Locate Colorado Tax Lawyers
In Colorado "taxes" are monies taken from individuals or corporations by the government, at a rate set by law.
The taxes that Colorado collects pay for necessary public services like roads, firefighters, police, courts, schools, and many other benefits that come with living in a modern society.
Everyone who legally resides in Colorado is obliged to pay their taxes. If you don't pay the taxes assessed against you, you are committing a serious criminal offense, punishable by jail time and large fines.
Sources of Tax Revenue in Colorado
Taxes in Colorado can be derived from a large number of different sources, and in different amounts. The most typical sources of tax revenue nationwide are Sales Tax, Income Tax, and Property Tax.
Sales Tax: Most states collect a tax on the sales of goods. In Colorado, the sales tax is calculated as a percentage of the sale price of most (but typically not all) items. Technically, the tax is assessed against the sellers of goods. However, the vast majority of vendors pass this tax onto their customers, adding it to the marked price of a product at the point of sale.
Income Tax: Everyone in the U.S., including residents of Colorado, is obliged to pay a federal income tax, assuming they bring in any income. Most states also have a personal income tax, though some states do not. The majority of Americans derive almost all of their income from employment wages. Normally, their federal and (if applicable) state income taxes are deducted from their paychecks. This is beneficial, in that your taxes are paid as you go, and you usually don't have a large tax bill at the end of the year. Depending on one's income, the federal income tax rate can be as low as 10%, or as high as 33%.
Property Tax: In Colorado, a tax is levied on every piece of privately-owned land, including residential lots. The state simply appraises every piece of property in its territory, then taxes the owner a percentage of the property's value. Normally, the assessed (taxable) value of the property is considerably less than its market value. To avoid paying a large property tax bill at the end of each year, most homeowners pay it in monthly installments, frequently as part of their mortgage payment.
How Can A Colorado Tax Lawyer Help?
Everyone in Colorado who engages in any type of economic activity, whether it's working at a grocery store, or owning one, is going to have to pay taxes.
Tax Law in Colorado can get fairly intricate. In fact, many lawyers in Colorado who practice tax law specialize in that field, and don't practice any other area of law. This should give you a sense of how complicated tax issues can become. Consequently, if you have any legal issue that involves your taxes in Colorado, you should consult with an efficient tax lawyer ASAP.
Interesting Facts About Colorado
Colorado is named after the multi-colored banks of the Colorado River. Its nickname is "The Centennial State", since it achieved statehood on the centennial year of the U.S. Declaration of Independence (1876). Former President Gerald Ford was from Colorado, as was U.S. Supreme Court Justice Byron R. White.
Colorado lawyers usually assist clients at the trial court level in either the County Court system or the District Court system. Appeals are heard at Colorado's Court of Appeals or at the Colorado Supreme Court. Colorado also has a unique system of 7 different Water Courts, which preside over cases involving water rights and water usage. The Colorado Supreme Court has tried many infamous cases such as Kobe Bryant's 2003 assault case in Eagle County.
Colorado is also known for its immensely complex body of tax laws. This is due to the fact that Colorado operates over 3,000 different districts, each with individual taxing authority. Such districts include regulation over education, water, transportation, and other services. In Colorado, the sales tax rates may be different even from street to street.
Lawyers in Colorado have experience in dealing with the state's network of laws. Colorado lawyers work to provide clients with outstanding services and legal advice. You may contact an attorney in Colorado if you need help filing a lawsuit or if you need answers to legal questions.