Tax basics
Businesses pay federal, state and local taxes
Business owners should consult with a qualified tax advisor to make sure they are in compliance with their taxes.
The following information is not intended to be complete.
State taxes:
- Gross Receipts Tax
- State Income Tax
- Other State Taxes
- Employer Registration and Withholding
- Unemployment and Other State Payroll Taxes
- Workers’ Compensation Fee
For more complete information, visit www.state.nm.us/tax.
Federal Taxes:
For complete information regarding Federal taxes for small businesses, visit http://www.irs.gov/businesses/small/index.html. The IRS also publishes a guide for small business employers which can be found at http://www.irs.gov/businesses/small/article/0,,id=98868,00.html.
Local Taxes:
Business real estate you own will be subject to real property taxes. Property taxes are also charged on depreciable business equipment. As the item depreciates, the less you have to pay in taxes over time.
Check with your local government for any other city or county taxes that your business is responsible for paying. A listing of local city and county governments is available at http://www.newmexico.gov/government.php#county.
The New Mexico Workers’ Compensation Administration maintains a list of seminars that help small business owners navigate the legal and taxation requirements of business at both the state and federal levels. See: http://workerscomp.state.nm.us/partners/employers.php
Helpful Links:
Self Employed Individuals Tax Center
Online Learning and Educational
Products
Small Business Television
Small Business Federal Tax Calendar
Small business products
IRS.gov Espanol
The "What if's" of an Economic Downturn
Bartering Income
Online Auction Sellers
American Recovery and Reinvestment Act of 2009
"Tax Guide for Small Business" Publication 334
How to Choose a Tax Preparer
Outsourcing Payroll Duties
Recordkeeping
Worker Classification/Independent Contractors vs. Employees
Use EFTPS to Pay Your Taxes Electronically
Employment Taxes What does an employer need to do if they
have employees?
Phishing Scams, Frivolous Arguments Top the 2008 "Dirty Dozen"
Tax Scams
Disaster Assistance and Emergency Relief for Individuals and
Businesses