There are some things in life that we don’t quite enjoy doing, but that we absolutely know we have to do. Taxes are certainly high on the list of those things. Of course, things are always easy for those people who have tax resolution Colorado advisors on their side, but let us not get ahead of ourselves, since we need to talk about something else first.
As I have started saying, there are some things in life that we don’t like doing, and taxes are certainly on the list. Does that, however, mean that we should just let things be and avoid doing what the state of Colorado requires us to do? Well, I suppose that you could try and do that, but you would definitely get into quite some trouble that way.
Just because you always get frustrated with the idea of doing taxes, it does not immediately mean that you can give up on doing them. Your frustration alone is not enough to exempt you from anything like this. I suppose that you are perfectly aware of that, though, and that you wouldn’t even dream of ignoring your financial obligations.
If you do decide to ignore them, though, then you should get ready to pay some penalties. It is not uncommon for people to wait until the very last minute to do their state taxes, only to realize then and there that they don’t know how to do everything correctly and that things will take longer than they expected. Does this sound familiar?
In case you’re doing things last minute and want to avoid being late, this might help: https://www.kktv.com/2022/04/14/what-last-minute-tax-filers-should-do-now-ahead-mondays-tax-day-avoid-penalties/
Anyway, when you try to do things last minute, you are bound to be late. As mentioned above, there are penalties for being late. That is why you need to get adequately informed on a couple of important things that will help you avoid being late and paying those penalties.
Among other things, you’ll need to learn what the deadlines are, and then you will also have to learn what the penalties are. Once you get familiar with the penalties, you might be more motivated to do your taxes on time instead of risking being late. After all, why would you pay more when you can do everything correctly and pay less?
When Should You Pay State Taxes In Colorado?
So, our task for today is to get your properly informed on when you should pay state taxes in Colorado, as well as on what the penalties can be if you are late. Of course, we need to take this one step at a time and that’s why we are starting with the question of the deadlines. I am sure that you are aware of the Tax day already, further explained here, referring to the federal taxes and the deadlines.
Well, if you’re aware of that day, you should know that the deadline for your Colorado state taxes is quite similar. In short, you need to pay those by April 18th. There might be some exceptions sometimes, and we have to mention that you should always check for the deadline in your specific state if you’re not based in Colorado, so that you don’t make any mistakes.
Does the above mean that you are late if you pay on the April 19th? Well, in theory – yes, it does. Of course, it means the same thing in practice unless you do something that can help you extend the deadline. In simple words, if you file a tax extension, you can have the deadline extended until October, which is definitely a good thing for all of those people who suddenly realize that they won’t be able to meet the April deadline.
So, to sum thing up, April 18th is the deadline in Colorado. You won’t, however, pay any penalties if you file a tax extension. That’s because the extension will move the deadline to October. So, don’t sweat about it if you cannot make it in April. You still have another chance.
What Is The Penalty For Being Late?
As I have said quite a few times, if you don’t pay your Colorado state taxes on time, you’ll face a penalty. If you are worried that you might be quite late, you definitely want to know what the penalty will be. So, let me explain that for you right away.
In the simplest words possible, the penalty equals either $5 or 5% of the unpaid taxes, whichever is higher, for every single month you are late. This might not sound like a lot when you look at the numbers this way. If, however, you do some calculations, you will realize that the amount can definitely turn out to be high. The later you are, the more it will cost you.
How To Avoid Being Late?
Regardless of how much this will actually cost you, there is no doubt in my mind that you would like to avoid the penalties. The only question is – how can you do that? Well, that’s a million dollar question, isn’t it?
I don’t know if I could call it a million dollar question when the answer is so obvious. In order to avoid being late, you simply have to, well, do your taxes on time. So, do your calculations, perhaps after getting some help at https://tax.colorado.gov/individual-income-tax-guide, and pay those taxes.
That probably wasn’t the answer you expected, and I understand why. After all, you know that you should pay things on time, but you sometimes simply don’t know how to manage to do everything on time. I have a solution for that as well.
The solution is for you to hire experts to help you. There are certainly a lot of firms out there that specialize in doing people’s taxes. So, your task is to use their expertise to your advantage. Research various firms and choose experienced and reputable professionals to help you file everything without being late. That way, you’ll avoid the penalties.