The Colorado Department of Revenue recently launched Your Colorado LIFE (Links and Information for Everyone), a website designed to help explain taxation basics to a younger audience.

While the website is intended for students, the information presented is useful and accessible for all ages, according to a press release.

Topics include why, where and how state taxes are collected and used, as well as helpful tips on how to start a business and file a W-2, W-4 or 1099 form.

“I’m excited to be a part of an effort that focuses on early tax education for Your Colorado LIFE,” Mark Nguyen, customer contact manager for taxpayer services, said. “Building a strong foundation helps us navigate our day-to-day lives.”

He said there’s certainly a need for it – according to a 2018 survey commissioned by financial blog NerdWallet, 45 percent of respondents couldn’t accurately describe the purpose of a W-4 form.

For more information visit colorado.gov/tax/yourcolife.

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