Residents of Colorado are expected to receive a big tax refund, bigger than what was expected beforehand, as long as they file their tax return in April 2024.
A Big Tax Refund For Coloradans
A big tax refund for Coloradans is expected to be given after new reports state that TABOR, The Taxpayer Bill of Rights, refund amounts are higher than what was estimated. The Governor’s Office of State Planning and Budgeting and the Legislative Council Staff were the sources of the reports and although they contained different amounts, they both still included higher TABOR funds than previously estimated numbers.
According to a published article in FOX 31, the actual amount one may see in the refunds of TABOR next year would rely entirely on the decision of the voters in November. Otherwise, such refunds will be based solely on one’s income. The higher your income is, the higher amount of tax you pay and the higher your refund will be.
Volunteers From United Way Assisted Residents In Receiving Refunds Of $1,919,716
Volunteers from the United Way assisted different individuals in claiming their refunds, ensuring that they get the money they deserve. The United Way has also helped in terms of critical tax credits such as the CTC or the Child Tax Credit and EITC or Earned Income Tax Credit. Such voluntary work has also affected the overall financial standing of the different families that received the refund.