Note these changes for 2018 Idaho income tax returns

Taxpayers will see big differences when they file their Idaho income tax returns for 2018 due to recent changes to tax laws.  
 Here are some of the highlights. 
 Standard deduction increased. The standard deduction has nearly doubled, increasing to $12,000 for single filers and $18,000 for head-of-household filers. 
 Married couples who file a joint return get a $24,000 deduction. 
 Exemptions eliminated. Tax filers no longer get an exemption for themselves or their dependents.
 New child tax credit added. A new Idaho child tax credit of $205 is available for children 16 and under as of Dec. 31, 2018. 
 The credit helps offset the loss of the dependent exemption. 
 Itemized deductions changed. Most itemized deductions have been capped or eliminated.
 Income tax rates reduced. The state income tax rates have been reduced. The top rate now is 6.925 percent instead of the previous 7.4 percent.
 New tax laws also expanded one credit and increased a deduction. The state credit for charitable contributions now includes donations to medical residency organizations that are in Idaho. 
 And the amount of expenses Idaho taxpayers can deduct when they adopt a child has increased to $10,000. It was $3,000.
 For tax help, call (208) 334-7660 in the Boise area or toll free at (800) 972-7660.
 

Category:

Signal American

18 E. Idaho St.
Weiser, ID 83672
PH: (208) 549-1717
FAX: (208) 549-1718
 

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