Colorado Department of Revenue
Denver, CO, January 3, 2012 – Taxpayers are advised to start planning and organizing their records now for the income tax filing season. Don’t put off planning and filing until April. Starting early can save you time if you realize you need to obtain additional records. Then file quickly, easily and securely through any of several Colorado income tax electronic filing methods.
1. Discover the convenience of Revenue Online now. Taxpayers can set up their own login ID and password to access their Colorado income tax records at www.Colorado.gov/RevenueOnline Having access to your tax account in Revenue Online is similar to online banking. Sign up now, before you file. See the tutorial on the Individual services page for sign up steps. Some examples of things you can do in your account are:
· View and print copies of your tax returns (back to 2009)
· View 1099-G amounts for prior year tax refunds issued by the Department of Revenue
· View payment history
· Get refund status
· Upload electronic copies of tax documentation to your account
2. Start gathering your records. Collect any documents, information or forms you need when you file your taxes. This is documentation needed to support your tax credit or subtraction claims. Then start checking for W-2 and 1099 statements by mail or other distribution methods. Put things in a safe place until you’re ready to file. Print and keep records of how you calculated your Colorado income tax for at least four years.
3. Decide how you will file your Colorado 2011 tax return
· Revenue Online. You can file a return through Revenue Online without signing up for a login ID and password. Colorado NetFile is now part of Revenue Online. Filing through Revenue Online is free, secure and convenient.
· Federal and State Electronic Filing. This is another option available by purchasing tax software at a store or online, or finding a paid tax professional. Paper copies should not be mailed to the Department of Revenue when filing electronically.
· Filing on paper will take longer to process and increases your chances of errors, which delays refunds. You should only file on paper if you cannot use one of the electronic filing methods. Paper forms and booklets are still available at participating public libraries or on the Colorado Taxation Web site, www.TaxColorado.com
4. Important notes for 2011 individual income tax
· The Tuition Program Contribution on line 10 of the 104 form requires the Account Holder Name and Account Number of the beneficiary. This will help match up the donation to a grandchild, child or other relative with CollegeInvest records.
· Each line on the 104CR form describes the requirements for obtaining that tax credit. Taxpayers will know what is required to claim a specific credit without needing to refer to separate instructions.
5. When to file. Filing as early as you can will mean you’ll get your refund sooner. You can get your refund in 10 days by e-filing and asking for Direct Deposit. If you file on paper, refunds could take as long as 12 weeks. The deadline for filing 2011Colorado income tax is Tuesday, April 17, 2012. April 15 is a Sunday but the next business day is the Emancipation Day holiday in Washington, D.C., where the IRS is headquartered. Colorado follows the federal income tax deadline.
6. Owe Tax? Payment by echeck or credit card is available through Revenue Online, regardless of how you file your return. Nominal service fees will apply.
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