Many people wait until tax season to speak with their accountant—but by then, most opportunities to plan have already passed. For individuals and business owners in Conway and across South Carolina, December is actually the most valuable time to meet with your accountant and take control of your financial future.

At Peavy & Associates, year-end meetings allow us to provide proactive guidance that helps clients reduce stress, identify savings, and start the new year prepared. Here’s why scheduling a December appointment can make all the difference.

1. You Still Have Time to Make Impactful Changes

Once the year ends, many tax-saving strategies are no longer available. Meeting with your accountant in December gives you time to:

• Adjust income or expense timing
• Maximize retirement and health account contributions
• Make strategic purchases or charitable donations

These actions can directly affect your tax outcome.

2. Avoid Tax Season Surprises

A December review helps uncover potential issues before they become problems—such as underpayment risks, missing documentation, or unexpected tax liabilities.

Planning ahead means:

• Fewer surprises in April
• More accurate estimated payments
• Greater peace of mind

3. Get a Clear Financial Picture Before January

Year-end reviews go beyond taxes. December meetings provide insight into your overall financial health so you can:

• Set realistic goals for the coming year
• Create or refine budgets
• Make informed business decisions in Q1

4. Small Business Owners Benefit Even More

For business owners in Conway and Horry County, December planning is especially valuable. It’s the ideal time to:

• Clean up bookkeeping records
• Prepare for payroll and 1099 filings
• Review cash flow and profitability
• Plan for growth or staffing changes

5. Start the New Year Organized & Confident

Meeting with your accountant before the new year means you’re not scrambling in January. Instead, you’ll enter the year with clear expectations, organized records, and a plan already in place.

Proactive Planning Starts at Peavy & Associates

At Peavy & Associates, we believe accounting should be proactive—not reactive. A December meeting allows us to tailor strategies to your unique situation and help you make informed decisions before deadlines pass.

We proudly serve individuals and businesses throughout Conway, South Carolina, with personalized accounting, tax, and advisory services.

Schedule your year-end accounting consultation today and start the new year with clarity and confidence.

As December winds down, there’s still time to take strategic financial steps that may help reduce your tax bill before the year ends. For individuals and small business owners in Conway and throughout South Carolina, these final weeks are an opportunity to make informed decisions that can have a meaningful impact come tax season.

At Peavy & Associates, we help clients identify smart, last-minute financial moves that align with their goals and comply with current tax laws. Here’s what you should consider doing before December 31.

1. Accelerate or Defer Income Strategically

Depending on your financial situation, it may make sense to either accelerate income into this year or defer it to next year.

Examples include:

• Delaying invoices until January
• Deferring bonuses where possible
• Timing asset sales carefully

An accountant can help determine which strategy makes the most sense for your tax bracket and long-term plan.

2. Prepay Deductible Expenses

Paying certain expenses before year-end may allow you to deduct them on this year’s return.

Common deductible expenses include:

• Business supplies and equipment
• Professional fees
• Mortgage interest or property taxes (if applicable)
• Medical expenses that exceed deduction thresholds

3. Review Capital Gains & Losses

If you’ve sold investments this year, reviewing capital gains and losses before December 31 is critical.

• Tax-smart strategies may include:
• Harvesting capital losses to offset gains
• Rebalancing your investment portfolio
• Avoiding unexpected tax exposure from asset sales

4. Confirm Retirement & Health Account Contributions

December is the last chance to make or adjust certain contributions that may reduce taxable income.

Before year-end, review:

• 401(k) contribution limits
• IRA or Roth IRA eligibility
• Health Savings Account (HSA) contributions

5. Small Business Owners: Evaluate Payroll & Contractor Payments

Ensuring payroll and contractor records are accurate now can prevent delays and penalties later.

Important steps include:

• Confirming employee vs. contractor classification
• Verifying W-9 information
• Preparing for January W-2 and 1099 filings

6. Don’t Overlook State & Local Tax Considerations

South Carolina tax rules can differ from federal regulations. Proper planning ensures you’re not missing deductions or credits available at the state level.

Take Action Before the Clock Runs Out

Once December 31 passes, many tax-saving opportunities disappear. Taking action now allows you to reduce stress, avoid surprises, and start the new year financially prepared.

At Peavy & Associates, we provide proactive tax planning and accounting services for individuals and businesses in Conway, South Carolina.

Schedule your year-end tax consultation today and make the most of the opportunities still available before December 31.

As the year comes to a close, December is a critical time to review your finances and take advantage of tax-saving opportunities before December 31. Proactive year-end tax planning can help individuals and business owners in Conway and across South Carolina reduce their tax liability and start the new year with confidence.

At Peavy & Associates, we work closely with individuals and small businesses to identify smart, last-minute strategies that can still make a meaningful impact. Use this year-end tax planning checklist to ensure you’re financially prepared before the calendar turns.

1. Review Your Income & Deductions

Understanding where you stand financially is the foundation of effective tax planning. Reviewing income, expenses, and deductions now allows time to make strategic adjustments.

Key items to review:

• W-2 or 1099 income
• Business revenue and expenses
• Mortgage interest and property taxes
• Medical expenses and other itemized deductions

2. Maximize Retirement Contributions

Contributing to retirement accounts is one of the most effective ways to reduce taxable income while investing in your future.

Before December 31, consider:

• Maxing out IRA or Roth IRA contributions
• Increasing 401(k) contributions
• Reviewing SEP or Solo 401(k) options for self-employed individuals

3. Take Advantage of Charitable Giving

Charitable contributions may be tax-deductible if made by year-end. December is a great time to support causes you care about while also planning strategically.

Don’t forget to:

• Obtain proper documentation for donations
• Consider donating appreciated assets
• Review donor-advised fund options if applicable

4. Small Business Owners: Clean Up Your Books

For business owners in Conway and Horry County, December is the ideal time to ensure bookkeeping and records are accurate before tax season begins.

Important steps include:

• Reconciling bank and credit card accounts
• Reviewing payroll and contractor payments
• Preparing for 1099 filings
• Identifying deductible business expenses

5. Evaluate Equipment & Asset Purchases

Certain equipment and asset purchases may qualify for accelerated depreciation or immediate expensing, depending on your situation.

Planning ahead allows you to:

• Determine if purchases should be made before year-end
• Understand how depreciation impacts your tax return
• Align purchases with long-term business goals

6. Schedule a Year-End Tax Planning Meeting

Tax laws are complex, and every financial situation is unique. Meeting with a trusted accounting professional in December allows time to identify opportunities and avoid costly surprises in April.

Start the New Year Prepared with Peavy & Associates

Effective tax planning doesn’t happen during tax season—it happens before the year ends. At Peavy & Associates, we provide personalized tax and accounting services for individuals and businesses throughout Conway, South Carolina.

Schedule your year-end tax planning consultation today and take control of your financial future before December 31.

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.

Planning for the future is one of the most important steps you can take to protect your family and your assets. Yet many families in Conway, South Carolina put off estate and trust planning, leaving loved ones vulnerable to unnecessary stress and tax complications. At Peavy & Associates, PC, we help local families create comprehensive estate plans that provide security and peace of mind.

Why Estate & Trust Planning Matters

An estate plan ensures your assets are distributed according to your wishes, minimizes tax liability, and helps avoid legal complications. Trusts, wills, and other tools can protect your family, provide for children or dependents, and ensure a smooth transfer of wealth.

Key Components of a Strong Estate Plan

1. Wills

A will is the foundation of any estate plan. It outlines how your property should be distributed and names guardians for minor children.

2. Trusts

Trusts offer flexibility and control over how assets are managed and distributed. They can help reduce estate taxes and avoid probate, saving time and legal costs for your heirs.

3. Power of Attorney & Healthcare Directives

Planning isn’t just about finances. Designating a power of attorney and healthcare directives ensures your wishes are honored if you become unable to make decisions for yourself.

4. Tax Planning Strategies

Proper estate planning can reduce federal and state taxes, preserving more of your assets for your loved ones. Our team helps identify opportunities for tax-efficient wealth transfer.

Why Work with a Local Conway CPA?

Navigating South Carolina’s estate and trust laws can be complex. A local CPA firm like Peavy & Associates, PC combines financial expertise with an understanding of local regulations, ensuring your estate plan is tailored to your family’s unique situation.

Secure Your Family’s Future with Peavy & Associates

Don’t leave your family’s future to chance. At Peavy & Associates, PC, we provide personalized estate and trust planning services for Conway families, helping you protect your assets and provide peace of mind.

📞 Call us today to schedule a consultation and start building an estate plan that works for you and your loved ones.

Running payroll may seem simple on the surface, but even small mistakes can lead to compliance issues, unhappy employees, and costly fines. For business owners in Conway, South Carolina, staying on top of payroll requirements is essential. At Peavy & Associates, PC, we’ve helped many local employers navigate these challenges with ease.

Here are the top payroll pitfalls we see—and how to avoid them.

1. Misclassifying Employees and Contractors

One of the most common payroll mistakes is treating workers as independent contractors when they should be employees. Misclassification can result in penalties for unpaid payroll taxes. Working with a knowledgeable CPA ensures your team is properly classified under IRS and South Carolina law.

2. Missing Tax Deadlines

Employers must withhold, report, and remit federal and state payroll taxes on time. Missing these deadlines can trigger penalties and interest charges. A reliable payroll system or outsourced service keeps everything on schedule.

3. Incorrect Overtime Calculations

Overtime rules can be tricky, especially for businesses with part-time or seasonal staff. Miscalculating overtime pay not only frustrates employees but may also lead to compliance issues under labor laws.

4. Poor Recordkeeping

Accurate payroll records are required by both the IRS and the South Carolina Department of Revenue. Incomplete or disorganized records can create headaches during audits. Keeping detailed documentation of hours worked, pay rates, and tax filings is essential.

5. Lack of Confidentiality and Security

Payroll data contains sensitive employee information. Failing to protect this data can lead to identity theft, loss of trust, and even legal consequences. Secure payroll systems and professional oversight help prevent breaches.

Avoid Payroll Stress with Peavy & Associates

Payroll doesn’t have to be a burden. At Peavy & Associates, PC in Conway, we provide comprehensive payroll services that ensure accuracy, compliance, and peace of mind for local employers. From small businesses to larger organizations, we customize solutions to fit your needs.

📞 Call us today to learn how our Conway payroll services can save you time, reduce risk, and keep your employees happy.

Starting a new business is exciting—but it also comes with challenges, especially when it comes to bookkeeping and accounting. Without the right systems in place, it’s easy for new business owners to lose track of cash flow, miss tax deadlines, or overlook deductions that could save money.
At Peavy & Associates, PC in Conway, South Carolina, we specialize in helping startups establish strong financial foundations. Here’s how our team supports local entrepreneurs from day one.

Why Startups Need a Solid Accounting System

A clear and organized accounting system does more than just track income and expenses. It helps:

• Monitor cash flow so you know where your money is going.
• Stay compliant with tax laws and avoid costly penalties.
• Create accurate financial reports for investors, lenders, or partners.
• Build a framework for long-term growth and scalability.

Services We Provide for Startups in Conway

At Peavy & Associates, we understand that every new business is unique. That’s why we tailor our accounting setup services to fit your goals. Our support includes:

1. Bookkeeping System Setup

We help you choose the right accounting software (like QuickBooks or other platforms) and configure it to suit your business.
2. Payroll Setup & Compliance

From classifying employees correctly to setting up direct deposit, our team ensures payroll runs smoothly and meets state and federal requirements.

3. Business Entity Guidance

LLC, S-Corp, or partnership? We provide advice on entity selection and tax implications to help you make the right choice.

4. Ongoing Support & Training

We don’t just set up your system—we train you and your staff on how to use it effectively while remaining available for ongoing support.

The Local Advantage

As a Conway-based accounting firm, we’re familiar with South Carolina tax laws, business regulations, and local market conditions. That means startups can count on us for both technical expertise and practical guidance tailored to our community.

Build Your Business on a Strong Foundation with Peavy & Associates

Starting a new business in Conway? Don’t let financial stress slow you down. At Peavy & Associates, PC, we provide the accounting tools and support you need to grow with confidence.

📞 Call us today to schedule a consultation and let us help you set up an accounting system that works for your business from the very beginning.

As summer winds down and fall approaches, many business owners in Conway, South Carolina shift their focus to finishing the year strong. September is the perfect time to start year-end tax planning. By acting now, you can reduce your 2025 tax liability, maximize deductions, and set your business up for success heading into the new year.

At Peavy & Associates, PC, our Conway-based CPAs help local businesses stay ahead with smart, proactive planning. Here are some essential strategies to consider this fall.

1. Review Your Estimated Tax Payments

If your business pays quarterly estimated taxes, September is an ideal time to review your payments and ensure you’re on track. Underpaying can result in penalties, while overpaying ties up valuable cash flow. A mid-year review helps you strike the right balance.

2. Maximize Retirement Contributions

Retirement plans like 401(k)s, SIMPLE IRAs, and SEP IRAs aren’t just a benefit for employees—they can also provide significant tax advantages for employers. Contributions made before year-end may reduce taxable income, lowering your business’s overall tax liability.

3. Consider Equipment & Asset Purchases

Thinking about investing in new equipment, technology, or vehicles for your business? Certain purchases may qualify for Section 179 deductions or bonus depreciation, allowing you to write off expenses this year rather than depreciating them over time.

4. Review Business Expenses for Missed Deductions

From home office expenses to mileage and business travel, small deductions add up. A September review of expenses ensures nothing slips through the cracks before filing season.

5. Work with a Local CPA Before Year-End

The biggest mistake many business owners make is waiting until January to think about taxes. By partnering with a trusted Conway CPA firm like Peavy & Associates now, you’ll have time to implement strategies that can make a real difference in your 2025 tax outcome.

Prepare for a Strong Year-End with Peavy & Associates

Don’t wait until tax season to start planning—by then, it may be too late to make meaningful changes. At Peavy & Associates, PC, our team of experienced accountants helps Conway businesses save money, avoid surprises, and plan confidently for the future.

📞 Call us today to schedule your year-end tax planning consultation in Conway, SC, and let’s finish 2025 on a strong note!

Running a successful business in Boca Raton—or anywhere—requires more than revenue and sales. Many business owners underestimate the hidden costs that can quietly eat into profits if not carefully managed. From payroll taxes to software subscriptions, these overlooked expenses can make the difference between a thriving business and one struggling to stay afloat.

At Peavy and Associates, we help businesses uncover hidden costs and implement strategies to control them, ensuring long-term financial health. Here’s a closer look at common hidden costs and how to plan for them.

1. Payroll Taxes and Employee Benefits

Salaries are just the beginning. Payroll taxes, health insurance, retirement contributions, and other employee benefits can add up quickly. Failing to account for these costs in advance can create cash flow problems, especially for small businesses.
Pro Tip: Work with an accountant to accurately project these expenses and avoid surprises.

2. Software and Technology Subscriptions

Businesses rely on tools for accounting, marketing, communications, and operations—but recurring subscription fees can multiply unnoticed. Regularly review all software subscriptions and evaluate whether each service still delivers value.

3. Regulatory and Compliance Costs

Licensing fees, permits, industry-specific compliance, and insurance requirements are often overlooked until renewal deadlines approach. Planning for these obligations throughout the year prevents last-minute financial strain and ensures your business remains compliant.

4. Maintenance and Operational Costs

From office equipment repairs to utility bills, day-to-day operational expenses can quietly add up. Including a contingency budget for unexpected costs ensures you’re prepared for equipment failures, facility repairs, or seasonal spikes in utility use.

5. Marketing and Business Development

Many business owners underestimate the ongoing costs of marketing campaigns, social media management, and professional networking. These expenses are essential for growth but should be planned and monitored to maximize ROI.

6. Plan Ahead to Protect Profits

Identifying hidden costs is the first step toward financial clarity. Once you know where your money is going, you can implement strategies like budgeting, cost reduction, and smarter cash flow management. This proactive approach protects profits and positions your business for sustainable growth.

Partner with Peavy and Associates for Expert Business Guidance

Running a business is complex, but you don’t have to navigate it alone. At Peavy and Associates, our experienced accountants help businesses uncover hidden costs, optimize budgets, and plan for long-term success. With the right financial strategy, you can focus on growth, confident that your numbers are in order.

✨ Contact Peavy and Associates today to schedule a consultation and start uncovering hidden costs before they impact your business! ✨

It may feel like tax season is months away, but the truth is, the earlier you prepare, the smoother the process will be. By August, businesses and individuals have enough year-to-date data to make smart tax planning decisions that can minimize stress—and maximize savings—when filing season arrives.

At Peavy and Associates, a full-service accounting firm, we help clients stay proactive with their tax strategies so they can avoid last-minute surprises. Here are the top steps you can take now to ensure a stress-free filing season ahead.

1. Review Year-to-Date Income and Expenses

Now is the time to take a close look at your financial performance so far this year. For businesses, this means reviewing profit and loss statements, cash flow, and expense categories. For individuals, this might include employment income, side gigs, or investment gains. Understanding where you stand helps your accountant project your tax liability and create a plan.

2. Adjust Estimated Tax Payments

If you’re self-employed or a business owner, you may be making quarterly estimated tax payments. A mid-year review allows you to adjust those payments based on actual performance, helping you avoid both underpayment penalties and overpaying the IRS.

3. Maximize Retirement Contributions

Contributing to retirement accounts such as a 401(k), IRA, or SEP IRA not only builds long-term savings but also reduces your taxable income for the year. Planning these contributions now spreads out the cash flow impact and ensures you don’t miss out on valuable deductions.

4. Track Deductions and Credits Early

Waiting until tax season to gather receipts and documentation can be overwhelming. Start now by organizing records for common deductions such as business expenses, charitable donations, childcare, and medical costs. Staying organized throughout the year makes filing faster and easier.

5. Consider Accelerated Expenses or Purchases

For business owners, strategically timing large purchases or expenses before year-end can reduce taxable income. Whether it’s investing in equipment, software, or employee training, talk with your accountant to see if accelerating expenses makes sense for your tax strategy.

6. Plan for Major Life Changes

Have you recently gotten married, had a child, bought a home, or started a new business? These changes can significantly impact your tax situation. Reviewing them now with a trusted advisor ensures you take advantage of all available credits and deductions.

7. Schedule a Tax Planning Consultation

The best way to avoid last-minute tax stress is to partner with a professional. At Peavy and Associates, we provide tailored tax planning services that help both individuals and businesses minimize liability and maximize peace of mind.

Prepare Early with Peavy and Associates

Tax season doesn’t have to be stressful—if you prepare in advance. At Peavy and Associates, our experienced accountants guide clients through smart, proactive tax strategies designed to save time and money. By starting now, you’ll avoid the year-end rush and enter tax season with confidence.

✨ Contact Peavy and Associates today to schedule your tax planning consultation and get ahead of the filing season! ✨