- The Finance Gourmet

When Can I File Colorado Income Taxes

January 23, 2023January 22, 2023 by Finance Gourmet

Colorado Delays Acceptance of 2022 Online Taxes A majority of Coloradoans file their income taxes for free, or via a paid tax program like TurboTax, using Colorado’s online tax forms. Once you know how to file Colorado income tax, the rest is easy. The Colorado Department of Revenue will not accept income tax returns until January 2023. Filing Colorado Income Taxes Online Several laws passed during the 2022 legislative session changed numbers, percentages, forms, and eligibility for various tax deductions, tax credits, and tax-advanced contributions. The one-month delay won’t affect most Colorado income taxpayers. Colorado taxes require completion of Federal income taxes to generate most of the inputs needed for Colorado income taxes. Both state and federal law give employers, and others, until January 31 to generate and send most required tax forms. Thus, the change will only affect taxpayers with simplified taxes whose only employers and contractors created and sent the various W2, 1099, and K-1 forms. Use the Colorado Department of Revenue’s tax updates site to keep up with any new changes.

Colorado Income Tax Tips

January 23, 2023June 18, 2022 by Finance Gourmet

I live in Colorado. Most personal finance and achieving financial independence applies to everyone, nationwide. When it comes to taxes though, there is a great deal of variation among states. I may dig into some other states as time provides, but for now, here are some 2022 Colorado Income Tax Tips for the taxes filing in early 2023. Colorado Income Tax Rate 2022 The best part of writing about 2022 Colorado Income Tax Rates is that the state has a flat tax. In other words, everyone in Colorado pays the same tax rate regardless of how rich or poor you are. Before you get all up in arms, percentages are by their nature, progressive. That is, someone will $500,000 income paying 5% will pay more taxes ($5,000) than someone paying $100,000 ($1,000). The worst part of writing about Colorado income taxes is that unlike the drawn-out battles of doom in the U.S. Congress to change anything in the Federal income taxes, Colorado’s income taxes change all the time, sometimes automatically. Such is the case for 2023 where Colorado’s TABOR law will make the Colorado Income Tax Rate for 2022 down to 4.4% from 4.5% in 2021. In addition, Coloradoans will …

Colorado Tax Refunds 2022

August 11, 2022May 6, 2022 by Finance Gourmet

This summer, Colorado sales tax refunds are coming via check to everyone who filed Colorado income taxes by June 30, 2022. If you filed after that, you might be out of luck, or some people will get their Colorado Tabor refund 2022 in early 2023. Update: The checks are in the mail! What Is This Colorado Summer Tax Refund? This is the Tabor tax refund that Colorado taxpayers normally get when they file their taxes. If you’re new to Colorado politics and government, taxpayers passed a law back in 1992 called the Taxpayer Bill of Rights, or TABOR. Among other things, it limits the amount of tax revenue the state can collect each year to an increase based upon inflation and population growth. If the state collects too much money, then it must refund the excess to taxpayers. This is often referred to as the TABOR surplus by politicians, and the TABOR refund by Coloradoans. How Colorado TABOR Refunds Usually Work The Colorado government runs on a fiscal year that runs from July to June, not a calendar year from January to December. Normally, when the fiscal year ends in June, the Colorado state government counts all of the tax …