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Contract labor is the use of independent contractors that is tax deductible. From a tax perspective, the difference between contract labor and an employee is like day and night.
Can I be my own general contractor in New Mexico?
A homeowner may apply for a permit as the general contractor to build, construct, alter, repair, demolish or make installations to a single-family dwelling only at the location of the homeowners primary residence.
Who licenses contractors in New Mexico?
Construction licensing is handled by PSI. Select the NEW MEXICO CONTRACTOR LICENSING link for frequently asked questions provided by PSI. To obtain this license, the applicant must pass an exam and file an affidavit attesting to a minimum number of years of experience.
Is Retainage legal in New Mexico?
Retainage is prohibited in New Mexico. However, scheduling payments such that there is a line item for a closeout payment after work is substantially performed may be allowed this is usually 5% or 10% of the contract value.
Is a contractors license required in New Mexico?
A General Contractors license is required in New Mexico (NM) prior to bidding on any project. To become a licensed contractor, candidates are required to pass two examinations: business and law and their trade.
Approval for the New Mexico GB02 license requires four years of previous experience. With this license you may erect, alter, repair or demolish residential and commercial buildings, and certain structures.
How do I report an unlicensed contractor in New Mexico?
FILE A COMPLAINT Call the State Board (505-476-4565) to verify that the case is within the Boards jurisdiction. It is recommended to thoroughly read the General Information document for a comprehensive understanding of the complaint process. Complete the complaint form describing the details of the situation.
What does 5% retainage mean?
(For example, if youre working on a project with 10 progress payments and 5% retainage, and the 5% is maxed out with the 6th payment, that means that no more money can be withheld for the final 4 payments, 7-10.)
Do contractors charge sales tax in New Mexico?
The GRT is NOT a sales tax! New Mexico does not have a sales tax requirement.
Why is retainage outdated?
Bottom Line. Retainage is a flawed and potentially outdated practice. They put undue pressure on construction businesses, and often, construction businesses leverage retainage into discounts from their sub-tiered comrades. Retention bonds are an imperfect solution for the retainage problem.
Related links
Business | Los Alamos National Laboratory
Welcome to the Los Alamos National Laboratory Business site for all supplier related information. The Acquisition Services Management (ASM) division of LANL
N.M. Code R. 1.4.8.13 | State Regulations | US Law
A. Evaluation of subcontractors. To ensure that an RFP secures the best value from a procurement contract, the role and impact of subcontractors proposed
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