Gross Receipts Tax - NM Taxation and Revenue Department 2025

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  1. Click ‘Get Form’ to open it in the editor.
  2. Begin by entering your taxpayer’s name, identification number (TIN), and optional DBA (Doing Business As) in the designated fields.
  3. Fill in the filing period and, if applicable, the date for a final return. Ensure your mailing address, telephone number, and contact person details are accurate.
  4. Proceed to Part I for Gross Revenue and Tax Computation. Enter the gross revenue amounts for General Business, Manufacturing, or Agriculture as applicable. Follow the instructions provided for each section carefully.
  5. In Part II, summarize your amounts due. Calculate totals from Part I and ensure all deductions are accurately reflected before submitting.
  6. Finally, review your entries for accuracy and sign the declaration section before submitting your form.

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If you are engaged in business in New Mexico, you must file a New Mexico tax return and pay gross receipts tax for the privilege of doing business in New Mexico.
Difference between gross and net An items gross value is the whole amount, while its net value refers to the amount that remains after some deductions have been made. A business with a revenue of $5 million and expenses of $1 million has a gross revenue amount of $5 million and a net income amount of $4 million.
If you need assistance, call 1-866-809-2335. Once youre online filing your return, you can also pay online. For no additional charge, you may pay using an electronic check that authorizes the Department to debit your checking account in the amount and on the date you specify.
Gross receipts go on the cash flow statement, but revenue is for the income statement.
Documents for gross receipts include the following: Cash register tapes. Deposit information (cash and credit sales) Receipt books. Invoices. Forms 1099-MISC.

People also ask

If you operate your business as a Sole Proprietorship or a single-member Limited Liability Company (LLC), gross receipts go on Schedule C of your IRS Form 1040.
How do you calculate New Mexico gross receipts tax? For instance, if the base rate is 5.125%, the local rate is 1.5%, and the taxable gross receipts are $100, then the gross receipts tax would be $6.625.
Your AGI is entered on line 11 of Form 1040, U.S. Individual Income Tax Return.

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