DENVER — Colorado started processing revenue tax returns from third-party providers Friday, the Division of Income introduced.
For tax yr 2024, single filers will obtain a median of $326, whereas joint filers will obtain a median of $652, in response to the forecast from the Colorado Legislative Council.
The Colorado Division of Income additionally shared a brand new on-line, tax advantages useful resource for tax yr 2024.
The web site is organized into 4 high-impact tax teams: households and people, seniors and retirees, charitable contributions and local weather pleasant. The net useful resource has a primary overview of every tax profit so every group can determine in the event that they’re eligible. The Colorado Division of Income reminds state filers there are dozens of tax breaks for tax yr 2024.
The Colorado Earned Revenue Tax Credit score can save a pair $1,334 in the event that they make an adjusted gross revenue of $50,000 with two youngsters and file submitting collectively. The Colorado Youngster Tax Credit score can save guardians as much as $1,200 per baby for kids below 6 years outdated. The Household Affordability Tax Credit score can save filers as much as $3,200 for every baby below 6 and $2,400 for every baby between 6 and 16 years outdated. There’s additionally the Colorado Promise Greater Schooling Tax Credit score, which varies relying on college.
State
When are you able to file your 2024 Colorado taxes? State says this week!
A invoice was additionally signed into regulation final yr, chopping the revenue tax charge from 4.40% to 4.25% in 2024, as a result of extra income surpassed the $1.5 billion benchmark required to set off the tax charge discount. The surplus will likely be distributed to taxpayers within the type of TABOR refunds.
The tax submitting deadline for tax yr 2024 is April 15, 2025. Colorado does provide a six-month extension for submitting; nevertheless, filers should make any funds due by April 15.
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