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New Mexico announced Thursday it agreed to join the Internal Revenue Service's Direct File program, which allows taxpayers to file their taxes free and directly with the IRS online. The program is ...
Aug. 5—New Mexico is now the fourth state that can use Internal Revenue Service's new system for filing federal taxes, which officials believe will make the 2025 tax season easier and save ...
New Mexico Taxation and Revenue Department; Department overview; Type: Taxation & Revenue Services: Jurisdiction: State of New Mexico: Headquarters: 1100 South St. Francis Drive Santa Fe, New Mexico 87504-1028: Employees: 803: Annual budget: US$ 90,078,526.00 [1] Department executive
Lawmakers amended the Income Tax Act in 2019 to allow non-residents to claim a deduction on the benefits they receive from an estate or trust in New Mexico. But again, the law only allows claims ...
Corporations that generate income from activities or sources in New Mexico and that are required to file federal income tax returns as corporations must pay corporate income tax to the state. [13] Corporate income is taxed at the rate of 4.8% for the first $500,000, 6.4% for the next $500,000 (up to total income of $1 million), and 7.6% for ...
The ten states are Hawaii, New Hampshire, New Mexico, North Dakota, Ohio, South Dakota, Tennessee, Texas, Washington & Wisconsin. Under the grandfather clause included in the Internet Tax Freedom Act, Texas is currently collecting a tax on Internet access charges over $25.00 per month.
The child tax credit is offered on a sliding scale based on income. Taxpayers earning up to $25,000 can claim $600 per child; up to $50,000, $400; up to $75,000, $200; ... New Mexico taxpayers can ...
Beginning in 2008, personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets. [42] Beginning in 2007, active-duty military salaries are exempt from the state income tax. [43] New Mexico imposes a gross receipts tax on businesses.
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