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Does New Mexico have a pass-through entity tax?

If your business is a pass-through entity, file in New Mexico on or before the due date of your federal return for the tax year. New Mexico also requires you to deduct and withhold tax from each non-resident owners allocable share of net income. The tax withheld is required to be remitted to the Department annually.

What is a RPD 41359 form?

Owners must attach this form to the New Mexico state income tax return to claim the amount of tax withheld against personal income or corporate income tax due. Tax Year. New Mexico net income of the owner from the pass-through. entity. RPD-41359.

How do I file my New Mexico state taxes?

Electronic services are safe, secure, fast, and free. You can file your return, pay your tax liability, or check the status of your previously filed returns. It is easy to sign up for an account just visit and click on Create a Logon.

Where can I get NM tax forms?

Personal Income Tax and Corporate Income Tax forms for the 2021 tax year are now available online. Taxpayers, tax professionals and others can access the new forms and instructions at tax.newmexico.gov by opening the Forms Publications page and then the Income Taxes folder.

Which entity does not have pass thru taxation?

Two types of businesses are not pass-through businesses: corporations and LLCs electing to be taxed as corporations. Taxes for corporations arent pass through because corporations are separate entities from their owners.

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