By Peavy and Associates | Conway, South Carolina

Tax season may feel far away, but January is when smart tax preparation begins. Gathering the right documents early and understanding upcoming deadlines can help you avoid last-minute stress, missed deductions, and costly penalties.

At Peavy and Associates, we help individuals and businesses in Conway, SC prepare for tax season with confidence. Use this January checklist to ensure you’re organized, compliant, and ready well before filing deadlines arrive.

Why January Tax Preparation Matters

Waiting until March or April to prepare your taxes often leads to:

  • Rushed filings
  • Missing or incorrect information
  • Overlooking deductions and credits
  • Higher stress and potential penalties

Starting in January gives your accountant time to review your situation, identify tax-saving opportunities, and address issues early.

Important January Tax Deadlines to Know

While most tax returns aren’t due until later, several important deadlines happen early in the year:

  • January 15 – Fourth quarter estimated tax payments due (for individuals and businesses)
  • January 31 – Deadline to issue W-2s and 1099-NEC forms to employees and contractors

Missing these deadlines can result in IRS penalties, making January a critical month for compliance.

Essential Documents to Gather in January

Getting your documents ready early saves time and ensures accuracy. Common tax documents include:

For Individuals:

  • W-2 forms
  • 1099 forms (interest, dividends, freelance income)
  • Mortgage interest statements
  • Charitable donation records
  • Education expenses

For Business Owners:

  • Profit and loss statement
  • Bank and credit card statements
  • Payroll records
  • W-2s and 1099s
  • Expense receipts and invoices
  • Depreciation and asset purchase records

Having these documents organized allows your accountant to identify deductions and credits more efficiently.

Review Last Year’s Tax Return

January is a great time to revisit your prior-year tax return to:

  • Identify recurring deductions
  • Spot potential issues
  • Plan ahead for estimated taxes
  • Adjust withholding or quarterly payments

At Peavy and Associates, we use prior-year returns to build smarter, more proactive tax strategies for our Conway clients.

Don’t Forget About Tax Planning

Tax preparation is about filing accurately — tax planning is about reducing what you owe.

January is ideal for:

  • Reviewing business structure and deductions
  • Planning retirement contributions
  • Adjusting estimated tax payments
  • Exploring tax credits and incentives

Proactive planning can make a significant difference in your overall tax liability.

How Peavy and Associates Can Help

As a trusted accounting firm in Conway, South Carolina, Peavy and Associates offers:

  • Individual and business tax preparation
  • Tax planning and advisory services
  • Payroll and compliance support
  • Bookkeeping and financial reporting

We work closely with our clients to ensure accuracy, compliance, and peace of mind — not just during tax season, but all year long.

Get a Head Start on Tax Season

The earlier you prepare, the smoother tax season will be.

👉 Contact Peavy and Associates today to schedule a tax preparation or planning consultation and start the year organized and confident.