As the end of the year approaches, November is one of the most important months for proactive tax planning. Whether you’re an individual preparing your personal return or a small business owner in Conway, SC, taking strategic steps now can significantly reduce your tax liability, prevent surprises, and set you up for a smoother 2026 tax season.

At Peavy & Associates, we help South Carolina taxpayers make smart, timely decisions that maximize deductions and support long-term financial health. Here’s your November tax planning guide to help you finish the year strong.

Why Year-End Tax Planning Matters

Waiting until January to think about your taxes can cost you money. Many of the most impactful tax strategies—like maximizing deductions, adjusting income, or contributing to retirement accounts—must be done before December 31. Planning now ensures you have enough time to make informed financial choices that benefit you and your business.

1. Maximize Your Deductions Before December 31

For Individuals:

• Charitable Contributions: Donations made by December 31 are deductible for the 2025 tax year.
• Medical Expenses: If you’re close to the itemized deduction threshold, scheduling medical or dental procedures before year-end may help.
• Education Expenses: Review eligible education credits if you or a dependent attended college this year.

For Small Businesses:

• Expense Needed Equipment: Section 179 may allow full deduction on qualifying equipment purchased and placed in service before year-end.
• Review Business Mileage and Expenses: Clean up records now to avoid missed deductions later.
• Home Office Deductions: Ensure proper documentation if you work from home.

2. Review Your Estimated Tax Payments

South Carolina taxpayers—including freelancers, contractors, and small business owners—must ensure their estimated tax payments are on track to avoid penalties.

November is the ideal time to:

• Catch up on any underpaid quarterly taxes
• Adjust final Q4 estimated tax payments
• Review any significant income changes that may affect your 2025 tax liability

Peavy & Associates can help you calculate accurate estimates based on your year-to-date earnings.

3. Make Smart Retirement Contributions

Contributing to retirement accounts before December 31 can significantly lower taxable income.
Options include:

401(k) employee contributions

Traditional IRA contributions

SEP IRA contributions for business owners

Simple IRA or employer-sponsored plans

Maximizing these accounts supports financial wellness while reducing taxable income.

4. Prepare Key Documents Early

Creating a document checklist in November makes tax season faster and less stressful. Be sure to gather:

• W-2s, 1099s, and income forms
• Business expense receipts
• Bank and investment statements
• Charitable donation receipts
• Payroll and bookkeeping records for small businesses

Organizing these documents now helps streamline the entire filing process.

5. Meet With a Tax Professional Before the New Year

Many taxpayers wait until January to seek help—when it’s too late to make major changes. Meeting with a CPA in November allows you to:

• Strategically reduce your 2025 tax liability
• Plan for major purchases or investments
• Discuss upcoming life changes (marriage, home purchase, business start-up, retirement, etc.)
• Get personalized guidance on South Carolina-specific tax opportunities

At Peavy & Associates, our year-end tax planning services help individuals and businesses make informed, confident decisions before year-end deadlines hit.

Start Your Year-End Tax Planning with Peavy & Associates

November is your opportunity to take control of your financial picture and avoid unnecessary tax stress. Whether you’re filing individually or managing a business in Conway, South Carolina, our experienced team is here to support you with personalized, strategic tax guidance.

Ready to maximize your savings this year? Contact Peavy & Associates today to schedule your year-end tax planning appointment.

An increasing number of individuals are caring for elderly parents and the costs can add up. Many people overlook the deduction when filing their income taxes. There is definitely an elderly care tax credit, but it represents a highly complicated set of rules. Unlike most credits, the individual doesn’t have to qualify as a dependent, but they can be.

Eligible Costs

In 2021, you could claim up to $4,000 in elderly care costs for one individual and up to $8,000 when caring for two people or more. Costs can include medications, medical care, exams, therapy, and mental health support.

Expenses can also encompass meals and household services, along with qualifying long-term care services. Dental care, transportation, recreational activities may also qualify. There are very specific rules governing whether you can claim it.

Who Qualifies?

The person being claimed must have lived with you for at least six months during the year. They must be physically or mentally unable to care for themselves. Only one sibling may claim the deduction, and the parent must be a legal resident, U.S. resident alien, U.S. national, a resident of Canada or Mexico, the Republic of Panama, or the Canal Zone. They’ll also need valid ID and Social Security number.

In-Home Care

Your parent’s gross income must be less than $4,300. You may also claim an elderly care credit if you hire an in-home caregiver. If you plan on claiming the credit, it’s best to consult with a tax accountant to determine if you’re eligible and if specific conditions and costs qualify.

Seniors and Spouses

If you’re a senior residing in an assisted living or long-term care facility, you may be able to claim a variety of deductions. IRS rules are different for individuals claiming the expenses for themselves vs. a child claiming the deductions for a parent. There are also precise rules for spouses. The rules are complicated and will also depend on who is actually paying the costs.

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!

Contact Us Today

Everyone wants to lower their tax burden by getting every possible deduction to which they’re entitled and medical expenses is one way to accomplish that. However, individuals must itemize to claim the deduction and much will depend on an individual’s income. Claiming medical expense deductions is beneficial if the amount of the deductions exceeds the standard deduction on income taxes.

What can be Deducted?

The IRS enables taxpayers to deduct unreimbursed medical, dental, vision, and mental health expenses for themselves, a spouse and dependents, up to 7.5 percent of their adjusted gross income. Those expenses can include diagnostics, mitigation, treatment and cures, along with preventative measures. Individuals can also deduct travel expenses.

The COVID-19 pandemic has left many individuals with astronomical medical bills. Some private insurance companies have pledged to cover all COVID-19 expenses, while others have not. Taxpayers that rely on Medicaid and Medicare for medical care may have co-pays and spend-downs that they can claim.

There are a great many expenses that taxpayers can deduct if they’re itemizing deductions, up to 7.5 percent of their adjusted gross income. They include fees to a wide range of medical and mental health professionals, including surgeons, dentists, chiropractors, psychiatrists and psychologists, and non-traditional medical practitioners.

Wide Range of Deductions

Other expenses include oral and injectable prescription medications, weight loss programs prescribed by a doctor, and in-patient costs for drug, alcohol and nicotine addiction. Nursing home costs, insurance premiums, and medical aids such as crutches, wheelchairs, dentures and even service dogs are all allowable expenses.

The range of medical-related expenses that can be deducted is extensive, but there are also restrictions on what can be claimed. For taxpayers with substantial costs, it can be beneficial to claim those deductions. The best solution for those intending to claim medical expense deductions is engaging the services of a tax professional or certified public accountant (CPA) that has the experience, knowledge and resources to help them get every deduction to which they’re qualified.

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!

Contact Us Today