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Idaho Tax

FULL List to Idaho Tax Forms

Individual Income Tax Forms 

Form 40 Individual Income Tax Return

Corporate Income Tax Forms

Form 41 Idaho Corporation Income Tax Return

Sales Tax Forms

Exemption Form

Form GA-110L Claim for Refund

Form EFO00127 Sales Tax Refund Claim

Property Tax Forms

Form Application for Property Tax Deferral 2012

Form Application for Property Tax Reduction for 2012

There are a number of taxes applicable to the state of Idaho, which includes a state sales tax, income tax, and other taxes.

Idaho state sales tax

The state income tax is 6%, while some localities in Idaho may add on additional local taxes.

Idaho personal income tax

Idaho uses a graduated tax system, where income for individuals are as follows:

Between $0 and $1,237,                1.6%.

Between $1,238 and $2,474,         3.6%.

Between $2,475 and $3,710,         4.1%.

Between $3,711 and $4,987,         5.1%.

Between $4,988 and $6,184,         6.1%.

Between $6,185 and $9,276,         7.1%.

Between $9,277 and $24,736,       7.4%.

$24,737 and over,                           7.8%.

Idaho property taxes

– Fund local governments but approved by state.

– Property tax rates vary depending on the location of the property.

– The average urban rate is 1.275% of the value of the property.

– The average rural rate is .832% of the value of the property.

Idaho special excise taxes

Taxes assessed on vehicles, alcohol, tobacco, gasoline and are in addition to federal excise taxes.

– Funds health programs and other related activities.

– $0.57tax on every pack of cigarettes.

– $0.45 tax per gallon of wine.

– $0.15 tax per gallon of beer.

Idaho inheritance tax

Idaho does not have a state inheritance tax; however state residents are still subject to Federal estate taxes.

Idaho payroll taxes

State Disability Insurance – None

State Unemployment Insurance – 0.96% to 6.80%

Exemptions

Certain exemptions for

– Limited Military personnel and veteran exemptions

– Persons age 65 and older

– Homeowner tax credits

– Qualified child and Dependent tax credits

Taxable income

Gross income is defined as all income from whatever source derived, including but not limited to:

– Wages

– Salaries

– Commissions

– Stock Gains

– Dividends

– Royalties income

– Rental income

– Business income

– Inheritance

– Pensions

– Annuities

– Partnership/shareholder income

– Gain from sale of property

Corporate income tax

Idaho has a corporate tax rate of 7.6%

Misc

Idaho also has state tax requirements for Travel and Hotel use, oil and gas produced in the state, a mine license tax, illegal drug stamp act, utilities, but does not have special taxation for cars and transportation.

Idaho property taxes are collected by the local county tax assessors while the state collects all income and sales taxes.  All residents, individuals, married couples, and head of households are required to file.  Partnerships are not taxed separately.

Idaho tax forms increase more and more as the big 3 of taxes within the state grow in specificity. These categories of taxes include that of sale, income, and property. Within this article we will focus on the first of those three, that of Idaho sales tax as it represents a branch of society that affects each person of every age bracket.

In general, Idaho sales tax is imposed upon “tangible property” as well as certain services. In contrast to other states, however, there is no Idaho sales tax imposed upon prescription drugs, which provides a lessening of the already rising burdens attached to the medication of our aging populations, especially. Idaho sales tax, for the most part, is that of 6%. However, distinctions exist in terms of certain differing local taxes as well as the fact that utilities and motor fuels possess their own separate taxes. There are also separate cigarette and tobacco taxes.

The cigarette tax for Idaho is at a rate of 57 cents per basic pack. Since purchases over the internet or phone usually render the absence of tax stamps on cigarette packages, you will want to be aware of the penalties that may be incurred. One such penalty entails that the purchase of quantities of packs exceeding that of 10 will lead to compensation of 3 multiplied by the cigarette tax necessary for each pack.

At the very least, the penalty would be that of $50. In reference to tobacco, the Idaho sales tax rate is that of 40% of its “wholesale” price. This includes all other products including tobacco other than that of cigarettes, which have already been mentioned previously. In addition, tobacco products procured via the internet, telephone such as by way of catalogs, which usually do not impose Idaho sales tax, will require that you repay the state both “use” tax as well as tobacco tax.

As a welcomed contrast to Idaho sales tax requirements, “Idaho Grocery Credit” represents another area of interest when concerning the procuring of items within the state. First of all, you must be aware that you may be eligible for such credit upon failure to meet standards requiring you to file an income tax return. The Idaho Grocery Credit operates in effect of “offsetting” the sales tax rendered on groceries already purchased. If you did not have to file a return, the refund is usually that of $60.

In addition, you may receive $60 each for your spouse as well as any of your dependents. Being an elderly individual of 65 years of age or older, you will also garner an additional amount of $20 according to the Idaho Grocery Credit act. Application for this credit varies depending on such age specification as well. In order to qualify, you must have been an Idaho resident for at least 12 months of that taxable year. Idaho tax forms vary depending upon your age bracket. Residents below the age of 65 will use form 40 while all others will fill out form 24. If you need legal advice and assistance, contact Idaho lawyers.


Introduction

Idaho state tax is a critical issue that affects residents and non-residents alike. According to the Idaho State Tax Commission, state tax is levied on individuals and businesses who earn or generate income within the state. The state tax is utilized to fund public services such as education, public safety, healthcare, and infrastructure development. In this post, we will explore the basics of Idaho’s state tax and provide updated information on how it functions.

Idaho State Income Tax

Idaho’s state income tax system is progressive, which implies that higher-income earners are liable to higher tax rates. According to the Idaho State Tax Commission, the state’s tax rate structure comprises six brackets, with rates varying from 1.125% to 6.925%. Tax brackets range from $1,542 to $27,422 for individual taxpayers and $3,084 to $54,844 for married taxpayers filing jointly.

Idaho state tax follows what is known as federal taxable income, which profits the income tax obligation. According to the Idaho State Tax Commission, the federal taxable income implies the amount taxpayers should report on their Idaho tax returns, minus any applicable federally taxable income exclusions. Besides wage, salary, and business income, taxpayers should also report taxable dividends, capital gains, interest, and pension income.

Idaho State Sales Tax

Idaho’s state sales tax rate is 6%, which is applied to all products and services, excluding food, medicine, and utilities such as electricity, natural gas, and water. Sales tax is typically imposed on the retail sale of goods and services, even though some states charge sales tax on services such as vehicle repair and personal care services.

Counties have the option to impose their sales tax, which leads to the local tax rate varying. According to the Idaho State Tax Commission, some counties also impose a local option tax, bringing the sales tax rate higher.

Idaho State Property Tax

Idaho’s state property tax rate varies as it is dependent on the assessed value of the property. Although the state government does not set property tax rates or assess property values, it does oversee the process through the Idaho State Tax Commission.

According to the Idaho State Tax Commission, property taxes are used to support the local community’s needs and provide essential services such as infrastructure, public safety, and education. Property taxes are the primary funding source for schools, with Idaho’s K-12 education system accounting for approximately 50% of property tax revenue.

Idaho Property Tax Assessment

The assessment of property tax in Idaho is the responsibility of county assessors. According to the Idaho State Tax Commission, the property value assessment commences on January 1st of the year and examines the property’s value based on factors such as location, size, and use. County assessors use this information to establish taxable value and then apply the applicable state tax rate.

Idaho State Tax Filing

Idaho’s state tax filing deadline is generally April 15th. Individuals who require an extension to file their Idaho state tax return are provided with an automatic six-month filing extension. An extension to file is not an extension of time to pay taxes owed. Consequently, taxpayers who owe taxes are advised to pay the amount owed by April 15th.

According to the Idaho State Tax Commission, taxpayers are required to submit their state tax returns electronically or through mail. Electronic delivery of tax returns is a fast, easy, and convenient way to file a return and obtain a prompt refund. To utilize this method, taxpayers can visit tax.idaho.gov to access the Idaho State Tax Commission’s online filing system.

Idaho State Tax Payment

Idaho’s state tax payment options include electronic payment, check, and money order. Taxpayers can pay their income tax, sales tax, and property tax online through the Idaho State Tax Commission’s e-payment system or by submitting a check or money order. The tax commission does not accept cash payments. Taxpayers are advised to allow standard mailing time if sending their deductible taxes through mail.

Non-Resident Income and Withholding Tax

Non-residents who generate income in Idaho are subject to Idaho state income tax on the income earned within Idaho. According to the Idaho State Tax Commission, non-residents who work in Idaho are exempted from the state tax on earnings from interstate businesses. Employers who hire non-resident employees are responsible for withholding Idaho state tax in addition to employee federal income tax, Social Security, and Medicare taxes.

Conclusion

Idaho state tax is essential to the state’s infrastructure, public safety, education, and healthcare. It is vital for residents and non-residents alike to understand Idaho’s tax system to ensure compliance and avoid penalties. This post has provided an overview of Idaho state income tax, sales tax, property tax, tax filing, and tax payment. However, it is advisable to consult a tax expert to obtain specialized, comprehensive advice.