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The phrase "am 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 preparing for the upcoming presentation by reviewing my notes and practicing my speech."
Dictionary
Exact(60)
I am preparing my next picture now.
But I am preparing my game.
"I am preparing for a good, clean fight.
I am preparing myself for the likely financial punishment.
Lecture notes Lecture notes I am preparing for the course.
I am preparing my 2018 taxes received my 1098-T.
I am preparing to start a farm in southern Oklahoma.
I am preparing to 'go up' again, to use the industry parlance.
The task for which I am preparing you is to purge the world of them".
Take this martial arts film that I am preparing for now.
"As a businessman I am preparing the club to go globally selling merchandise.
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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