Category: Taxes

Looking ahead to the 2026 tax season can feel stressful, and it is easy to put things off until the last minute. With new tax laws that took effect in 2025, filing may be more complicated than ever before. Even small changes can affect your return, which is why staying informed early can make a big difference.

Using a simple checklist helps you stay organized and avoid missing deductions. Follow our 2026 tax checklist to be better prepared and get the most out of your 2026 taxes.

What Do I Need to File My Taxes?

Not sure where to begin when tax season rolls around? You’re not alone, but getting organized doesn’t have to be overwhelming. Start with a simple checklist to keep everything on track.

Make sure your income forms, personal documents, and expense records are all gathered and ready to go. From there, take time to review any new tax laws that could affect your filing, double-check your bank accounts, and keep a clear record of deductions, credits, and retirement contributions. If anything feels unclear or unique to your situation, reach out to Neely’s and we can help you move forward with confidence. Our tax checklist for 2026:

• Review new tax laws
• Have documents prepared
• Keep track of tax credits, income forms, and deductions
• Reconcile bank accounts
• Review retirement contributions
• Expense records
• Consider life changes
• If you or any dependents are students
• Contact Neely’s for any unique situations

Work With a Professional like Neely’s

Taxes are frustrating; we get it. Neely’s is skilled in saving time and reducing stress. From large corporations to small family businesses, we carefully look at business expenses to make sure that you don’t pay more than you need to. We make personal income tax preparation and filing easier than it’s ever been.

Partnering with Neely’s means having someone in your corner who can help you stay organized, catch opportunities to save, and keep everything compliant without the constant guesswork. With Neely’s, it’s about feeling taken care of and not having taxes hanging over your head.

Ready to Get Started?

Tax season does not have to feel rushed or overwhelming. A little preparation now can save you time and stress and help you keep more of what you earn. Let our trusted team take your taxes off your hands.

Contact Neely’s today.

February is the month of love, but for most people taxes and fuzzy feelings don’t mix. In fact, the mention of tax season fills them with dread. But what if we told you that you there was a way to make tax season simple?

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. 

We’ve highlighted some of the top benefits of working with Neely’s but there are so many more than three. When you work with our Roanoke CPAs you’ll find so many reasons to love tax season.

1. Modern Services with Hometown Values

Have you ever struggled through tax preparation software? Or maybe you’ve outsourced your taxes to an impersonal big box company. At Neely’s you don’t have to sacrifice relationships for efficiency. We combine modern services with personalized consultations to offer affordable tax solutions.

Our staff lives and works in your own community and understands your needs. 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. Personalized Attention to Your Unique Tax Situation

Our local CPAs meet with you one-on-one to get to know you and your finances, so every detail is considered when preparing your taxes. Plus, they’re available to answer any questions all year long so you have an tax expert to lean on whenever you need it.

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. At Neely’s we understand that your tax needs are as unique as you are.

3. Peace of Mind That You Received the Maximum Tax Return

Customized tax services give you peace of mind and so much more. Our Roanoke CPAs pride themselves on getting to know you to 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!). 

Make the 2026 Tax Season Your Loveliest Yet with Neely’s

Whether you need personal or small business accounting services, We offer a full range of professional products at a fair price. All without sacrificing the one-on-one attention you deserve. Our friendly, dedicated advisors are always ready to help you with personalized solutions that meet your needs.

Let Neely’s make the 2026 tax season your loveliest yet! Contact us or visit today.

Another year is here, which means another tax calendar with deadlines to track. Missing tax deadlines is serious business and could end up costing you significant fees and fines. The good news is, it’s easy to avoid late fines with a little advance planning.

At Neely’s Accounting, we specialize in taking the stress out of taxes for individuals and small businesses. In fact, we’ve helped people in the Roanoke Valley stay on top of their tax obligations for nearly 20 years. To help you stay organized, we’ve put together a comprehensive list of every 2026 tax deadline you need to know.

Comprehensive 2026 Tax Deadline Calendar

January 15

• Due date to pay 4th quarter estimated taxes.

February 2

• Due date to send out 1099s and W-2s to recipients.
• Due date to file 1099-NECs and W-2s/W-3s with the IRS.

March 2

• Due date to file 1099s/1096s (other than 1099-NECs) if you are paper filing.

March 16

• Due date to file S-Corp (1120S) and partnership (1065) returns
• Due date to elect S-Corp status for existing corporations or LLCs.

March 31

• Due date to file 1099s/1096s (aside from 1099-NECs) if you are filing electronically.

April 15

• Due date to file individual (1040), trust (1041), and C-Corp (1120) returns.
• Last day to make HSA contributions and contributions to the majority of retirement plans.
• Due date to pay 1st quarter estimated payments.

May 15

• Due date to file most nonprofit returns (Form 990).

June 15

• Due date to pay 2nd quarter estimated payments.

September 15

• Due date for extended S-Corp and partnership tax returns.
• Due date to pay 3rd quarter estimated payments.

September 30

• Due date for extended trust returns.

October 15

• Due date for extended individual tax returns and C-Corp returns.

November 16

• Due date to file extended nonprofit returns.

Important Information on Filing Extensions

If you aren’t quite ready to file your taxes on April 15, you can file an extension. It’s very important to keep in mind that an extension buys you more time to file your paperwork (October 15), not more time to pay. If you owe money on taxes, the IRS will fine you 0.5% a month on your balance as of April 15.

However, this half-a-percent fee is much better than a failure to file. If you file after April 15 without an extension, the IRS will fine you 5% per month for failure-to-file. If you aren’t sure if you’ll make the April 15 filing deadline, an extension is always a good idea. And we can help you so the process stays seamless and stress-free.

If you’d like to make 2026 your easiest tax year yet, get in touch! Our Roanoke CPAs are standing by.

In July, the 2025 Reconciliation Legislation—better known as the One Big Beautiful Bill Act (OBBBA)—was signed into law, bringing a wide range of tax changes for individuals, families, and businesses. With so many revisions contained in this legislation, it can be difficult to know what actually affects you. This updated guide highlights the most important changes you need to understand for 2025 and beyond.

Key Changes for 2025:

Standard Deduction Increases

The Act raises the standard deduction amounts for 2025:

• Single or Married Filing Separately: $15,750
• Head of Household: $23,625
• Married Filing Jointly: $31,500

Seniors (age 65+) also receive an additional $6,000 deduction per qualifying taxpayer, available 2025–2028.

Itemizing Becomes More Likely for Many Filers

Expanded SALT Deduction Cap

The previous $10,000 cap on the SALT (state and local tax) deduction is temporarily replaced with a much higher limit—up to $40,000, depending on filing status.

This is a major change for mid- to higher-income taxpayers. Under the new rules, many more households may benefit from itemizing rather than taking the standard deduction, especially if they pay significant property or state income taxes.

Income-Based Tax Changes

Tip & Overtime Deductions

Under OBBBA, certain types of income may be deducted:

• Up to $12,500 in overtime premiums (the “extra” portion of overtime pay) may be excluded from taxable income.
• For workers who receive tips, some reported tips may be deductible.

Eligible taxpayers may deduct:

• Up to $25,000 in qualified tips
• Up to $25,000 in qualified overtime wages

These provisions can offer meaningful tax savings to individuals in tipped industries or jobs with significant overtime.

Vehicle Loan Interest

Individuals may deduct up to $10,000 of interest paid on loans for new U.S.-assembled vehicles purchased after December 31, 2024.

How Social Security Benefits Are Taxed

This section did NOT change under the new law. Social Security taxation still depends on provisional income, defined as: Adjusted Gross Income + Nontaxable Interest + Half of Social Security Benefits

Here is the unchanged structure:

Taxable Portion of Social Security Benefits

Filing Status / Combined (Provisional) Income:	Taxable Portion of Social Security Benefits:
Single / Head of Household / Qualifying Widow(er)	Single / Head of Household / Qualifying Widow(er)
Below $25,000	0% — Benefits are not taxed
$25,000 – $34,000	Up to 50% taxable
Above $34,000	Up to 85% taxable
Married Filing Jointly	Married Filing Jointly
Below $32,000	0% — Benefits are not taxed
$32,000 – $44,000	Up to 50% taxable
Above $44,000	Up to 85% taxable

Credits & Deductions You Should Know About

Child Tax Credit

• The $2,000 child tax credit is now permanent.
• In 2025, the credit increases to $2,200 per child, with future inflation adjustments.
• Up to $1,400 of the credit is refundable (indexed for inflation).

Child & Dependent Care Credit

• Maximum credit rate increases to 50%
• Phaseouts adjusted to benefit more moderate-income families
• Dependent Care FSA limit increased to $7,500

Adoption Credit

The first $5,000 of the adoption credit is now refundable.

Charitable Giving & Education Savings

• Mortgage interest & PMI rules from the prior TCJA are made permanent
• Itemizers now face a 0.5% floor for charitable contributions
• Non-itemizers may claim a small above-the-line charitable deduction
• 529 plans are expanded to cover more K–12 uses and career credential programs

HSAs (Health Savings Accounts)

Bronze and catastrophic health insurance plans now qualify taxpayers to contribute to HSAs, expanding access significantly.

Key Business Tax Changes for 2025

100% Bonus Depreciation

Now permanent — businesses may fully expense qualifying assets with no phase-down schedule.

Section 179 Expensing

• Deduction limit increases to $2.5 million
• Phaseout begins at $4 million
• Both indexed for inflation

R&D Expenses

Businesses may fully deduct research and development expenses in the year incurred.

1099 Reporting Thresholds

• 1099-K threshold returns to $20,000 / 200 transactions
• Beginning in 2026, 1099-MISC & 1099-NEC thresholds increase to $2,000

What Does This All Mean for You?

These changes can significantly affect tax planning for:

• Moderate- to high-income taxpayers
• Seniors
• Tipped or overtime-based workers
• Parents and caregivers
• Car buyers
• Small business owners and self-employed individuals

With the SALT cap expansion and the senior deduction, many taxpayers who previously relied on the standard deduction may now benefit from itemizing in 2025. Running both scenarios—itemizing vs. standard deduction—may be worthwhile.

How We Can Help You Plan Ahead

As with all tax matters, the ultimate answer is often “it depends.” Every taxpayer’s situation is unique, and facts and circumstances can vary greatly from one case to the next. With the recent changes under The One Big Beautiful Bill Act, many provisions are still evolving, and several IRS forms and instructions remain in draft form and may be subject to further revision. We will continue to monitor these developments closely and will keep you informed to the best of our ability as updates become available. If you have questions about how the new law may affect your specific situation, please feel free to contact our office — we are here to help you navigate these changes.

As 2025 comes to a close, both individuals and business owners can benefit from time invested in end-of-year tax planning. Preparing early helps reduce filing errors, speeds up refunds and ensures you have the most up-to-date information on deductions, credits, and income types.

Tax laws change often, and partnering with an experienced Roanoke CPA or accountant, like the team at Neely’s, can help you stay compliant while minimizing your liability.

Organize Your Finances and Records

Your first step in tax season prep is to get organized. For businesses, that means closing out accounts, updating payroll data, and performing a year-end inventory count. Individuals should verify income and withholdings and gather essential documents like W-2s, 1099s, mortgage statements, and receipts for deductible expenses.

Digital recordkeeping tools can make this easier and cloud-based software allows you to store, categorize, and share documents securely with your Roanoke CPA, ensuring nothing slips through the cracks when it’s time to file.

Review Your Financial Position

Next, take a high-level look at your 2025 financial performance. Businesses should review income statements, balance sheets, and cash flow reports to identify strengths and opportunities for improvement. Evaluate accounts receivable and vendor contracts to improve efficiency going into 2026. Individuals can review spending, savings, and investment performance to ensure their goals are on track. Reviewing this data now allows you to make adjustments, rather than reacting after the filing deadline.

Make Strategic Tax Moves

Year-end is prime time for strategic action. Consider deferring income or accelerating deductions to stay within a favorable tax bracket. Max out contributions to IRAs, HSAs, and retirement plans, and make charitable donations before December 31 to boost deductions.
Businesses may benefit from investing in new equipment, prepaying certain expenses, or exploring valuable credits like R&D or small-business healthcare credits. Don’t overlook energy-efficiency incentives, clean-vehicle credits, or education-related deductions that could apply to your situation.

Develop Next Year’s Plan

Use your year-end insights to set 2026 financial goals, such as reducing debt, boosting retirement savings, or cutting overhead. Schedule quarterly check-ins with your local accountant to track progress and stay current on evolving tax laws.

Get Professional Help

Every taxpayer’s situation is unique. Before making major financial moves, consult your hometown experts at Neely’s, who can tailor strategies to your personal or business needs.

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 get started.

Neely’s Accounting has served individuals and small businesses in Roanoke, Salem, and Vinton since 2007. We’re a CPA firm that prides ourselves on offering big city services with hometown values. Our full range of professional products are designed to serve you all-year long—not just at tax time.

Why work regularly with a CPA? Because this crucial relationship pays big dividends for both individuals and businesses. From expert guidance, to organization and compliance, our Roanoke CPAs provide services all year round so you can enjoy peace of mind and a brighter financial future.

Mitigate Tax-Time Stress with Proactive Tax Planning

According to Fortune magazine, 1 in 3 taxpayers say the thought of filing their taxes makes them want to cry. In other words, taxes stress people out. That’s why working with a CPA throughout the year is a great idea.

“When you work with your trusted CPA all year round, tax time is much less stressful,” says Neely’s CEO Chuck Neely. “A CPA can help you make pivotal decisions throughout the year, estimate your quarterly taxes, and make sure you’re in compliance with any tax law changes.”

All these regular services help you stay organized and keep surprises to a minimum on April 15. Here’s how it works for individuals and businesses:

• Individuals: work with a CPA to strategically plan deductions and ensure you have a clear expectation of your tax bill or return going into tax time.
• Small businesses: get guidance from a CPA on what company structure is best for you. They can also help you budget for estimated taxes and business expenses.

Access Expert Financial Advice All Year Long

Imagine making the right day-to-day financial choices and feeling confident they will pay off long term. When you regularly work with a CPA you don’t have to imagine. CPAs can provide trusted, expert advice for the small decisions that add up to big results.

• Individuals: CPAs can advise you on smart budgeting, retirement or education savings, and investing all with tax implications in mind.
• Business: Working with a CPA frees you up to work on your businesses not in it. They can provide accurate bookkeeping, financial reporting, and advice based on real-time numbers so you can make great decisions today and in the future.

Navigate Live & Business Transitions with Confidence

Life’s big transitions are full of emotional ups and downs. The last thing you want to do during these high-intensity periods is buckle down to look at the numbers. That’s why it’s important to have a CPA who is only a phone call away.

“Having a CPA to guide your financial decisions through big moments can make a huge difference in your financial future,” says Chuck Neely. “When the dust settles, our clients are usually so grateful for the steady, and clear-eyed advice they got from our CPAs.”

• Individuals: Buying a home, getting married, welcoming a child, changing jobs, or receiving an inheritance are big events with big tax implications. Working with a CPA ensures you keep tax time surprises to a minimum and stay financially healthy.
• Businesses: Whether you are hiring employees, expanding, or even selling your business, CPAs can be valuable consultants. They can guide you through the turbulent season of change and keep you on solid financial footing.

Stay Audit-Ready with Accurate Reporting & Compliance

Every year, the IRS adjusts more than 60 tax provisions to account for inflation. Those changes don’t include tax legislation rollouts which can happen with unpredictable frequency. For most people, it’s impossible to keep up with ever-changing federal and state tax requirements but for CPAs it’s their job. Here’s how that benefits you.

• Individuals & Businesses: Stay up-to-date on the latest federal and state tax laws so you can enjoy:
  • Ongoing compliance
  • Fraud detection and prevention
  • Organization and audit readiness

Frequently Asked Questions About Year-Round Accounting Services.

What’s the difference between a CPA and a tax preparer?

Both a CPA and tax preparer are highly-qualified financial professionals who can expertly prepare tax returns and support your financial goals. Tax preparers have a specific expertise on tax preparation and filing. CPAs have earned a state-specific license, a degree in accounting, and extensive knowledge regarding taxes, auditing, financial planning, and business consulting.

How can a Roanoke CPA help my small business save money?

Working with a local, Roanoke-based CPA means you’ll have a financial professional in your corner that deeply understands the climate and culture of your business environment. They can use their accounting and financial expertise to advise you on the right business structure, maximize your deductions and credits, implement strategy, and even provide pristine accounting which helps you avoid costly mistakes.

What should I bring to my first meeting with a CPA?

Your CPA needs a clear picture of your financial status and your goals. You should bring documents that help them understand where you are and where you’d like to be. These documents include a previous tax return, an ID, and income and portfolio statements. You should also write down your goals and any questions so you can begin to build a relationship based on clarity and good communication.

Do CPAs help with financial planning, or just taxes?

CPAs are tax and accounting specialists. They can provide valuable financial advice around budgeting, investing, retirement, and the associated tax implications.

How can I schedule a consultation with Neely’s Accounting?

Reach out to us! We’d love to hear from you. You can call, visit, or email—our responsive and friendly staff are standing by to schedule your consultation.

623 Abney Road
Roanoke, VA 24012
Phone: (540) 366-2767
Email: info@neelys.com

Gain Peace of Mind with Your Local Roanoke CPA

Banish tax-time stress, financial guess work, and accounting frustration. Work with a local, Roanoke CPA like our experts at Neely’s Accounting and enjoy all the peace of mind that comes with it.

Our accounting firm has helped individuals and small business with their accounting needs since 2007. We combine our deep understanding of the local community, regional business environment, and Virginia tax laws, with accounting expertise to give you tailored support you can’t get anywhere else.

Whether you’re managing your personal finances or growing a business, our Roanoke CPAs can help you build a solid financial future all year round. Schedule a consultation today.

Summary: College students and their families are eligible for a variety of tax credits, financial aid, and benefits that could set them up for success well beyond school. These include FASFA, education tax credits, dependent status, and military benefits. Work with a qualified tax planner and ensure you don’t miss any tax benefits during your child’s college years.

If you have a child attending college this fall, you could be newly eligible for tax advantages that set you and your student up for success. Whether you need education-related tax credits or tips to maximize your student’s financial aid eligibility, Neely’s Accounting Services can help both students and families ace this financial test.

What is The FAFSA and Why is It Important?

You’ve probably heard a lot about the FASFA, or Free Application for Federal Student Aid. 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.

The US Department of Education rolled out “The Better FASFA” for the 2024-2025 school year. According to the DoE website, “the Better FAFSA is simplified, redesigned, and streamlined. It is faster and easier to fill out, with most students and families completing it in less than 15 minutes.” In addition, it aims to:

• Ensure 665,00 more students receive Pell Grants.
• Provide more than 1.7 million more students the maximum Pell Grant.

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,” said our Roanoke tax expert. An added bonus: 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 taxable income as low as possible the first year you file: Do this without doing the family financial harm, of course. Again, our experts weigh in, “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,” they advise.

The U.S. Department of Education has several useful resources for understanding and filling out the FASFA:

Is Your Student Still a Dependent?

Parents can claim a full-time college student as a dependent until age 24 if they are providing more than half of the student’s financial needs. Most college students fall into this category.

“Families should figure out whether their student will be considered a dependent during college,” said our experts. “This helps clarify what credits and benefits each party is eligible for.”

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 them as a dependent.

What Education-Related Tax Credits Am I Eligible For?

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.
• Student Loan Interest Deduction: After graduation, qualified students or their parents can deduct the interest paid on student loans in the past year up to $2,500. The lender will provide the required interest statement each January.

Are There Special Education Benefits for Military Students and Veterans?

Yes, there are some education benefits for military student 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,” our experts said.

• For students who 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 Veterans Affairs for education, training, or subsistence are not taxable.

Where Can I Find Tax Planning Help in Roanoke, VA?

Neely’s Accounting Services can offer some time-tested lessons in tax planning. We’ve supported Roanoke-area individuals and businesses since 2007 with our big-city services and hometown feel.

Don’t let another academic year slip by without implementing education-related tax planning that will serve you for the next four years and beyond. Contact us today and let us set you up for tax success during your student’s college years.

In July, the 2025 Reconciliation Legislation known as the One Big Beautiful Bill Act (OBBBA) was signed into law. According to the IRS, “One Big Beautiful Bill Act of 2025 has a significant effect on federal taxes, credits and deduction.”

But what does this new bill mean for your personal income tax? To spare you from reading all 869 pages of the bill yourself, we’ve put together a list of key changes to be aware of for the 2025 tax year and beyond.

Increased Standard Deduction

According to Fidelity, a standard deduction is “a flat amount that reduces your taxable income and potentially your tax bill.” The OBBBA increased these deductions for taxpayers.

• Single or married filing separately – $15,750
• Head of household – $23,625
• Married filing jointly – $31,500

Personal Exemptions are Eliminated

OBBA permanently removes exemptions for individuals, spouses, and dependents. A personal exemption was a fixed dollar amount that taxpayers could deduct from their total income. Investopedia explains, “The taxpayer could claim the personal exemption for themselves, their spouse, and qualifying dependents.” Due to the Tax Cuts and Jobs Act, there were no personal exemptions for tax years 2018-2025.

No Tax on Overtime

According to the Tax Foundation, “Up to $12,500 in overtime compensation is deductible when calculating taxable income under the OBBBA temporarily from 2025 through 2028.”

• This new rule will allow certain workers to claim dollar-for-dollar deductions on overtime pay.
• The deduction is only calculated on the premium. For example, if you are paid OT at a 1.5x regular hourly rate, only the 0.5 hourly rate can be deducted.

No Tax on Tips

This allows for dollar-for-dollar deductions on a set amount of tips earned by workers where tipping is normal. A full list of eligible industries will be issued in the next 90 days. The Tax Foundation explains that the deduction is in effect from 2025 through 2028.

529 plan extension

Typically thought of as college savings accounts, 529 can also be used to cover education-related costs for K-12 too. Under OBBBA, families can withdraw up to $20,000 to pay for K-12 expenses (increased from the previous $10,000).

Trump Accounts

New individual retirement accounts called “Trump Accounts” aim to encourage saving for a child’s future. These accounts are similar to a Roth IRA. Children born between 2025 through 2028 will receive a one-time $1,000 deposit from the federal government.

• Accounts can be claimed at a bank or qualified financial institution.
• $5,000 maximum annual after-tax contribution.

Deduction for Auto Loan Interest

Between 2025 through 2028, Individuals with modified adjusted gross income under $100K can deduct $10,000 of interest paid on loan for NEW (created after Dec. 31, 2024) vehicles assembled in USA.

Additional Deduction for Seniors

Taxpayers aged 65+ can deduct an extra $6,000 in addition to standard deduction plus additional senior deductions or itemized deductions.

• Effective from 2025 to 2028.
• Taxpayers must reach 65 years of age on or before the last day of tax year.
• Taxpayers must have a modified adjusted gross income at or below $75,000 or $150,000 for joint filers.
• Deduction is per eligible individual. Married filing jointly receives $12,000.

Contact Neely’s for Expert Tax Guidance

If you’d like to learn more about the One Big Beautiful Bill and how it may affect you come tax season, Neely’s can help! We have been helping Roanoke citizens, businesses, and non-profits with their tax questions since 2007. Get in touch with our team and we’ll be happy to walk you through what these changes mean for you.