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The phrase "am now preparing" is correct and usable in written English.
It can be used to indicate that someone is currently in the process of getting ready for something.
Example: "I am now preparing for the presentation that is scheduled for tomorrow."
Alternatives: "am currently getting ready" or "am in the process of preparing".
Dictionary
am now preparing
adverb
At the present time.
Exact(4)
Having traveled to Kenya and Tanzania four times in the past 20 months, also with Abercrombie & Kent, I am now preparing for a five-week trip to the Masai Mara for the great migration this summer.
"I am now preparing for the Commonwealth Games and the European Championships next year".
"I am now preparing an invitation for Edward's father," Kucherena said.
By letting COMPASS know my interest in pursuing continued education on Salesforce, I am now preparing for a Salesforce course followed by a certification that COMPASS is sponsoring".
Similar(51)
Online, mothers are now preparing a backlash.
But he is now preparing for semiretirement.
He is now preparing a permanent home for the videos.
They're now preparing for an event in Quebec City.
He is now preparing to sue the F.B.I.
But doctors are now preparing to send Melinda home.
The family are are now preparing to travel to Peru and are arranging legal representation.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com