Smart Strategies to Keep More Money in Your Pocket

It’s only June, but savvy individuals and business owners know that effective tax planning is a year-round game. Waiting until year-end to think about taxes can lead to missed opportunities and unnecessary stress.

At Peavy and Associates, we help South Carolina clients make smart financial decisions early, so they can maximize deductions, credits, and savings.

Here are some key tax-saving moves to consider right now — well before the last-minute rush.

1. Maximize Your Retirement Contributions

Contributing to your 401(k), IRA, or other retirement plans reduces taxable income and boosts your nest egg. Check your current contribution levels and consider increasing them if possible.

Bonus: If you’re 50 or older, you may be eligible for catch-up contributions.

2. Make Charitable Donations

Donations to qualified charities can reduce your taxable income. Keep track of all receipts and consider bunching donations into one year for a larger deduction.

💡 Don’t forget non-cash donations like clothing or household items—just be sure to get proper valuations.

3. Review Business Expenses & Deductions

Business owners should regularly review expenses to ensure all deductible items are captured, including:

• Office supplies
• Travel and meals (subject to IRS rules)
• Home office expenses
• Equipment purchases

4. Plan Estimated Tax Payments

If you pay quarterly estimated taxes, make sure you’re on track to avoid penalties. Adjust payments if your income has changed significantly.

5. Consider Health Savings Accounts (HSAs)

If you have a high-deductible health plan, contributing to an HSA provides triple tax benefits:

• Contributions are tax-deductible
• Earnings grow tax-free
• Withdrawals for qualified medical expenses are tax-free

6. Defer Income or Accelerate Expenses

Depending on your financial situation, deferring income to the next tax year or accelerating deductible expenses into the current year can help manage your tax bracket.

Work With Peavy and Associates for Proactive Tax Planning

Effective tax strategy is not about scrambling in December. It’s about planning, adjusting, and optimizing throughout the year.

📅 Schedule a tax planning consultation with our expert team today—let’s make sure you’re set up for success in 2025 and beyond.

Peavy and Associates | Your Partner for Smart Tax & Financial Planning in South Carolina
💻 Book online | ☎️ Call us | 📍 Serving clients statewide in-person & virtually

Financial Tips for Engaged & Newlywed Couples in South Carolina

Summer is a season of sunshine, celebrations—and weddings! If you’re getting married this summer, congratulations! Amidst the excitement of planning your big day, there’s one essential topic that many couples overlook: merging finances.

At Peavy and Associates, we work with couples throughout South Carolina to help them build strong financial foundations. Whether you’re just starting out or already tying the knot, here are some key financial conversations and steps to take before saying “I do.”

1. Start with an Honest Money Talk

Before you blend your bank accounts, be open about your financial situation. This includes:

• Income
• Debt (student loans, credit cards, etc.)
• Savings & investments
• Spending habits and goals

💬 This conversation may feel awkward—but it’s one of the most important for long-term success.

2. Decide How You’ll Manage Joint Finances

There’s no one-size-fits-all approach, but you’ll want to decide how you’ll handle:

• Joint bank accounts
• Shared bills and responsibilities
• Individual spending money

💡 Popular methods include:

• Fully combined: Everything goes into one shared account
• Partially combined: Shared account for bills, separate personal accounts
• Completely separate: Each person contributes a set amount to joint expenses

We can help you weigh the pros and cons based on your income levels and goals.

3. Review Tax Implications

Getting married changes your filing status and may impact your:

• Tax bracket
• Deductions and credits
• Student loan repayment plans
• Withholding amounts

👩‍💼 Pro Tip: Meet with a tax advisor at Peavy and Associates to determine whether “Married Filing Jointly” or “Married Filing Separately” is best for your situation.

4. Set Joint Goals & Build a Budget

Marriage is a partnership—and that includes money. Create shared financial goals for:

• Emergency savings
• Buying a home
• Paying off debt
• Vacations or starting a family

📝 Build a monthly budget together that reflects both your day-to-day needs and long-term priorities.

5. Update Important Documents

Once you’re officially married, make sure to update:

• W-4 withholding forms with your employer
• Health insurance beneficiaries
• Life insurance policies
• Wills and estate planning documents

💛 If you’re changing your name, be sure to update your Social Security, bank accounts, and tax records too.

Get Your Financial Future Off to the Right Start

Marriage is about partnership, and that includes your finances. At Peavy and Associates, we’re here to help couples across South Carolina navigate taxes, budgeting, and financial planning—before and after the big day.

📅 Planning a summer wedding? Schedule a financial check-in with one of our advisors today and start your new life on solid ground.

Peavy and Associates | Trusted Financial Advisors for Life’s Biggest Moments
💻 Book online | ☎️ Call us | 📍 Serving South Carolina couples in-person and virtually

5 Ways to Get Your Finances in Shape Before Q3

As summer begins in South Carolina, many small business owners are focused on tourism season, summer promotions, or simply trying to catch a break. But before Q3 rolls in, it’s the perfect time to ask: Is your bookkeeping ready for the second half of the year?

At Peavy and Associates, we specialize in helping small businesses clean up their books, streamline their processes, and stay prepared—not just at tax time, but year-round. Here’s how to make sure your financial records are in great shape this June.

1. Catch Up on Reconciliations

If your bank and credit card statements haven’t been reconciled monthly, now’s the time. Unreconciled accounts can lead to inaccurate reports, missed deductions, or even cash flow surprises.

📌 Action Step: Reconcile all accounts through May, and ensure your June statements are ready to go by early July.

2. Organize Receipts and Expenses

Digitally storing and categorizing receipts not only saves time—it can protect you in the event of an audit.

🧾 Use tools like QuickBooks, Xero, or Dext to:

• Attach digital copies of receipts to transactions
• Categorize spending consistently
• Identify any personal expenses that were mixed in

Need help choosing a platform or organizing your records? Our team can assist with bookkeeping setup or cleanup.

3. Review Profit & Loss (P&L) Statements

How’s your business performing so far in 2025? A mid-year review of your income and expenses helps you understand profitability and make data-driven decisions for the second half of the year.

📊 Questions to consider:

• Are certain expenses higher than expected?
• Which products or services are most profitable?
• Are there tax-saving opportunities to plan for now?

4. Prepare for Estimated Taxes

June is the halfway point of the year, and that means quarterly estimated tax payments are due again. Reviewing your net income now helps ensure you’re paying the right amount—and avoiding penalties.

💼 Bonus: Planning ahead can also help with year-end strategies like accelerated depreciation or retirement plan contributions.

5. Consider Outsourcing Your Bookkeeping

If you’ve been managing your books on your own, it might be time to pass the torch. Outsourcing your bookkeeping frees up your time and ensures your records are accurate, up-to-date, and ready for tax season.

At Peavy and Associates, we offer:

• Monthly bookkeeping services
• Payroll and sales tax filings
• Financial statement preparation
• Business advisory and forecasting

Let’s Get Your Books Summer-Ready ☀️

Clean books = better decisions, less stress, and fewer surprises. Whether you need a one-time cleanup or ongoing support, Peavy and Associates is here to help South Carolina businesses thrive.

📅 Book a free bookkeeping consult today and take control of your business finances before Q3 hits.

Peavy and Associates | Trusted Accounting for South Carolina Small Businesses
💻 Book online | ☎️ Call us | 📍 Offices across South Carolina & virtual support available

Get Ahead of Your Goals with Peavy and Associates

June marks the halfway point of the year—making it the perfect time to pause, reassess, and reset your financial game plan. Whether you’re managing personal finances, running a small business, or planning for retirement, a mid-year check-in helps ensure you’re on track and taking advantage of every opportunity.

At Peavy and Associates, we believe smart planning is the key to long-term success. Here are five financial moves you can make this month to get ahead.

1. Review Your Income & Spending

Start by taking a close look at your budget. Have your income or expenses changed since January? Are you sticking to your savings goals?

✅ Questions to ask:

• Am I spending within my means?
• Where can I cut back or reallocate?
• Have there been any unexpected expenses?

Tip: Use this opportunity to rebalance or adjust for the next six months.

2. Check Your Tax Withholding & Estimated Payments

If you received a large refund (or owed more than expected) last tax season, it might be time to update your W-4 or review your quarterly estimated tax payments.

🧾 For business owners and freelancers:

June is a great time to assess your profit so far and adjust Q3 estimated payments to avoid penalties later.

3. Maximize Retirement Contributions

Are you contributing enough to your 401(k), IRA, or other retirement plans? Increasing your contributions—even slightly—now can have a big impact by year-end.

📈 Consider:

• Reviewing contribution limits for 2025
• Opening a Roth IRA if eligible
• Making catch-up contributions if you’re 50+

Need help reviewing your options? We’re here to guide you based on your income and goals.

4. Evaluate Your Financial Goals

What were your goals back in January? Paying down debt, saving for a home, building an emergency fund? Now is the time to see how you’re progressing and course-correct if needed.

💡 Pro Tip: Break down big goals into smaller, monthly targets for the rest of the year.

5. Schedule a Mid-Year Review with a Trusted Advisor

Financial planning isn’t just for tax season. By checking in mid-year, we can help you identify savings opportunities, avoid surprises, and set yourself up for a smooth second half of the year.

👔 At Peavy and Associates, we offer:

• Personalized mid-year financial reviews
• Tax strategy updates
• Business planning and forecasting
• Retirement and estate planning support

Let’s Make the Second Half Even Stronger 💼

Whether you’re an individual looking to get organized or a business owner preparing for Q3, June is the time to act. A little planning now can lead to major peace of mind later.

📅 Book your mid-year financial checkup with Peavy and Associates today.

We proudly serve individuals, families, and businesses across South Carolina—and we’re ready to help you thrive.