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
Inventory Management
- Tracking and managing stock levels
- Recording inventory purchases and usage
- Inventory reporting and valuation
- Assisting with cost of goods sold (COGS)
Bookkeeping Cleanup and Catch-up Services
- Organizing and updating past records
- Correcting discrepancies in accounts
- Reconciliation of historical data
- Financial statement corrections
Virtual CFO Services
- Strategic financial planning
- Financial analysis and advisory
- Profitability analysis
- Business metrics monitoring and KPI reporting
- Support for financial decision-making
New Mexico State Income Tax Rates
- New Mexico imposes a progressive income tax on individuals, with rates ranging from 1.7% to 5.9% based on income levels.
- New Mexico imposes a flat corporate income tax rate of 5.9% on corporate net income.
- Statewide Sales Tax Rate: New Mexico does not have a traditional sales tax but imposes a Gross Receipts Tax (GRT) at a statewide rate of 5.125%.
- Local Sales Tax Rate: Local jurisdictions can impose additional GRT, with total combined rates varying between 5.125% and 9%.
- Remote Seller Sales Tax: Remote sellers must collect Gross Receipts Tax if they meet New Mexico’s economic nexus requirements.
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 :
- Corporations: Quarterly estimated tax payments are required if the corporation expects to owe more than $500.
Sales Tax Compliance :
- Businesses: 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
(We use 20+ Different Software)
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
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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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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%
Our Young and Dedicated Team Of
CPA's , EA's, Chartered Accountant, Bookkeepers, Virtual Assistants, Tax Preparers, Tax Analyst and many others with specialization in Accounts, Finance & US Tax .
