Idaho Tax
Individual Income Tax Forms
Form 40 Individual Income Tax Return
Corporate Income Tax Forms
Form 41 Idaho Corporation Income Tax Return
Sales Tax Forms
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.
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