Quick facts:
-Colorado is inexpensive to open an LLC.
-Colorado has a flat tax rate based on your Federal taxable income
The state of Colorado is one of few states with a flat individual income tax. Colorado’s individual tax rate is 4.63% of your Federal Taxable Income.
Colorado also has Local & City income tax* in addition to the regular state income tax. Colorado’s the Local & City tax is unique, since it is accessed on wages (as an additional Payroll Tax). The only other state that does this is West Virginia.
There are just five (5) cities in Colorado which the additional tax is assessed. They are:
The state of Colorado has the same rate of 4.63% for both individual and corporate taxes. It is considered a state with one of the most favorable business rates in the country.
Like many states, Colorado has multiple tax rates. One at the state level and another at the local level. The state rate is 2.90% the average local rate is 4.75% (total average rate for Colorado Sales Tax is 7.65%)
The average property tax rate for residential property in the state of Colorado is 0.56%, making it a very preferable place to own property (the national median is 0.93%).
Unemployment taxes usually consist of three factors. They are the wage base, range of rates, number of schedules. Below is an outline of the three:
Colorado is one of the least expensive state to open an LLC. Here are some important facts:
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