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Aurora Colorado online Form 4562: What You Should Know
Business Tax Credit — City of Aurora The City of Aurora, Colorado, established a 20 percent tax credit on eligible rental properties for up to 35 years. This tax credit is available on the property tax. Business Tax Credit — City of Aurora Incorporation of a Limited Partnership for the Deduction of Business Taxes. Taxpayer may also deduct business expenses up to the amount allowable. Business Tax Credit — City of Aurora Incorporation of a Limited Partnership for the Deduction of Business Taxes. Taxpayer may also deduct business expenses up to the amount allowable. Taxpayers may elect to use Form 26-B for the first year (January 1 through December 31) and Form 26-C for the second year (January 1 through April 30). Am I Eligible To Make A Deductible Exchange for Property Or Business? Any property you own or business that you use on a permanent or one-time basis, not counting the property you purchase for your business, will qualify for the deduction under Section 179 of the Internal Revenue Code of 1986. However, it should only be the purchase price of your property or business that is deducted — any improvements have to be deducted separately. Deductible property is only eligible up to 2,500 for business and up to 10,000 for both non-business and business property. However, taxpayers can write off up to 25% of the deductible property's acquisition cost of 1,000 of business. Tax-Exempt Properties As indicated previously, property which qualifies as a “tax-exempt property” is generally not eligible. In addition, the exemption threshold is currently 4,500 for non-business property and 10,000 for business property. Tax-Exempt Properties That Qualify As Qualified Business Property Section 179 of the Internal Revenue Code prohibits the deduction of any interest, dividends, or capital gains (including capital gains if the assets sold are not qualified business assets) paid, or accrued, on exempt property (tax-exempt property). However, if the property is also qualified business property, then all the exemptions apply to that qualified business property. Section 179 is currently in effect for the property you purchased for your business; Section 179 was not previously in effect for business property.
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