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Taxes are a fact; therefore, it is advantageous for everyone to have a general idea of the basic tax structure and other related aspects. A few aspects of the Colorado State tax laws have been explained below:
In Colorado State, the Income Tax rate is fixed at 4.63% of the federal taxable income, irrespective of income levels. The returns are due on the 15th April, like in the other states. However if the 15th falls on a weekend or holiday, the next business day will be deemed to be the last date for filing the tax returns. At times, an extra day may be provided for the filing and completion of state tax returns. Taxpayers have various options to file their returns. The returns may be filed electronically through a system known as NetFile or they can be filed online. The returns can also be filed through the touch-tone telephone by using the TeleFile System. The NetFile and Telefile options are available throughout the tax season for 24 hours a day. Most of the taxpayers in Colorado opt for any one of the 3 options to file their returns.
The next most common type of tax is the Sales Tax. The Sales tax rate fixed at 2.9% of the retail sales. However, some cities or counties in Colorado may have some additional taxes. Some of the special district taxes are given below:
• Cultural Facilities District (CD)
• Football Stadium District (FD or FTBL) to help build Denver Broncos' stadium
• Local Improvement District (LID) within parts of southeast Jefferson and Boulder counties
• Regional Transportation District (RTA) taxes in Carbondale, Basalt, Gunnison County and Glenwood Springs
• The counties Boulder, Jefferson, Denver, and portions of Adams, Arapahoe, Broomfield and Douglas are affected by the Regional Transportation District (RTD)
The Department of Revenue provides an online rate finder where you can check the tax rates for the particular city or county.
In Colorado, business properties are taxed. This includes furniture, equipment, computers and all other items that directly or indirectly help to generate income for business.
Property taxes in Colorado are assessed as a percentage basis depending on the property value. The property tax figure can be obtained by multiplying the assessed value with the local tax rate.
Due to changes in Federal Law, Inheritance and estate taxes are not applicable to estates of owners who died on or after January 1, 2005. The Colorado state does not levy gift tax for properties transferred after January 1, 1980.
Taxpayers in the Colorado state can direct their money to 15 notified funds. The Colorado State does not tax intangible assets like stocks, bonds and bank accounts.
Other relevant information regarding taxes in Colorado State is available on the State's website.
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