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Neely’s Sponsors WSLS 10 News Educational Tax Series

As tax season approaches, Neely’s is partnering with WSLS 10 News to bring you a new series, “It’s Your Money.” Every Monday and Wednesday at 5 p.m. and 7 p.m. from March 5 through April 9, local ta experts – including our very own Chuck Neely – will answer tax questions on air.

Don’t miss your opportunity to get advice from the experts! Our discussion will cover everything you need to know to have a successful tax season. Tune in to hear all the details about:

Maximizing Deductions
Tax Credits and Reporting Changes
Filing and Deadlines
Tax Planning for the Future
And More!

Plus, you have a chance to shape the conversation! You can submit your tax questions online at WSLS. Our experts will share valuable tax tips to help you save money and be well-prepared for this tax season and beyond.

Watch live every Monday and Wednesday at 5 p.m. and 7 p.m. to get valuable advice and make the most of your tax return. Missed an episode?” No problem. We’ll continue to update our site with links to past episodes so you have all the information you need at your fingertips.

Neely’s Accounting Services provides expert tax preparation and accounting in Roanoke, VA. Our clients have trusted us with their business management, personal income tax, and outsourced accounting needs since 2007 because we deliver big-city service with hometown values. We’re proud to offer a full range of professional products at a fair price without sacrificing the individual attention you deserve. Our friendly, dedicated advisors are always ready to help you with personalized solutions that meet your needs. Work with Neely’s and take the stress out of taxes.

Posted in Bookkeeping, Business Finances

What to Look for When Choosing a Qualified Tax Preparer

Confusing forms. Changing tax laws. The fear of making a mistake. Filing your own taxes can be overwhelming.

You don’t have to go it alone. Working with a qualified tax preparer will save you time, preserve your sanity, ensure that your taxes are done correctly and build a professional relationship for the future.

Here are eight things to look for before you hire a Roanoke account, CPA, or tax preparer:

Know the tax preparer’s credentials. The IRS requires all paid tax return preparers to have a Preparer Tax Identification Number (PTIN). Ask what professional affiliations they have and what types of continuing education classes they attend.
Search online for any red flags, such as Better Business Bureau complaints or disciplinary actions by Virginia agencies or the IRS.
Don’t believe grand promises, including the ability to offer larger refunds than the competition.
Understand the fee structure and ask questions. Be aware of extra charges for any unexpected complications. Read the fine print of contracts. Avoid preparers who charge their fees as a percentage of the refund or who offer to collect your refund in their accounts.
Ask if your taxes will be filed electronically and using IRS e-file. The IRS requires this of professional tax preparers unless the client specifically requests that paper forms be filed.
Reputable tax preparers will ask for your records and receipts and take the time to ask you questions about your financial history. This helps them figure out the details of your income and what deductions and credits you may be eligible for this year.
A good tax preparer is available for your questions, even after your return has been filed.
Consider the long term. Do you plan to use a professional tax preparer next year and the year after? Invest in a relationship with an individual or firm who will be in business for years to come.

Above all, make sure you choose professional tax preparation. Neely Accounting Services has a team of qualified and professional tax preparers who meet all these standards and more. We’re Roanoke’s trusted local advisor because we’re real people you can talk to whenever you need us. Call us today to make an appointment to talk about your taxes.

Posted in Bookkeeping, Business Finances

Take Control of Tax Time: All the Must-Know Deadlines in One Place

A new year means that tax time is just around the corner. For some people, tax season is an exciting opportunity to get organized and tackle their annual finances. However, many others feel intimidated by taxes, pushing off filing taxes until the last minute or even missing important deadlines. If this sounds like you, don’t worry. You’re not alone. According to the IRS, 20-25% of US taxpayers wait until the last two weeks to prepare their tax returns.

As Roanoke’s trusted tax experts, we at Neely’s want you to have all the info you need. Knowing your deadlines is step-one in taking control of tax season. It helps you avoid a stressful, last-minute scramble or worse—missed deadlines and fines. To help, we’ve compiled all the season’s tax deadlines so you can face the 2025 tax season with confidence.

Personal Income Tax & Self-Employed Deadlines

January 15, 2025 – 4th Quarter 2024 estimated tax payment due. If you’re self-employed or have other income without any tax withholding, and you make quarterly estimated tax payments, this is the due date for your final quarterly payment for the 2024 tax year.
January 31, 2025 – Due date for employers to send W-2 forms, 1099 forms, and other important forms. The IRS requires employers to send W-2s no later than January 31 following the close of the tax year. January 31 is also the deadline to send 1099 forms, and forms 1099-NEC,1099-MISC, and 1099-K which are used to report payments that typically don’t come from an employer, such as income from work as an independent contractor, gig worker, or self-employed person or income like interest, dividends, prize winnings, rents, royalties, or brokerage account transactions.
February 28, 2025 – Due date to file 1099/1096s (excluding 1099-NECs) if you are paper filing. If you choose to paper file, and have income requiring a 1099, your deadline to file is a bit earlier than the standard, mid-April tax deadline.
April 15, 2025 – Tax day. Unless it’s a weekend or a holiday, the deadline to file your taxes is always April 15th. It’s also the last day to make HAS contributions and contributions to the majority of retirement plans and to pay your 1st quarter estimated taxes. You can also file for an extension if your documents are quite ready to submit.
June 16, 2025 – Second quarter 2025 estimated tax payment due. Quarterly estimated taxes aren’t quite evenly spread out in the calendar year. The first payment occurs 3 and a half months into the year. The second payment is five and a half months; the third payment is eight and a half months, and the fourth payment is due 12 and a half months after the year starts.
September 15, 2025 – Third quarter 2025 estimated tax payment due.
October 15, 2025 – Deadline to file your extended 2024 tax return. If you chose to file an extension request on your tax return, this is the due date for filing your tax return.

Businesses – Partnerships (including LLCs), C Corps (Form 1120), S Corps (Form 1120S), and Nonprofits (Form 990)

January 15, 2025 – 4th Quarter 2024 estimated tax payment due
Early 2025 – 2024 Tax season begins
January 31, 2025 – Employers send W-2s forms to employees and send 1099 forms
March 17, 2025 – Taxes are due for some business types (partnerships, multi-member LLCs, and S-Corporations). Businesses organized as partnerships, including multi-member LLCs, and S-Corporations need to file Form 1065, or 1120S by March 15, 2025, if they are a calendar year business. If your business uses a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year. For example, if your business uses an April 1 – March 31 tax year, your business tax return would be due June 15 instead of March 15.
April 15, 2025 – Taxes for C-Corporations are due. Businesses organized as C-Corporations need to file form 1120 by April 15, 2025, if they are a calendar year business. If your business uses a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year. For example, if your business uses an April 1 – March 31 tax year, your business tax return would be due June 15 instead of in April.
May 15, 2025 – Due date to file most nonprofit returns (Form 990). Most nonprofits have an extra month to submit their forms to the IRS. They will need to file a Form 990 by May 15.
September 15, 2025 – Deadline for extended partnership and S-corporation returns
October 15, 2025 – Deadline for extended C-corporation returns
November 17, 2025 – Deadline for extended nonprofit returns.

Contact Neely’s Accounting Services for Expert Tax Support in Roanoke

Whether you relish taxes or feel a bit nervous, having a trustworthy expert on your side can makes all the difference between complicated and stress-free. Neely’s Accounting Services has provided expert tax preparation and accounting in Roanoke, VA since 2007.

Our friendly, dedicated advisors are always ready to help you with personalized solutions that meet your needs. Let us take the stress out of running your business and filing income taxes. Contact us or visit today.

Posted in Bookkeeping, Business Finances

We’re Hiring: Staff Accountant

We are looking for a staff accountant to join the Neely’s team! This position will be responsible for managing various accounting tasks, ensuring the accuracy of financial records, and supporting the overall financial operations of the organization. To be successful in this role, you should be experienced in preparing financial statements, conducting reconciliations, and assisting with audits and tax filings.

Key Responsibilities

Financial Record Keeping:
- Greet clients and visitors in a warm and welcoming manner
- Answer and direct phone calls promptly and efficiently
- Manage incoming and outgoing mail and packages
- Maintain a clean and organized reception area
Account Reconciliation:
- Perform monthly reconciliations of bank statements and other accounts.
- Investigate and resolve discrepancies in financial records.
Financial Reporting:
- Assist in the preparation of monthly, quarterly, and annual financial statements.
- Generate reports for management, highlighting key financial metrics.
Budgeting and Forecasting:
- Support the budgeting process by gathering and analyzing data.
- Assist in the development of financial forecasts and variance analysis.
Tax Compliance:
- Prepare and file tax returns and ensure compliance with local, state, and federal regulations.
- Assist with tax audits and inquiries.
Financial Analysis:
- Conduct financial analysis to identify trends, variances, and areas for improvement.
- Assist in cost analysis and profitability assessments.
Collaboration:
- Work closely with clients to ensure accurate financial reporting.
- Provide support to senior accountants and management as needed.
Other: All other duties assigned.

Qualifications

Bachelor’s degree in Accounting, Finance, or a related field.
1-3 years of accounting experience preferred.
Strong understanding of accounting principles and practices.
Proficiency in accounting software (e.g., QuickBooks, SAP, or similar).
Advanced Excel skills for data analysis and reporting.
Strong attention to detail and organizational skills.

Preferred Qualifications:

Experience in tax preparation and compliance.
Knowledge of industry-specific regulations.

Work Environment:

Primarily office-based, with opportunities for collaboration across departments.
May involve occasional overtime during peak periods (e.g., month-end close, tax season).

To apply, please email Joy Rierson (joy@neelys.com) with your resume and cover letter.

Posted in Bookkeeping

We’re Hiring: Receptionist

We are looking for a receptionist to join the Neely’s team! This position will be responsible for providing exceptional customer service, managing front-desk operations, and supporting our team. To be successful in this role, you should have previous experience as a receptionist, excellent organization and time management skills, and proficiency in Microsoft Office Suite.

Key Responsibilities

Front Desk Operations:
- Greet clients and visitors in a warm and welcoming manner
- Answer and direct phone calls promptly and efficiently
- Manage incoming and outgoing mail and packages
- Maintain a clean and organized reception area
Administrative Support:
- Assist with various administrative tasks, such as filing, copying, and scanning
- Schedule and manage appointments
- Coordinate meetings and events
- Provide general office support to staff as needed
Client Services:
- Respond to client inquiries and requests in a timely and professional manner
- Assist with client onboarding and offboarding processes
- Provide excellent customer service to both internal and external clients
Other: All other duties assigned.

Qualifications

High school diploma or equivalent
Previous experience in a reception or administrative role, preferably in a professional services environment
Strong interpersonal and communication skills
Proficiency in Microsoft Office Suite (Word, Excel, Outlook)
Excellent organizational and time management skills
Ability to multitask and prioritize tasks
Positive and professional demeanor

To apply, please email Joy Rierson (joy@neelys.com) with your resume and cover letter.

Posted in Bookkeeping

The Benefits of Outsourcing Your Small Business Accounting

Being a small business owner is a rewarding but demanding job that’s not for the faint of heart. You wear many hats and spend your days problem solving and making things happen. Because so many things vie for your attention, it’s easy for details to slip through the cracks.

One set of details you don’t want to overlook are financial ones. Ineffective financial management can cause a series of mounting issues from inaccurate payroll to huge tax penalties and fines. However, with a never-ending to-do list, it can feel impossible to stay on top of this critical component of your business. But the good news is there’s a simple solution: outsourced accounting.

What is Outsourced Accounting?

Simply put, outsourced accounting is when a business hires an outside accounting professional or firm to manage their accounting and finance tasks. Hiring an accounting professional or firm to handle your books is often an affordable and time-saving strategy for small business owners who need help with the financial side of their business.

Typical outsourced accounting tasks can include bookkeeping, payroll processing, accounts payable and receivable management, tax preparation and more. Outsourced accounting is that it can be tailored to your needs and look differently for each client. If you’ve ever wished for more hours in the day, then outsourced accounting could be the solution you’re looking for.

Benefits of Outsourced Accounting for Small Businesses

Outsourced accounting offers a host of benefits for small business owners from time savings, to accuracy, to peace of mind. Let’s dive into the ways outsourced accounting can improve your operations and transform your day-to-day.

Outsourced accounting saves you time: Outsourced accounting solves the ever-present problem small business owners face: too much to do and not enough time. You won’t spend hours sweating over accounting tasks, instead a seasoned professional can handle your financial needs efficiently freeing you up to focus on your strengths.
Outsourced accounting saves you money: Typically, outsourced accounting services cost less than hiring and training a full-time employee. When you outsource your accounting needs, you’ll save on salaries, benefits, onboarding investment, and even office space!
Outsourced accounting gives you instant expertise: No more sifting through resumes and hoping you hire reliable person to handle sensitive information. Outsourced accounting gives you instant access to experienced experts who have seen it all. They can get to work on your accounting needs right away and always stay updated on the latest tax laws and industry standards.
Outsourced accounting gives you access to data security: Reputable firms use secure systems to protect your sensitive financial information. When you choose outsourced accounting, you’ll gain access to these systems and your cybersecurity will immediately enjoy a boost.
Outsourced accounting gives you peace of mind: Working with seasoned professionals through outsourced accounting means that you’ll get top-notch accuracy and compliance. You’ll reduce accounting errors and gain peace of mind

Choose Neely’s for Your Outsourced Accounting Needs

Since 2007, Neely’s has been helping small businesses stay on top of their finances through our outsourced accounting services. Our professional, Roanoke CPAs pride themselves on offering big-city services with a hometown feel.

Choose what services you need and none of what you don’t. Plus, we’ll never surprise you with unexpected fees. Our services are bundled at a fixed monthly rate to give you an efficient, well-maintained accounting system at a fair price. At Neely’s we can handle the day-to-day accounting so you can focus on running your business. Contact or visit us today.

Posted in Bookkeeping, Business Finances

Tax Planning for the New Year: Setting Financial Goals

Financial goals make excellent new year’s resolutions. And now, before the new year actually arrives, is the ideal time to think about your financial goals for 2025 and how those goals can contribute to a more effective tax strategy.

Maximize Tax Deductions and Credits

When you combine tax planning with a comprehensive financial plan, you can protect your money from unnecessary tax burdens. That means there’s more money available for your short-term and long-term needs and wants.

A good place to start is understanding the difference between a tax credit and a tax deduction.

A tax deduction is an expense that lowers your taxable income, such as the interest you pay on your home mortgage or student loans, out-of-pocket medical expenses and moving expenses from a job.

A tax credit is a lump sum amount that pays off a portion of your owed taxes. These include the Earned Income Tax Credit for lower-income working families, the Child and Dependent Care Credit that offsets the cost of child care and credits for improvements such as solar panels that make a home more energy efficient.

Neely’s Accounting Service can help you research which tax deductions and tax credits you may qualify for now or after a major life event, like getting married or having a baby. Then you’ll have the 2025 calendar year to save records and receipts needed for the next tax year.

Optimize Retirement Contributions

Setting aside savings for your retirement years should be at the top of your financial planning list.

Contribute to your workplace retirement account up to the employer match or to a traditional IRA. Money invested in either can be deducted from your taxable income for the year you made the contribution. In 2024, the IRS allowed a maximum $7,000 in IRA contributions, or $7,500 for people 50 and older.

Strongly also consider contributions to a health savings account, which allows you to set aside money to pay for future qualified medical expenses. Your HSA has three tax advantages:

Contributions to these accounts can be deducted from your taxable income.
Money in your account is invested and grows tax free.
You won’t owe any taxes on money withdrawn and used for qualified medical expenses.

In 2024, the maximum HSA contribution allowed by the IRS will be $4,150 for an individual and $8,300 for a family.

Plan for Major Life Events

Another important piece of financial planning is to be prepared for major life events and any tax implications that come with them, such as getting married, having a child, or planning for educational expenses.

This is where a trusted financial partner, like Neely’s Accounting Service, can help you think through your options and create a financial blueprint that meets your unique needs.

Strategy Matters

Having clear financial goals and aligning them with tax planning strategies can have a significant impact on your financial resources in 2025. Our advisors are always ready to help you with personalized solutions that meet your needs and help you get the most of your financial resources in 2025. Contact us to get started on your tax strategy today.

Posted in Taxes

Preparing Your Business for Year-End Financial Reporting

Financial reporting is a cornerstone of good business practices — don’t procrastinate on getting this done before the ball drops at the start of 2025.

Beyond helping you look back at the year’s income and expenses, this process provides crucial insights into your business’ financial health. Understanding your financial records will give you an honest assessment of your financial situation, allowing you to see trends good and bad and giving you the data you’ll need to make decisions in the coming year.

And remember, you don’t have to do this alone. When you need a CPA firm or professional tax services in Roanoke, Neely’s is ready to help.

10 things that need to be done for a solid financial report

1. Review your financial records, including the current year’s income statement, balance sheet, and cash flow statement. Make sure all your income and expenses are accurately recorded, including sales, purchases, payroll, and other expenses.

2. Assess your inventory: Inventory valuation figures out the value of the unsold product you have left at the end of the year. You’ll need this for your year-end balance sheet.

3. Reconcile your accounts: This is basically comparing your books to your bank and credit card statements. This check basically guards against errors and safeguards against fraud.

4. Review outstanding bills and invoices: Know what you still owe and what is still owed to you. Make a plan to pay off your bills and reach out to clients about their unpaid bills due to you.

5. Get your tax documents in order: Verify that your tax forms, receipts, and other documentation are complete and organized.

6. Prepare financial statements: After the start of the new year, you should recreate these three key financial statements: A balance sheet, an income statement and a cash flow statement.

7. Ensure compliance: Every Jan. 1, some new tax law or business rule goes into effect. Do your research and know what changes will affect your business and plan accordingly. You also want to confirm that your financial practices adhere to local and federal regulations.

8. Review your budget: Compare your current performance against your budget and adjust as needed.

9. Communicate with stakeholders: Your partners, employees and investors value transparency. Don’t forget to share your key financial findings with them. Celebrate the wins and make people who can help aware of any challenges.

10. Make a plan for next year: Use the insights gained through this process to create a long-term strategy for improving your business’ financial health.

Why Hire a CPA?

Financial reporting can feel overwhelming and stressful, especially if accounting isn’t part of your expertise. Hiring a trusted certified public accountant (CPA) firm like Neely’s simplifies the process. CPAs have the knowledge and tools to handle complex financial matters, ensuring compliance and accuracy while freeing up your time to focus on running your business. Plus, Neely’s experts can offer valuable advice on tax planning in Virginia and neighboring states, cost-saving opportunities, and long-term financial strategy specific to businesses in the Roanoke area.

End the year strong. Contact Neely’s to get peace of mind that your finances are in order.

Posted in Uncategorized

Tax Planning Strategies to Maximize Your Small Business’s Savings

No one understands the old saying “you have to spend money to make money” more than a small business owner. Running a small business does involve a lot of expenses – so finding ways to save money is key to long-term success.

One of the biggest financial obligations for small business owners is taxes. By implementing a solid tax-planning strategy, you can avoid unpleasant surprises on your tax bill and keep your business’s bottom line healthy.

Neely’s Top Small Business Tax Planning Tips

Here are eight strategies to help you develop a solid tax planning strategy for your small business.

Choose the right business structure: Whether you’re a sole proprietor or an LLC, the structure you choose can have a significant impact on your taxes. Each comes with its own tax advantages and liabilities, and it’s best to consult with the experts at a professional tax service to fully understand the implications of each.
Take advantage of deductions: Deduct expenses such as office supplies, equipment, and business travel. Don’t overlook deductions for home offices or vehicle use. And be aware that some deductions, such for a home office or for capital losses, could carried forward for use in a future year.
Hire family members: Hiring family members, especially children, can reduce your taxable income while keeping payroll in the family.
Maximize retirement contributions: Retirement plan contributions not only secure your future but also reduces your taxable income. Maximize contributions that are made pre-tax, meaning your paycheck has less taxable income on it each pay period. A tax consultant can help.
Utilize tax credits: Take advantage of available tax credits, such as the small business health care tax credit or research and development credit, to further lower your tax bill.
Stay informed about tax law changes: Tax laws are complicated and can see significant changes from year to year. Keep up with the latest rules to avoid penalties and take advantage of new tax-saving opportunities.
Employ tax-efficient business practices: Use strategies like delaying or accelerating income and expenses to reduce your tax liability each year.
Hire a professional CPA firm: We said it before: Taxes are complicated. Working with tax professionals ensures you’re maximizing every opportunity to save and avoiding surprises.

Get Tax Help for Your Small Business with Neely’s

Don’t leave your small business taxes to chance. When you need tax services in Roanoke, Neely Accounting Services is your trusted local advisor. We have a deep understanding of tax laws, small business needs and tax solutions that work. Work with the professional Roanoke CPAs at Neely’s to keep your small business tax plan on track.

Posted in Uncategorized

Preparing for the Year-End: Essential Accounting Tasks

With less than three months until the end of 2024, now is the time to focus on year-end accounting tasks that will help your business stay organized and ensure compliance with financial regulations.

Not sure where to start? We’ve rounded up a list of essential accounting tasks to help you stay on top of your finances and end the year strong.

Tax Planning

Now is the time to start planning for tax filing so the process is smooth and straightforward. Stay informed on any changes to the tax codes and make any final adjustments to ensure your business is ready to take full advantage of any relevant tax changes for the 2024 cycle.

The fourth quarter is your last chance to offset your tax burden with the purchase of any assets or supplies needed for the coming year. Prepaying for needed services in the coming year is also an option. Be sure to document any purchases and save your receipts. Neely’s Roanoke CPAs are ready to help you make any last-minute tweaks to maximize your tax strategy.

Financial Statement Preparation

After Jan. 1, be prepared to create three key financial statements: A balance sheet, an income statement and a cash flow statement.

To get ready before the year’s end, you can start reviewing your records. Some questions to ask yourself to stay on track: Do you have all invoices from vendors used in the last year? Did you issue all necessary invoices to customers? Have you reconciled all bank accounts? Taking care of this ahead of time will help you avoid a scramble in the new year.

Inventory Valuation

Inventory valuation calculates the value of any unsold product, and the calculation is needed for year-end balance sheet. The information will also help inform purchases during the coming year, ensuring you don’t overbuy but also have the inventory you need.

There are three ways to do this; each has a different method of addressing changes production costs throughout the year. Neely’s CPAs are skilled at helping you choose the option that makes the most business sense for your unique needs.

Budgeting

Annual budgeting is critical to the health of your business and will help you meet your key business goals for 2025.

Start with a review of recent year-end income statements, including the one for 2024, to assess regular revenue and expenses as well as how inflation affected those numbers from year to year. Then, factor in any known large expenses expected in 2025, including any needed capital expenditures. Understanding your cash flow will help you choose the perfect time to make those big purchases.

Neely’s Is Ready to Help

Feeling a bit overwhelmed at prepping for the new year? The great news is that you don’t have to do it alone! Neely’s Accounting Services has supported Roanoke-area individuals and business since 2007 by offering big-city financial services with a hometown feel. Contact us today to see how we can help you.

Posted in Business Finances, Taxes