IDAHO — The new tax deadline is coming up on Monday, May 17, and the Idaho State Tax Commission encourages you to file soon to avoid penalties and fees.
The tax commission has some tips to get you started if you still need to do your taxes.
“We actually have a few tips for Idahoans,” Idaho State Tax Commission Public Information Officer, Renee Eymann, said. “The first is to e-file your return because the software does the math for you. You get a confirmation receipt and you’ll get your refund quicker if you're expecting a refund.”
If your adjusted gross income is $72,000 or less, you probably qualify to e-file your federal and state return for free.
You also should find out what pandemic-related income is taxable.
“For example, if you received a Rebound Idaho Grant, that is not taxed by Idaho, but it is taxable at the federal level. If you received unemployment benefits, those are taxable by Idaho but benefits for some taxpayers are not taxable at the federal level,” Eymann said.
If you have not filed yet, there's no need to panic, but you may want to consider asking for an extension.
The extension is only an extension to file, not an extension to pay.
“You have to make sure you’ve paid enough of the taxes that you owe because you have to either pay 80% of the estimated tax that is due for 2020 or 100% of the tax you reported on your return last year for 2019,” Eymann said.
The tax commission says even if you can't pay everything, file your return sooner to have fewer penalties.
“File as soon as you can, that’s what we always say, as soon as you can so the penalties and interest will be less. But, really, see if you can get an extension. What we offer is an automatic extension so as long as you paid enough money in, then you will have until October 15 to send in your return,” Eymann said.
The Idaho State Tax Commission is offering curbside service to drop off state tax documents on Monday at their office in Boise off Chinden from 8 a.m. to 5 p.m.