Most people only think about their tax refund once filing season rolls around — but if you want a bigger refund next year, the smart move is to start planning now. Summer offers the perfect window to make small adjustments that can add up to big savings come tax time.

At Peavy and Associates, we help clients throughout Conway, Surfside Beach, and the surrounding areas take a proactive approach to taxes. Here are six simple ways to boost your future refund, starting this summer:

1. Adjust Your Tax Withholding

If you received a smaller refund than expected — or owed money last year — now is a great time to adjust your W-4 withholding form with your employer. Increasing the amount withheld from your paycheck can lead to a bigger refund next spring and prevent any surprises.

2. Track and Increase Deductible Expenses

Many deductions require early planning. Start keeping better records now for things like:

• Charitable contributions
• Medical expenses
• Home office supplies
• Educational or job-related expenses

The more organized you are now, the easier it’ll be to claim every deduction you qualify for later.

3. Contribute to Retirement Accounts

Summer is a good time to assess how much you’re contributing to tax-advantaged accounts like a Traditional IRA or 401(k). These contributions reduce your taxable income, which can increase your refund.

4. Start a Side Hustle the Right Way

If you’re earning extra income this summer, track your expenses. Many self-employed individuals miss out on deductions simply because they don’t keep proper records. Start clean, keep receipts, and consider speaking with a tax professional now.

5. Check for Tax Credits You Might Qualify For

Tax credits like the Child Tax Credit, Education Credits, and the Earned Income Tax Credit can significantly increase your refund. A mid-year financial review can help identify whether you’re on track to qualify for any of these valuable credits.

6. Plan Ahead for Life Changes

Getting married? Buying a home? Expecting a baby? Major life changes can impact your tax situation — and potentially increase your refund. Talking with a tax advisor now ensures you’re maximizing every opportunity.

The key to a bigger refund isn’t luck — it’s planning. At Peavy and Associates, our experienced team can help you create a personalized tax strategy that works for your financial goals, year-round.

CONTACT OUR CONWAY OFFICE

Conway, SC Offices

Main Conway Office:

1516 E HIGHWAY 501, Unit 104

Conway, SC 29526-9471

📞 Telephone: (843) 347-0849

📠 FAX: (843) 347-0857

📧 E-mail: peavy@peavyandassociates.com

🌐 Website: www.peavyandassociates.com

CONTACT OUR SURFSIDE OFFICE

Surfside Beach Location

The Courtyard, Suite 304

1500 Business Hwy 17 North

Surfside Beach, SC 29575

📞 Telephone: (843) 238-4863

📠 FAX: (843) 238-5447

📧 E-mail: amy@peavyandassociates.com

🌐 Website: www.peavyandassociates.com

June marks the midpoint of the year — and for small business owners, it’s the ideal time to pause, review, and realign. Whether you’re managing a local retail shop, a home-based service, or a fast-growing startup in South Carolina, a mid-year financial checkup can help you finish the year strong.

At Peavy and Associates, we work with businesses across Conway, Surfside Beach, and beyond to make sure their financials are not just in order — but working toward long-term success. Here’s a checklist to guide your mid-year business review:

1. Review Year-to-Date Profit & Loss

Start by examining your profit and loss statement (P&L). Compare your current income and expenses to your budget or previous year’s performance. Are you meeting revenue goals? Are expenses higher than expected? This insight helps inform decisions for the rest of the year.

2. Evaluate Cash Flow

Cash flow is the lifeblood of any business. Analyze your inflows and outflows to see if you’re maintaining a healthy balance. If cash is tight, now’s the time to explore options like cutting unnecessary costs, renegotiating vendor terms, or improving invoicing processes.

3. Check Tax Withholding & Estimated Payments

Have your earnings increased this year? You may need to adjust your estimated tax payments. Missing quarterly payments or underpaying can result in penalties later — a review now helps you stay on the IRS’s good side.

4. Assess Your Payroll and Staffing
Are your current staffing levels meeting your needs? Are payroll taxes and withholdings being handled correctly? With hiring and labor costs fluctuating, mid-year is a good time to review your payroll systems and compliance.

5. Revisit Financial Goals

Reevaluate the goals you set at the beginning of the year. Are you on track? If not, what adjustments can you make? This may include refining your business model, boosting marketing efforts, or tightening operations.

6. Plan for Q3 and Q4

Use what you’ve learned so far this year to map out a clear plan for the rest of 2025. Whether that means launching a new product, applying for funding, or investing in technology, now is the time to prepare.

At Peavy and Associates, we go beyond tax preparation — we partner with small businesses to provide year-round accounting, consulting, and financial planning services. If you’re ready to take control of your business finances, now is the perfect time to meet with our team.

CONTACT OUR CONWAY OFFICE

Conway, SC Offices

Main Conway Office:

1516 E HIGHWAY 501, Unit 104

Conway, SC 29526-9471

📞 Telephone: (843) 347-0849

📠 FAX: (843) 347-0857

📧 E-mail: peavy@peavyandassociates.com

🌐 Website: www.peavyandassociates.com

CONTACT OUR SURFSIDE OFFICE

Surfside Beach Location

The Courtyard, Suite 304

1500 Business Hwy 17 North

Surfside Beach, SC 29575

📞 Telephone: (843) 238-4863

📠 FAX: (843) 238-5447

📧 E-mail: amy@peavyandassociates.com

🌐 Website: www.peavyandassociates.com

Summer is the perfect time to pick up a side hustle — whether it’s driving for a rideshare app, selling handmade goods online, freelancing, or starting a seasonal service like lawn care or tutoring. While the extra income is great, many people don’t realize that side hustles come with their own set of tax responsibilities.

At Peavy and Associates, we help individuals across South Carolina — from Conway to Surfside Beach — understand what earning additional income means for their tax situation. Here’s what you need to know to keep your summer side hustle both profitable and compliant.

1. Yes, You Need to Report That Income

All income — even from a small or occasional side job — must be reported to the IRS. Whether you receive payments via cash, checks, Venmo, or third-party platforms like Etsy or Uber, it’s considered taxable income.

Pro Tip: Keep detailed records of all payments received and any business-related expenses.

2. You May Owe Self-Employment Tax

If you earn $400 or more from self-employment during the year, you may be required to file a tax return and pay self-employment taxes, which cover Social Security and Medicare. Unlike traditional jobs, taxes aren’t automatically withheld from side hustle income, so you’ll need to plan ahead.

3. You Can Deduct Business Expenses

The good news? Many side hustlers are eligible to deduct expenses such as supplies, mileage, advertising, equipment, and even a portion of your home office. These deductions can reduce your taxable income — but only if they’re properly documented.

4. Consider Making Estimated Quarterly Payments

If your side hustle income is substantial, you may need to make quarterly estimated tax payments to avoid penalties. June is a great time to estimate your income and determine whether this applies to you for the rest of the year.

5. Keep Personal and Business Finances Separate

Open a separate bank account for your side hustle to help track income and expenses clearly. This not only makes tax filing easier but also provides a more accurate picture of your business’s financial health.

Whether your side hustle is just a summer gig or the beginning of something bigger, Peavy and Associates is here to help you navigate the tax side of self-employment. Our team can walk you through deductions, help set up a system for recordkeeping, and make sure you’re fully prepared when tax season rolls around.

CONTACT OUR CONWAY OFFICE

Conway, SC Offices

Main Conway Office:

1516 E HIGHWAY 501, Unit 104

Conway, SC 29526-9471

📞 Telephone: (843) 347-0849

📠 FAX: (843) 347-0857

📧 E-mail: peavy@peavyandassociates.com

🌐 Website: www.peavyandassociates.com

CONTACT OUR SURFSIDE OFFICE

Surfside Beach Location

The Courtyard, Suite 304

1500 Business Hwy 17 North

Surfside Beach, SC 29575

📞 Telephone: (843) 238-4863

📠 FAX: (843) 238-5447

📧 E-mail: amy@peavyandassociates.com

🌐 Website: www.peavyandassociates.com

As summer heats up, so does the opportunity to take control of your tax situation. June marks the halfway point of the year — making it the perfect time for a mid-year tax checkup. At Peavy and Associates, we encourage individuals, families, and business owners to use this window to get ahead of the game before year-end stress kicks in.

Here’s why a mid-year financial review is a smart move — and how it can save you time, money, and headaches come tax season.

1. Adjust Your Withholding or Estimated Payments

Are you expecting a big tax bill or refund next year? Now’s the time to find out. Reviewing your current income and tax payments allows you to adjust your withholding or estimated quarterly payments, helping you avoid surprises in April.

2. Maximize Deductions Before It’s Too Late

From charitable donations to retirement contributions and business expenses, many deductions must be planned before the end of the year. A mid-year review helps identify opportunities you might be missing — and gives you time to act.

3. Stay on Track With Business Goals

For business owners, June is the ideal time to examine your profit and loss statements, evaluate cash flow, and plan for the second half of the year. Proactive planning can improve profitability and ensure your accounting practices are compliant and efficient.

4. Organize Financial Documents

The longer you wait to organize receipts, records, and reports, the harder it becomes to track down essential documents. Get a head start by setting up or updating your system for managing tax documents. It’ll make filing next year faster and less stressful.

5. Prepare for Life Changes

Have you recently gotten married, had a child, bought a home, or started a new job? Major life events can affect your tax situation. Checking in mid-year ensures you’re taking all the right steps to manage your finances wisely and avoid penalties.

Ready for your mid-year tax checkup? Let Peavy and Associates help you stay ahead. Our team of tax and accounting professionals will evaluate your current situation and create a strategy to keep you on track for a strong financial finish to 2025.

CONTACT OUR CONWAY OFFICE

Conway, SC Offices

Main Conway Office:

1516 E HIGHWAY 501, Unit 104

Conway, SC 29526-9471

📞 Telephone: (843) 347-0849

📠 FAX: (843) 347-0857

📧 E-mail: peavy@peavyandassociates.com

🌐 Website: www.peavyandassociates.com

CONTACT OUR SURFSIDE OFFICE

Surfside Beach Location

The Courtyard, Suite 304

1500 Business Hwy 17 North

Surfside Beach, SC 29575

📞 Telephone: (843) 238-4863

📠 FAX: (843) 238-5447

📧 E-mail: amy@peavyandassociates.com

🌐 Website: www.peavyandassociates.com