5 Great Reasons to Hire a Professional Tax Preparer

U.S. tax code is notoriously complex and ever-changing so it’s no wonder that the term “tax season” can provoke stress and anxiety. It’s difficult to stay on top of the requirements and the more complicated your financial situation, the more challenging the process becomes. 

It’s not impossible to do your own taxes. But when you only work with the tax code once a year, navigating it correctly can be a formidable undertaking. Luckily, there are professionals who work with the tax code every day: professional tax preparers and CPAs. 

What Does a Tax Preparer Do?

A tax preparer helps people and businesses prepare and file their tax returns. These professionals are experts in state and federal tax codes, refund calculations, tax forms and more. They work to file tax return correctly while providing their clients with largest refund possible. 

5 Great Reasons to Hire a Professional Tax Preparer

Imagine a year where you didn’t dread April 15. While it can be tempting to buckle down and DIY approach to your taxes, hiring professional tax services from a tax preparer can make that dream a reality. Working with a tax preparer offers a host of benefits, especially when you choose one from a trusted CPA firm. Here’s why hiring a professional tax preparer is a great idea:

  1. Saves You More Money: Many people avoid working with a tax preparer because they’re concerned about the cost. But that cost can be more than recovered when you work with someone who can maximize your tax return. One survey of 2,000 taxpayers found that self-filers received an average of $804 less than people who used a tax professional.  
  2. Helps You Reclaim Your Time: Between work, life and everything in between in can feel like there aren’t enough hours in the day. Why spend your precious free time doing taxes? According to the IRS, it takes the average person 13 hours to self-file their taxes. That’s over 1.5 work days! A tax preparer can cut that time dramatically, giving you time back in your schedule. 
  3. Reduces Your Risk of Audit: While your chances of being audited are slim, the possibility does exist. The US tax code is approximately 2,600 pages long and clocks in at well over 1 million words. When you work with a tax preparer, you’ll have an expert who is familiar with the code and can support you to achieve the best possible outcome.
  4. Provides You with a Trusted Advisor: Tax preparers are available to work with you year-round, not just at tax time. If you want help creating a sensible tax plan, or have questions after a major life change, having a relationship with a tax preparer can help. 
  5. Gives You Peace of Mind

According to the IRS, 84% of people surveyed said it’s unacceptable to cheat on their income taxes and 93% believe it’s a civic duty to pay their fair share. When you work with a professional tax preparer or CPA, you won’t have doubt or anxiety that your taxes were completed correctly. You’ll rest easy know you’ve paid your part, not more and not less. 

Find Excellent Roanoke Tax Preparation at Neely’s Accounting

Neely’s Accounting Roanoke CPA firm has been serving our community since 2007. We believe that hiring a professional tax preparer is a great investment in your well-being. If you’re ready to gain time, money, peace of mind and so much more contact Neely’s Accounting

Posted in TaxesLeave a Comment on 5 Great Reasons to Hire a Professional Tax Preparer
PREVIOUS 8 Ways to Avoid Tax Season Stress
NEXT New Federal Reporting Requirement for Beneficial Ownership Information (BOI)

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! 

  1. 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. 
  2. 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.
  3. 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
  4. 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.
  5. 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. 
  6. 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.
  7. 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.
  8. 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 TaxesLeave a Comment on 8 Ways to Avoid Tax Season Stress
PREVIOUS Tax Planning for the New Year: Setting Financial Goals 
NEXT 5 Great Reasons to Hire a Professional Tax Preparer

Tax Planning for the New Year: Setting Financial Goals 

Financial goals make excellent new year’s resolutions. And now, before the new year actually arrives, is the ideal time to think about your financial goals for 2024 and how those goals can contribute to a more effective tax strategy.

Maximize Tax Deductions and Credits

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

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

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

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

Neely’s Accounting Service can help you research which tax deductions and tax credits you may qualify for now or after a major life event, like getting married or having a baby. Then you’ll have the 2024 calendar year to save records and receipts needed for the next tax year.

Optimize Retirement Contributions

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

Contribute to your workplace retirement account up to the employer match or to a traditional IRA. Money invested in either can be deducted from your taxable income for the year you made the contribution. In 2023, the IRS allowed a maximum $6,500 in IRA contributions, or $,7500 for people 50 and older.

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

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

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

Plan for Major Life Events

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

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

Strategy Matters

Having clear financial goals and aligning them with tax planning strategies can have a significant impact on your financial resources in 2024. Our advisors are always ready to help you with personalized solutions that meet your needs and help you get the most of your financial resources in 2024. Contact us to get started on your tax strategy today.

Posted in TaxesLeave a Comment on Tax Planning for the New Year: Setting Financial Goals 
PREVIOUS Tax Considerations for Charitable Giving during the Holiday Season
NEXT 8 Ways to Avoid Tax Season Stress

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 TaxesLeave a Comment on Tax Considerations for Charitable Giving during the Holiday Season
PREVIOUS Preparing for the Year-End: Essential Accounting Tasks
NEXT Tax Planning for the New Year: Setting Financial Goals 

Preparing for the Year-End: Essential Accounting Tasks

With less than three months until the end of 2023, now is the time to focus on year-end accounting tasks that will help your business stay organized and ensure compliance with financial regulations. 

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

Tax Planning

Now is the time to start planning for tax filing so the process is smooth and straightforward. Stay informed on any changes to the tax codes and make any final adjustments to ensure your business is ready to take full advantage of any relevant tax changes for the 2023 cycle. 

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

Financial Statement Preparation 

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

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

Inventory Valuation

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

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

Budgeting

Annual budgeting is critical to the health of your business and will help you meet your key business goals for 2024.

Start with a review of recent year-end income statements, including the one for 2023, to assess regular revenue and expenses as well as how inflation affected those numbers from year to year. Then, factor in any known large expenses expected in 2024, including any needed capital expenditures. Understanding your cash flow will help you choose the perfect time to make those big purchases.

Neely’s Is Ready to Help

Feeling a bit overwhelmed at prepping for the new year? The great news is that you don’t have to do it alone! Neely’s Accounting Services has supported Roanoke-area individuals and business for 16 years offering big-city financial services with a hometown feel. Contact us today to see how we can help you. 

Posted in Business Finances, TaxesLeave a Comment on Preparing for the Year-End: Essential Accounting Tasks
PREVIOUS Navigating Financial Reporting: Understanding the Essentials
NEXT Tax Considerations for Charitable Giving during the Holiday Season

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 TaxesLeave a Comment on Tax Planning Tips for College Students and Parents
PREVIOUS Harnessing Excellence in Financial Management: A CPA's Guide to Developing and Improving Your Accounting Systems
NEXT Navigating Financial Reporting: Understanding the Essentials

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

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, TaxesLeave a Comment on What’s The Smartest Thing to Do with Your Tax Refund?
PREVIOUS What Documents Should I Bring to a Tax Appointment?
NEXT Is Outsourced Accounting a Good Idea (and How to Decide If it's Right for You)

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, TaxesLeave a Comment on What Documents Should I Bring to a Tax Appointment?
PREVIOUS Three Reasons to Love Tax Season with Neely's
NEXT What's The Smartest Thing to Do with Your Tax Refund?

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 TaxesLeave a Comment on Three Reasons to Love Tax Season with Neely’s
PREVIOUS Don’t Sweat Tax Season: Here’s Every Tax Deadline You Need to Know
NEXT What Documents Should I Bring to a Tax Appointment?