Resources tax rates are: For all natural resources except potash and molybdenum, the rate is three-fourths of one percent (3/4% or 0.75). The rate for potash is one-half of one percent (1/2% or 0.5). The rate for molybdenum is one-eighth of one percent (1/8% or...
Processors tax rates are: For all natural resources except timber, potash and molybdenum, the rate is three-fourths of one percent (3/4% or 0.75). The rate for timber is three eighths of one percent (3/8% or 0.375). The rate for potash is one-eighth of one percent...
The service tax rate is the same as the resources tax rate or the processors tax rate, depending on the job performed.
The taxes are due on or before the 25th day of the month following the month in which the first of the following occurs: sale, transportation out of New Mexico, or consumption, unless otherwise allowed by the Taxation and Revenue Department.
Personal Income Tax New Mexico does not have a form equivalent to the federal Form W-Q. For New Mexico withholding tax you should use a federal W-4 and write across the top of that form: "For New Mexico Withholding Tax Only." Wage Withholding Tax New Mexico does not...
No, but you may choose to complete and submit to the Taxation and Revenue Department (TRD) Form RPD-41072, Annual Summary of Withholding Tax for CRS-1 Filers. That form reconciles the total amounts withheld on the annual statement of withholding information returns...
TRD does not administer New Mexico unemployment taxes. For information on this tax program, please contact the Department of Workforce Solutions
A managed audit is a variation on the traditional field audit. It’s an opportunity to come forward voluntarily and declare unreported or underreported income and pay back taxes owed without incurring penalty. In addition, interest is not assessed as long as the...
Most of the state taxes and fees administered by TRD under the Tax Administration Act are eligible. These programs include, but are not limited to, personal income, gross receipts, withholding tax, liquor excise, corporate income and franchise tax, workers’...
You can find it in Section 7-30 NMSA 1978.