Payment of taxes is a legal requirement that nobody can avoid. While there are some loopholes, or legal provisions, that can help to reduce a taxpayer’s tax bill, taxes must be paid in full and on time. In the United States, taxpayers usually pay federal taxes as well as state taxes. Knowledge of Idaho State tax law is important as it will help contribute towards tax compliance of Idaho residents. Read on to learn more about the tax rules applicable in Idaho State. For complicated tax issues, you should contact an experienced Idaho tax attorney.
Filing Rules
Idaho residents are required to pay tax on income earned in the state, from another state or overseas. Nonresidents, on the other hand, are only required to pay tax on income earned from Idaho sources. Part-residents are taxed on all income earned from Idaho sources while residing out of state as well as all income earned while residing in Idaho. This means that anyone who has earned an income while residing in Idaho, or has earned an income from Idaho sources has some level of tax liability.
Types of Taxes in Idaho
i) Income Tax
The income tax rate in Idaho ranges from 1.6% to 7.4% and it’s graduated to ensure low income earners pay a lower tax rate than high income earners. However, there are some people who are exempted from paying income tax. For instance, a single person who is under 65 years old can only pay tax if their total income for the year was over $10,300. Single taxpayers who are over 65 years old, on the other hand, only pay tax on income exceeding $11,850 per year. The limit for married couples filing separately is only $4,000 per year.
ii) Sales Tax
This type of tax applies to the sale, lease or rental of tangible goods and some services. Sales tax is due every 20th day of the month, if paying monthly. If paying quarterly, sales tax is due on the 20th day of the month following the end of the quarter. In Idaho, sales tax returns are filed on Form 850-U.
Probate Laws
Apart from tax laws, local residents also need to know about Idaho Probate law. Probate is the process through which the estate of a deceased person is settled under court supervision. The process is meant to prevent fraud. If the deceased had a will, the document must be presented in court and put to the test to check its validity. If no will exists, the court will appoint the spouse or a close relative to act as the executor of the estate. If you have been appointed the executor of an estate, it is important you hire an Idaho probate law attorney to guide you through the probate process.
Most small business owners are strapped for money, which makes hiring a business lawyer somewhat of an afterthought. In fact, most owners only hire an attorney when they face a legal problem. On face value, this action makes sense, but the truth is a business attorney can help a small business in more ways than you can imagine. The following are a few situations where a lawyer will be helpful, which may prevent a problem.
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