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Taxes

link to tax calendarListed below are the most common taxes a small business or a business owner may be required to pay listed by the agencies that collect them. 

Your business may be eligible for a tax credit or incentive for certain business activities. Agencies offering tax credits are listed below.

Idaho Department of Commerce
Tax Incentives
 
Idaho Department of Insurance
Hospital and Professional Service Corporation Tax - Paid by hospitals and professional service corporations that self-fund their insurance coverage
Insurance Premium Tax - Paid by insurance companies; workers comp insurance is excluded
Idaho Department of Labor
  Unemployment Insurance (a tax, not insurance)
Hiring Incentives & Tax Credits
 
Idaho Industrial Commission
  Premium Taxes
Premium Tax - Paid by insurance companies that offer workers comp insurance
Self-insured Premium Tax - Paid by companies that self-insure workers comp coverage
 
Idaho State Tax Commission
Auditorium Districts Local Sales Tax (Boise, Idaho Falls, Pocatello)
Beer and Wine Taxes: Beer; Wine
Cigarette and Tobacco Taxes: Cigarette; Tobacco
  Coin Operated Amusement Device and Vending Machine Annual Decals
  Estimated Taxes
  Estimated Taxes - Corporations
  Estimated Taxes - Individuals - Payments are optional
  Fiduciary Tax
  Gasoline and Fuels Taxes
  Illegal Drug Stamp Tax
  Income Taxes
  Income Tax - Business 
  Income Tax - Personal  
  Income Tax Withholding Account - Establishing
  License Tax on Electricity (Kilowatt Hour Tax)
  Local Option Taxes
  Local Option City Sales Tax - Collected in 13 Cities
  Local Option County Sales Tax - Nez Perce County (until October 1, 2014)
  Mine License Tax
  Sales and Use Taxes
  Multi-jurisdiction Uniform Sales and Use Tax Exemption Certificate - Accepted in 38 states
  Non-profits/Charities
Prepaid Wireless Fee
  Sales and Use Tax (resellers permit)
  Temporary Sales Tax Permit
  Sales tax for contractors who improve real property
  Sales tax for temporary events
  Sales tax - recreation and admission fees
  Severance Tax - charged on the production of oil and gas
  Travel and Convention Hotel/Motel Tax
  Use tax
  Vending Machine Annual Decal
 
Internal Revenue Service
  Affordable Care Act Tax Provisions
Estimated Taxes
  Corporations
Self-employed/Independent Contractors
Farmers/Fishermen
Excise Tax
Hobby Business
Income Tax - Business and Personal
Business
Personal
Luxury Tax (a form of Excise tax)
Medicare Tax (FICA)
Non-profits/Charities
Outsourced Payroll and Tax Reporting
Self-employment Tax
  Social Security Tax (FICA)
Tax Credits/Incentives
Tax Payer Identification Number (EIN)
Unemployment Tax - Federal
 
Section 179 Depreciation Deduction - renewed for 2014
 
U.S. Department of the Treasury Alcohol and Tobacco Tax and Trade Bureau - Alcohol, Cigarette and Tobacco, Firearms and Ammunition Tax
 

Property Tax (real estate and personal property) - Property taxes are established and collected by individual counties and taxing districts, not by the state. The collected funds are used to finance local services, such as roads, schools and libraries. Two types of property tax are collected, personal property tax and real estate property tax.

Personal property tax is assessed on the value of depreciable assets owned by a business, including machinery, equipment, and office equipment. The tax is paid annually or semi-annually in December and June to your local county assessor.  The first $100,000 of a business's personal property is exempt from taxation.

Real estate
property tax is collected on the assessed value of real estate (real property) owned by a business or an individual. Real estate taxes are paid annually or semi-annually in December and June to your local county assessor.

Important:
Personal property tax is not in any way related to income tax. If you own a business, you may owe property tax. The tax must be paid regardless of whether your business has income or owes income tax. Failure to pay property tax can result in a lien being filed against the business's real estate and/or equipment.

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