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.
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I have noticed the difference in being able to withhold more and am very glad to hear that I can do this as well. This will definitely help us when we are planning for our big vacation next year. Thanks for sharing!
@Liam Thompson – We were happy to find out this information as well because it IS good news for a lot of hard-working people. Just be wise about it and make sure you are aware of what you are doing. If you have questions, don’t hesitate to ask us for help. – Ian Woodman
I am so glad to hear about the Earned Income credit available now. This will really help my situation. I know there are a lot of people struggling to make ends meet and I’m one of them. It’s about time something like this was put into place to help. Thanks for relaying this information.
@Kelly Realms – We know that there are quite a lot of people out there in your very situation that can benefit from this type of support. I am just glad that you were able to find out about it and take advantage of it. Hopefully it will help you get yourself back to where you want to be. – Ian Woodman
I’m so glad to see that Idaho’s tax rate is going to stay the same. With inflation and the economy the way that it is, it is a breath of fresh air to see something stay consistent. I’m sure we’ll see some positive changes because of this.
@Trudy Meyers – I agree 100% We are happy to be living in Idaho as well. And like you, believe that we will see a change in the economy for the better because of what we’ve mentioned in this article. – Ian Woodman
There is a lot of great information here that I was not aware of. My wife and I were just talking about tax laws the other night and wondered if anything had changed. I’m glad I just stumbled onto your article. This answered all of my questions. Thanks, Ian!
@Jacob Stewart – I’m grateful that you “stumbled” upon this article. I hope that you learned something and will continue to read our other articles as they will keep you informed. Make sure you subscribe. – Ian Woodman
This is one of the reasons I love living in Idaho… great people, great area, and the taxes have never been that high. So glad to see that Idaho is still one of the best places to live regarding the tax rate. I love it here.
@Paul Jones – I agree. Idaho is my home – and always will be. Let’s keep on believing that the taxes will stay the same. I’m with you — it DOES make a huge difference! – Ian Woodman