Let’s face it, another big factor for many people moving to Idaho is the price of a home. The cost of living in Idaho is lower in most cases than the national average. The housing market has healed very well in Idaho making it a beneficial market for buyers. There...

If you would like to save money on Idaho property taxes, you must first find ways to reduce the perceived value of your Idaho home and property. The only way to do this is by successfully arguing that your house isn’t worth as much as the government says it is. Here...

How to Protect Your Gambling Winnings from the IRS Your gambling income is taxable and it’s reportable by the casino. The good news is that you can offset your gambling winnings with your gambling losses provided you keep good proof of those losses. The IRS and courts...

Tricks High Earners Use There is always something more that you could do to improve the overall experience for your Idaho vacation rental business guests. If your primary purpose is to obtain excellent reviews on an international vacation rental site, then you should...

Here are three basic tax rules on gambling that every winner should know who gambles in an Idaho Casino. Rule 1: Your Idaho winnings are taxable. Your gambling income is taxable. And are often times reported. The Idaho casino must report your winnings on Form W-2G and...

Too often Idaho businesses get trapped into equating sales with profits. Yet there are many other ways you can dramatically increase your profitability. Underpricing Kills Profits Many small Idaho businesses have thinner profit margins than larger firms because they...

Here’s a good Idaho business rule to follow: buy low and sell high. That’s good, but the three-step process below is even better: Buy low. Depreciate to zero. Sell high. And you can accomplish this by using antiques in your Idaho business. If you can purchase antiques...

Whether you work for yourself as an Idaho business, or as an employee, reducing your tax liability is crucial for your financial success. Massage therapists in Idaho can take advantage of several tax deductions. Supplies Supplies like massage tables, towels, oils,...

As you know, whether traveling for your Idaho business or pleasure, you need a valid passport for most trips outside the United States. These days, you even need a passport to fly to and from Canada or Mexico. US citizens and residents are now finding out the heavy...

Following these three rules can make tax time in Idaho state less stressful and help you avoid overpaying the IRS. Start by picking up a file box, tote or filing cabinet. Label files based on the following groups below. Gather your Idaho tax records all year. Collect...

The new tax reform put the screws to your Idaho state and local income tax deductions. Many states including Idaho have been putting together workarounds with little success. But now the IRS is creating regulations to put the kibosh on your state’s creative plans. In...

The recent tax reform, known as the Tax Cuts and Jobs Act (TCJA), added some good benefits to your Idaho real estate rentals, both commercial and residential. Notably, your qualified Idaho business income from your real estate rentals creates a possible 20 percent tax...

Entertainment That Survived Tax Reform You may no longer deduct directly related Idaho business entertainment. Common Idaho business entertainment that are no longer deductible include business meals with clients or prospects, golf, football games, and similar...

Idaho Tax Preparation Fees Your Idaho business can deduct the cost of tax preparation in Idaho. If you paid taxes and used a credit or debit card to do so, you can also deduct convenience fees. Hobby Expenses Hobby expenses can be claimed as “other miscellaneous...

To maximize your tax savings, check your eligibility for Idaho tax credits. Tax credits directly reduce your tax bill dollar for dollar While deductions reduce your taxable income and therefore save money in proportion to your tax rate Refundable credits vs....

Tax reform has had a significant impact on the tax deductions you can now claim for your Idaho business entertainment and meals.   The chart below shows you how the Idaho Tax Cuts and Jobs Act treats 12 meal and/or entertainment events.   Amount Deductible for Tax...

If your Idaho pass-through business is an in-favor business and it qualifies for tax reform’s new 20 percent tax deduction on qualified business income, you benefit at all times, including being above, below, or in the expanded wage and property phase-in range. A...

If you’re considering starting or purchasing an Idaho franchise business do a generous amount of research on your own before contacting the few that you like. A franchise’s goal is to sell you their brand and business model, so that you make sales, and they take a cut...

Mileage Log When the IRS begins an audit, the mileage log often creates the first impression of your Idaho business tax records. Whether you use the IRS mileage rate method or the actual expense method, you need a written record that proves your Idaho business...

Must Participate Physical or material participation is a key element of the Passive Activity Rules. Under the passive activity rules, you cannot apply losses from one business against income from another business unless you materially participate in each Idaho...

When an Idaho business provides an employee or a partner with a smartphone or similar equipment primarily for non-compensatory Idaho business reasons, the following things happen: The Idaho employee’s or Idaho partner’s business use is a working condition fringe...

Heavy Vehicle + Deductible Home Office = Major Tax Savings Your Idaho business can reap major tax savings with the heavy vehicle and home-office combo. The heavy vehicle produces quick deductions. The home office that qualifies as a principal office eliminates...

To grasp the importance of the new Idaho LLLP business you must first understand the problem that it solves. The Problem We must first begin with describing the limited partnership (LP). The LP is a type of partnership that has one or more general partners, and one or...

Can I switch Later? There are two answers. If you are an Idaho LLC being taxed as a Sole Proprietor, or a Partnership, then yes you can opt to elect an Idaho S-Corporation or C-Corporation later down the road as you grow. However, if your LLC has already selected to...

What is Listed Property in Idaho? Listed property is a category of property, that tax law gives unfavorable treatment by limiting tax benefits and imposing tough requirements on your Idaho business. 50% Rule For example, if you don't use listed property more than 50...

A limited liability company is a form of Business Entity. LLCs are popular because: Like a corporation, the Idaho LLC's owners have limited personal liability for the debts and actions of the LLC; and Like a Partnership, an Idaho  LLC is a Pass-through Entity for...

Many times, an Idaho home-based business will need local permits in addition to state and federal licenses. You will need to apply for an Idaho business license, then occupational license that apply to your profession if applicable. Some areas in Idaho have local...

Like sole proprietorships, an Idaho general partnership will leave you open to personal liability. This means that your personal assets, bank accounts, savings, investments, car and home can all be used to satisfy a business debt. However, the scope of liability is...

Idaho business travel expenses may include: airplane taxi limousine bagging and shipping meals and lodging telephone tips These types of costs are “reasonable and necessary” for conducting your Idaho business. Meal Limitation Your deduction for meals while traveling...

The cost and maintenance of your work clothes can be a valid tax write off. The IRS you’re your Idaho business deduct the cost of your work clothes, shoes and protective gear, plus the cost of maintenance such as laundry, dry cleaning, repairs and replacements. Deduct...

Use the Foreign Earned Income Exclusion (FEIE) The Foreign Earned Income Exclusion (FEIE) is one of the easiest ways Idaho expats can save on taxes. FEIE allows you to exclude roughly the first $100,000 of foreign earned income, and double that for those married...

  In many cases the government hits your lawsuit award or settlement with the double whammy of: a tax bill on the gross dollar amount of the award or settlement and a reduction to or even elimination of your legal fees tax deduction. If you win your case and are an...

If you are trying to avoid overpaying the IRS and state taxes the last thing you want is to be charged late fees and penalties. You should file a tax extension if you plan on taking more time to gather and complete your Idaho business tax return. However, you must pay...

Get Your Idaho Business Organized Invest some time into getting organized and gathering necessary information/documents for your Idaho business. This includes any income and deduction documents, Social Security numbers for your entire family, health care coverage...

The key exchange is your new guest first Idaho business contact, so try making it as comfortable and pleasant as possible. Remember that your goal is always to get a positive review, so you need to create a smooth experience for your guests. Never provide a visitor...

Tax Reform Puts Screws to Hobbies The tax law is always tough on hobbies. But the most recent tax reform has made it even more difficult for someone to show that their activities are worth being called an Idaho business instead of a hobby. This means you need to focus...

Tax Reform Attacks Home Mortgage Interest Deductions  The recent tax reform contains two big changes to how much you can deduct in mortgage interest for tax years 2018 through 2025:   During this seven-year period, you may not deduct any interest on prior or current...

Theft If you are renting out your entire home, and you won’t be there, you are usually not at risk of physical violence. However, you’ll want to find a safe place to store anything sentimental or of financial value. Don’t give guests the opportunity to steal your...

In an Idaho limited partnership, there is at least one general partner who manages the business, and at least one limited partner who invests money in the business.  An Idaho limited partner can receive profits from the business but is only liable up to the amount of...

Form 1099-K reports credit card sales to the IRS and gives the IRS another audit weapon. The rules have now been around long enough to appear in court cases.   Is The 1099-K Really an IRS Weapon? When lawmakers enacted the rules for the 1099-K, they stated that the...

Your Images The best vacation rental listings are the ones that have amazing photographs of the Idaho property. The logic is simple: the better the quality of the pictures, the higher the number of reservations requests. Guest will always select the home they feel is...

The Idaho home-office business deduction are becoming more and more popular. The tax code gives you only four ways to qualify for the Idaho home-office deduction: Cash register. Principal place of Idaho business (the office from which you make the cash register ring)....

If you decide to use an Idaho C corporation to operate your newly acquired Idaho business, you should know that our current federal income tax system treats corporate debt more favorably than corporate equity. So, as the owner of a closely held Idaho C corporation,...

Becoming an Airbnb Super Host If you grow your Idaho vacation rental business listing on Airbnb enough that you secure at least ten reservations in a year, you get a chance of becoming a Super Host. If hosts meet several benchmarks, they get the Super Host badge on...

Who pays the Idaho gift tax? The donor is normally responsible for paying the Idaho gift tax. What is considered a gift by the IRS? Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money’s worth) is not...

Bylaws are legal documents that outline rules, regulations, and guidelines of the Idaho business organization. Bylaws protect the rights and itemize the duties and responsibilities of directors, CEO, stockholders, and committee members. Well-written bylaws can help an...

The “Passive Activity” rule is enforced so that you do not passively invest in a losing Idaho business, using those losses to offset Idaho real profits from elsewhere. There are two kinds of passive activities in Idaho: Idaho trade or business activities which you do...

If you are a volunteer or work for a charitable organization there is opportunity to lower your tax bill to the IRS. To qualify, your unreimbursed out-of-pocket expenditures must relate directly to the charity. You must also itemize your Idaho deductions on your tax...

Beware! Homeowners providing temporary lodging or vacation rentals must charge Idaho Sales Tax. Vacation rental owners should also increase their deductions and limited liability by forming an Idaho LLC for their property. Air B&B and similar websites have made it...

The Importance of Privacy Getting on an international vacation rental site as a host means entering a community where each member’s privacy must be respected. If you have surveillance devices placed in your Idaho vacation home for security reasons, make sure your...

Transparency The most successful Idaho vacation rental business always starts with transparency and fair pricing. The heart of mastering these points is to keep it real. Don’t claim to be something you’re not, be honest and authentic. The last thing you need is a...

A critical factor potential guests will consider when they are looking to rent a vacation home in Idaho, is the rating that previous guests have left. In fact, this is one of the most essential features of the online vacation rental community. Having a high rating...

After you have verified that you are in good standing to rent your Idaho vacation rental property, you must now understand the taxes your new Idaho business will be required to pay. Hotel Tax You most likely will have to pay a transient occupancy tax, the same tax...

A used merchandise dealer refers to someone who is starting a business in Idaho with merchandise that has been bought from the public: Antiques Used clothing, or household goods Collectibles Outdoor products Entertainment products Jewelry etc. All Idaho businesses...

An Idaho business tree service company holds a variety of jobs, all relating to the care and maintenance of trees. They may be contracted by the government, landscaping firms, lawn care companies, and botanical gardens or private parties. They are trained to scale...

For many travel nurses in Idaho or nurses who work under their Idaho business name, filing their tax return can be a little intimidating because of the intense traveling.  Meals, travel, housing, and other work-related expenses are often sources of confusion on their...

Tax Reform Imposes a Penalty Tax on Transportation Fringe Benefits The recent tax reform destroyed what was a win-win tax benefit for the employer and the employee. The recent tax reform has caused employers to get stuck with a penalty tax when they grant employees...

Generally, Idaho teachers can deduct up to $250 for unreimbursed classroom-related expenses each year. Expenses must be ordinary and necessary, although it does not have to be required. Continuing Education Tax Credit in Idaho Idaho teachers and educators may qualify...

An Idaho business that provides taxi service in Idaho typically starts small with a few cars and drivers and expands gradually. Before you start driving, apply for all necessary driver's and business licenses and insurance in Idaho state, the county and city that you...

If you're a 1099 worker in Idaho, taxes are not automatically taken out of your paycheck by your client. Instead, you are solely responsible for your quarterly tax payments. There is so much confusion concerning how much money should be set aside for Idaho tax...

There’s no doubt about it, single people in Idaho do not get the deductions and credits that married couples, with kids, who own their own home receive. Thus, they feel there is little they can do to save more money and avoid overpaying the IRS and Idaho state taxes....

The recent tax reform destroyed what was a win-win tax benefit for both the Idaho business employer and the employee. Idaho transportation fringe benefits came into being in 1992 under the Energy Policy of 1992 (Pub. Law. 102-486). One difficulty was that the benefits...

Many Idaho tax preparers hesitate to give you the best deductions out of fear that the tax return will get rejected. This rejection cost the taxman more time and money, at no cost to the client, to recalculate and refile the tax return. In addition, the client may...

When you buy an Idaho business, you probably don’t want the former owners competing with you. To prevent the competition, you will likely enter into a non-compete agreement with the former owners. The agreement has tax implications that you need to consider. As the...

Traditional individual retirement accounts (IRAs) became available in Idaho starting in 1974 and have been around ever since. This makes your odds of inheriting a traditional IRA pretty good. Traditional IRA Inherited from a Non-spouse Idaho Residents Death after...

Many Idaho employers are hiring 1099 workers (independent contractors), instead of the traditional W-2 employee. There are many reason for this, but the biggest benefit is through the lower administration and tax cost. This directly shifts the burden of paying...

An Idaho business tax identification number is a special number the IRS uses to identify you for tax purposes. The most common forms of Idaho TIN’s are a social security number and the Idaho employment identification number (EIN). What it does The EIN identifies an...

An Idaho business EIN, standing for employer identification number, is also known as a federal tax identification number. This number is designed to help the Internal Revenue Service (IRS) identify your business as an operating entity within the United States. If you...

Idaho Uber and Rideshare drivers are always looking to maximize their Idaho business tax deductions. Below are several excellent deductions for your Uber/Rideshare business in Idaho. Idaho Motor Vehicle Expenses If you keep a valid logbook, you can claim a percentage...

There are many unique benefits offered to those who have retired in Idaho. Here are several deductions that may save you thousands of dollars each year. Increased Idaho Standard Deductions The standard deduction for people over 65 is much greater. While most single...

Idaho servers may be eligible for overlooked tax deductions on their Idaho state and federal tax return. Uniforms If you have to wear a uniform or special outfit as part of your job in Idaho, you can deduct the cost of the uniform itself, as well as any upkeep, such...

Uber For Idaho Business Use Your Idaho Uber business may claim Uber as a taxable expense if: You run a business in Idaho You have an Uber for business account in Idaho You use your rides for your Idaho business purpose only Uber For Personal Use You may claim Uber as...

Idaho Itemized tax deductions will likely lower your tax burden much more than opting for the standard deduction. As with any other 1099 job, you must keep receipts and dates for all purchases you will deduct on your Idaho State and Federal tax return as Idaho...

Identifying which Idaho business expenses, you can use as deductions is critical to keeping more of your hard-earned dollars. This will be your greatest asset when it comes to avoiding overpayments of your quarterly and year-end taxes. Vehicle Mileage in Idaho the IRS...

Fostering a pet in Idaho comes with tax deductions. Some of the expenses of fostering a pet for an Idaho adoption organization can be deducted. To make sure you get off on the right paw, the organization must be a qualified 501(c)(3). Items to deduct. Items like pet...

In most instances, you can count unforeseen casualty losses as itemized deductions. And when a disaster in Idaho is so severe that it's declared a major disaster area by the president, you get additional choices on when to file the tax claim. This could provide fast...

Many Amazon sellers do not realize that they are actually running an Idaho online business. Then they get to tax time, and owe more than they should due to ill preparations. Here is a great list to help you plan for tax time, by using these deductions to reduce...

Idaho homeowner association fees are not tax deductible on a primary Idaho resident. The HOA is a private agency in Idaho. Furthermore, the fees are not considered a tax, and cannot be claimed when itemized on your personal Idaho state and federal tax return....

Idaho Home Loan Interest. A major tax deduction for most people is their interest on the Idaho home loan, since the bulk of your payment actually goes towards paying the interest down. All the interest paid for the year is deductible, unless your loan is more than...

TAS is an independent office within the IRS, established by statute to be the voice of taxpayers to the IRS. In general, TAS accepts cases from taxpayers who are experiencing either an economic or a systemic burden, or both. There is an Idaho office for Idaho...

A statutory employee is a worker deemed to be an employee, even if the Idaho business has classified them as an independent contractor 1099 worker. The Idaho employer of a statutory employee is liable for: Employment taxes IRS Form W-2, “Wage and Tax Statement,”...

After forming an Idaho limited liability company (LLC), you must undertake certain steps on an ongoing basis to keep your business in compliance. These steps are also important in preserving the limited liability aspect of this business structure. Remember the...

On the off chance that you are thinking about whether your Idaho business should enlist full-time Idaho employee or utilize an Independent Contractor, don't wrongly think they are a similar thing. employee and Contractual workers are not alike in the state and central...

The AMT is a strange tax that applies to the exclusions, deductions, and credits you claimed on your regular Idaho state and federal income tax return. You calculate both your regular and alternative tax liabilities and pay the higher amount. The original purpose of...

The state of Idaho refers to the practice of audiology as someone who applies: principles methods procedures of measurement evaluation testing counseling consultation and instruction An Idaho Audiologist provides services that relate to the development and disorders...

Every Idaho sole proprietor that converts to an Idaho S corporation must file articles of incorporation with the secretary or department of state. The Idaho articles of incorporation contain: Business name Idaho business address Name and address of each incorporator...

Having an Idaho business start-up Checklist is a very important aspect to starting a successful and smooth-running business. The first step is deciding how you will form your Idaho business. This decision will have tax, liability and many other ramifications. Be sure...

If you are scheduling a special event in Idaho with 26 or more people, on any City property involving a: street sidewalk or trail, you are required to obtain a special event permit. An application must be submitted a minimum of 21 days prior to the special event and...

Here’s some information that will help you with the task of sending your child to a special needs school in Idaho. Defining “Special Needs” School The education costs of mentally or physically challenged individuals, qualify as medical expenses; if the primary purpose...

An Idaho sole proprietorship is owned and operated by a single individual and does not have a board of directors. They are under no obligation to incorporate this input into the process of running their Idaho company. Licensing An Idaho sole proprietor only needs to...

Starting an Idaho business, or expanding an existing one, can be improved with a comprehensive business plan. Planning is done to assess new strategies and feasibility.   Your Idaho Business Plan is a Fundraising Tool Financial institutions as well as investors will...

An Idaho sole proprietorship is described as an unincorporated one-person business. The person who owns the Idaho sole proprietorship is called a Sole Proprietor. This person is considered self-employed rather than an employee in Idaho. Self-employed individuals must...

As an Idaho sole proprietor, you know that the 15.3 percent self-employment tax can eat up your profits in a hurry. You may be able to use a simple strategy to ease this tax burden. If you own an office building or other assets, you can set up a rental arrangement...

Yes. Social workers are regulated in the state of Idaho and are required to be licensed. Before you start your new Idaho business or work as a social worker, you must contact the state of Idaho to learn more about cost, education, experience and exam requirements. As...

When you own an Idaho business, tax deductions are crucial to avoiding the overpayment of taxes to IRS. Here are important expenses to track for reducing your Idaho state and federal tax bill. Idaho Auto expenses Standard mileage rate. You may deduct mileage, parking...

Payroll is one of the most confusing aspects of running a small business in Idaho. There are so many aspects to payroll, making it the most difficult, time consuming and costly task you will do. Now that you know it’s common for small Idaho businesses to struggle...

Finally, the health insurance rules that apply to Idaho small businesses, make more sense and allow some benefits. Beginning January 1, 2017, you can install a new qualified small employer health reimbursement arrangement (QSEHRA) and start helping your employees pay...

Looking to start an Idaho business? You may need to obtain one or more state licenses or permits, or complete one or more kinds of state registration, as part of the start-up process. Here’s a quick look at some of the main informational resources available and a few...

Starting a new business in Idaho, or expanding an existing one, can be improved with a comprehensive business plan. Planning is done to assess new strategies and feasibility. Your Idaho Business Plan is a Fundraising Tool Financial institutions as well as investors...

Over the last few years there has been a growing interest in an Idaho business Single Member Limited Liability Company (SMLLC) as an alternative to the Idaho business sole proprietorship for the organization and operation of a small business. A SMLLC is an LLC in...