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Welcome to Colorado Tax Lawyers.com
Did You Know?
If you have employees, you are responsible for Federal Taxes
If you have employees, you are responsible for several federal, state, and local taxes. As an employer, you must withhold certain taxes from your employees pay checks. Employment taxes include the following. Federal income tax withholding Social Security and Medicare taxes Federal unemployment tax act (FUTA).
Tax Law is divided into both Federal Tax and State Tax, and involves the taxation of income and property acquired through personal and professional efforts. In addition to income tax, there is sales tax, gift tax, inheritance tax, capital gains tax, property tax, and a myriad of other areas of tax.
Tax collections shown for various States
Amounts include adjustments to prior years made in Fiscal Year 2004. This could produce negative amounts of collections shown in the table.However, in a given fiscal year, refunds relating to prior fiscal years may be issued and subsequently recorded, and, therefore, the total refund amount may exceed the collection amount [Money amounts are in thousands of dollars.] in Colorado
Total Internal Revenue collections [2]
34,660,999
Corporation income tax [3]
2,131,191
Total [4,5]
30,621,321
Income tax not withheld and SECA tax [4,5]
5,009,197
Income tax withheld and FICA tax [4]
25,496,795
Railroad retirement tax
8,487
Unemployment insurance tax
106,843
Estate Tax
337,041
Gift Tax
5,659
Excise Taxes[2]
1,565,787
Source: Data 2004, Chief Financial Officer, Revenue Financial Management
Federal Income tax became law in 1913 when the Sixteenth Amendment to the U.S. Constitution was ratified. While some states do not have an income tax, all residents and citizens of the United States are subject to federal income tax. The more assets an individual owns, unfortunately, the more complicated the tax law becomes.
Congress writes the tax laws, which become part of the tax code. The Internal Revenue Service (IRS) is charged with interpreting the tax code. The IRS is a branch of the U.S. Treasury Department, with headquarters in Washington, D.C., and is ruled by a commissioner appointed by the President. Regional commissioners and district directors, also political appointees, oversee IRS operations.
Our Colorado Taxation Lawyers are willing to work for you. They can explain in detail the complex state and federal tax laws that affect you and your case. If you expect a high standard of quality from your legal representatives, then our Colorado Taxation Lawyers are the lawyers for you.
Senate Republicans Seek End to Estate Tax
AUDIO, RM, 44Kbps, 7:08, 7/28/2005
The Senate is expected to vote this week on a proposal to repeal the estate tax. The tax has been in place for nearly a century. But times have changed and estate tax opponents are predicting victory Source: NPR
Colorado External Sites
Colorado State Income Tax Information
Colorado State Income Tax Information ... the taxable income computed in step 5 to the following table to determine the annual Colorado tax withholdi Colorado Cities Income Tax Information (Denver)
Colorado Cities Income Tax Information (Denver). Additional Colorado Formulas:. State. State/City Codes. City Tax Status. 08/0600. Duty Station/manda
Newsroom
News about Taxation cases in Colorado and nationwide:
Definition:
One of the oldest and most common forms of taxation is the taxation of property held by an individual at the time of their death. Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the decedent's entire estate, regardless of how it is disbursed.
Excise tax
Definition:
A tax on the sale or use of specific products or transactions.
Depreciation and Section 179 Expense
Definition:
50% special depreciation allowance. For qualified property you acquire after May 5, 2003, you can take a special depreciation allowance that is equal to 50% of the property's depreciable basis. However, instead of claiming the 50% special allowance, you can elect to claim the 30% special allowance or elect not to claim any special allowance.
If you live in the following cities and need an taxation attorney you should contact
our Taxation Attorney as soon as possible:
Arvada
Aurora
Boulder
Brighton
Broomfield
Canon City
Castle Rock
Colorado Springs
Commerce City
Denver
Durango
Englewood
Evergreen
Fort Collins
Golden
Grand Junction
Greeley
Lafayette
Littleton
Longmont
Louisville
Loveland
Montrose
Parker
Pueblo
Westminster
Wheat Ridge
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