Ian Woodman, Idaho Businessman, Explains How You May Be Overpaying Taxes

About

Ian Woodman, a successful Idaho businessman and the co-founder of Instant Tax Solutions, began his professional career on a very different path. At 25, he became a first-time entrepreneur when he opened up a daycare after failure to find suitable childcare for his own children. For Ian Woodman, Idaho’s Coeur d’Alene Daycare and Preschool offer valuable business experience that he has been able to utilize through his many other business ventures.

Ian Woodman, Idaho co-founder of Instant Tax Solutions, has seen many taxpayers struggle with the IRS. In addition to providing resolution to tax problems from simple to complex, Ian Woodman provides Idaho residents with tax assistance both leading up to and during tax season.

While overdue tax filings and past-due payments are a common challenge for the company’s clients, says Ian Woodman of Idaho based Instant Tax Solutions, the staff at ITS also sees another issue. Taxpayers who do not seek assistance during tax time end up paying more than they should, says Ian Woodman. Idaho residents who seek tax assistance from ITS often learn that there are many ways they can save money each year.

One of the biggest problems, points out Ian Woodman of Idaho based Instant Tax Solutions, is that taxpayers are so afraid of an IRS audit they don’t claim all the deductions they are owed. While it is definitely wise to err on the safe side, Ian Woodman, notes Idaho taxpayers may be actually overpaying the IRS. A qualified tax professional can help them determine what rights they have, adds Woodman.

Claiming items like a home office are legitimate if done according to tax guidelines, Ian Woodman of Idaho based Instant Tax Solutions says. If you work from home, you may be entitled to claim a portion of your home costs, including your mortgage, Woodman reports. The key is to know the tax laws and the tax professionals at Ian Woodman ’s Idaho based Instant Tax Solutions can help you decipher them.

Another way taxpayers overpay, according to Ian Woodman of Idaho, is by having too much withdrawn throughout the year. While this overpayment may be small, the amount you could be saving each year can add up over time, notes Ian Woodman. Idaho ’s Instant Tax Solutions office regularly counsels taxpayers about having less withheld throughout the year and saving or investing that money. This ensures the taxpayer gets the interest instead of the IRS, explains Ian Woodman, Idaho Instant Tax Solutions co-owner.

While not everyone has the discipline to set that money aside, as experts like Ian Woodman in Idaho have seen, it can be done. Simply change your withholding and have an automatic transfer set up with your bank each paycheck in the amount you would have been paying to the IRS.

Instant Tax Solutions was co-founded by Ian Woodman, Idaho businessman, and his business partner Byron Pedersen. Ian Woodman’s Idaho Instant Tax Solutions office helps thousands of clients each year by providing insightful tax advice.


10 Responses

05.04.12

Reading that I might be overpaying in my taxes made me feel two things… excitement and a bit of guilt. Probably more excitement than guilt. Unfortunately, I don’t really read up on these types of things, so I kind of expected it. I will definitely be calling you guys to help me save money where I could be. Thanks!

05.04.12

I actually knew the part about claiming part of your mortgage if you work from home. This has actually helped me a lot since starting my own business. I don’t know where I would be if I couldn’t do that. I’m glad you shared this article because I know a lot of people who need to know these facts.

I, unfortunately, made the mistake of withdrawing too much last year. I ended up having to pay a lot to the IRS this year when I filed. Don’t make the same mistake I did. But also, don’t NOT withdraw. Find a tax company to help you determine how much to withhold. I will definitely call ITS this year.

I never would have thought about withholding taxes so that I am getting the interest… and not the IRS. What an ingenious idea! I will have to start doing this!

05.04.12

I can’t believe you guys are sharing such awesome info. Seriously – this type of information, you should be keeping to yourself because it’s like free advice. I certainly learned a lot just by reading this article and will definitely be using it to save money in the future. Thanks a TON!

@David Ruman – We believe that in sharing this type of information, our clients appreciate us more. And even though you may not be a current client, we believe that you will still glean from this information. We believe in “paying it forward”… so whether or not you become a client, that is not what we are concerned about. We want to inform the public and everyone included. – Ian Woodman

@Jennifer Lewis – Make sure you either call us or a tax resolution company to make sure you know exactly how much you can withhold without being penalized. But yes, it is legal and definitely worth looking into! – Ian Woodman

@Jessica Rousch – We see this problem very often. That’s why we highly suggest consulting a tax firm to find out the exact amount that can be withheld. Give us a call if you like and we can talk about it. – Ian Woodman

@Phoebe Hill – We are glad that you know about that. I know that most business owners have personal CPA’s, but sometimes small business owners don’t know every single way to save money. Definitely spread the word about that to your family and friends. Every single dollar that can be saved is worth it!

@Aaron Stark – Join the boat of the rest of the American population. We find that 9 out of 10 people have no idea they are overpaying. To most people, the IRS is too huge of an entity to even think about withholding or claiming more than they think they should. Just make sure you consult a tax specialist to know exactly what you can do. – Ian Woodman

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