Introduction
Hey there, readers! Welcome to our in-depth guide on NM taxation and revenue forms. Whether you’re a business owner, an individual taxpayer, or simply curious about the world of taxation, we’ve got you covered. In this article, we’ll delve into every nook and cranny of NM taxation and revenue forms, exploring the different types, deadlines, and where to find them. So, grab a cuppa and let’s get started!
Types of NM Taxation and Revenue Forms
Individual Income Tax Forms
If you’re a resident of New Mexico, you’ll need to file either Form PIT-1 or Form PIT-2 to report your individual income tax. Form PIT-1 is for single filers or married couples filing jointly, while Form PIT-2 is for married couples filing separately.
Business Tax Forms
Businesses operating in New Mexico must file various tax forms depending on their structure and activities. For example:
- Corporations file Form PIT-41C or Form PIT-41S.
- Limited Liability Companies (LLCs) file Form PIT-1041X or Form PIT-1120.
- Partnerships file Form PIT-1065.
Other Forms
- Form D-4: Withholding Allowance Certificate
- Form DR-137: Gross Receipts Tax Return
- Form SRE-200: Property Tax Return
Deadlines for NM Taxation and Revenue Forms
The deadlines for filing NM taxation and revenue forms vary depending on the form and your circumstances. Here’s a quick overview:
Individual Income Tax Deadlines
- April 15th or October 15th (if filing an extension): Due date for filing Form PIT-1 or PIT-2.
- January 23rd: Deadline for filing if you’re self-employed and paying estimated taxes.
Business Tax Deadlines
- April 15th or October 15th: Due date for filing corporate income tax returns (Form PIT-41C or PIT-41S).
- March 15th or September 15th: Deadline for filing LLC income tax returns (Form PIT-1041X or PIT-1120).
- April 15th: Deadline for filing partnership income tax returns (Form PIT-1065).
Where to Find NM Taxation and Revenue Forms
You can download all necessary NM taxation and revenue forms from the New Mexico Taxation and Revenue Department website at https://www.tax.newmexico.gov/forms.
Table of NM Taxation and Revenue Forms
| Form Number | Form Name | Due Date (if not extended) |
|---|---|---|
| PIT-1 | Individual Income Tax Return (Single/Joint) | April 15th |
| PIT-2 | Individual Income Tax Return (Married Filing Separately) | April 15th |
| PIT-41C | Corporate Income Tax Return (C-Corps) | April 15th |
| PIT-41S | Corporate Income Tax Return (S-Corps) | April 15th |
| PIT-1041X | LLC Income Tax Return (Single-Member) | March 15th |
| PIT-1120 | LLC Income Tax Return (Multi-Member) | March 15th |
| PIT-1065 | Partnership Income Tax Return | April 15th |
| D-4 | Withholding Allowance Certificate | N/A |
| DR-137 | Gross Receipts Tax Return | Quarterly |
| SRE-200 | Property Tax Return | N/A |
Conclusion
Whew! That was a whirlwind tour of NM taxation and revenue forms. Remember, if you have any specific questions or need further assistance, don’t hesitate to reach out to the New Mexico Taxation and Revenue Department. And while you’re here, be sure to check out our other articles on taxation, finance, and personal finance. We’ve got everything you need to navigate the complex world of money matters!
FAQ about NM Taxation and Revenue Forms
What is the NM Gross Receipts Tax?
The Gross Receipts Tax (GRT) is a tax on most business transactions in New Mexico, including sales of tangible personal property and services.
What is the GRT rate?
The GRT rate is 5.5%.
What forms do I need to file for GRT?
You will need to file Form GR-1, Gross Receipts Tax Return.
When are GRT returns due?
GRT returns are due the 25th day of the month following the end of the reporting period.
What is the Personal Income Tax rate in New Mexico?
The Personal Income Tax rate in New Mexico ranges from 1.7% to 4.7%.
What forms do I need to file for Personal Income Tax?
You will need to file Form PIT-1, New Mexico Personal Income Tax Return.
When are Personal Income Tax returns due?
Personal Income Tax returns are due on April 15th.
What is the Corporate Income Tax rate in New Mexico?
The Corporate Income Tax rate in New Mexico is 5.9%.
What forms do I need to file for Corporate Income Tax?
You will need to file Form CIT-1, New Mexico Corporate Income and Franchise Tax Return.
When are Corporate Income Tax returns due?
Corporate Income Tax returns are due on March 15th.
