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.

The Instant Tax Solutions Ratings Team Opens up About Industry Problems and Solutions

Instant Tax Solutions Ratings

Instant Tax Solutions Ratings

In this exclusive interview, the Instant Tax Solutions Ratings Team discusses how consumers can help protect themselves from deceptive tax relief agencies.

Interviewing Experts: Good afternoon and thank you for joining us.

Instant Tax Solutions Ratings Team: We are always happy to offer taxpayers information on our industry.

Interviewing Experts: There has been a great deal of bad press lately regarding the tax services industry. Can you tell us how firms like Instant Tax Solutions handle that?

Instant Tax Solutions Ratings Team: It can be difficult at times, since one bad news report can reflect badly on the industry as whole.

Interviewing Experts: We’ve seen that all too often in almost every profession.

Instant Tax Solutions Ratings Team: Yes, that’s true. All we can do is make sure that consumers are away that not every business of our nature is out for a fast buck; many of us are very dedicated to what we do.

Interviewing Experts: What are some of the deceptive practices that Instant Tax Solutions believes need addressing?

Instant Tax Solutions Ratings Team: We believe that TV and radio spots should be restricted to only the facts. No one should be able to tell a taxpayer that their tax problems are over without any kind of consultation.

Interviewing Experts: What about fees?

Instant Tax Solutions Ratings Team: Fees should be fair and negotiated only after a good faith review of an individual taxpayer’s situation.

Interviewing Experts: After the good faith analysis, then the parties can enter into an agreement?

Instant Tax Solutions Ratings Team: Yes, exactly. Many of the “as seen on TV” agencies require a service agreement before even getting the taxpayer’s last name. Those groups are notorious to making false promises.

Interviewing Experts: Which is why the industry is viewed negatively sometimes?

Instant Tax Solutions Ratings Team: Unfortunately, yes.

Interviewing Experts: We understand that the IRS has pretty strict requirements before offering any reduced fees. How hard is it to do this alone?

Instant Tax Solutions Ratings Team: We won’t say that it can’t be done. It can; but without someone who is familiar with IRS procedure, it can be difficult to say the least.

Interviewing Experts: So no one can guarantee easy relief on a wide scale? There are no “Bail out” or “Stimulus Programs” offered by the IRS?

Instant Tax Solutions Ratings Team: No, and that is a topic that we believe needs to be addressed – that some agencies advertise to sound like they are offering a government sanctioned benefit.

Interviewing Experts: That sounds like a topic your firm is passionate about.

Instant Tax Solutions Ratings Team: It is very close to our hearts. Our IRS enrolled agents, legal counsel, and other tax professionals are the best in the industry. We think that taxpayers are entitled to education and learning to spot a scam is one way they can protect themselves when they are most vulnerable.

Interviewing Experts: Thank you for your time today. We appreciate the information.

Instant Tax Solutions Ratings Team: You are very welcome.

The Instant Tax Solutions Ratings Team is a group of tax professionals who are devoted to teaching consumers the importance of education when facing the IRS. The group offers ratings and reviews of industry practices and IRS policy. For more information or for Instant Tax Solutions ratings and client testimonial, please visit www.instanttaxsolutions.com

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…]