on the 135,000....Gary itemizes and after paying what was almost nothing in taxes we get $950.00 back! No more hubby doing the taxes online! I will use Gary Bode as long as he will agree to work with me!
It was so easy, no worries, but professional and top notch. I know I have thanked you Gary but I am so grateful. Thank you ever so much again!

Carla Bray

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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Wilmington NC CPA discusses the Claim and Suspend Social Security Strategy for Single Folks

cpa wilmington nc

Gary Bode, CPA: if you don't already have a proactive CPA, give us a call for a free phone consult at 399-2705.

CPAs get asked lots of questions about retirement planning. Social Security is a part of that scenario. Much has been published on the “claim and suspend” Social Security strategy for married folks. But it is no-lose scenario for single people.

Claim and Suspend

This means you apply for Social Security but elect not to be paid as yet. No, this isn’t always crazy.

Full Retirement Age

While you can receive reduced Social Security benefits at age 62, the strategy below uses the full retirement age of 66. Note that the full retirement age is creeping up and will be 67 soon.

The Strategy for Single Folks

Apply for Social Security at full retirement age and then suspend payments. By doing so, your monthly benefit grows by around 8% for every year of continued suspended payments. This is just standard Social Security planning up to now. But here’s the cool part. If you run into financial problems, you can claim all those accumulated, suspended Social Security payments in one lump sum! The cons? There is no interest paid on the lump sum and you lose the delayed retirement benefits. Income taxes should be considered on the timing of the lump sum payment. Ideally, you would want little or no additional income for that tax year.

We’re a Wilmington NC CPA firm with a virtual office that serves a broad geographical base. Please read any of our hundreds of posts on this website to get a feel for what we do and how we do it. If you don’t already have a proactive CPA, give us a call at (910) 399-2705 for a free phone consult.

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