Estimated income tax payment tips

Taxpayers who are self-employed or who must pay withholding income tax themselves(where an employer or entity is not withholding Colorado tax) should make Colorado estimated income tax payments to the Department of Revenue on April 15, June 15, September 15 and January 15 each year. The fourth quarter 2013 estimated payment is due by January 15, 2014.

Colorado income tax filers are urged to keep good records of these income tax pre-payments.

1. Whether you pay through Revenue Online or by check with the 104EP voucher, make sure the payments made during the year are credited to your Colorado income tax account. You can keep track of your payments by signing up for account access in Revenue Online.

2. When it’s time to file your income tax return, be sure you are not under-claiming or over-claiming your estimated tax payments. If your records do not match the department’s records, this will cause delays in processing your income tax filing and any refund you may be expecting.

3. The payments are commonly referred to as Estimated Tax Payments (including prepayments and credits) on the 104 paper tax form and in the Revenue Online tax form. The Estimated Tax Payments line on the 2013 individual income tax form 104 is the line where you will claim the payments you made during the year when you file your return in 2014.