Colorado LLC Taxes

The following information is provided for educational purposes only and in no way constitutes legal, tax, or financial advice. For legal, tax, or financial advice specific to your business needs, we encourage you to consult with a licensed attorney and/or CPA in your State. The following information is copyright protected. No part of this Lesson may be redistributed, copied, modified or adapted without prior written consent of the author. Depending on your type of business, you will likely need to register your LLC with the Colorado Department of Revenue. You will also need to file annual state income taxes as well as other tax documents depending on the structure of your business and whether or not you have employees. Calculating your tax obligations in Colorado can be complicated and if done properly can negatively impact your LLC. We recommend that you get help from a tax professional once your LLC is formed. Hiring a tax professional will not only help you keep your LLC in compliance with the State, but will also giving you an advisor to go to for other business questions. Whether your business turns a profit or loses money, you will still need to file tax documents every year. This is not something to be taken lightly. If you want to run a serious business and not get in trouble with the State, you should get assistance in filing your taxes properly. How to find a good CPA or accountant. A referral from a friend or someone else you trust is usually the best way to find someone to do your taxes. You can also ask co-workers, acquaintances from local clubs organizations, your neighbors and other business people. You could also ask your Twitter, Facebook, LinkedIn, and other social media friends and maybe find a trusted name from a friend of a friend. It’s as easy as typing in your social media accounts “Hey, I just formed an LLC. Does anyone know a good accountant?” If you can’t get a personal referral, then try doing a search online for “accountant” or “certified public accountant” and looking for someone with a strong track record. You should also want someone who’s a good fit for your company, makes you feel comfortable, and is willing to answer all of your questions. It should be someone you like personally as well as professionally. It’s okay to take your time to find the right person. We recommend talking with at least 2-3 people before making your final decision We hope you find a great tax professional. And that concludes this Lesson.