As the year draws to a close, many business owners begin looking ahead—setting goals, refining budgets, and planning for a stronger financial future. For Conway, South Carolina businesses, November is the perfect time to take a step back and evaluate where your business stands and where you want it to go in 2026.

Strategic tax planning is one of the most powerful tools for business growth. When done proactively, it strengthens cash flow, minimizes tax liability, and helps you make smarter financial decisions year-round. At Peavy & Associates, we partner with local businesses to align their tax strategy with long-term goals—and November is the best time to start that process.

Here’s how thoughtful tax planning today can support your business success in 2026 and beyond.

Why Start Your 2026 Financial Goal Setting in November?

1. You Still Have Time to Implement Tax-Saving Moves

Many tax strategies must be completed before December 31. Planning in November gives your business a chance to take advantage of deductions, credits, and investment opportunities that strengthen your financial position.

2. Year-End Financials Provide a Clear Picture of What’s Working—and What Isn’t

With nearly a full year of data, your books reveal patterns in spending, revenue cycles, and staffing that shape your 2026 plan.

3. Avoid January Rush Decisions

When tax season hits, time is limited. Reviewing your financial goals now allows for thoughtful, strategic planning—not rushed decisions.

How Strategic Tax Planning Drives Business Growth

Effective tax planning isn’t just about reducing what you owe; it’s about supporting your business’s long-term vision. Here’s how a strategic tax plan can impact your 2026 goals:

Optimize Cash Flow

Reducing your tax burden frees up cash that can be reinvested into:

• Equipment upgrades
• New hires
• Marketing initiatives
• Technology improvements
• Expansion opportunities

Improve Profitability

Identifying deductions and credits you may be missing—such as Section 179, bonus depreciation, energy credits, or South Carolina-specific incentives—directly impacts your bottom line.

Guide Smart Year-End Purchases

Your CPA can help determine whether buying equipment, vehicles, or software before December 31 will benefit your business financially.

Strengthen Compliance

A strong tax strategy ensures you stay aligned with federal and South Carolina regulations, avoiding costly penalties that derail financial progress.

Steps to Build a Strong 2026 Financial Plan

1. Review Your 2025 Financial Reports With a CPA

Profit and loss statements, balance sheets, and cash flow reports reveal exactly where your business stands.

2. Forecast Your 2026 Revenue and Expenses

Identify seasonal trends common in the Conway area—tourism waves, construction cycles, or holiday surges—to plan ahead effectively.

3. Create a Tax Strategy That Matches Your Growth Goals

For example:

• Planning to hire? Review available payroll credits.
• Expanding operations? Analyze depreciation opportunities.
• Expecting higher revenue? Adjust estimated taxes now.

4. Explore Retirement or Benefits Plans

Setting up or adjusting retirement options (SEP IRA, SIMPLE IRA, Solo 401(k)) can both reduce tax liability and support employee retention.

5. Evaluate Your Entity Structure

As businesses grow, their tax structure should evolve too. An S-corp election or restructuring may provide significant tax advantages for 2026.

Set Your Business Up for Success With Peavy & Associates

Whether you’re planning to scale, hire, invest, or simply stabilize your business operations in 2026, strategic tax planning is the roadmap that makes your goals achievable.

At Peavy & Associates, we work closely with Conway business owners to:

• Build year-end tax strategies
• Improve financial forecasting
• Strengthen compliance
• Optimize profitability
• Create long-term growth plans

November is the ideal time to begin this process—while there is still room to take action before year-end.

Start Planning Your 2026 Financial Strategy Today

Your business deserves a strong start to the new year. With proactive tax planning and expert financial guidance, you can make confident decisions that support sustainable growth.

Ready to align your 2026 goals with smart tax strate

Over the past year, the IRS has intensified its review of Employee Retention Credit (ERC) claims, leading to a significant increase in audits across the country—including right here in South Carolina. Many small business owners who filed for the ERC in good faith are now receiving notices, while others are discovering that third-party “ERC mills” may have improperly filed claims on their behalf.

If your business claimed the ERC—or you’re unsure whether the credit was filed correctly—November is the ideal time to review your records, understand your risk, and prepare for potential IRS communication.

Peavy & Associates supports Conway businesses through IRS audits, ERC reviews, and compliance issues. Here’s what you need to know about the current ERC audit wave and how to protect your business.

What Is the Employee Retention Credit (ERC)?

The ERC was created during the pandemic to help businesses that retained employees during economic shutdowns. While the credit offered valuable relief, its complex eligibility rules opened the door for errors—and, unfortunately, widespread abuse by aggressive marketing firms.

Because of this, the IRS is now taking a closer look at many claims filed between 2020 and 2021.

Why ERC Audits Are Increasing in 2025–2026

The IRS has launched new initiatives prioritizing ERC enforcement, including:

• Targeting suspicious filings by third-party promoters
• Identifying businesses with incomplete eligibility documentation
• Conducting in-depth reviews of refund claims still pending
• Requesting repayment from businesses who filed incorrect claims

For South Carolina employers—especially small businesses in sectors like hospitality, retail, medical, and construction—this means increased scrutiny of prior filings.

Signs Your ERC Claim Could Be Audited

While any claim can be reviewed, certain patterns increase the likelihood of an audit:

1. Your ERC was filed by a third-party “ERC company”

Especially those who guaranteed large refunds, charged contingency fees, or didn’t review your payroll or revenue records thoroughly.

2. Your business claimed the ERC for all eligible quarters

Aggressive filings draw more attention from the IRS.

3. You lack supporting documentation

This includes payroll reports, revenue comparisons, and evidence of government-mandated shutdowns.

4. Your refund amount was unusually large

Higher-than-average credits often undergo additional review.

What To Do If Your South Carolina Business Receives an ERC Audit Notice
If the IRS contacts you about your ERC claim, don’t panic—but take action quickly.

1. Don’t ignore the notice

IRS deadlines are strict. Missing one can trigger penalties.

2. Gather all documentation

This includes payroll reports, PPP loan records, revenue comparisons, and shutdown orders.

3. Avoid contacting the IRS directly on your own

ERC audits involve technical tax rules, and miscommunication can complicate your case.

4. Contact a trusted CPA immediately

Peavy & Associates handles IRS correspondence and represents businesses throughout the entire audit process.

What If You Used an ERC Promoter?

Many South Carolina businesses were encouraged to file ERC claims through marketing companies that:

• Overstated eligibility
• Filed incomplete or inaccurate forms
• Did not explain IRS requirements
• Pushed businesses to claim the maximum amount regardless of qualification

If this describes your experience, a professional ERC review is strongly recommended.
Peavy & Associates can:

• Review your claim for accuracy
• Prepare documentation you may be missing
• Correct improper filings
• Represent you in an audit or IRS inquiry
• Help you determine whether repayment or withdrawal is advised

How Peavy & Associates Supports Conway Businesses Through ERC Issues

Our team provides:

• Full ERC claim reviews
• Documentation audits
• IRS notice response support
• Audit representation
• Amended return preparation
• Guidance on voluntary withdrawal or repayment programs

With deep experience supporting local South Carolina businesses, we ensure you are protected, compliant, and confident moving forward.

Concerned About Your ERC Claim? We Can Help.

If you filed for the Employee Retention Credit—or you’re unsure how your claim was prepared—now is the time to review your eligibility before the IRS reaches out.

Peavy & Associates is here to help Conway business owners navigate ERC audits with clarity, confidence, and professional support.

Need an ERC review or help responding to an IRS notice? Contact Peavy & Associates today to schedule a consultation.

For many small businesses in Conway, South Carolina, tax season can feel overwhelming—but it doesn’t have to be. By taking a few strategic steps now, you can eliminate stress, avoid costly mistakes, and put your business in the best position for a seamless 2026 tax filing.

November is the perfect month to get ahead of your financial responsibilities. With the year coming to a close and holiday hours approaching, this is your chance to organize your books, review financial statements, and ensure all compliance tasks are completed before December 31.

At Peavy & Associates, we partner with local businesses throughout Horry County to simplify tax planning and help them stay compliant year-round. Here’s how your business can prepare for a smooth, stress-free upcoming tax season—starting today.

1. Clean Up Your Bookkeeping for the Year

Accurate books are the foundation of a successful tax season. November is the ideal time to:

• Reconcile bank and credit card accounts
• Categorize outstanding transactions
• Review vendor payments
• Ensure payroll expenses are correctly recorded
• Confirm all income is accurately documented

Up-to-date books help your CPA identify deductions, spot errors early, and file your return efficiently.

2. Prepare Payroll & 1099s Before the January Rush

January deadlines come fast—and missing them can lead to penalties. To stay ahead:

• Confirm employee and contractor information (addresses, EINs, SSNs)
• Review payroll tax withholdings for accuracy
• Identify all contractors requiring 1099-NEC filings
• Ensure you have W-9s from all vendors who need them
• Handling these tasks in November means you won’t be scrambling during the first week of January.

3. Review Your Business Financials With a CPA

A year-end financial review is one of the most valuable steps a business can take. Schedule a November meeting with your CPA to:

• Review profit & loss statements
• Evaluate cash flow and spending
• Discuss major purchases (equipment, vehicles, technology)
• Analyze tax liability projections
• Identify opportunities for year-end deductions

Peavy & Associates uses this time to help Conway businesses reduce their tax burden and strengthen financial planning for the year ahead.

4. Make Year-End Tax Moves Before December 31

Many tax-saving strategies must be completed before year-end. November is the perfect month to:

• Expense or depreciate qualifying equipment
• Pre-pay certain business expenses
• Catch up on estimated quarterly tax payments
• Contribute to retirement plans (SEP, SIMPLE, Solo 401(k))
• Review South Carolina-specific credits and incentives

Waiting until January removes your ability to make strategic adjustments—so November is essential.

5. Organize Your Documentation Early

Gathering the right documents now ensures a smoother tax process later. Key items include:
Profit & loss statements

• Balance sheets
• Bank and credit card statements
• Receipts for major purchases
• Payroll documentation
• Mileage and travel logs
• Vendor payments
• Inventory counts (if applicable)

A well-organized file saves you time, reduces errors, and speeds up the review process.

6. Address Any IRS or South Carolina Notices Before Year-End

If your business received any tax notices this year—federal or state—November is the time to resolve them. Ignoring notices can lead to penalties, interest, or delayed refunds.

Peavy & Associates specializes in handling tax notices and correspondence on behalf of local businesses, helping you resolve issues quickly and accurately.

Start Preparing for Tax Season With Peavy & Associates

The steps you take in November can make the difference between a stressful tax season and a smooth, organized one. By cleaning up your books, preparing payroll documents, and meeting with a CPA before year-end, you’ll set your Conway business up for success in 2026.

Ready for a stress-free tax season? Contact Peavy & Associates today to schedule your year-end review and tax planning session.

As the end of the year approaches, November is one of the most important months for proactive tax planning. Whether you’re an individual preparing your personal return or a small business owner in Conway, SC, taking strategic steps now can significantly reduce your tax liability, prevent surprises, and set you up for a smoother 2026 tax season.

At Peavy & Associates, we help South Carolina taxpayers make smart, timely decisions that maximize deductions and support long-term financial health. Here’s your November tax planning guide to help you finish the year strong.

Why Year-End Tax Planning Matters

Waiting until January to think about your taxes can cost you money. Many of the most impactful tax strategies—like maximizing deductions, adjusting income, or contributing to retirement accounts—must be done before December 31. Planning now ensures you have enough time to make informed financial choices that benefit you and your business.

1. Maximize Your Deductions Before December 31

For Individuals:

• Charitable Contributions: Donations made by December 31 are deductible for the 2025 tax year.
• Medical Expenses: If you’re close to the itemized deduction threshold, scheduling medical or dental procedures before year-end may help.
• Education Expenses: Review eligible education credits if you or a dependent attended college this year.

For Small Businesses:

• Expense Needed Equipment: Section 179 may allow full deduction on qualifying equipment purchased and placed in service before year-end.
• Review Business Mileage and Expenses: Clean up records now to avoid missed deductions later.
• Home Office Deductions: Ensure proper documentation if you work from home.

2. Review Your Estimated Tax Payments

South Carolina taxpayers—including freelancers, contractors, and small business owners—must ensure their estimated tax payments are on track to avoid penalties.

November is the ideal time to:

• Catch up on any underpaid quarterly taxes
• Adjust final Q4 estimated tax payments
• Review any significant income changes that may affect your 2025 tax liability

Peavy & Associates can help you calculate accurate estimates based on your year-to-date earnings.

3. Make Smart Retirement Contributions

Contributing to retirement accounts before December 31 can significantly lower taxable income.
Options include:

401(k) employee contributions

Traditional IRA contributions

SEP IRA contributions for business owners

Simple IRA or employer-sponsored plans

Maximizing these accounts supports financial wellness while reducing taxable income.

4. Prepare Key Documents Early

Creating a document checklist in November makes tax season faster and less stressful. Be sure to gather:

• W-2s, 1099s, and income forms
• Business expense receipts
• Bank and investment statements
• Charitable donation receipts
• Payroll and bookkeeping records for small businesses

Organizing these documents now helps streamline the entire filing process.

5. Meet With a Tax Professional Before the New Year

Many taxpayers wait until January to seek help—when it’s too late to make major changes. Meeting with a CPA in November allows you to:

• Strategically reduce your 2025 tax liability
• Plan for major purchases or investments
• Discuss upcoming life changes (marriage, home purchase, business start-up, retirement, etc.)
• Get personalized guidance on South Carolina-specific tax opportunities

At Peavy & Associates, our year-end tax planning services help individuals and businesses make informed, confident decisions before year-end deadlines hit.

Start Your Year-End Tax Planning with Peavy & Associates

November is your opportunity to take control of your financial picture and avoid unnecessary tax stress. Whether you’re filing individually or managing a business in Conway, South Carolina, our experienced team is here to support you with personalized, strategic tax guidance.

Ready to maximize your savings this year? Contact Peavy & Associates today to schedule your year-end tax planning appointment.