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Pass-Through Entity - Taxation and Revenue New Mexico

Pass-Through Entity - Taxation and Revenue New Mexico 2025

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The document is the 2016 PTE New Mexico Information Return for Pass-Through Entities, which outlines the necessary information and calculations required for reporting income, tax withheld, and apportionment factors related to pass-through entities in New Mexico. It includes sections for tax withheld from PTE income, computation of net income taxable to owners, and allowable credits, along with detailed instructions for completing the return.

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Who has to pay GRT in New Mexico?

In New Mexico, a gross receipts tax is levied on the sale of tangible goods and some services. The tax is collected by the seller and remitted to state tax authorities. The seller acts as a de facto collector.

Is pass-through entity tax a good idea?

The key advantages include: Double taxation. Pass-through entities avoid double taxation, meaning owners are taxed just once. The corporate income is reported on the owners individual income tax return and taxed at the individual income tax rate.

What is the pass thru entity tax in New Mexico?

The PTET is an election. It is made on the companys New Mexico income tax return. The tax rate is 5.9% of the income apportioned to New Mexico. Apportionable income includes guaranteed paymentsexcept for health insurance.

What does it mean to be taxed as a pass-through entity?

Most US businesses are taxed as pass-through (or flow-through) entities that, unlike C-corporations, are not subject to the corporate income tax or any other entity-level tax. Instead, their owners or members include their allocated shares of profits in taxable income under the individual income tax.

What is the LLC tax in New Mexico?

New Mexico Franchise Tax If you are doing business within New Mexico, the state levies a tax on LLCs for the privilege of doing business. You can expect to pay a franchise tax when you own and operate a business within New Mexico. This franchise tax is a yearly fee of $50.

Who pays GRT in New Mexico?

The business pays the total Gross Receipts Tax to the state, which then distributes the counties and municipalities portions to them. Changes to the tax rates may occur twice a year in January or July.

How is a pass-through entity taxed?

The pass-through entity will pay tax at a rate of 9.3% on the total of each consenting owners pro-rata or distributive share of income subject to California personal income tax (beginning at RTC section 17001).

Pass-Through Entity - Taxation and Revenue New Mexico 2025

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