Insert Pages To Legal New Mexico Franchise Forms For Free

? Internal Revenue Service Form W-4, Employee's Withholding Allowance Certificate. (New Mexico does not have a state equivalent of the federal W-4 form. Employees should complete a copy of the federal W- 4 for New Mexico, writing "For New Mexico State Withholding Only" across the top in prominent letters.

New Mexico State Income Tax If your New Mexico LLC is taxed as a C-corp, each member will need to pay the corporate income tax of 4.8% on sales of $500,000 and below, or 5.9% on any sales above that. Each member will file Form CIT-1.

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.

New Mexico LLCs don't have to file an Annual Report or pay an annual fee. The New Mexico Secretary of State doesn't require it. Although most states have annual reports and fees, New Mexico is one of the few states that doesn't require LLCs to file (or pay) an Annual Report.

EFFECTIVE July 1, 2023 The state portion of the gross receipts tax rate has been lowered from 5.000% to 4.875%, due to HB-163 from the 2022 legislative session. This change impacts all location codes across the state. Make sure to review the Gross Receipts and Compensating Tax Rate Schedule included in this packet.

The PTE passes the tax withheld by issuing an annual withholding statement, Form RPD-41359, Annual Statement of Pass-Through Entity Withholding to its owners, members, partners, or beneficiaries.