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.