#AskDave with Elite Accounting: When Should I Start Thinking About Taxes for Next Year?

Accounting can seem like a minefield full of complicated lingo and confusing rules, especially if you are busy with your job and family or running a business. #AskDave is here to answer your pressing accounting and tax questions — and hopefully make the whole endeavor seem less complicated.

Dave Wendell, of Elite Accounting, built a full-service accounting firm while managing another business and earning a bachelor's in accounting from DeVry University and an MBA from Keller Graduate school of management. Based in downtown Twin Falls, he's committed to helping his clients reach their personal and professional goals.

In this installment of #AskDave, he tackles a question many of us honestly might not think about (but should!): When should I start thinking about taxes for next year? 

You should start looking at next year's taxes in early July. Getting ahead of the curve is always the best solution. You should review your withholdings. Now is the time to make adjustments to your withholding. Review any estimated payments. If you have a business make sure to review your expenses and income to estimate them for the remainder of the year. Knowing now what your tax liability could be can help ease the burden later. It's always easier to adjust now than in April.

Dave has owned and operated Elite Accounting since 2008, adding the payroll service in 2011 and tax services in 2011. He's also an IRS Enrolled Agent, so he can help businesses and individuals with more serious tax matters, too. If you'd like to set up a consultation to learn how he can help you or your business, simply call 208-825-1641 or fill out this form.

In addition, Dave loves answering questions! Click here to submit to #AskDave and he just might answer your question in a future article.