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.

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

As a business owner in South Carolina, understanding the state’s sales tax system is crucial to maintaining compliance and avoiding potential penalties. Whether you’re a local retailer, a service provider, or both, having a solid grasp of South Carolina’s sales tax rules will help you make informed decisions and keep your business running smoothly.

At Peavy and Associates, we work with South Carolina entrepreneurs to navigate the complexities of local tax systems. Here’s what you need to know about South Carolina’s sales tax regulations, including who must collect sales tax, which products and services are taxable, and how to properly manage your sales tax responsibilities.

What Is Sales Tax in South Carolina?

Sales tax in South Carolina is a tax imposed on the sale of tangible personal property and certain services. As a retailer or service provider, you are responsible for collecting and remitting this tax to the South Carolina Department of Revenue (SCDOR). The state’s sales tax rate is 6%, but local municipalities may impose additional local taxes, raising the overall rate depending on where you’re located.

For example, in cities like Charleston or Columbia, the total sales tax rate can exceed 8%, including state, county, and local tax rates.

Who Needs to Collect Sales Tax?

Generally, any business engaged in the sale of tangible personal property, certain services, or digital goods is required to collect sales tax in South Carolina. Here’s a breakdown:

• Retailers: If your business sells goods or products, such as clothing, electronics, furniture, or other tangible items, you’re likely required to collect sales tax.
• Service Providers: Certain services in South Carolina are subject to sales tax, including:

◘  Admission to entertainment events

◘ Certain repair and installation services

◘ Personal services (e.g., fitness or beauty services)

◘ Digital products, such as downloadable software or digital music

• However, some services, like professional services (accounting, legal, etc.), are generally not taxable in South Carolina.

Taxable and Exempt Goods and Services

Knowing which products and services are taxable is essential for your business. Here’s a breakdown:

Taxable Goods:

• Tangible personal property, including merchandise, furniture, electronics, and clothing
• Prepared food and beverages sold at restaurants
• Digital products, such as software, e-books, and movies for download

Exempt Goods:

• Groceries (subject to certain conditions)
• Prescription medications
• Some agricultural products
• Certain types of clothing (e.g., back-to-school exemptions)

Taxable Services:

• Repair and maintenance services (e.g., auto repair, appliance repair)
• Admission to events (e.g., concerts, sports events)
• Cleaning services (e.g., dry cleaning)

Exempt Services:

• Professional services such as accounting, law, and medical services
• Education services (e.g., private tutoring)

It’s important to stay updated on changes to what is and isn’t taxable. South Carolina’s tax system can evolve, and occasional adjustments are made to exempt certain items or services from sales tax.

How to Collect and Remit Sales Tax

Once you understand your obligations, the next step is collecting and remitting sales tax. Here’s what you need to do:

1. Register for a Sales Tax Permit:

Before collecting sales tax, you must obtain a sales tax permit from the South Carolina Department of Revenue (SCDOR). This is required for any business selling taxable products or services.

2. Collect Sales Tax at the Point of Sale:

Sales tax must be collected from customers at the time of the sale. The tax rate depends on where the sale occurs, so it’s important to be familiar with both state and local tax rates in your area.

3. File Sales Tax Returns:

After collecting sales tax, your business is required to file regular sales tax returns with SCDOR. Returns are typically filed monthly, quarterly, or annually, depending on the volume of your sales.

4. Remit Collected Tax:

The collected tax must be submitted to SCDOR on time. Failure to remit sales tax can result in fines, interest, and other penalties.

Sales Tax Reporting Deadlines

The frequency of your sales tax filings depends on your business’s gross receipts and how much sales tax you collect. Here are the general filing requirements:

• Monthly: If your business collects more than $200 in state sales tax per month, you must file monthly.
• Quarterly: If your business collects between $100 and $200 in state sales tax per month, you’ll file quarterly.
• Annually: If your business collects less than $100 in state sales tax per month, you may be eligible to file annually.

Keep Detailed Records

To comply with South Carolina’s sales tax regulations, it’s critical to maintain detailed records of your sales transactions, tax collected, and tax remitted. This documentation will help you during tax audits and ensure you are paying the correct amount of sales tax.

Work with a Professional to Stay Compliant

Sales tax can be complex, especially for businesses with multiple product lines or service offerings. At Peavy and Associates, we can help you understand South Carolina’s sales tax system, ensure you’re collecting and remitting the correct amount, and help you avoid costly errors.

If you have any questions about your sales tax obligations or need assistance filing your sales tax returns, don’t hesitate to contact us today.

If you’re a small business owner or entrepreneur in South Carolina, choosing the right business structure is one of the most important decisions you’ll make. Among the many options available, the S-Corporation—commonly referred to as an S-Corp—is a popular choice for those looking to save on taxes and streamline operations.

But is an S-Corp right for your business? At Peavy and Associates, we work with entrepreneurs throughout South Carolina to evaluate entity structures and optimize tax strategies. Here’s what you should know before making the switch.

What Is an S-Corp?

An S-Corp is not a type of business entity in itself but a special tax election made with the IRS. It allows eligible corporations or limited liability companies (LLCs) to pass their income, losses, deductions, and credits through to shareholders for federal tax purposes. In simpler terms, it avoids the double taxation associated with traditional corporations (C-Corps) while providing more favorable treatment than a sole proprietorship or standard LLC in certain cases.

Key Benefits of an S-Corp

 1. Tax Savings on Self-Employment Income
One of the most attractive features of an S-Corp is the potential to save on self-employment taxes. As an S-Corp owner, you can pay yourself a reasonable salary   (which is subject to payroll taxes) and take the remaining profits as distributions, which are not subject to self-employment tax.

2. Pass-Through Taxation
Unlike a C-Corp, an S-Corp is not taxed at the corporate level. Instead, profits and losses are passed through to the owner’s personal tax return, avoiding double taxation.

3. Liability Protection

Like other corporate structures, an S-Corp provides limited liability protection. This means your personal assets are generally protected from business debts and legal actions.

4. Credibility and Professional Image

Operating as an S-Corp can give your business added credibility with clients, vendors, and lenders by signaling a more formal structure.

Potential Drawbacks of an S-Corp

While S-Corps offer several advantages, they’re not ideal for every business. Some limitations include:

• Ownership Restrictions
  S-Corps are limited to 100 shareholders, all of whom must be U.S. citizens or residents. Certain entities, such as partnerships and corporations, cannot be shareholders.
• Strict IRS Compliance
  S-Corps must follow strict operational requirements, including issuing stock, holding shareholder meetings, and maintaining formal records.
• Reasonable Compensation Requirement
  The IRS requires S-Corp owners who work in the business to receive a reasonable salary. If you underpay yourself and take the rest in distributions to avoid payroll taxes, it could trigger an audit and penalties.

Is an S-Corp Right for Your South Carolina Business?

The S-Corp structure can be a smart move for South Carolina entrepreneurs who:

• Are currently sole proprietors or LLCs with increasing profits
• Want to reduce self-employment tax liability
• Don’t plan to take on non-resident or foreign shareholders
• Are ready to meet the compliance and reporting requirements

However, it’s not a one-size-fits-all solution. Factors such as the nature of your business, income level, number of owners, and long-term goals should all be considered before making the switch.

Let Peavy and Associates Guide You

Deciding on the right business structure is a strategic choice with long-term consequences. At Peavy and Associates, we help entrepreneurs throughout South Carolina understand their options, weigh the tax implications, and make the best decision for their financial future.

If you’re wondering whether an S-Corp is right for you, contact our office today to schedule a consultation. We’ll take the guesswork out of the process and help you build a structure that supports your success.

As the midpoint of the year approaches, it’s the perfect time for South Carolina business owners to pause and evaluate their financial performance. A mid-year financial review is more than just a check-in—it’s an opportunity to assess progress, uncover inefficiencies, and adjust course before year-end.

At Peavy and Associates, we help businesses across South Carolina make informed decisions based on accurate financial data. Here’s how you can prepare for a productive and meaningful mid-year financial review.

Update Your Financial Records

The first step in any review is making sure your books are up to date. Ensure that all income, expenses, bank reconciliations, payroll entries, and tax filings are properly recorded through the first half of the year. Clean and current records provide the foundation for any financial analysis.

If you’re behind on bookkeeping or unsure about your records, our accounting team can help bring everything current and accurate.

Review Your Profit and Loss Statement

Your profit and loss statement (P&L) tells the story of your business’s financial health. During a mid-year review, compare this year’s numbers to the same period last year to spot growth, stagnation, or decline. Identify where revenue is strong, where costs may be rising, and which areas are underperforming.

Ask yourself whether your current margins align with your goals and whether your expenses are truly supporting business growth.

Evaluate Your Cash Flow

Cash flow is often more critical than profits when it comes to daily operations. A business can be profitable on paper but still face cash shortages. Analyze your cash inflows and outflows to determine if you have enough liquidity to meet upcoming expenses, invest in new opportunities, or cover unexpected costs.

We recommend preparing a cash flow forecast for the remainder of the year to anticipate potential shortfalls and plan accordingly.

Check Budget vs. Actual Performance

If you created a budget at the start of the year, now is the time to compare your actual results against those projections. Identify variances and explore the reasons behind them. Were sales lower than expected? Did marketing costs run over? Understanding these gaps helps refine your approach for the next six months.

If you don’t yet have a budget in place, consider creating one now to guide your spending and strategy for the rest of the year.

Assess Tax Position and Estimated Payments

A mid-year review is an ideal time to check your current tax situation. Based on your earnings so far, you may need to adjust your estimated quarterly tax payments to avoid underpayment penalties or surprises come tax season.

Peavy and Associates can help you project your year-end tax liability and suggest adjustments to your payments or tax strategy.

Revisit Business Goals and KPIs

Financial reviews should be tied to your overall business goals. Are you meeting your sales targets? Has customer retention improved? Are new initiatives producing a return on investment? Tracking key performance indicators (KPIs) alongside your financial data gives a more complete picture of how your business is truly performing.

If necessary, refine your goals or shift your focus to ensure that your business stays on track.

Plan for the Remainder of the Year

Use the insights from your review to guide strategic decisions for the rest of the year. Consider hiring needs, equipment purchases, marketing efforts, or financing options. A mid-year review is your chance to be proactive rather than reactive.

Partner with a Trusted Advisor

Peavy and Associates offers comprehensive mid-year financial review services for South Carolina businesses. Whether you’re a solo entrepreneur or managing a growing team, we’ll help you uncover opportunities, mitigate risks, and make confident decisions.

Schedule a mid-year review with us today and take control of your business’s financial direction.

Tax season may be over, but your financial responsibilities don’t stop there. At Peavy and Associates, we believe the time immediately after filing is one of the most important periods for thoughtful planning. Whether you’re an individual taxpayer or a business owner in South Carolina, taking a few simple steps now can save time, reduce stress, and put you in a better position for next year.

Here’s your essential post-tax season checklist.

1. Review Your Return for Accuracy and Opportunities

Even if your taxes have already been filed and accepted, it’s worth taking a second look. Review your return with your accountant to ensure everything was reported correctly. This is also a good opportunity to identify potential tax-saving strategies for the year ahead, such as adjusting your withholdings or increasing retirement contributions.

2. Organize and Store Your Tax Documents

Keep copies of your filed return and all supporting documents in a safe and secure location. This includes W-2s, 1099s, receipts for deductions, and any other relevant paperwork. You may need these documents for future reference, audits, or loan applications. At Peavy and Associates, we recommend maintaining digital backups in addition to physical copies.

3. Adjust Withholding or Estimated Payments

If you owed more than expected or received a large refund, it might be time to adjust your paycheck withholdings or quarterly estimated tax payments. The goal is to avoid surprises at tax time and better manage your cash flow throughout the year. Our team can help you recalibrate your numbers based on your current financial situation.

4. Plan for Next Year’s Deductions

Now is a great time to start organizing your finances with next year in mind. Think about charitable donations, home improvements, education expenses, or business investments you may want to make in the coming months. Documenting these as you go will make next year’s filing process smoother and more accurate.

5. Schedule a Mid-Year Tax Planning Session

Waiting until the end of the year to address your tax strategy can limit your options. A mid-year tax planning session with Peavy and Associates allows us to evaluate your current income, deductions, and goals—helping you make proactive decisions before the year is over.

6. Consider Retirement Contributions

If you haven’t yet maxed out your contributions to retirement accounts like an IRA, 401(k), or SEP IRA, now is a good time to revisit your plans. Increasing your contributions not only helps secure your future but can also provide meaningful tax benefits.

7. Stay Alert for IRS Correspondence

Even if everything went smoothly, keep an eye out for any mail from the IRS. Occasionally, the IRS may follow up with questions or notices related to your return. Don’t panic—just reach out to your accountant right away to review and respond appropriately.

Let Peavy and Associates Help You Stay Ahead

Tax filing may be complete, but smart financial management is a year-round effort. At Peavy and Associates, we’re here to help you plan ahead, make informed decisions, and keep your financial life on track long after April 15.

Contact us today to schedule a post-tax season review or mid-year planning session. We proudly serve individuals and businesses across South Carolina with trusted, personalized accounting support.