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! ✨

August is back-to-school season, which means parents everywhere are stocking up on supplies, updating wardrobes, and paying for extracurricular activities. While the excitement of a new school year is high, the financial strain can add up quickly. From tuition and technology to sports and childcare, these expenses often catch families off guard.

At Peavy and Associates, we believe that smart budgeting helps families manage back-to-school costs without breaking the bank. Here are our top financial tips to keep your household budget on track this season.

1. Create a Back-to-School Budget

Before you start shopping, make a list of everything your children need—supplies, clothing, electronics, and fees for activities. Assign a budget amount to each category to avoid overspending.

Pro Tip: Review last year’s purchases. Many items, like backpacks and calculators, can be reused instead of replaced.

2. Take Advantage of Tax-Free Holidays

Many states, including Florida, offer tax-free shopping holidays in August on school supplies, clothing, and technology. Plan your larger purchases around these dates to save a significant amount on back-to-school essentials.

3. Prioritize Needs Over Wants

It’s easy to get carried away with trendy clothes and gadgets, but focus first on necessities. Once essentials are covered, set aside a small portion of your budget for “extras.” Teaching kids the difference between needs and wants also builds financial responsibility.

4. Shop Smart and Compare Prices

Back-to-school season brings plenty of sales, but not all discounts are created equal. Compare prices online, use coupons, and take advantage of rewards programs to stretch your budget further.

5. Plan for Ongoing School Expenses

The costs don’t end after the first day of school. Consider extracurricular activities, sports fees, and field trips when creating your budget. Setting aside a “school fund” ensures you’re prepared for expenses throughout the year.

6. Build Long-Term Financial Habits

Back-to-school season is also a great reminder to revisit your overall household budget and savings plan. Consider starting or adjusting a college savings account, emergency fund, or family savings goals. Small steps now can make a big impact on your financial future.

Partner with Peavy and Associates for Family Budgeting Support

Back-to-school should be exciting, not stressful. At Peavy and Associates, we help families in Boca Raton and beyond create smart financial strategies that cover immediate needs while planning for the future. Whether it’s budgeting, tax planning, or long-term financial advice, we’re here to help you thrive year-round.

✨ Contact Peavy and Associates today to learn how we can help your family budget smarter this back-to-school season—and beyond! ✨

August marks the perfect time for businesses to pause and reflect on their financial health. With half the year behind us and the busy holiday season ahead, a mid-year financial checkup ensures that your business is on track to meet goals, maximize profits, and prepare for tax season.

At Peavy and Associates, a full-service accounting firm, we help businesses across industries review, adjust, and optimize their finances so they finish the year strong. Here’s how to conduct a smart financial checkup this August.

1. Review Your Cash Flow

Cash flow is the lifeline of your business. Take time to analyze how money is coming in and going out. Are accounts receivable being collected promptly? Are expenses aligned with revenue? Identifying gaps now can prevent year-end surprises.

Pro Tip: Set up cash flow forecasts for the next 6 months to ensure you’re prepared for seasonal fluctuations.

2. Evaluate Year-to-Date Performance

Compare your year-to-date (YTD) financial statements against your budget or projections. Are you hitting revenue targets? Are expenses creeping higher than expected? A mid-year review helps you pivot if your business is off course.

3. Update Tax Strategies

Waiting until December to think about taxes is a mistake. By August, your accountant can project potential tax liabilities and help you implement strategies like estimated payments, retirement contributions, or accelerated deductions. Planning ahead reduces the stress of tax season and often saves money.

4. Reassess Business Expenses

Many business owners overlook recurring costs like software subscriptions, utilities, or insurance. Conducting an expense audit mid-year ensures you’re not overspending on services you no longer need. Trimming even small expenses can make a big impact over time.

5. Check Compliance and Payroll

Payroll taxes, employee benefits, and compliance filings can be easy to overlook. A mid-year review ensures your payroll system is accurate, benefits are being reported correctly, and compliance obligations are up to date. This prevents costly errors down the road.

6. Plan for Growth

Are you looking to expand, hire, or invest in new technology before the year ends? August is the perfect time to plan strategically. With six months left, you can align your growth plans with your financial capacity.

Partner with Peavy and Associates for Peace of Mind

A mid-year financial checkup isn’t just about crunching numbers—it’s about giving your business the clarity and confidence to finish the year successfully. At Peavy and Associates, our team of experienced accountants offers comprehensive financial reviews, tax planning, and advisory services tailored to your unique needs.

✨ Schedule your mid-year financial review with Peavy and Associates today and set your business up for a strong finish in 2025! ✨

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
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