Navigating the rules and regulations with sales tax accounting and filing is very involved. Good news, we are here for you!
We help you meet all the deadlines so you can focus on your business while staying compliant with the state of Colorado.
WHO MUST FILE SALES TAX?
If your business will be selling, renting or leasing tangible personal property, you MUST get a Sales Tax Account/License and file timely sales tax returns. Filing frequency is determined by the amount of sales tax collected monthly.
You must file a sales tax return every filing period, even if no sales are made and no tax has been collected.
Sales tax is calculated based on the address where the taxable product or service is delivered. Thus, destination sourcing must be used to determine the sales tax rates for each deliverable. To see the rates applicable to each of your sales, go to https://colorado.ttr.services/
This compliance requirement applies to ALL businesses within Colorado, regardless of sales volume. No exceptions will be granted by the Department of Revenue.
Let AccountAble Business Services Help!
“Margaret might as well be adopted for how much and how long our family owned and operated business has relied on her! Great Divide Door Service, founded in 1997, would not have grown with such ease and confidence without her ongoing attention to detail. ABS staff knowledgeably answer our questions and reliably notify us of anything new that affects our small business. They know how and where we operate, serving residential and commercial clients, and make incorporating change easy for us.
Dustin Mackle, Co-Owner – Great Divide Door Services, Lakewood, CO
“Margaret Riggs with AccountAble Business Services has been a Godsend. I cannot imagine being in business without her knowledge and expertise to guide and assist me. I am reassured by her on-going commitment to current tax issues that impact my business. I do, and have, recommended Margaret for her level of professionalism. I am grateful for her staying on top of my payroll, sales tax filings and year-end taxes so I can focus my business.”
Lisa Amdal — Sole-Proprietor — Embroidered Vision — Aurora, CO
No matter how you collect sales tax, the State of Colorado requires that you:
You can see why when you attempt to read applicable information on the Colorado Department of Revenue Taxation Division website: https://tax.colorado.gov
Please note that failure to file or pay Colorado sales tax by the applicable due dates may result in a penalty.
