I haven’t had a chance to post much this year as the returns started coming in early this year. I’m already through the second wave and have a pile sitting here waiting to deliver. Just a couple of items to review at this stage of the tax season.
Please take the time to review your W4. If I’ve had one call I’ve had 50. Even though the forms have been around a few years people still want to know why they are having nothing or very little taken out of their pay checks. The form changed a number of years ago with the idea of giving you more in your check each pay. It is designed to have you break even and uses the Standard Deduction and your credits to calculate. Multiple w2’s and other circumstance seem to really throw a monkey wrench into things. If your in a 22% bracket and they are taking nothing or 10% there is a good chance your going to owe. Always take a moment when filling these forms out to check with your tax advisor so you don’t end up with a big bill at tax time. It never hurts to call your tax guy on anything that will effect your next years return. Surprises or I should of called can’t help you once the milk is spilled.
Remember ……. medical expenses can be deducted on Ohio even if your using the Standard Deduction on the Federal form. Anything above 7.5% of your adjusted gross will help you on your Ohio tax.
Don’t be in to big of a rush!!!!!! ….make sure you have everything before you file. Don’t end up having to get your returns amended. There is about 6 weeks till the filing deadline so if you haven’t got started rounding things up… its getting to be that time.
Patrick A. O’Connor EA
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