Every dollar counts during tax season, and many individuals in Conway leave money on the table by missing out on key deductions and credits. At Peavy & Associates, we help taxpayers identify every opportunity to maximize refunds while staying fully compliant with federal and state tax laws.

If you want to get the most out of your 2026 tax return, here’s what you need to know.

💰 1. Understand the Difference: Deductions vs. Credits

Before diving in, it’s important to know the difference:

• Tax deductions reduce your taxable income, which lowers how much tax you owe.
• Tax credits reduce your tax liability directly, dollar-for-dollar.

Both can significantly impact your refund, but credits generally provide the bigger boost. A professional accountant can make sure you’re claiming every applicable one.

🧾 2. Commonly Overlooked Deductions

Many taxpayers miss deductions that could increase their refund. Consider these possibilities:

• Home office expenses – ideal for freelancers or remote workers
• Medical and dental expenses – deductible if they exceed a certain percentage of your income
• Charitable donations – cash or items donated to qualified organizations
• Student loan interest – even if you’re no longer in school

Keeping organized records is key to claiming these deductions without issues.

🎓 3. Tax Credits That Could Boost Your Refund

Credits are especially powerful because they directly reduce your taxes owed. Some commonly overlooked ones include:

• Earned Income Tax Credit (EITC) – for qualifying low-to-moderate income earners
• Child and Dependent Care Credit – for families paying for childcare
• Education credits – like the American Opportunity or Lifetime Learning Credit

Working with an accountant ensures you claim every credit you’re eligible for and avoid mistakes.

⚠️ 4. Don’t Forget About South Carolina-Specific Tax Benefits

South Carolina offers unique deductions and credits that residents often overlook, such as:

• Retirement contributions deductions
• College tuition credits
• Property tax credits

Local expertise ensures you’re not missing money available only to South Carolina taxpayers.

⏳ 5. Filing Early Helps Maximize Your Refund

The sooner you file, the sooner you receive your refund—and filing early reduces the risk of errors or identity theft. March is the perfect month to review your documents, check for deductions and credits, and get your return filed on time.

💼 Why Work with Peavy & Associates?

Maximizing your refund can be complex. With Peavy & Associates in Conway, you get:

• Expert review of all deductions and credits
• Accurate, compliant filings for federal and state taxes
• Personalized strategies to reduce tax liability in future years
• Peace of mind knowing nothing is overlooked

Our team ensures your refund is as big as it can be while keeping you fully compliant.

📍 Schedule Your Tax Consultation Today

Don’t leave money on the table this tax season. If you’re in Conway or nearby, contact Peavy & Associates to review your 2026 taxes and maximize your refund.

Book your consultation today and get the refund you deserve.

In 2021, each individual was allowed to deduct a maximum of $300 in charitable donations without itemizing deductions, provided they had receipts, and the contribution was made to a recognized charity. It’s important for individuals to know they can maximize their charitable giving through standard deduction amounts and itemized deductions.

Taxpayers can contribute money, time and a wide range of items to charitable organizations. Individuals should be aware that claiming non-cash contributions will raise red flags at the IRS and can trigger an audit. The IRS scrutinizes charitable contributions extremely closely.

Those that itemize deductions can usually deduct up to 50 percent of their adjusted gross income to lower their tax liability. Individuals can’t claim the time they spent volunteering, but they can deduct out-of-pocket expenses incurred while they volunteer.

Assets and Capital Gains

Every investor should perform portfolio rebalancing to ensure their strategies are working as they wish. As part of that process, individuals can make a charitable gift that will offset capital gains. When donating property or stocks, only 20 to 30 percent may be deducted.

Individuals will need to have held the assets for more than a year. They’re typically deducted at their fair market value, which can be up to 30 percent of adjusted gross income (AGI).

Stocks, bonds, mutual funds, and property are often overlooked opportunities for charitable giving that reduces taxes owed. Capital gains taxes are eliminated on those types of donations when they contributed directly to an organization. It can account for up to a 23 percent reduction in taxes.

Donor Advised Fund

A donor-advised fund is another way in which individuals can reduce their tax burden. It’s an account established for the sole purpose of making charitable contributions. It’s easy to create, highly flexible, and an effective strategy to reduce the tax liability.

IRA to Roth IRA

Converting from a traditional IRA to a Roth IRA comes with significant taxes. A charitable contribution can help in offsetting that cost.

At Peavy and Associates PC our mission is to assist you with all your tax preparations, payroll and accounting needs.  We provide our clients with professional, personalized accounting services and guidance in a wide range of financial and business needs. Give us a call today and discover why our clients return to Peavy and Associates, PC year after year!

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