Ian Woodman Idaho
Ian Woodman, Idaho tax resolution firm Instant Tax Solutions co-founder, helps lead a team of tax experts. Together, they work hard to stay abreast of tax changes each year, explains Ian Woodman. Idaho taxpayers and others across the country were impacted by several changes in the tax laws this year. Today, Ian Woodman of Idaho explains what those tax changes were and how they might affect you.
Recently, you may have noticed an increase in the federal withholding allowance, describes Ian Woodman. Idaho residents are now able to withhold $3,800. This allows taxpayers to have more deducted from each paycheck in order to avoid paying at the end of the year. Ian Woodman ’s Idaho Instant Tax Solutions sees some taxpayers who prefer to maximize withholding throughout the year in order to see a larger tax return the following spring. This can help pay for vacations and large purchases, Ian Woodman of Idaho acknowledges. The increase in the withholding allowance means that, according to Ian Woodman, Idaho residents can have more held out throughout the year to receive a larger tax refund at tax time.
Another increase the IRS instituted this year was an increase in the social security wage limit, says Ian Woodman. Idaho residents will be taxed up to $110,000 on earnings in 2012, Woodman adds. The good news is the tax rate stays the same—7.65% for individuals and 6.2% for employers. The Medicare tax will remain the same—1.45%, according to Ian Woodman. Idaho residents should note there is no wage base limit for the Medicare tax.
One of the biggest changes for Ian Woodman ’s Idaho clients this year is the end of the advance payment of the Earned Income Credit. This, Ian Woodman of Idaho explains, was a program designed to help those making low to moderate wages. As the economy begins to once again gain ground, Ian Woodman ’s Idaho office is seeing less governmental programs to help taxpayers. But this is good news as people begin returning to work, concludes Woodman.
Ian Woodman, an Idaho tax relief specialist, established Instant Tax Solutions in 2008 with his business partner Byron Pedersen. Together, they share a mission of providing stress-free tax relief with honesty and integrity to taxpayers. Ian Woodman, Idaho businessman, helps to lead Instant Tax Solutions, which boasts 4,000 clients and is served by 25 employees.