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What donations are tax deductible in Idaho?

The state tax credit is up to 50% or $1,000 of your donation for married couples ($500 for individuals). For example, a couple filing a joint return can claim a credit up to $1,000 on a contribution of $2,000 or more.... GEMs. IdahoPTV Kids Club. Matching Gifts. Memorials and Honorariums.

What does the Idaho State Tax Commission do?

The Tax Commission informs taxpayers about their obligations so everyone can pay their fair share of taxes, and it must enforce Idaho's laws to ensure the fairness of the tax system with those who don't voluntarily comply.

Why would I get a letter from the Idaho State tax Commission?

The Tax Commission might need to verify your identity. This helps safeguard your information and keeps your refund from going to criminals. You could receive one of three letters: A passcode letter that asks you to enter a set of numbers we provided to confirm you filed the tax return we received.

How are LLC taxed in Idaho?

Unlike the default pass-through tax situation, when an LLC elects to be taxed as a corporation, the company itself must file a separate tax return. The State of Idaho, like almost every other state, taxes corporation income. In Idaho, corporation income generally is taxed at a flat 7.4% rate plus an additional $10.

What is a Homeowners exemption Idaho?

A homeowners exemption is a program that reduces property taxes for individuals who own and occupy their home as their primary residence. This is done by reducing the net taxable value of the home and up to one acre of land by half (up to a maximum amount of $125,000 taxable value).

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