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Congratulations are in order for Taylor Swift!

The crooner was just named Woman of the Year for 2014 by Billboard magazine, an honor that goes to a female artist who "has shaped and inspired the music industry with her success, leadership and innovation over the past twelve months."

"As one of the most influential artists of her generation, Taylor Swift has seen incredible success on the Billboard charts," said Janice Min, co-president and chief creative officer of Guggenheim Media's Entertainment Group.

"Over the course of her career, she's charted 60 entries on the Billboard Hot 100-- the most of any female artist since her debut in 2006. We are tremendously excited to be honoring her as the 2014 Billboard Woman of the Year for the second time."

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Yep, this isn't Swift's first time receiving the award. In fact, she's the first artist to snag the honor twice! But it's very well-deserved. In case you're a little foggy on the 24-year-old's accomplishments in the music industry, here's a little recap...

Not only is the singer a seven-time Grammy winner, and the youngest recipient in history of the Grammy Award for Album of the Year, but she's also the best-selling digital music artist of all time, and the only female artist in music history (and just the fourth artist ever) to have an album hit the one million mark the first week of sales twice (2010's Speak Now and 2012's RED).

"On behalf of American Express, I would like to congratulate Taylor Swift on this incredible honor," said Deborah Curtis, vice president of entertainment and sports marketing at American Express. "We are proud to be a long-time partner of Taylor's and are thrilled for her continued success and well-deserved recognition as Billboard's Woman of the Year."

Billboard will present Swift with the award at the ninth annual Women in Music event on Dec. 12 at Cipriani Wall Street in New York City.

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