Ian Woodman Idaho
Ian Woodman, Idaho co-founder of Instant Tax Solutions, knows that for a tax professional, staying current on tax laws is a must. For the average taxpayer, however, this information can seem complex and hard to understand, explains Ian Woodman. Idaho residents have long depended on Instant Tax Solutions to carefully explain the changes in tax laws in an easy to understand manner. Today, Ian Woodman, Idaho tax professional, explains some important tax changes for 2012.
Q: One of the biggest changes is to the standard deduction on tax returns this year. How is this impacting your customers?
Ian Woodman: Idaho taxpayers are like the rest of the country in that they tend to claim the standard deduction. In fact, the IRS has found that two of every three taxpayers claim the standard deduction. So this year’s increase to $5,950 for single taxpayers and those who are married but filing separately. The standard deduction for head of household is now $8,700 and married filing jointly and widowed individuals who qualify will have a standard deduction of $11,900.
Q: The mileage rate went up as well, didn’t it?
Ian Woodman: Idaho residents who claim mileage can now take 5.5 cents per mile for business travel and 14 cents per mile for charitable travel.
Q: Is the earned income credit still available to those earning less than a certain amount?
Ian Woodman: Idaho residents who qualify will see an increase in earned income credit this year. The maximum starts at $13,980 for those without children and goes up to $50,270 for married couples with three or more children who are filing jointly.
Q: Did anything else change in the 2012 tax season?
Ian Woodman: Idaho residents will specifically want to read up on limit increases for 401k contributions and the wage limit increase for social security.
Ian Woodman, Idaho co-founder of Instant Tax Solutions, launched the tax resolution service in 2008, watching it grow to a national provider of assistance to taxpayers. Ian Woodman handles Idaho based Instant Tax Solutions’ human resources and internal accounting. Prior to his work with Instant Tax Solutions, Ian Woodman ’s Idaho career centered on high-end homebuilding. Ian Woodman, Idaho businessman, and two business partners founded SIR Custom Homes, which was a successful homebuilder until the real estate market crashed in 2007.
With all of these changes – I am highly thinking about moving to Idaho! These are great changes for the general public. Thanks for sharing – I will have to send this article to a friend of mine who lives in Idaho to make sure she knows!
@Shauna Timble – Idaho is a great state to live in! I’m sure there are negatives and positives about every state and their taxes – but just make sure you research a lot before you make a quick decision like that. However, I do agree with you that these changes are very positive for the state of Idaho. Thanks for reading and for sharing. – Ian Woodman
This article was very interesting. We don’t have any similarities in our state – so I’m always curious about the tax changes that go on in other states. Very informative.
@Joey Orfman – Thanks for reading. I’m curious what state you live in. You’d be surprised at the similarities our state has to other ones. – Ian Woodman
Do you know where I can find the tax changes for 2012 for my state: Texas? I have read several of your articles and you seem to know a lot about taxes – but I’m curious if I’m missing anything for my state. Thanks!
I’m sure if you google “Tax changes 2012 Texas” you will find some tax companies out there reporting just like we are. Unfortunately, I don’t have any direct links. I hope this information helps. Thanks for reading this post. – Ian Woodman
Thanks for sharing this information. I was just thinking the other day if I could start withholding any more and this answered my question. Glad to see that it HAS changed – for the better – I should add.
@Judah Lester – I’m glad you found this post also. It is encouraging to see the positive tax changes and how they will help our economy. Make sure you spread the news and help others who may benefit from it. Thanks – Ian Woodman
I may be calling you to see if I am claiming enough taxes. I’m afraid that I might be claiming too much. I see that there has been a change, but I just want to be sure so that I don’t get hurt later on. Thanks for posting this blog. It was helpful.
@Trudy Lizer – Do you mean if you are claiming enough withholdings? We can certainly help determine if you are or not. Please give us a call and we will be glad to help out. – Ian Woodman