Do You Have to Pay Idaho State Taxes on Foreign Income?
Idaho treatment of foreign income
Idaho Allows You To Be Domiciled But Not Pay State Income Tax
Very few states allow you to remain domiciled in their state, but not pay tax on your out-of-state income if you meet certain requirements. Idaho just happens to be one of these states.
Although you are domiciled in Idaho, you will not be considered an Idaho resident for income tax purposes if you are absent from the state at least 445 days during a 15-month period. The period begins when you leave the state and during that time, you may not:
- Be present in Idaho for more than 60 days in the calendar year after the first 15-month period;
- Maintain a personal residence in Idaho for yourself or your family;
- Claim Idaho as your federal tax home;
- Be employed on the staff of a U.S. Senator or Representative; or
- Hold an elective office of the U.S. Government other than the Armed Forces or career appointees in the U.S. Foreign Service.
When you are ready to have your return prepared please send me an email to get the process started.
Areas of Practice
expat tax preparation
Foreign earned income and housing exclusions for both federal and state income tax returns. Foreign bank account reporting (FBARs), Statement of Specified Foreign Financial Assets, Tax Treaties, Application for IRS Individual Taxpayer Identification Number,etc.
business tax debt representation
We will file a power of attorney with the IRS and State Taxing Authority to negotiate a hold on all enforcement action such as bank and account receivable levies while we work on an appropriate resolution including Installment Agreements, Company Restructuring, Penalty Abatements, Offer in Compromises, and Currently Not Collectible Status. We will also advise you if bankruptcy is an option.
irs and state tax debt representation
We will file a power of attorney with the IRS and State Taxing Authorities to negotiate an appropriate resolution for back tax debt including Installment Agreements, Penalty Abatements, Offer in Compromises, Innocent Spouse Requests, and Currently Not Collectible Status. We will also advise you if bankruptcy is a option.
new business entity formation
We will educate you of the pros and cons of organizing an Limited Liability Company versus a Corporation, S-Corp., Limited Partnership, etc. and assist in the formation of the entity of your choosing.
previous years tax returns
We will prepare your previous years tax returns to bring you back into compliance with the IRS and State.
business tax return preparation
Whether you have a sole proprietorship with a Schedule C or a 1120 Corporate return we will prepare any business return.
Use the form below to contact us regarding your legal enquiry. Please be as detailed as possible. Include your industry along with any specific document requests. To help us best service your enquiry, we recommend that you first describe the issue you’re having before telling us what you want to achieve. You may also email or call us to make an appointment.
For job opportunities, please email us your resume. We’re always looking for new and exceptional talent to lead the firm into uncharted fields of practice.