Form 1040 (Schedule B) online Colorado Springs Colorado 2024-2025

Form 1040 (Schedule B) online Colorado Springs Colorado: What You Should Know

Th St. • Colorado Springs, CO 80914 Dated: November 16, 2013 (File or make a payment at any Colorado Springs Business Center. ) Colorado Springs Tax Office, Sales Tax Section Tax-Free Business Tax Credits Program The City of Colorado Springs Sales Tax Office supports a tax-free business tax credit program for companies in our city. The program is available to both large and small business owners and is intended to encourage small businesses to grow and create new jobs. We encourage local businesses to apply for these tax credits. The state of Colorado has established an income tax credit that may be used for eligible small businesses that spend a certain percentage of the tax on small business-owned inventory. To qualify for the tax-free business tax credit, a small business must sell, buy or rent small business-owned inventory to a business in the same or a related industry. Sales from related industries do not count toward the small business-owned inventory limit, even if the inventory is purchased or rented by the business from a company or individual in a related industry. To be eligible for the Small Business Tax Credit, you must first obtain a business license from the City of Colorado Springs. The current Small Business Tax Credit program regulations can be found here. There are several ways to qualify for the Small Business Tax Credit, all of which require a minimum amount of inventory sold or leased through the program. Your small business must make a payment or deposits in the tax-free business tax credit fund at least once every calendar quarter, during which it has to purchase, lease, or use in-kind revenue from other participating businesses. If you sell or lease inventory during a calendar quarter, you must report gross income for that quarter on line 18a, line 18b or line 18c of Schedule R (Form 1040) as the sale or leased goods or services were sold or leased (or are used in the purchase or lease) by the small business during that quarter. The amount of gross income is limited as described above on Line 18b and Line 18c. If you don't meet the credit eligibility requirements, you must allocate the amounts for the credit on line 21.

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