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