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What is the pass-through entity elective tax PTE?

PTE tax allows an entity taxed as a partnership or S Corporation to make a tax payment on behalf of its partners. The business pays an elective tax of 9.3% of qualified net income to the Franchise Tax Board.

What taxes does New Mexico have?

New Mexico has a 5.0 percent state sales tax rate, a max local sales tax rate of 3.813 percent, and an average combined state and local sales tax rate of 7.72 percent. New Mexicos tax system ranks 22nd overall on our 2023 State Business Tax Climate Index.

Does New Mexico have LLC tax?

New Mexico does not require LLCs to file an annual report. New Mexico imposes a franchise tax on LLCs if they paid federal income tax. The franchise tax is filed along with the state income tax, and is due by the 15th day of the third month following the close of the tax year. The fee is $50.

What is New Mexico entity level tax?

For 2022, the highest marginal rate for corporations and individuals is the same5.9% of taxable income, which will be the applicable rate applied to New Mexico-sourced income if the pass-through entity tax is elected.

What does PTE mean in tax?

The pass-through entity (PTE) tax strategy is a work around to the limitation on the State and Local tax (SALT) deduction created by the Tax Cuts and Jobs Act (TCJA).

new mexico rpd 41367 instructions

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Who is required to file a NM tax return?

Every person who is a New Mexico resident or has income from New Mexico sources. Every person who is required to file a federal income tax return.

What is the New Mexico loan out withholding?

Payments to nonresident performing artists, being paid through a loan-out company, qualify if paid through a Super Loan-Out (SLO) company that charges a Gross Receipts Tax (GRT) and has taxes withheld at 5.9%.

Does New Mexico have payroll tax?

Employers must withhold a part of the employees wages for payment of income tax. New Mexico bases its withholding tax on an estimate of an employees State income tax liability. The State credits taxes withheld against the employees actual income tax liability on the New Mexico personal income tax return.

Does New Mexico have self employment tax?

The self employment tax rate for 2022-2023 in New Mexico is 15.3%.

What is a RPD 41359?

Annual statements of withholding should not be submitted to the Department, but must be submitted to the taxpayer using form RPD-41359, Annual Statement of Pass-Through Entity Withholding, or 1099-Misc.

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