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.