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North Las Vegas Nevada Form 1094-B: What You Should Know
Taxpayer should note that: Colorado Sales/Use Tax Exemption Determinations for Employees and Clients The Department of Revenue is committed to maintaining uniformity of tax treatment for all taxpayers and taxpayers of all sizes. Because of the large number of taxpayers who are involved in sales and use tax (BUT) transactions, the Department encourages the most effective and efficient administration of the tax. The Department cannot provide you with tax exemption determinations for your individual transactions. The IRS is responsible for determining the applicability to taxpayers of the State Tax Deduction for Qualified Business or Other Tax Exemptions. However, before the deduction can be claimed, taxpayers must make a claim for the exemption on their individual income tax returns. Colorado Business or Other (B&O) Tax Exemptions Colorado recognizes two kinds of business exemptions from state tax: “qualified exemptions.” Qualified business or other exemptions are tax-exempt from certain state business or sales taxes. Qualified business and other exemptions are generally only available to qualified Colorado taxpayers. To qualify as business or other for purposes of the state sales tax, taxpayer must operate a trade or business or engage in an activity that is taxable if at least 80% of the taxpayer's gross receipts from the transaction are derived from qualifying sales, uses, or other taxable transactions. Qualifying sales, uses, or other taxable transactions include the furnishing or consumption of goods, materials, tools, or supplies to a qualified Colorado taxpayer who is engaged in business or uses the business activity for at least 75% of the taxable period for which the taxpayer was entitled to a business or other exemption. This definition generally includes any transaction or series of transactions in which any of the following qualifying items are used by the business or another: 1. A business taxable to the taxpayer; 2. A business taxable to a partnership; 3. A rental on more than 10 percent of the total fair market value of the property as determined by the Secretary of Commerce; 4. The furnishing in connection with the taxpayer's personal use of property; (In this chapter, the term “business” includes, with respect to a taxpayer not engaged in the business of a farming related business, any occupation not involving the manufacture, harvesting, growing (growing in the case of cannabis), cultivating, raising, fishing, hunting, trapping, or the collection of fishing or hunting fees or supplies); or 5.
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