New Mexico State Tax Help and Forms (Subscribe)
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New Mexico tax help, forms and answers to thousands of New Mexico tax questions. Handy summary of all New Mexico taxes, including corporate and individual New Mexico income taxes, credits, exemptions, deductions and more. Includes New Mexico estate, gift and inheritance tax, miscellaneous New Mexico taxes, pass-through entity treatment, payroll taxes, property taxes and New Mexico sales & use taxes.
New Mexico ranks #23 on the State Business Tax Climate Index (TaxFoundation.org).|
Corporate Taxes
Rates & Brackets: 4.8%> $0 6.4%> $500,000 7.6%> $1,000,000 Loss Carry-back/fwd: 0 Years Back / 5 Years Forward (Unlimited) Throwback Sales?: Y Foreign Tax Deductible?: Y Alternative Minimum Tax (AMT): N Gross Receipts Tax: N Capital Stock (Net Worth) Tax?: N Credits and Incentives Job Credits?: N R&D Credits?: Y Investment Credits?: Y Individual Taxes Rates & Brackets: 1.7%> $0 3.2%> $5,500 4.7%> $11,000 4.9%> $16,000 Local Option IT Rate: None Federal Inc used as Base?: Y Standard Deductions: Single $5,450 / Joint $10,900 Personal Exemptions/Credits (c): Single $3,500 / Joint $7,000 / Dependent $3,500 Federal Tax Deductible?: N State Tax Deductible?: Y Alternative Minimum Tax (AMT)?: N Inheritance, Gift, Estate, Death Taxes Gift Tax?: N Estate Tax?: Copies Federal Inheritance Tax?: N Generation-Skipping Tax?: N Miscellaneous Taxes Gas Tax: 18.0 cents/gallon Diesel Tax: 19.0 cents/gallon Cigarette Tax: 91.0 cents/20 pack Pass-through Entities LLC Pass-through Recognized?: Y S-Corp Pass-through Recognized?: Y Payroll Taxes Unemployment Insurance Tax Index (TaxFoundation.org): #19 Property Taxes Median Tax Paid on Homes (Rank): $843 (#42) Median Value of Homes: $165,100 Tax as % of Home Value (Rank): 0.51% (#42) Median Income of Homeowner: $52,861 Tax as % of Income (Rank): 1.59% (#40) Sales and Use Taxes State Rate: 5.0% County & City (Weighted Ave): 1.4% Combined State and Ave. Local Rates (Rank): 6.4% (#28) General Treatment of Services: Taxable Gas Exemption: Exempt Grocery Exemption: Exempt |
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- Taxes/State and Local Taxes/Multistate State Tax Help and Forms
- Taxes/State and Local Taxes/State Tax Tools/State Tax FAQs/New Mexico State Tax Questions and Answers
Links
New Mexico tax forms and instructions.
http://www.tax.newmexico.gov/Forms-and-Publications/Forms/Pages/Home.aspx
http://198.187.128.12/newmexico/lpext.dll?f=templates&fn=tools-contents.htm&cp=Infobase2&2.0
New Mexico will not approve a tax ruling request by a taxpayer who is undergoing an audit. Please note that the Secretary is not required by statute to issue a ruling.
http://www.tax.newmexico.gov/Tax-Library/Statutes-and-Department-Directives/Pages/Rulings.aspx
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