Taxes in Colorado

Colorado income tax applies to all individuals and corporations operating within the state borders. A family in Colorado is expected to pay an average of $2,315.00 annually on taxes, and that is based on the family having at least one spouse employed.
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Colorado’s individual tax rates are set at 4.63% for both singles and couples. Colorado does not follow the same laws that most states in the United States follow, instead each individual must file for their own taxes.

Any and every resident of Colorado that made an income within the year is obliged to file for taxes by the IRS.The IRS will continue to accept tax applications until April 15, 2015, which will then be the deadline to submitting a request for a return. Applying could be done online via various methods, and it is a requirement for everyone to submit their return. All type of work and income counts for tax purposes.

Every individual must include all income and expenses for an accurate return.colorado-state-taxes-01

Colorado Tax Deductions

There are no standard deductions allowed by Colorado residents. This applies to both individuals and corporations. Deductions are not expenses, and all expenses passed by the Federal tax laws will still be exempt from going into the net profit. There are no personal exemptions in the state of Colorado. Only exemptions must be federally approved items. Whether or not an individual has a dependent, no deductions may apply on normal purchases. That applies to all items under state and federal law.

Income Tax Forms

There are different tax forms specified for each income category. The proper form must be filled in order for the return to be filed correctly. The forms available for filing:

  • Form 104 – Individual Tax Return
  • Form 104EP – Estimated Individual Income Tax Return
  • Form 104PN – Nonresident income Tax Return
  • Form 204 – Estimated Income Tax Underpayment Form

After the filing process is complete, there will be either a sum to be received or a sum to pay. If there is money owed to the IRS, paying is easy and can be done online by mailing a check to the IRS with your account information, or by using money order. Paying for taxes can also be done via debit or credit card right after receiving the response from the IRS.

Sending the IRS forms can be done to two places:

-Estimated Income Tax Returns
Colorado Department of Revenue
1375 Sherman St.
Denver, CO 80261-0008

-Income Tax Returns
Colorado Department of Revenue
1375 Sherman St.
Denver, CO 80261-0005

You can save yourself a whole lot of time by filing for your taxes online. E-filing can be done right away and the response news will come much faster than by mailing the form. Filing electronically is much better than filing using a form, and there is an income calculator that will help add and subtract everything needed to make the total as accurate as possible.