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
PREVIOUS We're Hiring: Receptionist
NEXT Take Control of Tax Time: All the Must-Know Deadlines in One Place

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
PREVIOUS The Benefits of Outsourcing Your Small Business Accounting
NEXT We're Hiring: Staff Accountant

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
PREVIOUS Tax Planning for the New Year: Setting Financial Goals 
NEXT We're Hiring: Receptionist

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
PREVIOUS Tax Planning Strategies to Maximize Your Small Business's Savings
NEXT Tax Planning for the New Year: Setting Financial Goals 

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.

  1. 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.
  2. 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.
  3. Hire family members: Hiring family members, especially children, can reduce your taxable income while keeping payroll in the family.
  4. 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.
  5. 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.
  6. 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.
  7. Employ tax-efficient business practices: Use strategies like delaying or accelerating income and expenses to reduce your tax liability each year.
  8. 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
PREVIOUS Preparing for the Year-End: Essential Accounting Tasks
NEXT Preparing Your Business for Year-End Financial Reporting

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
PREVIOUS The Benefits of Year-Round Tax Planning
NEXT Preparing for the Year-End: Essential Accounting Tasks

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
PREVIOUS Tax Scams and How to Protect Yourself
NEXT Financial Best Practices for Nonprofits

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
PREVIOUS We're Hiring: Bookkeeper/Staff Accountant
NEXT The Benefits of Year-Round Tax Planning

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
PREVIOUS How to Prepare for a Tax Audit
NEXT We're Hiring: Bookkeeper/Staff Accountant

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
PREVIOUS Is Outsourced Accounting a Good Idea (and How to Decide If it's Right for You)
NEXT Harnessing Excellence in Financial Management: A CPA's Guide to Developing and Improving Your Accounting Systems