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Reasons People Move to Idaho from California

Reasons People Move to Idaho from California

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...

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Reduce Idaho Property Taxes

Reduce Idaho Property Taxes

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...

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Protecting your Idaho State Gambling Winnings from IRS

Protecting your Idaho State Gambling Winnings from IRS

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...

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Profitable Tricks for New Idaho Vacation Rental Owners

Profitable Tricks for New Idaho Vacation Rental Owners

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...

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Protect Your Idaho Gambling Winnings from the IRS

Protect Your Idaho Gambling Winnings from the IRS

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...

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Quick Ways to Boost Profits in Your Idaho Business

Quick Ways to Boost Profits in Your Idaho Business

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...

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Profit from Depreciable Antiques in Your Idaho Business

Profit from Depreciable Antiques in Your Idaho Business

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...

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Popular Deductions for Idaho Massage Therapist

Popular Deductions for Idaho Massage Therapist

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,...

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Passports Denied for Delinquent Taxes in Idaho

Passports Denied for Delinquent Taxes in Idaho

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...

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Organizing Your Idaho Tax Records

Organizing Your Idaho Tax Records

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...

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New Rules for Idaho Business Entertainment Deductions

New Rules for Idaho Business Entertainment Deductions

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...

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Most Overlooked Idaho Tax Deductions

Most Overlooked Idaho Tax Deductions

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...

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New Idaho Tax Credits

New Idaho Tax Credits

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....

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New Idaho Meals and Entertainment Deduction Chart

New Idaho Meals and Entertainment Deduction Chart

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...

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New 20% Idaho Business Deduction Qualifications

New 20% Idaho Business Deduction Qualifications

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...

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Mileage Log Required for Idaho Vehicle Tax Deductions

Mileage Log Required for Idaho Vehicle Tax Deductions

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...

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Material Participation for Idaho Businesses

Material Participation for Idaho Businesses

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...

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Make Your Smartphone an Idaho Tax-Free Deduction

Make Your Smartphone an Idaho Tax-Free Deduction

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...

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Major Tax Savings for Idaho Home-Based Businesses

Major Tax Savings for Idaho Home-Based Businesses

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...

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What Is a Limited Liability Limited Partnership LLLP?

What Is a Limited Liability Limited Partnership LLLP?

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...

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Can LLC Tax Elections Be Changed?

Can LLC Tax Elections Be Changed?

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...

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Listed Property for Idaho Business Owners

Listed Property for Idaho Business Owners

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...

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Limited Liability Company (LLC)

Limited Liability Company (LLC)

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...

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license & permit for an Idaho home-based business

license & permit for an Idaho home-based business

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...

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Liability of Forming an Idaho General Partnerships

Liability of Forming an Idaho General Partnerships

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...

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Legally Deduct Your Idaho Business Travel Expenses

Legally Deduct Your Idaho Business Travel Expenses

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...

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Legally Claim Clothing Deductions in your Idaho Business

Legally Claim Clothing Deductions in your Idaho Business

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...

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Last-Minute Tax Deductions for Idaho Businesses

Last-Minute Tax Deductions for Idaho Businesses

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...

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Last-Minute Idaho Business Tax Tips

Last-Minute Idaho Business Tax Tips

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...

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Key Exchange Tricks for Idaho Vacation Rental Owners

Key Exchange Tricks for Idaho Vacation Rental Owners

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...

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Is Your Idaho Business Considered A Hobby?

Is Your Idaho Business Considered A Hobby?

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...

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Is Idaho Mortgage Interest Deduction Gone?

Is Idaho Mortgage Interest Deduction Gone?

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...

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Is Renting Out My Idaho Home to Vacationer Safe?

Is Renting Out My Idaho Home to Vacationer Safe?

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...

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Is an Idaho Limited Partnership Right for You?

Is an Idaho Limited Partnership Right for You?

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...

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IRS Now Collecting More Taxes from Your Idaho Business

IRS Now Collecting More Taxes from Your Idaho Business

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...

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Increase Your Idaho Vacation Rental Listing Bookings

Increase Your Idaho Vacation Rental Listing Bookings

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...

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Increase Idaho Home Office Deductions

Increase Idaho Home Office Deductions

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)....

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Increase Tax Savings with Idaho Corporate Debt

Increase Tax Savings with Idaho Corporate Debt

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,...

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Improve your Idaho Vacation Home Airbnb Reviews Fast

Improve your Idaho Vacation Home Airbnb Reviews Fast

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...

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Important Idaho Gift Tax Updates

Important Idaho Gift Tax Updates

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...

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Importance of Bylaws for an Idaho Corporation

Importance of Bylaws for an Idaho Corporation

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...

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Idaho’s Passive Activity Rules

Idaho’s Passive Activity Rules

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...

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Idaho Volunteer Tax Deductions

Idaho Volunteer Tax Deductions

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...

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Idaho Vacation Rental Sales Tax

Idaho Vacation Rental Sales 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...

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Idaho Vacation Rental Owner Mistakes

Idaho Vacation Rental Owner Mistakes

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...

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Idaho Vacation Rental Keys to Success

Idaho Vacation Rental Keys to Success

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...

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Idaho Vacation Rental Business Guide

Idaho Vacation Rental Business Guide

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...

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Idaho Vacation Rental Business Entity, License & Taxes

Idaho Vacation Rental Business Entity, License & Taxes

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...

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Idaho Used Merchandise Dealer License and Permits

Idaho Used Merchandise Dealer License and Permits

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...

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Idaho Tree Service License and Permits

Idaho Tree Service License and Permits

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...

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Idaho Travel Nurse Tax Deductions

Idaho Travel Nurse Tax Deductions

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...

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Idaho Transportation Fringe Benefit Penalty

Idaho Transportation Fringe Benefit Penalty

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...

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Idaho Teacher and Educator Tax Deductions

Idaho Teacher and Educator Tax Deductions

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...

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Idaho Taxi License and Permits

Idaho Taxi License and Permits

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...

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Idaho Taxes as a 1099 Worker

Idaho Taxes as a 1099 Worker

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...

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Idaho Tax Savings for Single People

Idaho Tax Savings for Single People

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....

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Idaho Tax Reform Destroys Employer & Employee Benefits

Idaho Tax Reform Destroys Employer & Employee Benefits

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...

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Idaho Tax Preparers Fear Using Odd Deductions

Idaho Tax Preparers Fear Using Odd Deductions

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...

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Idaho Tax Planning When Buying a Business

Idaho Tax Planning When Buying a Business

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...

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Idaho Tax Issues with An Inherited IRA

Idaho Tax Issues with An Inherited IRA

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...

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Idaho Tax Implications of Being a 1099 Contractor

Idaho Tax Implications of Being a 1099 Contractor

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...

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Idaho Tax Identification Number TIN and EIN

Idaho Tax Identification Number TIN and EIN

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...

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Idaho Tax Identification Number EIN

Idaho Tax Identification Number EIN

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...

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Idaho Tax Deductions for Retirees

Idaho Tax Deductions for Retirees

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...

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Idaho Tax Deductions for Restaurant Servers

Idaho Tax Deductions for Restaurant Servers

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...

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Idaho Tax Deductions for Using Uber

Idaho Tax Deductions for Using Uber

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...

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Idaho Tax Deductions for Truck Drivers

Idaho Tax Deductions for Truck Drivers

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...

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Idaho Tax Deductions for Real Estate Agents

Idaho Tax Deductions for Real Estate Agents

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...

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Idaho Tax Deductions for Pet Foster Parents

Idaho Tax Deductions for Pet Foster Parents

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...

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Idaho Tax Deductions for Natural or Man-Made Disasters

Idaho Tax Deductions for Natural or Man-Made Disasters

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...

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Idaho Tax Deductions for Amazon Sellers

Idaho Tax Deductions for Amazon Sellers

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...

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Idaho Tax Deduction Rules for HOA Payments

Idaho Tax Deduction Rules for HOA Payments

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....

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Idaho Tax Benefits of Owning Your Own Home

Idaho Tax Benefits of Owning Your Own Home

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...

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Idaho Tax Advocate Service (TAS) For Tax Troubles

Idaho Tax Advocate Service (TAS) For Tax Troubles

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...

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Idaho Statutory Employee vs. 1099 Worker

Idaho Statutory Employee vs. 1099 Worker

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,”...

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Idaho State LLC Taxes & Fees

Idaho State LLC Taxes & Fees

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...

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Idaho State Employee vs. Independent Contractor

Idaho State Employee vs. Independent Contractor

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...

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Idaho State Alternative Minimum Tax (AMT)

Idaho State Alternative Minimum Tax (AMT)

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...

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Idaho Speech, Hearing and Communications License

Idaho Speech, Hearing and Communications License

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...

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Idaho Sole Proprietors Converting to an S corporation

Idaho Sole Proprietors Converting to an S corporation

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...

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Idaho Start-Up Business Checklist

Idaho Start-Up Business Checklist

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...

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Idaho Special Event License and Permits

Idaho Special Event License and Permits

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...

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Idaho Special Needs Student Tax Deductions

Idaho Special Needs Student Tax Deductions

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...

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Idaho Sole Proprietorship and Board of Directors

Idaho Sole Proprietorship and Board of Directors

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...

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Idaho Small Business Center Business plans

Idaho Small Business Center Business plans

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...

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Idaho Sole Proprietorship

Idaho Sole Proprietorship

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...

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Idaho Social Worker License

Idaho Social Worker License

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...

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Idaho Small-Business Tax Deductions

Idaho Small-Business Tax Deductions

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...

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Idaho Small Businesses Payroll Tips

Idaho Small Businesses Payroll Tips

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...

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Idaho Small Business Health Care That Makes Sense

Idaho Small Business Health Care That Makes Sense

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...

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Idaho Small Business Resource Guide

Idaho Small Business Resource Guide

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...

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Idaho Small Business Center Business plans

Idaho Small Business Center Business plans

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...

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Idaho Single Member Limited Liability Company Facts

Idaho Single Member Limited Liability Company Facts

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...

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Business Startup Steps

Business Startup Steps

Starting your own business can be overwhelming. We will help you set up your business forming a solid foundation with the major components in place and well-organized from day one. Just follow the business startup steps. Business Startup Steps: The Checklist 1....

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65 Ways to Save Money in 2016

65 Ways to Save Money in 2016

Looking to Save Money next year? Here is our List of 65 Ways to Save Money: 1. Better banking If you’re paying a monthly fee for your checking or savings account, you would benefit from researching some of newest banking offers out there. Not only do some banks offer...

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6 Steps To Backup QuickBooks & Restore

6 Steps To Backup QuickBooks & Restore

Backup Quickbooks & Restore: Financial data on your Quickbooks may be some of the most important information you own. It contains your payroll, expenses; payables, customer information, receivables and income, sales and state tax information. When an issue occurs,...

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The 7 Most Common Tax Return Mistakes

The 7 Most Common Tax Return Mistakes

Congress has passed numerous confusing new tax laws which go into effect this tax season! By changing everything around, Congress and the IRS, have made filing an accurate tax return virtually impossible for every taxpayer! But that’s NOT the worst part! New...

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Idaho Labor Law: Information

Idaho Labor Law: Information

Today we will look at Idaho labor law information. Idaho Labor Law 1. Minimum wage in Idaho The current Idaho state minimum wage is $7.25 an hour, the same as the federal minimum wage. The minimum wage for a tipped employee is $3.35 per hour. A training minimum wage...

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Business Closing Checklist

Business Closing Checklist

There are important actions that must be taken when closing a business. These filing need to be filed through an annual return for the year you go out of business. If you have employees, you must file the final employment tax returns, in addition to making final...

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QuickBooks Tips and Tricks: Fun Information

QuickBooks can be a place of confusion for those who are not an expert at this type of accounting software. But do not let this program fool you, there are many easy tricks that can be performed at a push of a button or click of a mouse. Today we will look and several...

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9 Commonly-Missed Tax Deductions

9 Commonly-Missed Tax Deductions

Missed Tax Deductions Here is a list of the 9 most commonly missed tax deductions: 1. Out-Of-Pocket Charitable Contributions You can write off out-of-pocket costs incurred while volunteering or donating money for a charity. For example, ingredients for soup you...

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File a Business Name (DBA): Legally

File a Business Name (DBA): Legally

Correctly File a Business Name (Doing Business As - DBA) Lets look at information about how to file a business name. Name Search: Before registering a business name, a search can be performed to determine whether another business in Idaho is currently using the same...

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IRS Impersonation Telephone Scam

IRS Impersonation Telephone Scam

An aggressive and very savvy phone scam targeting taxpayers, including recent immigrants, has been making the rounds throughout the country. These scammers are claiming to be agents of the IRS, but are not.   They are using fake names and bogus IRS identification...

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Bypass Obamacare: The 3 Ways

Bypass Obamacare: The 3 Ways

By now you are likely very confused about the future of your healthcare insurance coverage. Coverage that has become both more costly and of lower quality than what you may have had before the whirlwind of this new “not so affordable” Affordable Care Act. The next...

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Claim a Parent As a Dependent

Claim a Parent As a Dependent

If you are caring for your elderly mother or father, you may be able to claim your parent as a dependent on your income taxes. This would allow you to get an exemption of $3,950 for that tax year. Here is the 5 Point Test to determine whether you can claim a parent as...

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2014 Tax Deductions To Watch For

2014 Tax Deductions To Watch For

With year-end 2014 now upon us, strategies to reduce 2014 tax liability are even more important than ever. Some of the strategies we will talk about are new, others are the result of transitional rules. These are the 2014 tax deductions to watch out for:...

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Important Gift Tax Updates

Important Gift Tax Updates

Here are some important gift tax updates for 2014 - 2015. Who pays the gift tax? The donor is normally responsible for paying the gift tax. Under special arrangements the done may agree to pay the tax instead. What is considered a gift? Any transfer to an individual,...

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Tax Exemptions: 7 Top Facts

Tax Exemptions: 7 Top Facts

Nearly everyone can claim tax exemptions on their tax return to lower their taxable income. Tax Exemptions Here are the top 7 tax facts about exemptions to help you plan for your next tax return. 1. Exemptions cut income.  There are two types of exemptions. The first...

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Bookkeeping Tips: The 7 Best

Bookkeeping Tips: The 7 Best

Bookkeeping is most likely not your favorite part of the day, but it is a vital component of running your own business, that cannot be ignored. Whether you hire someone else or do it on your own, it needs to be regularly maintained. In order to make that process a...

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3 Rules Of Charitable Donations

3 Rules Of Charitable Donations

There are so many rules and regulations pertaining to charitable donations and other contributions to charity. The IRS takes these things very seriously! If you get caught unintentionally donating to an unauthorized organization, all of your respectable deductions may...

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Hair-Stylist Tax Deductions

Hair-Stylist Tax Deductions

When examining hair stylist tax deductions, you can deduct business expenses that are “both ordinary and necessary” in the words of the IRS. Expenses are ordinary if they’re standard for a professional stylist. They’re necessary if they help you in business, even if...

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Registered Agent: The Advantages

Registered Agent: The Advantages

A registered agent is a third-party which are designated to receive service of process notices and other government notifications such as tax forms and notice of lawsuits on your behalf.  They must also register with the state which the business entity operates so it...

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