The income tax in the state of Colorado is fixed at a particular level of 4.63% of the whole federal income no matter what the level of your income is. The date for the last day of tax payment is the fifteenth of April. If it does fall on a weekend or a holiday, the last day would be the next working day. Sometimes the day may fall anytime within the following week after the fifteenth. Many a times an additional day is given for completing the state returns and also filing them. The Colorado state taxes may also be filed online. It is called Net File. It can be done by the TeleFile system which is done through a touch phone. During the season of tax payment, these two options are provided at all times of the day. Most of the people of Colorado use either one of these methods for sure.
Another tax of the Colorado state is the sale tax that we usually go on with everyday. For all retail sales the sale tax is 2.9% in Colorado. Some of the cities or countries may have an additional rate to this base rate. The common district taxes which are special are:
1. Cultural facilities district (CD)
2. local improvement district (LID) within the boulder countries or parts of southeastern Jefferson
3. football stadium district (FTBL or FD) to help in building the Denver broncos stadium
4. Regional transport district (RTD) for countries like Denver, boulder, Jefferson, portions of Arapahoe, Adams, Douglas, Broomfield.
5. Regional transport district (RTA) taxes in Carbondale, basalt, Gunnison county and Glenwood springs.
You can check on the rates for the different cities or counties through the online rate finder connected to the revenue department.
Personal business properties of people in Colorado are taxed. Furniture, computer, equipment, furniture, shelving and other different items may help us indirectly or directly to get us income for our business.
Property taxes are also taxed. This depends on the level of percentage depending on the present value of the property. You can easily get the tax bill of the property by multiplying the local rate for tax with the assessed value.
For those who have passed away after the first of January in the year 2005 after the change of the federal law, estate taxes and inheritance do not apply. The state however does not provide you with any sort of gift tax after the first of January in the year 1980.
There are fifteen funds where you can direct your money to. Bonds, stocks and bank accounts are not taxed. To get more information you can log onto the Colorado state tax website.