As a Colorado business owner, you'll need to understand how tax laws in Colorado affect your company. State laws are different for each industry and business, and they frequently change.
Tax laws determine Colorado income tax, sales tax and property tax rates. Since understanding and facilitating tax compliance can take up valuable time, business owners often choose to commission a tax law legal professional in Colorado to make the legal side of their business functions smoothly. Doing so yourself frees you to focus your energy on managing and growing your company. It's important to remember the following about Colorado taxation laws:
1. There are many deductions under taxation law. A complete understanding of Colorado state tax law could save your business substantially amounts of money.
2. Colorado tax law works in conjunction with federal tax law, possibly local tax law, and sometimes municipal tax law. Ask your CPA when one overrides the other.
3. Partnering with a tax law legal professional in Colorado, like an attorney, can save your business from unnecessary audits.
Action Steps
The best contacts and resources to help you get it done
Learn about Colorado primary tax law and file your own returns
If you are a very small business with minimum resources but some time to devote to the task, you can file your own taxes. There are many online resources available to help you understand specific state laws and how they apply in your situation.
I recommend: The
Colorado Department of Revenue has online tax forms available for business owners to download. You can also make use of their e-file services.
Federation of Tax Administrators can lead you to other state tax documents, should you need them. Also consider software programs like
Quicken to help organize your expenses, or
TurboTax to file taxes in your state.
Partner with an accountant or CPA to comply with Colorado business tax law
Some business situations demand that you outsource your taxes to a professional. This way you know you're compliant with state requirements, and can avoid the inconvenience of penalties and audits. Whether it's part-time or full, basic accounting services or complex, consider hiring a tax professional. You can partner with an accountant who performs general accounting services, or a CPA qualified to handle complex accounting needs.
I recommend: Brock and Company CPAs, PC is a Colorado-based CPA firm that offers financial planning and tax preparation services.
Ehrhardt Keefe Steiner & Hottman, PC has offices in Denver, Fort Collins, and Boulder, Colorado. These Colorado tax attorneys offer a variety of tax, accounting and administrative services to small businesses.
Hein & Associates, LLP is a Southwestern regional accounting firm; you may consider them if you plan on expanding beyond Colorado.
Choose a Colorado tax attorney for legal tax assistance
You may also select from Colorado tax lawyers to handle your company's financial services. Tax law legal professionals in Colorado can ensure that your business is compliant with state tax laws, and they provide tax counseling on a wide array of transactions.
I recommend: The
Law Firm of Bruce A. Danford, LLC offers services and advice on many tax issues, including filing the appropriate documents to create an LLC, LLP, corporation or other business entity. Denver-based
Krendl Krendl Sachnoff & Way, PC provides tax planning for potential futures transfers to family members and employees, among other things.
Tips & Tactics
Helpful advice for making the most of this Guide
- When you look for a professional to prepare your taxes, steer clear of CPAs or accountants who claim they can get you more deductions than their competitors. They're either lying to you, or willing to violate Colorado tax law; neither scenario is good.
The official source of Colorado Tax Law is the Colorado Tax Law page at Business.com
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