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New Mexico Tax Forms

New Mexico Tax Forms

Individual Income Tax Forms

Form RPD-41071 Application for Refund

Form PIT-1 Personal Income Tax

Form PIT-X Personal Income Tax Amended Return

Corporate Income Tax Forms

Form CIT-1 Corporate Income and Franchise Tax Return 

Form S-Corp S Corporate Income and Franchise Tax Return

Property Tax Forms

Form RPD-41343 Claim for Abandoned Property


New Mexico Tax Forms: A Comprehensive Guide

Tax season is upon us, and it’s time to start thinking about getting our taxes in order. For residents of New Mexico, this can be a confusing and overwhelming process, especially given the constantly changing tax laws and regulations. However, there’s no need to panic. This article will provide you with a comprehensive guide to New Mexico tax forms, including what forms you need to fill out, when they need to be submitted, and how to make sure your taxes are filed accurately and on time.

Overview of the New Mexico Tax System

Before we dive into the specifics of New Mexico tax forms, it’s important to have a general understanding of the state’s tax system. New Mexico uses a progressive income tax system, which means that the more you earn, the higher your tax rate will be. There are five tax brackets in New Mexico, with rates ranging from 1.7% to 4.9%.

In addition to income tax, New Mexico also imposes a gross receipts tax (GRT) on businesses. The GRT is a tax on the gross receipts of businesses, which means that it is based on the total amount of money that a business takes in, rather than its profits. The rate of the GRT varies depending on the type of business and the location.

Finally, New Mexico also has a sales tax, which is imposed on the purchase of goods and some services. The state’s sales tax rate is 5.125%, but there are also local sales taxes that can increase the total tax rate. For example, in Albuquerque, the total sales tax rate is 7.875%.

Now that we have a general understanding of the New Mexico tax system, let’s dive into the specific tax forms that you need to know about.

Individual Income Tax Forms

If you are a resident of New Mexico and earn money, you will need to file an individual income tax return with the state. The main form that you will need to fill out is the PIT-1, also known as the New Mexico Personal Income Tax Form. This form is used to report your total income, deductions, and credits for the year.

In addition to the PIT-1, there are a few other forms that you may need to fill out, depending on your situation. For example, if you have income from a rental property or are self-employed, you will need to fill out the PIT-RC, which is the New Mexico Resident Rental Income and Loss Schedule. If you earned income from another state or country, you will need to fill out the PIT-ADJ, which is the New Mexico Adjustments Schedule.

The deadline to file your New Mexico individual income tax return is April 15th, the same as the federal tax deadline. However, if April 15th falls on a weekend or holiday, the deadline is extended to the next business day. It’s important to note that you can file for an extension to October 15th, but you still need to pay any taxes owed by April 15th to avoid penalties and interest.

Gross Receipts Tax Forms

If you own a business in New Mexico, you will need to register for a gross receipts tax number with the state. Once you have your account set up, you will need to file a gross receipts tax return on a regular basis, depending on your business activity.

The main form that you will use to file your gross receipts tax return is the CRS-1, also known as the Combined Reporting System Form. This form is used to report your business’s gross receipts, deductions, and tax owed. Additionally, you may need to fill out other forms depending on your specific business activities. For example, if you sell real estate, you will need to file the CRS-2, which is the Real Estate Withholding Tax Return.

It’s important to note that different types of businesses have different filing schedules. For example, businesses that make less than $500,000 a year only need to file once a year, while businesses that make more than $500,000 a year need to file on a quarterly basis. Additionally, some businesses may need to file a final gross receipts tax return upon closing or selling the business.

Sales Tax Forms

Finally, if you sell goods or services in New Mexico, you will need to collect and remit sales tax to the state. The main form that you will need to fill out is the CRS-1, which is the same form used for gross receipts tax. However, you will need to report your sales tax separately from your gross receipts tax.

In addition to the CRS-1, you may need to fill out other sales tax forms depending on your business activities. For example, if you make sales at a flea market or craft fair, you will need to fill out the STS-30, which is the Special Event Gross Receipts Tax Return. If you sell food and drinks at an event, you will need to fill out the CRS-2A, which is the Gross Receipts Tax Return for Food and Beverages.

Like gross receipts tax, the filing schedule for sales tax depends on the amount of sales that your business makes. If your business makes less than $10,000 in sales per year, you only need to file once per year. However, if you make more than $10,000 a year, you need to file on a quarterly basis.

Conclusion

In conclusion, navigating the New Mexico tax system can be complex, but it’s important to make sure that you file your taxes accurately and on time. Whether you’re an individual taxpayer or a business owner, understanding the different tax forms and filing requirements can help you avoid penalties and interest.

There are many resources available to help you with your New Mexico tax forms, including the state’s Department of Taxation and Revenue website. Additionally, if you’re unsure about how to fill out a particular form or have questions about your taxes, it’s always a good idea to consult with a certified public accountant or tax preparer.

By taking the time to understand the New Mexico tax system and staying up-to-date with changes and requirements, you can ensure that your taxes are filed accurately and on time, allowing you to focus on the more important things in life.