November 22, 2024

Ian Woodman, Idaho Tax Relief Expert, Gives an Overview of 2012 Tax Changes

Ian Woodman Idaho

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.

Ian Woodman Offers Tax Tips: How You May Be Overpaying Taxes

Ian Woodman

Ian Woodman

According to Ian Woodman, a number of past studies estimate that many taxpayers overpay taxes. This, according to Ian Woodman, was largely attributed to the number of taxpayers who understate charitable contributions. [Read more…]

Instant Tax Solutions Welcomes Tax Problem Resolution Services Coalition

Instant Tax Solutions

Instant Tax Solutions

Instant Tax Solutions’ co-founder Byron Pedersen helped to originate this consumer advocacy group aimed at eliminating misleading tax agencies.

In 2011, Instant Tax Solutions’ co-founder, Bryon Pedersen, made headlines when he helped charter the Tax Problems Resolution Services Coalition (TPRSC). Instant Tax Solutions, along with Tax Resolution Services, Tax Tiger, and the American Society of Tax Problem Resolvers are all anchor members of this group. Pedersen points out that having the backing of such industry powerhouses proves that the problem of fraudulent tax agencies is not unnoticed.

Scores of taxpayers were recently duped with blind promises of fast resolutions to their tax problem – resolutions that were paid for but never materialized, says one professional at Instant Tax Solutions. Instant Tax Solutions and other legitimate agencies desired a way to gain consumer trust once again. The TPRSC is hopeful that their presence will do just that. In addition, cites Instant Tax Solutions’ Byron Pedersen, having the American Society of Tax Problem Solvers involved may help to ensure that more and more tax professionals are trained in accordance with industry standards.

The members of the TPRSC represent the industry’s finest professionals – all doing their part to combat tax relief fraud. Agencies like Instant Tax Solutions are making themselves more transparent so that consumers can be assured they are dealing with a reputable firm. Byron Pedersen of Instant Tax Solutions is proud to be a founding member, as one of his goals as a tax professional is to restore consumer confidence in his chosen field. Instant Tax Solutions was created out of the idea that the customer comes first, and the TPRSC will help ensure that other firms follow suit.

The TPRSC hopes to help taxpayers by educating consumers about tax related issues – something Instant Tax Solutions has been doing since they were formed. Instant Tax Solutions’ Byron Pedersen also states that the Coalition will act as a watchdog to identify misleading claims throughout the tax service industry. The TPRSC also acts as a media respondent for questions and concerns about industry related news.

In addition to his responsibilities at Instant Tax Solutions, Pedersen plans to remain active with the TPRSC. “Instant Tax Solutions exists,” says Pedersen, “to bring tax relief to the everyday taxpayer,” and with his involvement in this group, he says he can guide up and coming agencies in this philosophy.

Instant Tax Solutions and the 30-plus other organizations already registered with the TPRSC welcome new members. The Coalition’s website is www.taxproblemresolutionservicescoaltion.com. Instant Tax Solutions may be contacted via the web at www.Instanttaxsolutions.com or by calling 888.946.2999.

Instant Tax Solutions is a nationally respected tax debt relief firm based in Post Falls, Idaho. Their 40 plus tax professionals are knowledgeable in all areas of IRS delinquency and procedure. They aim to aid and educate their clients and ensure an open line of communication throughout the term of their service. Founded in the mid 2000s by Byron Pedersen and Ian Woodman, Instant Tax Solutions was built on the belief that good people find themselves in bad situations and that they deserve the same respect they enjoyed prior to their hardship.