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8 Ways to Avoid Tax Season Stress

We get it. Tax season can be one of the most stressful times of the year. For many people, filing income taxes can be a complicated and confusing process that fuels the fear that you’re going to make a mistake.

Don’t let the 2024 tax season overwhelm you. Here are 8 easy-to-follow tax season tips to get you organized and confident.

How to Stay Organized: 8 Tax Season Tips

A little research and forethought go a long way when it comes to prepping for tax season. And the good news is that tax season rolls around every year, so the more you practice these tips, the easier it gets!

Do enough research to understand your tax obligation. Basically: If you are single, under 65 and earned at least $13,850 or married and filing jointly, both under 65 and earned a combined $27,700, you must file taxes.
Don’t wait until the last minute. Tax filing season starts Jan. 29, 2024 — that’s the first day the IRS will accept tax forms for processing. The last day to file without an extension April 15, 2024. The longer you wait, the more stress you’ll generate, and being in a rush could lead to mistakes.
Put all your tax documents in one place as they arrive, grouping them by category. Your goal is to have all your critical documents in one central place when you sit down to file. Important documents include but are not limited to:
- W-2 forms from a job, 1099 forms from self-employment gigs or a Form 1099-G from unemployment benefits
- Documents related to debt, such as Form 1098 from a home mortgage or Form 1098-E from student loans
- 1099-INT form for interest from a savings account or interest-bearing checking account
- Receipts from daycare expenses
- Receipts from charitable donations
Check www.irs.gov/credits-and-deductions to explore which tax deductions and credits are available to you. A tax deduction is an expense that lowers your taxable income, such as the interest you pay on your home mortgage or the cost of out-of-pocket medical expenses. A tax credit is a lump sum amount that pays off a portion of your owed taxes, such as the cost of child care or improvements that make a home more energy efficient.
Decide if you will use an online program or paper forms to file your returns. Online programs are faster but probably charge a fee to efile your returns. Paper forms don’t come with filing expenses, but it can take months for them to be processed by the IRS.
Start with your federal return. If you’re using an online program, you’ll be required to start here. And even if you’re not, you will likely need some information from your federal form to complete your state taxes.
If you think you will owe the IRS, make a tax payment plan. If you get organized and fill out your tax forms early, you’ll have extra time to plan for the expense. Ideally, you will be able save up to pay your tax bill in April, but you could also set up a payment plan with the IRS or take out a loan.
Don’t be afraid to ask for help, especially if you’ve had a major life change in the last year, your finances have grown overly complicated or you’re just overwhelmed. The U.S. tax code is constantly changing and can be difficult to understand. Working with a trusted professional like Neely’s Accounting Service will ease your stress and give you confidence that your taxes are correct.

Contact Neely’s Accounting for Tax Season Support

For over 30 years Neely’s has been Roanoke’s trusted source for tax services and tax preparation. Contact us today to learn more about how we can help you avoid tax season stress.

Posted in Taxes

Tax Considerations for Charitable Giving during the Holiday Season

An end-of-year charitable donation to a nonprofit or church is a meaningful way to celebrate the holidays and support the causes that are important to you.

To be able to deduct your donation from your 2023 taxes, you’ll need to do a little planning ahead.

You must give to a qualified charitable organization – meaning the organization must be registered as tax-exempt under section 501(c)(3) of the Internal Revenue Code. This information can usually be found on the nonprofit’s website.

You must keep good documentation for the IRS. This includes the date you made your donation, the name and address of the nonprofit, and a description of your donation. For monetary donations, that means a receipt or a canceled check. If you donated goods or services, you need a detailed list of each item and its estimated fair market value. (If you donated anything worth more than $5,000, you’ll need an actual appraisal of the item instead of the estimate.)

You will need to itemize all your deductions on your 2023 tax return using Schedule A. Ultimately, you will need enough deductible expenses to exceed the standard deduction amount: $13,850 for single filers and $27,700 for married couples filing jointly.

Here are a few ways to maximize your tax deductions in 2023.

Bundled donations, or making two year’s worth of gifts in one calendar year, can be useful if you expect to be just shy of meeting the standard deduction amount on your 2023 tax returns. By bundling your 2023 and 2024 donations this year, you can maximize the tax benefit for this year.

Use a donor-advised fund — basically an account that allows you to manage assets for future charitable giving. Your contribution to a donor-advised fund is immediately tax-deductible and you can distribute the funds to the charities of your choice over time. But be mindful of fees associated with these funds.

Donate appreciated assets such as stocks or mutual funds that have increased in value. This gives you a charitable deduction plus it can shelter you from paying capital gains taxes on the appreciation.

Through year-end charitable giving, you can help make a difference in your community. According to multiple surveys, local nonprofits receive most of their annual budgets through donations given the last quarter of each year, meaning every gift matters.Charitable giving can also reduce your tax liability when you keep up-to-date and detailed records of your donations to qualified charitable organization. If you have questions, Neely’s Accounting Services has answers. You can count on us for strategic tax advice, so get in touch today.

Posted in Taxes

Navigating Financial Reporting: Understanding the Essentials

Financial reporting is crucial for businesses of all sizes in understanding their financial health. Even if you’re the sole employee, generating financial reports helps you stay on top of your goals and can expedite your growth.

Financial reporting are standard accounting reports that offer detail into how much money a business has, where the money is coming from and how it’s being spent over a fixed amount of time, such as quarterly or annually.

Why Financial Reporting Matters

By interpreting and analyzing financial reports, managers can assess a business’s performance in real time, make informed decisions about the business and support everything from tax filings to compliance with financial regulations.

Financial reports help you avoid being caught by surprise. They provide credible documentation for regulators, banks, potential investors and other external stakeholders.

3 Key Financial Reports You Need to Know

The income statement, also called a profit and loss statement, shows all revenue, expenses, gains and losses during a specific period of time. It starts with revenues and calculates the amount of money a business earned or lost during the period by listing and subtracting expenses and then taxes paid.

The term “bottom line” comes from the last line of the income statement, which calculates profit — the net income — for the business for that period.

The balance sheet shows assets and liabilities and calculates the difference between the two, which is your equity. Overall, it illustrates how well a business can meet its financial obligations at a given point in time.

It’s called a balance sheet because the two sides of the equation — assets = liabilities + equity — must balance. Balance sheets are used to determine the book value, or net worth, of a business.

The cash flow statement does exactly what it sounds like. It shows cash moving in and out of the business during a determined time period. This documents liquidity — how well a business can pay bills and fund future growth.

Cash flow is the movement of money and is different than profit, which is what remains after business expenses are subtracted from revenues. It’s useful for managing budgets and assessing business performance.

Stay on Top of Financial Reporting Standards with Neely’s

Financial reporting requirements do change often, and the team at Neely’s can keep your business ahead of the changes and trends with our expert outsourced accounting or bookkeeping services. Reach out to us today to get started on the best accounting solution for you.

Posted in Individual Finances

Tax Planning Tips for College Students and Parents

As students head to campuses to begin their fall semesters, now is the time to educate the whole family on tax planning strategies for the next four-plus years. Whether you need education-related tax credits or tips to maximize your students’ financial aid eligibility, Neely’s Accounting Services can help both students and families ace this financial test.

Getting Started: The FAFSA

You’ll hear a lot about the Free Application for Federal Student Aid — commonly called the FAFSA. This is what colleges and universities use to determine if a student qualifies for federal financial aid or any of the school’s scholarships and aid programs. Families must fill out the FAFSA each year, but it’s the first year that really sets the foundation for a student’s financial aid package.

Here are a few tips to maximize your eligibility for financial aid:

Even if you think your family won’t qualify, file a FAFSA. In reality, most families do qualify for some financial aid, and you’ll be eligible for school-specific, need- and merit-based scholarships and grants as well. Plus, you’ll be prepared in the event your financial situation unexpectedly changes before the start of the academic year.
Submit your FAFSA as soon as possible after it’s available Oct. 1 to give your student the best shot at federal aid and grant programs that are award funds on a first-come, first-served basis.
Keep your family’s taxable income as low as possible the first year you file without doing the family financial harm. Small, thoughtful tweaks can make a difference, such as delaying the sale of stocks or bonds, avoiding early withdrawals from retirement savings and asking employers to defer a bonus to another tax year.

Is Your Student Still a Dependent?

Families should figure out whether their student will be considered a dependent during college. Parents can claim a full-time college student as a dependent until age 24 if they are proving more than half of the student’s support. Most college students fall into this category. If a parent does claim a student as a dependent, the student likewise will need to answer “yes” when asked on tax documents if someone else can claim him or her as a dependent.

Take Advantage of Tax Credits

Several federal tax credits are available to help offset the cost of education. Pick the best one that fits your circumstances because they cannot be used in combination.

The American Opportunity Credit: Qualifying students or their parents may claim up to $2,500 of college expenses — including tuition, fees, books and other requirements — for the first four years of schooling while working toward a degree or certificate.
The Lifetime Learning Credit: Qualifying students or their parents may claim up $2,000 in education expenses for an unlimited number of years. This would be helpful to a non-degree-seeking student or a graduate student.
Tuition and Fees Deduction: Qualifying students or their parents can deduct up to $4,000 in education expenses paid directly to the student’s school. Expenses include tuition and related expenses required to be enrolled.
Student Loan Interest Deduction: After graduation, a student can deduct the interest paid on student loans in the past year. The lender will provide the required interest statement each January.

Military Students and Veterans

Military students or students using a military benefit to pay for schooling should understand that their tax planning will look a little different.

For students received ROTC stipends for education and living expenses, these payments are not taxable and do not need to be included on your federal tax return.
Cadets at the federal service academies, however, are considered on “active duty” while at school, so any payments made generally are taxable and should be reported as income on your federal return.
Funds received from the VA for education, training, or subsistence are not taxable.

Contact Neely’s Accounting for Expert Help

Neely’s Accounting Services can offer some time-tested lessons in tax planning. We’ve supported Roanoke-area individuals and business since 2007 with our big-city services and a hometown feel. Contact us today and let us set yourself up for tax success for your students’ college years.

Posted in Taxes

Harnessing Excellence in Financial Management: A CPA’s Guide to Developing and Improving Your Accounting Systems

At Neely’s Accounting, we understand the critical role an efficient accounting system plays in the success of your business. It’s the financial heartbeat, influencing decisions and strategy while ensuring precision and compliance. To help you navigate the maze of developing and improving your accounting system, we’ve compiled a step-by-step guide with an insider’s perspective.

1. Identify Your Needs: We’ve worked with a diverse range of businesses, and if there’s one thing we’ve learned, it’s that no two are the same. Your accounting system should reflect the unique nature of your operations. From simple expense tracking to full-fledged financial reporting, determine what you need from your system.

2. Selecting the Right Software: The advent of accounting software has streamlined financial management. In our experience, consider scalability, ease of use, integration capabilities, and security when selecting software. We often recommend solutions like QuickBooks, Sage, and Zoho Books to our clients.

3. Customization is Key: A one-size-fits-all approach seldom works for accounting systems. Tailor your system to match your operations. Our friendly, Roanoke CPAs can assist you in customizing your system, from setting up automated invoice reminders to report generation.

4. Invest in Training: As CPAs, we know the difference comprehensive training can make. Ensure your team knows how to use your system effectively, from its basic functionality to troubleshooting.

5. Implement Regular Auditing: An essential step often overlooked is regular auditing. Internal audits ensure data accuracy and system efficiency, preventing minor issues from escalating. Neely’s offers comprehensive auditing services to provide peace of mind.

6. Updates and Upgrades: Just as tax laws and financial regulations evolve, so do accounting systems. Staying updated with the latest features and upgrades will ensure you’re utilizing the most efficient tools.

7. Consult with Professionals: A professional perspective can prove invaluable. As Roanoke’s trusted CPA firm, we can provide expert advice to ensure your system aligns with financial regulations and mitigates potential risks.

Streamline Your Accounting System with Neely’s

Developing and refining an accounting system is not a one-and-done process. It’s a journey that involves continuous learning and adaptation. By following these steps, you’ll not only create a system that caters to your current needs, but also one that’s ready to grow with you. Reach out to us today, and let’s pave the path to financial excellence together.

Posted in Business Finances

Enjoy Your Summer Break but Remember: Tax Planning is a Year-Round Adventure!

Now that the April filing deadline has passed, most people are happily shifting their focus from taxes to summer vacations. However, summer is actually a great time to review your withholding and see how your warm-weather plans might affect your tax return next year.

If this feels overwhelming, don’t worry. We’re here to help! At Neely’s Accounting Services, we want you to enjoy your summer AND set yourself up for financial success. We’ve compiled some common summertime tax situations and tips to help you stay prepared stress-free.

Summer Wedding = Tax Implications

Getting married? Congratulations! Enjoy your wedded bliss while you add a few important items to your to-do list. If you have name or address changes, it’s important to report it to the appropriate entities. Alert Social Security Administration of name changes and update your address with the United States Postal Service, your employers, and the IRS. To change your address for federal tax purposes, simply complete Form 8822, Change of Address, and send it over to the IRS. This way, you’ll make sure to receive all the necessary documents for filing your taxes smoothly.

Day Camp for Kids = Possible Tax Credit

If you’re sending your kids to summer day camp, it’s good to know that unlike overnight camps, the cost of summer day camp may count towards the child and dependent care credit. That means you could potentially get a nice tax credit to help with those expenses.

Part time Work = Filing a Return

Are you working part-time during the summer? Even if you don’t earn enough to owe federal income tax, don’t forget to file a return. Filing early next year will actually allow you to get a refund for any taxes withheld from your paychecks this year. It’s like a little bonus!

Seasonal Work = W2s

Ah, the gig economy! If you’re earning some extra cash this summer by providing on-demand work, services, or goods through digital platforms like apps or websites, we’ve got some great news. You can head over to the Gig Economy Tax Center at IRS.gov to learn more about how participating in the gig economy can affect your taxes.

Employees usually receive a Form W-2, Wage and Tax Statement, from their employers to keep track of their summer work. You’ll need this form when preparing your tax return, and you should expect to receive it by January 31 next year. And remember, if you’re an independent contractor, you won’t have taxes withheld from your earnings, so you’ll be responsible for paying your own income taxes, as well as Social Security and Medicare taxes. Even if you’re no longer working for your summer employer, they should still send you the W-2 so you (or your local CPA) can prepare your taxes properly.

Tax Extension = More Time to File

For those of you who requested an extension or missed the April deadline, you still have a chance to file your return. If you’re not sure where to start, reach out to us! Our individual services are tailormade to help you fight disorganization and overwhelm and get your taxes filed correctly and on time. And we’re local, which means we’re always available to help answer questions and guide you through the process. Which leaves you more time to enjoy your summer.

Adjust Withholding = Avoid Surprises

Avoid a tax surprise next filing season by reviewing your withholding now. Life events like marriage, divorce, having a child, or changes in income can all affect your taxes, and you’ll want to be prepared before tax time next year. If you need help determining how much withholding is best for you, give us a call. Our friendly, Roanoke CPAs are standing by to help.

Let Neely’s take the stress out of preparing for tax season! Our clients have trusted us with their personal income tax needs since 2007 because we deliver big-city service with hometown values. Contact us today and let us set yourself up for tax time success.

Posted in Individual Finances, Taxes

Is Outsourced Accounting a Good Idea (and How to Decide If it’s Right for You)

If you’re a small business owner, it’s likely you feel there aren’t enough hours in the day. Running a small business is demanding. It requires all your expertise, creativity, energy and then some! As you grow, the demands increase and tasks become more complicated, especially your accounting.

That’s why many small business owners opt for outsourced accounting services for their bookkeeping and accounting needs. Engaging an expert CPA company can feel daunting at first, which is why we’ve put together this guide to outsourced accounting. Keep reading to think through the pros and cons of outsourced accounting and feel ready to make the best decision for you.

Pros of Outsourced Accounting

There are many advantages to outsourced accounting, especially if you choose a trusted partner. Not only will you take a time-consuming task off your plate, but you’ll also gain peace of mind knowing that a critical part of your business is handled with professionalism and care.

Gain time: No more burning the midnight oil trying to reconcile your books before payday. With outsourced accounting, you’ll have more time to work on your business, not in your business.
Save money: This may seem counterintuitive, but outsourced accounting will save you money. Instead of hiring a full-time employee, you only pay for what you need, when you need it.
Increase accuracy: Speaking of full-time, when you work with a professional CPA, they’ll bring years of full-time experience to the job so they can easily keep your records pristine and your financial processes smooth.
Improve cash flow: With the right partner, you’ll always have financial data at your fingertips so you can understand your cash flow and make informed decisions.
Smooth tax season: Tax-time stress will be a thing of the past with outsourced accounting. Your CPA will handle it down to the last detail.

Cons of Outsourced Accounting

Most businesses that opt for outsourced accounting experience more growth and less stress. However, it all comes down to choosing the right partner. Here are a few things to watch out for as you consider hiring a CPA firm to handle your accounting needs.

Security concerns: You’ll share sensitive information with a third party so it’s essential to choose a trustworthy partner for your outsourced accounting needs. A firm with integrity will address your security concerns and share the measures they take to keep your data safe.
Less Control: Whenever you delegate tasks, you hand over some control in getting the task accomplished. This can be a challenge for some entrepreneurs who are used to having a hand in every aspect of their business. However, frequent, and clear communication usually resolves these issues.
Not Local: Choosing a CPA firm in a different area code or time zone from you can add communication obstacles create delays. Choosing a local CPA firm mostly closely resembles having an in-house expert where communication is timely and easy.

How to Decide if Outsourced Accounting is Right for You

Are you an entrepreneur who is ready to gain time, increase peace of mind, and grow your business? Those are all good indicators that outsourced accounting is a good choice for you! But if you’re like us, you’ll want to be thorough. Here are a few specific items to help you decide if outsourced accounting will help you reach your goals.

Consider your business needs: If your business has complex accounting needs, outsourcing is a great, cost-effective choice. Keep in mind that a good partner offers more than just task fulfillment, they also offer expert advice and business consulting.
Evaluate the costs: Compare the costs of outsourcing accounting functions to the costs of hiring in-house staff and investigate billing practices of the firm you’re considering. Do they charge per service or offer a flat-rate monthly billing system?
Research outsourcing firms: Look for outsourcing firms with a track record of success, industry experience, and strong security measures. Be sure to check references and read reviews to ensure that the firm is trustworthy and reliable.

Contact Neely’s Accounting for Expert Roanoke Accounting

If you’re ready to take the leap into outsourced accounting, consider Neely’s Accounting Services. We’ve been helping Roanoke area individuals and business since 2007 with our big-city services and a hometown feel. Thanks to our cutting-edge, secure online platform, you can collaborate with our Roanoke CPAs instantly and always have up-to-date views of your data. 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.

Let us help you find the best accounting solution for you. Contact us today to get started.

Posted in Bookkeeping, Business Finances

What’s The Smartest Thing to Do with Your Tax Refund?

Now that tax season is over, you’re probably looking forward to receiving your tax refund. In 2022, over 96 million people were refunded with an average payment of $3,039.

That’s no small chunk of change, and the last thing you want to do is absorb it by making small purchases over time. A windfall like a refund is a great opportunity to set yourself up for a better financial future. While there’s nothing wrong with spending some on a little fun, consider using the money wisely and get ahead financially. Need some ideas? We’ve put together a list of 8 smart things you can do with your tax refund.

1. Build an Emergency Fund

As the adage says, “Anything that can go wrong will go wrong.” Build a little cushion against Murphy’s Law with an emergency fund. The money in this savings account is tucked away for the day when the unexpected happens. Having the funds to address the unexpected can make a stressful situation much easier.

How much should you save? Most financial experts recommend saving between 3-6 months’ worth of expenses. However, it’s always much better to have something rather than nothing so even socking away $500 is a great start. High-yield savings accounts are a great place to keep your money until you need it.

2. Pay Off Debt

Paying off debt can feel decidedly un-fun in the moment, but it can free you up to have more fun in the future. When you pay down debt, (especially the high interest kind) you’re freeing up more of your future income and creating greater flexibility for yourself down the road. If you’re not sure where to start, consider these two popular strategies for tackling debt:

Avalanche Method: This involves paying off your debt with the highest interest rate first, so you minimize the amount of interest you pay over time and save money in the long run.
Debt Snowball Method: This involves paying off your debts in order from smallest to largest balance, using the money you save to apply to bigger and bigger balances. This method gives you some momentum to keep paying down debt.

3. Fund Your Retirement

Opening a retirement account, or maxing out your yearly contributions, is a fantastic way to invest your refund. Depending on the type of account you have, your contributions can grow tax deferred and when it comes time to enjoy your golden years, you’ll have a healthy nest egg to rely on.

4. Invest In the Stock Market

Use your money to make more money! When you invest in the stock market, whether it’s through mutual funds, stocks, bonds, or ETFs, investing in the stock market allows you to take advantage of compound interest. A disciplined approach to investing, where you tuck away funds year after year, is a great way to achieve financial freedom.

5. Invest in Yourself

You are your greatest asset. Your education, talent, expertise, experience, and work ethic all influence your rate of return through improving your earning potential on the job market.

With more skills, you can expect bigger paychecks and greater job stability. Consider using your tax return to pay for training, tuition, or professional memberships that will yield dividends as you chart your career course.

6. Make an Extra Mortgage Payment

If you own a home, you can make an extra mortgage payment or two and get one step closer to actually owning your home. Paying an extra principal payment on your house builds equity. The more equity you have in your home, the more purchasing (or saving) power you have if you choose to sell down the road. Plus, paying down the principal on a home works like paying down debt. The sooner you pay off the loan amount, the less money you’ll spend on interest.

7. Make a Major Purchase

Maybe it’s time to upgrade your vehicle, buy more energy efficient kitchen appliances, or do some home improvements. Consider using your refund to start a savings account toward these major purchases. We recommend high-yield savings accounts to keep the savings separate from your everyday spending cash.

8. Donate To a Cause You’re Passionate About

Charitable giving makes a big impact in more ways than one. Your donation benefits those in need, improves your community, and gives you the satisfaction that you’re helping make the world a better place. Charitable giving also sets you up for a potential donation deduction on next year’s taxes. When you combine your giving with volunteer work (and maybe invite a loved one to tag along!) you’ve got a solid win-win strategy.

Contact Neely’s Accounting Services

Tax season may be over for 2023, but there’s always another one right around the corner. It’s never too early to begin preparing for tax season (including smart spending). Our Roanoke CPAs are ready to help you craft the perfect tax strategy for your personal or business taxes so you can get every deduction you deserve and make the most out of your refund every year. Contact us today to get started.

Posted in Individual Finances, Taxes

What Documents Should I Bring to a Tax Appointment?

When it’s time to file your taxes, it can be overwhelming to figure out what documents and information you need to bring to your tax appointment. Neely’s Accounting Services has been providing businesses and individuals in the Roanoke area with trusted accounting services since 2007. We’re here to take the overwhelm out of tax season.

To help you get organized, we’ve compiled a list of the essential items to bring with you when you meet with your Roanoke CPA to file taxes.

Personal Information

Before you get into the specific tax-related documents, make sure to bring some basic personal information to your appointment. This includes your social security number, your spouse’s social security number (if filing jointly), and the social security numbers of any dependents you’re claiming. Additionally, you should bring a valid photo ID and your previous year’s tax return.

Income Documents

The most critical documents you’ll need when you file your taxes are those that show how much money you made during the most recent tax year. The type of documents you’ll need depends on what and how many income streams you have and the list can look different for everyone. Take a look at the different types of income documents and see which ones apply to you:

W-2s: This form shows your annual earnings from an employer.
1099s: These forms show income from sources other than an employer, such as freelance work or investment income. These are common for self-employed people or freelancers.
Schedule K-1: If you own a business or partnership, you’ll need to bring this document.
Rental income: If you own rental property, bring a summary of your rental income and expenses.
Social Security benefits: If you received Social Security benefits, you’ll need to bring Form SSA-1099.

Deduction Documents

If you plan on itemizing your deductions, it’s important to bring documentation to support your claims. The list below outlines some of the most common deduction documents you’ll need to gather before your tax appointment:

Mortgage interest statement: This document shows how much interest you paid on your mortgage.
Property tax statements: If you own property, you’ll need to bring statements that show how much you paid in property taxes.
Charitable donations: Bring receipts or other proof of donations you made to charities throughout the year.
Medical expenses: Bring documentation of medical expenses that you paid out of pocket, including receipts and bills.
Student loan interest: If you paid interest on a student loan, be sure to bring Form 1098-E.

Additional Information

In addition to personal, income, and deduction documents, there are a few additional items you may need to bring to your tax appointment:

Bank account information: If you’re expecting a refund, bring your bank account information so it can be deposited directly into your account.
Estimated tax payments: If you made estimated tax payments throughout the year, bring documentation that shows how much you paid.
Business expenses: If you own a business, bring documentation of your business expenses.
Capital gains and losses: If you sold stocks or other investments, bring documentation of your capital gains and losses.
Alimony payments: If you paid or received alimony, bring documentation that shows how much you paid or received.

Contact Neely’s Accounting to Schedule Your Tax Appointment

Everyone has a unique financial story. At Neely’s Accounting, our friendly Roanoke CPAs get to know you and your finances to make sure you don’t overpay. We’ll help you get the credits you’re entitled to through the individual attention you deserve. Give us a call or visit us today.

Posted in Individual Finances, Taxes

Three Reasons to Love Tax Season with Neely’s

February is the month of love, but most people don’t immediately associate taxes with fuzzy feelings. In fact, the mention of tax season fills them with dread. If this sounds like you, then we have great news! When you work with Neely’s Accounting, your taxes don’t have to be daunting. We’ve been Roanoke’s go-to tax expert since 2007 because our team makes filing taxes so easy.

Let’s take the stress out of tax season. Below are three reasons to love tax season with Neely’s Accounting Services on your side.

1. Big City Tax Service with Hometown Values

Don’t struggle through tax preparation software or outsource your taxes to an impersonal big box company. Instead, work with a local tax expert who understands your needs. At Neely’s we combine modern, streamlined services with deep community knowledge to offer affordable tax solutions that work. You’ll love working with a tax expert you can trust, and you may even recognize our CPAs from the local grocery, workout class, or event!

2. Customized Tax Support

If you’ve ever had your taxes prepared by a stranger, you may have wondered if they truly understood the details of your financial situation. We understand that your tax needs are as unique as you are. Our local CPAs meet with you one-on-one to get to know you and your finances, so no detail is left behind. Plus, they’re available to answer any questions all year long so you can banish tax anxiety once and for all.

3. Maximum Tax Returns

Customized tax services do more than just give you peace of mind. They also give you the maximum return possible. We pride ourselves on getting to know you, which means we can find every deduction you’re eligible for. When you work with us, you’ll love feeling sure that you received the maximum possible tax refund (and your bank account will love it too!).

Contact Us to Get Started on Your Taxes

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.

Let us take the stress out of running your business and filing income taxes. Contact us or visit today.

Posted in Taxes