Category: Bookkeeping

A new year means that tax time is just around the corner. For some people, tax season is an exciting opportunity to get organized and tackle their annual finances. However, many others feel intimidated by taxes, pushing off filing taxes until the last minute or even missing important deadlines. If this sounds like you, don’t worry. You’re not alone. According to the IRS, 20-25% of US taxpayers wait until the last two weeks to prepare their tax returns.

As Roanoke’s trusted tax experts, we at Neely’s want you to have all the info you need. Knowing your deadlines is step-one in taking control of tax season. It helps you avoid a stressful, last-minute scramble or worse—missed deadlines and fines. To help, we’ve compiled all the season’s tax deadlines so you can face the 2025 tax season with confidence.

Personal Income Tax & Self-Employed Deadlines

• January 15, 2025 – 4th Quarter 2024 estimated tax payment due. If you’re self-employed or have other income without any tax withholding, and you make quarterly estimated tax payments, this is the due date for your final quarterly payment for the 2024 tax year.
• January 31, 2025 – Due date for employers to send W-2 forms, 1099 forms, and other important forms. The IRS requires employers to send W-2s no later than January 31 following the close of the tax year. January 31 is also the deadline to send 1099 forms, and forms 1099-NEC,1099-MISC, and 1099-K which are used to report payments that typically don’t come from an employer, such as income from work as an independent contractor, gig worker, or self-employed person or income like interest, dividends, prize winnings, rents, royalties, or brokerage account transactions.
• February 28, 2025 – Due date to file 1099/1096s (excluding 1099-NECs) if you are paper filing. If you choose to paper file, and have income requiring a 1099, your deadline to file is a bit earlier than the standard, mid-April tax deadline.
• April 15, 2025 – Tax day. Unless it’s a weekend or a holiday, the deadline to file your taxes is always April 15th. It’s also the last day to make HAS contributions and contributions to the majority of retirement plans and to pay your 1st quarter estimated taxes. You can also file for an extension if your documents are quite ready to submit.
• June 16, 2025 – Second quarter 2025 estimated tax payment due. Quarterly estimated taxes aren’t quite evenly spread out in the calendar year. The first payment occurs 3 and a half months into the year. The second payment is five and a half months; the third payment is eight and a half months, and the fourth payment is due 12 and a half months after the year starts.
• September 15, 2025 – Third quarter 2025 estimated tax payment due.
• October 15, 2025 – Deadline to file your extended 2024 tax return. If you chose to file an extension request on your tax return, this is the due date for filing your tax return.

Businesses – Partnerships (including LLCs), C Corps (Form 1120), S Corps (Form 1120S), and Nonprofits (Form 990)

• January 15, 2025 – 4th Quarter 2024 estimated tax payment due
• Early 2025 – 2024 Tax season begins
• January 31, 2025 – Employers send W-2s forms to employees and send 1099 forms
• March 17, 2025 – Taxes are due for some business types (partnerships, multi-member LLCs, and S-Corporations). Businesses organized as partnerships, including multi-member LLCs, and S-Corporations need to file Form 1065, or 1120S by March 15, 2025, if they are a calendar year business. If your business uses a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year. For example, if your business uses an April 1 – March 31 tax year, your business tax return would be due June 15 instead of March 15.
• April 15, 2025 – Taxes for C-Corporations are due. Businesses organized as C-Corporations need to file form 1120 by April 15, 2025, if they are a calendar year business. If your business uses a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year. For example, if your business uses an April 1 – March 31 tax year, your business tax return would be due June 15 instead of in April.
• May 15, 2025 – Due date to file most nonprofit returns (Form 990). Most nonprofits have an extra month to submit their forms to the IRS. They will need to file a Form 990 by May 15.
• September 15, 2025 – Deadline for extended partnership and S-corporation returns
• October 15, 2025 – Deadline for extended C-corporation returns
• November 17, 2025 – Deadline for extended nonprofit returns.

Contact Neely’s Accounting Services for Expert Tax Support in Roanoke

Whether you relish taxes or feel a bit nervous, having a trustworthy expert on your side can makes all the difference between complicated and stress-free.  Neely’s Accounting Services has provided expert tax preparation and accounting in Roanoke, VA since 2007.

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.

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.

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

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

Pros of Outsourced Accounting

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

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

Cons of Outsourced Accounting

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

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

How to Decide if Outsourced Accounting is Right for You

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

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

Contact Neely’s Accounting for Expert Roanoke Accounting

If you’re ready to take the leap into outsourced accounting, consider Neely’s Accounting Services. We’ve been helping Roanoke area individuals and business since 2007 with our big-city services and a hometown feel. Thanks to our cutting-edge, secure online platform, you can collaborate with our Roanoke CPAs instantly and always have up-to-date views of your data.  Plus, we’ll never surprise you with unexpected fees.  Our services are bundled at a fixed monthly rate to give you an efficient, well-maintained accounting system at a fair price. 

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

Tracking business expenses is time-consuming and sometimes downright painful. But it doesn’t have to be. You can fold expense tracking into your daily business processes by implementing the right tools and systems. Use our tips to streamline your expense tracking and effortlessly stay on top of your finances.

Establish a clear expense policy

The first step in managing expenses is to have a clear understanding of what your business will pay for and what it will not. Make a list of approved expenses. Then clearly and consistently communicate that information to your team.

Cultivate company-wide transparency

The best way to make sure your team is on the same page is to communicate about your expense policies often and with transparency. You’ll create an open environment that’s conducive to sharing ideas and providing constructive feedback.

Simplify expense tracking

Invest in a software program that allows employees to take pictures of their receipts, propose requests, and submit reports online. Digitizing your expense tracking makes sharing and storing information simple and stress-free.

Audit your processes consistently

Set aside time each month to audit your expenses so you’ll always have a good idea of your finances. It’s a reliable way to prevent small problems from becoming big complications. Consider using a quality accounting software to make the process even simpler and less time-consuming.

Use company credit cards

Company credit cards are a great way to track of spending, maximize cash flow, and simplify record keeping and reporting. There are many options to choose from including permanent, single-use or set dollar amount cards.

Train Best Practices

Part of clear communication is adequate training. Invest the time to properly train your employees on best accounting practices so you stay up to date on your liquidity.

Need Professional Support?

Neely’s Accounting Services is your dependable, local resource for bookkeeping. Our team of Roanoke CPAs are available in convenient locations around the Roanoke Valley and are ready to provide a full menu of services. Contact or visit us today to learn more about how you can gain time, money and peace of mind with our expert local bookkeeping services.