TAX-AIDE Whats New: Colorado (Draft) Child Care Tax Credit Expansion Marijuana Business Expenditure...
-
Upload
gregory-chase -
Category
Documents
-
view
214 -
download
1
Transcript of TAX-AIDE Whats New: Colorado (Draft) Child Care Tax Credit Expansion Marijuana Business Expenditure...
TAX-AIDE
TAX-AIDE
Whats New: Colorado (Draft)
• Child Care Tax Credit Expansion
• Marijuana Business Expenditure Calculation
TAX-AIDE
Colorado Child Care Tax Credit
● If you did not file a federal income tax return, you may still be eligible for the Low Income Child Care Expenses credit. To claim the low income credit, you must complete and submit with your Colorado return, federal form 1040 and 2441.
NTTC – PowerPoint Guidelines 2
TAX-AIDE
Colorado Child Care Tax Credit
● Fed Form 1040 , 2441
● Colorado Form DR 0347
● Colorado Form 104CR
NTTC – PowerPoint Guidelines 3
TAX-AIDE
Colorado Child Care Tax Credit
New Provision
● Even if there is no Federal Tax due, Colorado will allow a credit based on a new low income Table B on DR 0347
● After all forms filled out, amount from form 104CR will be placed on line 32 “Refundable Credits” on CO form 104
NTTC – PowerPoint Guidelines 4
TAX-AIDE
Colorado Child Care Tax Credit
● All child care credit forms filled out are to be included with Colorado return
● May require paper filing unless all Colorado forms available on Tax Wise
NTTC – PowerPoint Guidelines 5
TAX-AIDE
Colorado 104, Line 16 Colorado-Licensed Marijuna Business
Retail business or cultivators selling within the confines of their industry
NTTC – PowerPoint Guidelines 6
TAX-AIDE
Line 16 Deduction
● Schedule C under Federal Guidelines
● Schedule C with normal expenses
● Difference is line 16 Deduction
● Both schedules need to be submitted
NTTC – PowerPoint Guidelines 7
TAX-AIDE
Colorado: Property Tax Credit
● SB 14-014 established minimum PTC
● Final draft will contain new thresholds and credit calculations
● Makes more people eligible for credits
NTTC – PowerPoint Guidelines 8