Bookkeeping and Tax Return services in New Mexico
New Mexico requires compliance with income, corporate, and sales tax regulations for businesses and individuals.
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Bookkeeping Services offered by
Meru Accounting In New Mexico
General Bookkeeping
- Transaction categorization and recording
- Bank and credit card reconciliation
- Cash flow management
- Data entry and maintenance
- Financial reporting preparation
Accounts Payable and Receivable
- Invoicing and billing
- Vendor payment management
- Customer payment tracking
- Aged receivables and payables reports
- Follow-up on overdue invoices
Payroll Processing
- Payroll setup and management
- Wage calculations and processing
- Direct deposit and paycheck distribution
- Payroll tax calculation and filing
-
Year-end payroll reporting
(W-2s, 1099s)
Financial Reporting and Statements
- Monthly, quarterly, and annual financial statements
- Balance sheet preparation
- Profit and loss statements
- Cash flow statements
- Customized reports as per client needs
Tax Preparation
Support
- Preparing documents for tax filing
- Organizing tax records and receipts
- Coordinating with tax professionals
- Sales tax, VAT, or GST filing support
- Estimated tax calculations
Budgeting and Forecasting
- Budget planning and management
- Financial forecasting
- Variance analysis
- Cost analysis and control
Virtual CFO Services
- Strategic financial planning
- Financial analysis and advisory
- Profitability analysis
- Business metrics monitoring and KPI reporting
- Support for financial decision-making
Bookkeeping Cleanup and Catch-up Services
- Organizing and updating past records
- Correcting discrepancies in accounts
- Reconciliation of historical data
- Financial statement corrections
Inventory Management
- Tracking and managing stock levels
- Recording inventory purchases and usage
- Inventory reporting and valuation
- Assisting with cost of goods sold (COGS)
Compliance Requirements:
Filing Deadlines:
- Individuals: New Mexico individual income tax returns are due by April 15th.
- Corporations: Corporate tax returns are due on the 15th day of the 4th month following the end of the taxable year.
Estimated Tax Payments:
- Quarterly estimated tax payments are required if the corporation expects to owe more than $500.
Sales Tax Compliance :
- Businesses must collect and remit GRT based on their assigned filing frequency (monthly, quarterly, or annually), determined by the business's gross receipts.
Bookkeeping Software Expertise
Bookkeeping Software Expertise
Penalties for Non-Compliance:
Late Filing/Payment Penalties: Failure to file or pay taxes on time can lead to penalties of up to 2% per month on the unpaid tax, up to a maximum of 20%. Interest on unpaid taxes also accrues.
Cloud AddOns Expertise
We work with all industry leading Cloud addons. We work with around 95+ Software integrated with Accounting/Tax Platforms.
20+ Ecommerce Marketplaces
20+ Payment Gateways used
15+ Similar software used
10+ Practice Management Software used
15+ Payroll Software used
10+ KPI reporting software used
15+ Communication Channel used
8+ Cloud Storage System used
All Industry leading gateways used
Tax Services we offer in New Mexico
01. Personal Income Tax Preparation
- Filing of Form PIT-1 for New Mexico residents and non-residents.
- Preparation of state income tax returns for individuals, including filing of credits like the Low-Income Comprehensive Tax Rebate (LICTR).
02. Corporate Income Tax Returns
- Filing of corporate income tax returns for corporations doing business in New Mexico, including Forms CIT-1 and CIT-2.
- Assistance with the New Mexico Corporate Income and Franchise Tax (CIFT) compliance.
03. Sales and Use Tax
- Assistance with filing New Mexico Gross Receipts Tax (GRT) returns for businesses selling goods or services in the state.
- Handling of sales tax compliance, including reporting and payment for both state and local taxes.
- Providing guidance on sales tax exemptions and the categorization of taxable transactions.
04. Property Tax
- Preparation and filing of property tax returns for businesses and individuals in New Mexico.
- Guidance on real property tax assessments, property tax appeals, and exemptions available under New Mexico law.
05. Withholding Tax
- Preparation and filing of state withholding tax for employers, including Form RPD-41345, for employees working in New Mexico.
- Assistance with proper employee classification and ensuring compliance with withholding tax regulations.
06. New Mexico State Tax Credits
- Guidance on available state tax credits, such as the Investment Credit, Job Training Credit, and Research and Development Tax Credit.
- Helping businesses claim tax credits to reduce their state tax liabilities.
07. Excise Taxes
- Assistance with excise taxes for businesses in certain industries such as motor fuel, tobacco, and alcohol.
- Filing of excise tax returns and ensuring compliance with New Mexico’s excise tax regulations.
08. Oil and Gas Severance Tax
- Assistance with filing severance tax returns for businesses in the oil and gas industry.
- Guidance on deductions, exemptions, and credits available under the Oil and Gas Severance Tax.
09. Unemployment Insurance (UI) Tax
- Assistance with the filing of state unemployment insurance tax returns for employers.
- Guidance on proper classification of employees, rates, and ensuring compliance with New Mexico Unemployment Insurance rules.
10. Estate and Inheritance Tax
- New Mexico does not currently impose an estate or inheritance tax, but guidance can be provided on federal estate tax filing requirements.
11. Federal and State Tax Representation
- Providing representation for clients during audits by the New Mexico Taxation and Revenue Department (TRD) or the IRS.
- Appealing tax assessments or penalties imposed by New Mexico’s taxation authorities.
12. Sales Tax for Online Businesses
- Help with understanding and complying with New Mexico's sales tax requirements for remote sellers, including the new economic nexus rules following the Wayfair decision.
- Filing of state sales tax returns for online businesses and handling out-of-state sales.
13. Nonprofit Taxation
- Assistance for nonprofit organizations in preparing and filing the required paperwork for tax-exempt status in New Mexico.
- Filing of Form RPD-41024 for exempt organizations and ensuring ongoing compliance with state nonprofit laws.
14. Tax Planning and Strategy
- Personalized tax planning services for individuals and businesses to minimize liabilities and take advantage of available tax credits, deductions, and exemptions.
- Consultation on business structures to optimize New Mexico and federal tax outcomes.
15. Nexus Review and Tax Compliance
- Performing nexus reviews for businesses to determine if they are required to collect New Mexico taxes, including gross receipts tax and sales tax.
- Helping businesses comply with state and local tax requirements, ensuring all filings and payments are made correctly.
State
Individual Income Tax Rates
Corporate Income Tax Rate
Sales Tax Rate
(State+Local)
Filing Deadlines
Estimated Tax Payments
Penalties for Non-compliance
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Alabama
2% - 5%
6.5%
4% + Local (varies)
April 15
Quarterly payments required
Late filing: 10% of tax due;
Late payment: 1% per month;
Interest: 5% per annum
Alaska
No state income tax
No state corporate tax
0%
(Local sales tax may apply)
April 15
No state requirement for estimated payments
Late payment: Interest and penalty of 5% of unpaid tax;
Collection costs may apply
Arizona
2.59% - 4.50%
4.9%
5.6% + Local(varies)
April 15
Quarterly payments required
Late filing: 4% per month, up to 25%;
Late payment: 1% per month, up to 16%
Arkansas
2.59% - 4.50%
4.9%
5.6% + Local(varies)
April 15
Quarterly payments required
Late filing: 4% per month, up to 25%;
Late payment: 1% per month, up to 16%
