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Step 1/3

What do you sell?

Estimated Sales Tax Breakup

For Total Sales of $304,000

Monthly

Annual

Brackets

Rates

Income

$304,000

Sales Tax Rate

Infinity% - -Infinity%

Total Sales Tax

$Infinity.undefined - $-Infinity.undefined

The total sales tax for New-mexico amounts to Infinity% - -Infinity%, including both city and county levies. The current rate for New-mexico state tax is NaN%, and the county tax rate is Infinity% - -Infinity%. In addition, City applies a sales tax of Infinity% - -Infinity%.

Sales Tax in New Mexico

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.

Breakdown of Sales Tax Rates in New-mexico

State Tax Rates

NaN%

County Tax Rates

Infinity% - -Infinity%

City Tax Rates

Infinity% - -Infinity%

Total Tax Rate

Infinity% - -Infinity%

What is Sales Tax in New Mexico?

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.

Sales Taxable and Exempt Items in New Mexico

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:

  • Taxable Items:Most tangible personal property, certain services, and digital goods.
  • Exempt Items:Prescription drugs, certain groceries, and medical devices.

How Sales Tax is Calculated in New Mexico

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.

How to Make Sales Tax Compliance Easier and More Efficient

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.

Sales Tax Holidays in New Mexico

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.

Online Sales and Sales Tax Nexus Rules in New Mexico

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.

Filing Corrections or Amendments in New Mexico

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.

What are the Penalties for Late Sales Tax Filing in New Mexico?

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.

Historical Context of Sales Tax in New Mexico

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.

Comparison with State Tax and Local Policy Impacts

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.

Unique Administrative Processes in New Mexico's Sales Tax Collection

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.

Sales Tax Rate in Major Counties of New-mexico

County

Total Sales Tax Rate

Facts and figures about
County, New Mexico

4,158

CPAs across the state

new-mexico
population

2,117,522

Residents as of 2022

population

98,060

People claiming self- employment tax deductions

population

41,210

S-Corps statewide

population

58,710

People taking itemized deductions

population

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

Size of adjusted gross income

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

Frequently Asked Questions

How does sales tax filing in New-mexico work?

Who is required to file sales tax returns?

Do I need to charge sales tax for online sales in New-mexico?

How often do I need to file sales tax returns in New-mexico?

What happens if I miss a sales tax filing deadline in New-mexico?

How can FlyFin CPAs help with sales tax in New-mexico?

Sales Tax in other Counties of New Mexico

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