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For Total Sales of $412,000
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$412,000
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Understanding sales tax in New Mexico is essential for both consumers and businesses alike. This tax impacts how much you pay for goods and services, influencing purchasing decisions and business operations. Whether you're a resident, a business owner, or just passing through, grasping the nuances of New Mexico sales tax can help you navigate the financial landscape more effectively.
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Table of contents
Sales tax in New Mexico is a crucial component of the state's revenue system. It's a tax imposed on the sale of goods and services, typically collected by the seller at the point of sale. This tax is then remitted to the state, helping to fund various public services and infrastructure projects. Understanding how this tax operates, and its implications can assist in better financial planning for both individuals and businesses.
In New Mexico, the sales tax applies to a wide range of goods and services, but there are notable exceptions. Here are some common taxable and exempt items:
Calculating sales tax in New Mexico involves applying the state sales tax rate to the purchase price of taxable goods and services. Businesses must be diligent in using the correct rates, which may vary depending on local jurisdictions. Utilizing a New Mexico sales tax calculator or NM sales tax calculator can simplify this process, ensuring accuracy and compliance.
As sales tax rules keep evolving, apps like FlyFin make managing sales taxes much easier. FlyFin is revolutionizing the tax world by blending AI technology with the knowledge of CPAs. Whether it’s simple or complex filings, FlyFin delivers accurate tax results 20 times faster and at 5 times lower cost. Best of all, your first sales tax filing with FlyFin is free, so you can concentrate on growing your business while their CPAs handle the tough tax work.
New Mexico offers sales tax holidays, allowing consumers to purchase certain items tax-free during specific periods. These holidays typically focus on back-to-school supplies and energy-efficient products, providing financial relief to shoppers and boosting retail activity.
With the rise of e-commerce, New Mexico has implemented sales tax nexus rules to ensure fair taxation. Businesses with a significant presence or sales volume in the state are required to collect and remit sales tax, leveling the playing field between online and brick-and-mortar stores.
If errors occur in sales tax filings, New Mexico provides mechanisms for corrections or amendments. Businesses must submit the necessary documentation and adjustments promptly to avoid penalties and ensure compliance.
Failure to file sales tax returns on time can result in penalties and interest charges. New Mexico enforces these measures to encourage timely compliance, emphasizing the importance of adhering to filing deadlines.
The history of sales tax in New Mexico reflects broader economic and political changes. Initially introduced as a means to stabilize state revenue, the tax has evolved to accommodate shifts in consumer behavior and economic conditions. Understanding this history provides insight into current tax policies and their impact on the state's economy.
While New Mexico sales tax is a significant revenue source, it differs from state income tax in its application and impact. Local policies can also influence sales tax rates, with municipalities having the authority to impose additional taxes to fund local projects. This layered approach allows for flexibility and responsiveness to local needs.
New Mexico's sales tax collection involves unique administrative processes, such as the requirement for businesses to obtain a Combined Reporting System (CRS) identification number. This system streamlines tax reporting and ensures that businesses comply with state regulations. Additionally, the state offers resources and support to assist businesses in navigating these processes effectively.
In conclusion, understanding the intricacies of New Mexico sales tax is vital for both consumers and businesses. By staying informed about taxable items, calculation methods, and compliance requirements, individuals and businesses can make informed decisions and contribute to the state's economic well-being.
County
Total Sales Tax Rate
Facts and figures about
County, New Mexico
4,158
CPAs across the state
2,117,522
Residents as of 2022
98,060
People claiming self- employment tax deductions
41,210
S-Corps statewide
58,710
People taking itemized deductions
105,120
People claiming the QBI deduction
😵💫 Smart CPAs are accessible and affordable, but there's only 1 New Mexico CPA for every 300 residents.
😓 19 million taxpayers filed late last year. Smart CPAs can help taxpayers be prepared.
😨 Smart CPAs can help the 30 million Americans who miss tax deductions each year.
😣 Smart CPAs can put an end to the overpaying on taxes that half of Americans do every year.
New Mexico State Income Tax Rates & Brackets for 2023
The following tables represents New Mexico's income tax rates and tax brackets:
SINGLE FILER
Brackets
Rates
$0 - $5,500
1.70%
$5,500 - $11,000
3.20%
$11,000 - $16,000
4.70%
$16,000 - $ 2,10,000
4.90%
$ 2,10,000+
5.90%
MARRIED FILING JOINTLY
Brackets
Rates
$0 - $8,000
1.70%
$8,000 - $16,000
3.20%
$16,000 - $24,000
4.70%
$24,000 - $ 3,15,000
4.90%
$ 3,15,000+
5.90%
Filing Status
Standard Deduction Amt.
Single
$12,950
Couple
$19,425
New Mexico State IRS Statistics of Income for 2020
Item
(All amounts are in 1000s of dollars)
Number of returns
Number of single returns
Number of joint returns
Number of head of household returns
Number of individuals
Adjusted gross income (AGI)
Total income: Number
Amount
Salaries and wages in AGI: Number
Amount
Business or profession net income (less loss): Number
Amount
Partnership/S-corp net income (less loss): Number
Amount
Self-employed health insurance deduction: Number
Amount
Student loan interest deduction: Number
Amount
Charitable contributions if took standard deduction: Number
Amount
Total itemized deductions: Number
Amount
State and local income taxes: Number
Amount
State and local general sales taxes: Number
Amount
Qualified business income deduction: Number
Amount
Child and dependent care credit: Number
Amount
Child and other dependent tax credit: Number
Amount
Self-employment tax: Number
Amount
Earned income credit: Number
Amount
Refundable education credit: Number
Amount
Recovery rebate credit: Number
Amount
Total tax liability: Number
Amount
Total additional Medicare tax: Number
Amount
Net investment income tax: Number
Amount
Tax due at time of filing: Number
Amount
Total overpayments: Number
Amount
All returns
995,280
516,960
308,630
155,540
1,810,180
56,128,535
964,080
56,723,514
756,850
36,593,364
135,920
1,409,655
41,210
1,982,013
17,850
127,731
48,760
33,127
225,960
58,333
58,710
2,041,854
50,210
463,277
7,240
15,439
105,120
605,101
16,430
7,799
231,160
457,903
98,060
275,478
196,600
454,308
33,830
25,673
190,390
276,422
656,800
6,394,115
12,590
17,210
17,690
122,691
171,890
850,156
771,630
2,533,959
Under $1
44,290
33,540
7,350
2,670
59,290
0
13,110
0
3,380
121,854
6,160
0
2,830
0
670
4,289
550
456
6,650
1,685
0
0
0
0
0
0
0
0
0
0
10
6
1,350
3,630
2,370
3,174
720
593
22,110
31,575
1,720
4,597
90
144
0
0
840
2,271
28,400
76,116
$1 under $10,000
143,200
114,420
13,560
13,740
174,080
658,291
143,180
677,358
88,810
475,913
20,020
49,150
1,610
0
820
2,459
1,270
856
15,370
3,567
1,040
25,327
320
1,002
510
366
160
85
0
0
50
23
15,310
10,174
49,060
58,551
4,360
3,317
40,010
61,754
17,970
11,087
10
15
0
0
7,650
3,454
108,010
169,932
$10,000 under $25,000
206,760
134,750
26,500
42,950
327,080
3,611,713
206,760
3,658,037
162,180
2,536,429
28,490
199,528
2,820
0
1,740
5,890
4,380
2,459
30,280
7,346
2,350
57,860
990
2,615
1,060
965
10,380
6,332
940
226
23,470
8,561
23,450
36,076
74,400
229,870
8,410
6,196
42,700
66,656
114,000
93,951
10
37
0
0
16,580
14,520
183,380
528,201
$25,000 under $50,000
252,820
131,720
53,730
62,740
465,640
9,110,455
252,820
9,191,360
216,430
6,969,829
26,260
205,936
4,570
12,876
2,670
11,495
14,110
8,418
50,830
12,793
6,070
151,220
4,060
7,752
1,730
2,713
21,910
31,944
4,700
2,109
87,030
114,255
18,790
43,164
68,330
161,321
8,430
6,157
33,830
47,614
189,450
419,406
20
24
0
0
36,140
44,432
215,210
645,090
$50,000 under $75,000
128,390
55,130
50,680
20,110
258,300
7,868,903
128,390
7,942,279
105,760
5,721,776
16,310
148,762
4,410
31,075
2,220
12,352
11,750
8,537
37,350
9,759
8,610
216,285
7,240
19,979
1,240
2,664
16,290
36,475
2,600
1,237
43,270
105,890
11,020
31,591
2,450
1,392
4,140
3,216
18,790
24,761
116,780
550,733
20
27
0
0
30,000
56,469
98,050
282,571
$75,000 under $100,000
77,590
23,520
45,540
7,450
173,320
6,713,653
77,590
6,771,957
63,030
4,654,331
11,350
124,683
4,150
44,110
1,820
11,200
6,630
4,465
27,280
7,282
8,460
219,420
7,540
28,789
820
2,226
13,060
36,336
2,210
1,136
26,890
78,905
7,640
26,081
0
0
2,790
2,132
13,380
14,995
75,360
582,118
40
33
0
0
21,730
55,868
55,690
189,055
$100,000 under $200,000
109,670
19,540
84,050
5,090
270,900
14,783,238
109,670
14,927,721
90,590
10,005,272
19,600
335,654
10,510
231,557
4,090
33,041
10,060
7,936
45,570
12,401
19,340
600,108
18,090
112,130
1,140
4,042
27,410
119,224
4,530
2,340
41,110
123,688
13,660
63,675
0
0
4,990
4,062
19,360
28,952
108,970
1,704,420
750
236
260
103
41,820
180,482
67,610
305,722
$200,000 under $500,000
27,820
3,580
23,400
680
69,870
7,751,087
27,820
7,850,044
23,010
4,534,591
6,410
297,702
7,330
555,278
2,670
29,758
0
0
11,270
3,117
10,100
413,462
9,460
121,057
560
1,927
12,790
140,721
1,300
669
9,300
26,504
5,370
41,398
0
0
0
0
220
115
27,820
1,328,475
9,140
6,381
13,250
16,203
14,610
190,532
13,110
145,249
$500,000 under $1,000,000
3,340
510
2,730
70
8,370
2,233,943
3,340
2,268,229
2,640
927,232
940
100,910
1,910
466,055
730
10,733
0
0
1,020
285
1,840
123,306
1,690
52,852
130
373
2,100
66,964
120
66
40
71
1,000
11,300
0
0
0
0
0
0
3,340
522,249
1,810
5,107
2,920
17,784
1,820
98,484
1,490
58,971
$1,000,000 or more
1,400
240
1,110
30
3,330
4,556,480
1,400
4,577,728
1,030
646,137
390
66,292
1,080
1,034,814
420
6,514
0
0
340
98
920
234,866
830
117,101
60
163
1,030
167,020
30
16
0
0
470
8,389
0
0
0
0
0
0
1,400
1,177,079
700
5,206
1,270
88,601
710
203,644
680
133,052
Sales Tax in other states
Sales Tax in other Counties of New Mexico
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