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