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Pass-Through Entity - Taxation and Revenue New Mexico

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11. Allowable deductions from Schedule K. 12. Allocated income from PTE-B line 8 column 1. 13. Apportionable income. 15. New Mexico apportionable income. Multiply line 13 by line 14. 16. New Mexico allocated income from PTE-B line 9 column 2. 17. New Mexico net income. Add lines 15 and 16. Section 3. Allowable Credit 18. Approved ilm production tax credit. Attach Form RPD-41228. I declare that I have examined this return including accompanying schedules and statements and to the best of my know ...

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How do I get a tax ID in New Mexico?

You can apply for a Business Tax Identification Number Online at our website tap.state.nm.us. You will click Apply for a New Mexico Business Tax ID and follow the prompts. Upon completion and approval of the online application you may log in with the credentials set up during the application.

Is pass-through income considered earned income?

Pass-through income is a broader category, which includes passive income as well as certain types of earned income, like income earned through self-employment.

What is the benefit of pass-through entity tax?

One of the main tax benefits of electing a pass-through business structure is avoiding double taxation. Business earnings are only taxed once, on the owner or shareholders personal tax return.

What is CRS Registration for New Mexico?

During registration, each business will be provided with a State Tax ID number, also known as a Combined Reporting System (CRS) ID Number. This registration it is used to report and pay tax collected on gross receipts from business conducted in New Mexico.

How pass-through income is taxed?

Pass-through income is only subject to a single layer of income tax and is generally taxed as ordinary income up to the maximum 37 percent rate. However, certain pass-through income is eligible for a 20 percent deduction, which reduces the top tax rate to a maximum of 29.6 percent.

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