Individual Income Tax Forms
Form 104 Colorado Individual Income Tax
Corporate Income Tax Forms
Form 112 C-Corporation Income Tax
Form 112X Amended Colorado C-Corporation Income Tax Return
Sales Tax Forms
Form DR0100F Retail Sales Tax Return 2011
Form DR 0137 Claim for Refund 2011
Form DR-1306 Individual Consumer Use Tax Return
Form DR-0252 Consumer Use Tax Return
Form DR-0251 RTA Consumer Use Tax Return
Property Tax Forms
Form 2011 Colorado Property Tax-Rent-Heat Rebate Application
Colorado Tax Forms: Everything You Need to Know
As a Coloradoan, paying state taxes is a legal requirement. Thanks to the Colorado Department of Revenue, filing taxes in the state is easy and straightforward. While taxes may seem daunting and confusing, understanding the process and forms can make things a lot easier. In this article, we’ll cover everything you need to know about Colorado tax forms.
Why Do You Need to File Taxes in Colorado?
If you earn income or are a business owner in Colorado, you are required to file taxes in the state. Colorado’s state tax requirements are similar to those of other states in the country. Residents of Colorado must file a state tax return by April 15th every year to report their earnings, deductions, and credits.
For businesses in Colorado, there are different corporate tax forms and schedules that must be filed. Even if you have a small business with no income tax, you still need to file a business personal property declaration.
What Are the Different Types of Colorado Tax Forms?
Colorado state taxes are filed using various tax forms, schedules, and worksheets. Here are some of the main forms and schedules you need to know to file taxes:
1. Individual Income Tax Forms: Form 104
Colorado requires its residents to file Form 104, which is an income tax form. It is used to report wages, tips, interests, and other income sources. The form also allows residents to claim credits, exemptions, and deductions. If you are e-filing, you can use the free TaxACT software easy-to-use and will guide you through every step of the process.
2. DR 0100: Sales Tax Return
DR 0100 is a sales tax form that must be filed by retailers in Colorado. It’s used to report sales and use tax by Colorado retailers. Businesses that have a physical presence in Colorado or make sales to Colorado residents are required to pay state sales tax.
3. DR 2519: Withholding Tax Form
Employers in Colorado are required to withhold taxes from their employees’ wages and submit them to the state. Form DR 2519 is used by employers to report the amount of tax withheld.
4. DR 1366: Property Tax Relief
Colorado provides senior citizens and disabled residents with property tax benefits. DR 1366 is the form used to apply for this benefit, which is based on income.
5. DR 0104PN: Pass-through Entity Tax
A pass-through entity is any business that reports its income on the individual income tax form of the owner or owners. DR 0104PN is the form used to report pass-through entities’ income and tax due.
6. DR 0200: Payment Coupon
DR 0200 is a payment coupon used to pay Colorado state taxes. You can use it to pay for income tax, sales tax, and other state taxes.
7. DR 1778: Hardship Application for Property Tax Relief
DR 1778 is a hardship application for property tax relief. It is used by taxpayers who are struggling to pay their property tax due to financial hardship.
What’s New in Colorado Tax Forms for 2021?
Like many states, Colorado updates its tax forms and regulations every year. Here are some of the changes you should know about for the 2021 tax season:
1. State Income Tax Penalty Waived
In response to the COVID-19 pandemic, Colorado waived the penalty for taxpayers who couldn’t make state tax payments. This waiver applied to payments made from March 20 to July 15, 2020. If you were unable to pay state taxes during this period, no penalty will be charged.
2. Standard Deduction Increased
For the 2021 tax season, Colorado has increased its standard deduction. Single filers can now claim $13,630, while married filers can claim $27,260. This increase means taxpayers can take more deductions on their state tax returns.
3. Pass-Through Entity Taxes
Starting with the 2021 tax year, owners of pass-through entities with income over $250,000 are required to pay an entity-level tax. This additional tax is intended to help fund education and transportation projects in Colorado.
What to Keep in Mind When Filing Taxes in Colorado
When it comes to filing taxes, there are a few things you should keep in mind to ensure a smooth process:
1. Prepare Early
Preparing your tax return early can help you avoid stress and errors. Make sure you have all the information you need before filing, including copies of your W-2s and other tax forms.
2. Take Advantage of Tax Credits
Colorado offers several tax credits that can help reduce your tax payments. Before filing your taxes, research available tax credits and claim those you are eligible for.
3. Consider E-filing
E-filing is a quick, convenient, and secure way to file Colorado state taxes. The state offers free e-filing options, making it easy to file online from the comfort of your home.
Conclusion
Filing taxes can be a daunting process, but understanding the forms and regulations can make things a lot easier. Knowing the different types of Colorado tax forms and schedules is essential to successful tax filing. As changes are made each year, it’s important to stay up-to-date on new regulations and forms. By following the three tips above, you can make the process of filing taxes in Colorado less stressful and more manageable.
