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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

Financial Best Practices for Nonprofits

Nonprofits are big on heart and impact. Comprised of people dedicated to solving problems where they live, nonprofits are part of the pulse of any community. But don’t let the name “nonprofit” fool you. As anyone working in nonprofit knows, it still takes funding to carry out a mission.

Nonprofits typically acquire their funding from donors and grants who want their money to make a difference. That’s why financial transparency and compliance are critical components to nonprofit management. If you run a nonprofit or are thinking of starting one, it’s important to have systems in place that keep your finances organized, stable, and transparent. Keep reading for our roundup of best practices for nonprofit finances.

Nonprofit Finances 101

Nonprofits pull together many different stakeholders–including donors and granting organizations–to move the needle on their mission. That’s why financial stewardship is key to the long-term sustainability of any nonprofit. Here’s our top tips for maintaining transparency, sustainability and integrity for your nonprofit.

Create a Budget

Develop an annual operating budget that accounts for revenue and expenses. Regularly review budget and compare it to actual financial performance to stay on track.

Keep Accurate and Consistent Records

Maintain detailed, up-to-date records for all financial transactions. This includes keeping track of donations, grants, and any expenses.

Use Accounting Software

A nonprofit accounting software such as QuickBooks Nonprofit or Blackbaud is a great way to track income and expenses, generate reports, and maintain donor records. These tools are designed to handle the specific needs of nonprofit organizations, such as fund accounting and grant tracking.

Generate Regular Financial Reports

Your accounting software can help you easily create a statement of financial position (similar to a balance sheet in for-profits) that tracks your organization’s assets, liabilities, and net assets and cash flow.

Comply with IRS Regulations

Nonprofits are required to file IRS Form 990 annually, which provides financial information to the IRS and the public. Keeping strong records will help you stay accurate and timely when filing to maintain tax-exempt status.

Conduct Regular Audits

Hire an independent auditor annually or biannually to review financial statements and internal controls. Many nonprofits are required to have external audits depending on state laws or donor/grant requirements.

Transparent Financial Communication

Publish annual financial reports and share financial information with stakeholders like board members, donors, and the public to build trust.

When to Hire a Professional Accountant for Your Nonprofit

Running a nonprofit requires flexibility, resourcefulness and creativity. Employees often have multiple areas of expertise and wear a lot of different hats. The work is never boring, but the demands can make finding time and space for healthy financial practices a challenge.

If you’re struggling to stay on top of your financial tasks while running your nonprofit, it might be time to reach out to a professional accounting firm for help. At Neely’s we specialize in helping individuals, small businesses and nonprofits with their accounting needs. Our friendly team of experts brings over 20 years of experience to each project and delivers professional results every time. We have a variety of solutions to work with your unique needs and budget:

Outsourced Accounting: Get support with account reconciliation, expert advice, tax preparation, payroll, and bookkeeping all for a fixed monthly rate at a fair price.
Bookkeeping: We can provide a full menu of services including daily transaction classification, expense tracking, payroll, bill payment and invoicing, tax planning and prep, and reporting.
Payroll: Let us handle your payroll so you can focus on running your nonprofit. Our Roanoke CPAs will take care of everything including, scheduled payrolls, filings, employee setup, time tracking, W2 and 1099 processing, and more.
Business Taxes: Don’t go it alone during tax season. We offer customized and convenient services to make tax time a breeze.

Let Neely’s support you while you cultivate a better world through your nonprofit. Give us a call or visit us today to learn more about how we can help.

Posted in Business Finances

The Benefits of Year-Round Tax Planning

The speed of modern life can make your days feel hectic. Between school drop offs, deadlines, and getting dinner on the table, taxes are the furthest thing from your mind. Until the deadline that is.

We get it, you have a lot on your plate. It’s tempting to wait until the last minute when it comes to taxes. But doing some year-round planning can actually relieve pressure. And when you work with a trusted Roanoke CPA firm, planning doesn’t have to be stressful at all. In this article, we cover how to plan and the ways year-round tax planning can boost your financial well-being and make tax-time easier.

How to Plan for Taxes Year-Round

Planning for your taxes year-round may seem intimidating, but it doesn’t have to be. Setting up good habits will make tax planning a breeze. And, having professional tax services on your side means you’ll always have someone to go to for advice if you get stuck. Here are some top tips from our Roanoke CPAs for year-round tax planning.

Maintain Detailed Records: Don’t keep your receipts and paystubs in a shoebox. It’s important to know how much money you’ve earned and how much you’ve spent on items that are eligible for deductions. Take advantage of technology: there is software that track and organize your finances automatically and apps that help you track deductible expenses.
Adjust Your Withholding and Estimated Payments: If you’re employed, be sure to review your tax withholding to ensure that the amount being withheld aligns with your projected amount owed. If you’re self-employed, it’s a good idea to pay estimated quarterly taxes to avoid huge and surprising bills at tax time.
Maximize Tax-Advantaged Accounts: When it comes to taxes, tax advantaged accounts like IRAs, 401(k)s and Health Savings Accounts (HSAs) are your friend. If you can, it’s excellent practice to max out your contributions to these accounts as it helps you save for the future and lowers your taxable income.
Keep Records of Deductions & Credits: Keep track of your donations to qualified charities, money you spend on your business and any education expenses. These can all qualify for deductions and it’s important to know how much you could claim.
Prepare for Filing Early: This tip will make tax time so much less stressful: Know what tax documents you’ll receive and begin gathering and organizing them as soon as you receive them. Once you’ve received all your documents, you can file taxes. The sooner the better because then it’s off your plate.
Schedule Quarterly Reviews: We all need a little help sometimes. It’s a good idea to sit down with your tax advisor on a quarterly basis so you can review your financials and stay on track.

Advantages of Year-Round Tax Planning

Year-round tax planning offers a host of advantages. With a little bit of planning, you can ease tax-time and financial stress. It helps you banish uncertainty around what deductions you’re eligible for and how much you might owe. Here’s some of our favorite benefits of year-round tax planning:

Strategic financial planning: You’ll have a great picture of your financial health now and strong projections about your future financial state.
Maximizing deductions: Stop guessing about whether you took the maximum deduction. When you plan, you’ll know!
Avoiding last-Minute stress: Tax time stress will be a thing of the past. You can file quickly and efficiently because your ducks are in a row.
Investment and retirement planning: Tax planning can double as financial planning. If you’re maximizing your tax-advantaged retirement accounts, your golden years might look bright!
Proactive risk management to avoid tax-related risks like audits: When you keep good records, your chance of being audited is low. And in the event that you are audited, you’ll be prepared with excellent records!
Financial education to make informed decisions: Year-round tax planning keeps you on top of your financial situation. So, when you have a big decision to make you can make it with firm data!

Contact Neely’s for Year-Round Tax Support

Our friendly, Roanoke CPAs have helped Roanoke tax payers since 2007. With Neely’s you’ll get customized solutions for your unique financial circumstances including help with year-round tax planning! If you’re ready to take the stress out of tax-time but need some help, contact us!

Posted in Taxes

Tax Scams and How to Protect Yourself

Have you ever gotten a phone call or email from someone making claims about your taxes but something just felt… off? If so, you could have been the target of a tax scam. Sadly, where there are taxes, there will be attempted scams so it’s important to stay vigilant.

In 2023, the IRS received 294,138 complaints of identity theft, the second highest in history. From email to social media, advances in technology provide new ways for scammers to target people. It’s a good idea to stay aware of the most common threats so you know how to protect yourself. We’ve rounded up three of the most popular tax scams to watch out for this year.

Top Three Tax Scams to Avoid

A tax scam is categorized as fraudulent activity or scheme designed to illegally obtain money or sensitive personal information from a taxpayer. They’re usually perpetrated by someone posing as a tax authority, financial institution or even the IRS. There are a multitude of ways that someone might try to steal money or information but here are three of the most popular.

Phishing Scams: Phishing scams involve fake emails or websites that mimic legitimate IRS communication to steal personal information. Scammers may send emails claiming to be from the IRS, requesting your sensitive information like Social Security numbers, bank account details, or credit card information.
Phone Scams: Phone scams, also known as IRS impersonation scams, involve callers pretending to be IRS agents. They may threaten arrest, deportation, or license revocation if you don’t make an immediate payment. These scammers often demand payment via prepaid debit cards, gift cards, or wire transfers because they are hard to trace.
Identity Theft: Tax-related identity theft occurs when someone uses a stolen Social Security number to file a tax return and claim a fraudulent refund. Victims typically discover the theft when they try to file their own return and it gets rejected because a return has already been filed under their SSN.

How to Protect Yourself from Tax Scams

If you are contacted by someone you don’t know claiming to need information regarding your taxes, here are some important things to keep in mind:

The IRS will never initiate contact via email or social media to request personal or financial information.
The IRS will not call to demand immediate payment using a specific payment method or threaten with law enforcement action.

It’s important to verify the identity of anyone claiming to be from the IRS of other tax-related entity before providing any information or money. Another way you can project yourself is to use strong passwords and keep sensitive documents in safe places. Be sure to keep a close eye on credit reports and tax accounts for suspicious activity as well. If you notice something strange, contact your bank or trusted tax professional right away.

Work with Tax Professionals You can Trust

Working with a local, reputable accounting firm can give you an extra level of protection against scams by providing a reliable advisor you can go to with any questions. Neely’s Accounting Services has been providing tax services to Roanoke, VA since 2007 and is a trusted resource for tax payers across the valley. Let Neely’s help you with all your tax needs. Contact us today.

Posted in Uncategorized

We’re Hiring: Bookkeeper/Staff Accountant

We are looking for a Bookkeeper/Staff Accountant to work with various clients to prepare payrolls and tax reporting, compile income and expenses, bank reconciliations, sales tax reporting, monthly, quarterly, and year end reporting and income taxes. To be successful in this role, you should have previous experience with bookkeeping, payroll, and QuickBooks.

Responsibilities

Prepares weekly/biweekly payrolls for full-service payroll clients.
Posts payroll information submitted by after the fact payroll clients.
Accumulate payroll information for all payroll clients in readiness for weekly, monthly, quarterly, and year end taxes and prepare tax returns electronically.
Compiles income from information provided by clients such as check registers, bank statements and cash register tapes in paper or electronic form.
Pays bills for full-service bookkeeping clients.
Posts expenses from information provided by clients such as check copies, check registers, bank statements, paid invoices, and receipts in paper or electronic form.
Reconciles monthly bank statements.
Prepares state and city sales tax reports from income provided by clients. Submit sales tax electronically.
Performs other duties as may be assigned.

Skills

Associate degree in Accounting preferred; 3 years’ experience or equivalent combination of education and experience
Strong attention to detail and good analytical skills
Able to work independently with minimum supervision
Excellent oral and written communication skills and ability to communicate with a wide range of people.
Excellent work habits, including a willingness to work the hours necessary to complete a task or project, especially when important deadlines cause greater than normal pressures.
Skill in dealing with financial and numeric data.
Ability to establish and maintain effective working relationships with clients, associates, and management.
Computer skills including Office 365 (Excel, Word, Outlook), QuickBooks and Drake.

Special requirements

Compensated overtime and weekends required during tax season.

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

Posted in Bookkeeping

8 Tax Deductions Every Small Business Owner Should Know About

Running a small business takes a lot of time, effort, and the ability to juggle multiple responsibilities—often including bookkeeper. While owning a small business can be rewarding and creatively fulfilling, the extra work of tax time can feel daunting.

Keeping detailed records, knowing the latest laws and regulations, and understanding which deductions you’re eligible for on top of keeping operations running is no small feat. To help you navigate your small business taxes, we’ve compiled a list of 8 deductions so you can maximize your efforts and keep more of your hard-earned money.

8 Tax Deductions for Small Business Owners

The US tax code is notoriously complex and there are so many deductions it can be hard to know where to start. Here are 8 tax deductions that every small business owner should be aware of:

1. Home Office Deduction If you use a portion of your home exclusively for business, you may be able to deduct related expenses such as a portion of mortgage interest, insurance, utilities, repairs, and depreciation.

2. Using Your Vehicle for Business

If you use your car for business, you can deduct the costs related to that use. This can be calculated using either the standard mileage rate or actual expenses. Be sure to note that this does not include commute time from your home to place of business as that is considered a personal expense.

3. Supplies and Equipment

Did you buy anything this year that helps you run your business? Supplies and equipment necessary for running your business, including computers, software, and office supplies, can be deducted.

4. Salaries and Wages:

The same rule applies to the valuable people who make running and growing your business possible. The cost of their salaries, wages, bonuses, and other forms of compensation given to employees can be deducted.

5. Professional Services:

Did you hire a professional to assist you with your business this year? Fees paid to lawyers, accountants, consultants, and other professionals directly related to your business operations are deductible.

6. Rent Expenses:

Great news: if you rent space for your business, the rent paid is deductible. This deduction encompasses both office space and equipment rentals!

7. Utilities and Internet:

You do everything you can to keep the lights on and that electricity is tax deductible. If you use any utilities such as electricity, water, heat, internet service, and phone lines for your business, they are deductible.

8. Travel and Meals:

Do you travel for work? Business travel expenses such as transportation, lodging, and meals can be deducted. Be advised thought that meals are generally limited to 50% of the cost.

Get Every Deduction You’re Eligible for With Neely’s Accounting Services

These deductions can significantly reduce your taxable income, but it’s essential to maintain detailed records and receipts so you can show proof of your activity and business expenses throughout the year.

The best way to ensure you’re maximizing your deductions while remaining compliant with tax laws. is to work with a tax professional. At Neely’s our knowledgeable Roanoke CPAs have been helping small business owners with their taxes since 2007. We pride ourselves on offering big city services with a hometown feel. And, as a small business ourself, we’re experts in small business taxes. It’s never too early to start preparing for tax season. Contact us to get help with your small business taxes today.

Posted in Business Finances, Taxes