Tag Archives: ID

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

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Another way taxpayers overpay, according to Ian Woodman of Idaho, is by having too much withdrawn throughout the year.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.