Online Forms Instructions And Services
Online Forms, Instructions and Services
State of New Mexico Tax FormsFill out and print PIT forms, instructions and publications.File your State tax return electronically.
IRS Forms Federal forms, instructions and publications – plus tips on filing your materials, and details on returns.
File Federal returns electronically through an IRS eFile Service.
The MyFreeTaxes Partnership provides free state and federal tax preparation and filing assistance for qualified individuals. Its easy, safe, secure and 100 percent free.
Affordable Care Act Tax ProvisionsThe Affordable Care Act was enacted on March 23, 2010 — containing some tax provisions that took effect this year, as well as more that will be implemented during the next several years. Learn more about the general provisions now in effect, plus specifics for individuals and families.
Tips on Preparing for Tax Season
- The IRS periodically issues and updates tax tips for individuals and businesses that can be useful in preparing tax filings.
Isnt There An Additional Tax Rebate The State Is Sending Out To Some People
Earlier this year, legislators approved House Bill 163 during the regular legislative session. That bill includes another, smaller provision for tax rebates. But unlike the special session rebates, this other rebate has income limits tied to it, so fewer people will receive them.
House Bill 163 gives single or married individuals filing separately a $250 tax rebate if they make less than $75,000 a year. Married individuals and some other New Mexicans are eligible for a $500 rebate if they make less than $150,000 a year.
These rebates are expected to be dolled out in July 2022, according to state. The $250 or $500 rebates from HB 163 will be in addition to the $500 or $1,000 rebates passed as part of HB 2 in the special session.
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Personal And Corporate Deadline
The personal and corporate tax filing deadline has been extended to July 15, 2020, including quarterly personal income tax estimated payments. The filing and paying of withholding tax has been extended to July 25, 2020 for those returns and payments originally due between March 25, 2020 and July 25 2020.
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Common Installment Agreement Terms
In general, the terms of an installment agreement are simple: You agree to pay off your tax debt each month, and the IRS agrees not to pursue collection efforts against you. The amount youre obligated to pay will depend on your financial situation. The IRS will request your financial details, and theyll decide on a payment amount based on what you provide.
New Mexico Issues Publication On New Gross Receipt Tax Sourcing Method
New Mexico has issued a publication regarding updated sourcing rules. The publication provides explanation and some examples to help taxpayer understand how the new rules might apply. Under the new rules, most New Mexico-based businesses pay the Gross Receipts Tax rate in effect where their goods or the products of their services are delivered. This destination sourcing method was mandated by legislation adopted in 2019 and 2020. This also allows the state to tax out-of-state internet-based businesses.
The rules for service providers are complex but they are summarized below:
|Type of Receipts||Impact of 7/1/2021 Change in Law|
|General Services, In Person Professional Services and Tangible Personal Property||Change from Origin to Destination Based|
|Professional Services that require an advanced degree or a license from the state to perform||No Change Remain Origin Based|
|Construction Services and Real Estate Commissions||No Change Remain Destination Based|
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A Note For Filing Your Taxes If You Are In A New Mexico Wildfire Federal Disaster Area:
- If filing an electronic tax return in New Mexico, you must send a letter noting your extension status as an affected taxpayer to the New Mexico Taxation and Revenue Department, P.O. Box 5418, Santa Fe, New Mexico, 87502-5418.
- If filing a paper tax return in New Mexico, you must write Wildfire Extension at the top of your return before mailing.
People Who Didnt File Taxes Can Also Get A Payment
People who didnt file taxes are also eligible for relief. Homes with married couples can get $1,000. Single individuals can get $500.
The Legislature passed, and Governor Lujan Grisham signed, a bill that authorizes about $20 million in economic assistance payments to individuals who are not eligible for tax rebates because they dont file taxes, explains Kari Armijo, a deputy secretary at the states Human Services Department, which will process payments to non-tax-filers. It really is designed to make sure that we can get assistance out to New Mexico families who dont file taxes but still need that economic and financial help.
Read Also: Free Irs Approved Tax Preparation Courses
Act Now To Meet The Tax Deadline In 2022
The initial tax deadline passed in April, but another is looming in October. If you filed for a tax extension, then you still have time to get in good standing with the IRS. It makes sense to start working on your taxes now to avoid further penalties and consequences. If you have questions, or youre struggling to get your taxes filed, it might make sense to consult with a tax expert about how to proceed.
At Tax Group Center, our agents have ample experience helping taxpayers solve their complicated tax issues. If youre interested in hearing more about how our services can help, we invite you to complete our online tax debt form now to hear back from one of our agents about your situation.
How Do I Qualify
To qualify for the New Mexico Economic Relief Payment you must:
- Be a resident of New Mexico.
- Have a valid Social Security Number , or an Individual Taxpayer Identification Number , a valid New Mexico Drivers License or a New Mexico Identification Card .
Applicants will receive a confirmation number upon submitting their application indicating that it is was received and complete. This will be followed by a final communication regarding your qualifying status and how much
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New Mexico Personal Income Tax Returns Are Due By The 15th Day Of The 4th Month After The End Of The Tax Year For Calendar Year Filers This Date Is April 15 If You Cannot File On Time You Can Get A New Mexico Tax Extension
The State of New Mexico recognizes the Federal personal tax extension . Therefore, if you have a valid Federal extension, you will automatically be granted a corresponding New Mexico extension. In this case, a New Mexico personal extension will give you 6 more months to file your return, moving the filing deadline to October 15 .
If you dont have a Federal extension, or you need an additional extension for your New Mexico return , you can use New Mexico Form RPD-41096 . Make sure to file Form RPD-41096 by the original deadline of your return , or by the extended due date . If you dont have a Federal extension, Form RPD-41096 will give you a 60-day extension with your initial application. Longer extension periods may be granted when sufficient reasons are provided.
A New Mexico tax extension gives you more time to file, but not more time to pay. To avoid interest and penalties, your state income tax must be paid by the original deadline . You can make a New Mexico extension payment using Form PIT-EXT . Payments can also be made electronically via New Mexico Online Services: www.tax.newmexico.gov/Online-Services
For more information, please visit the New Mexico Taxation and Revenue Department website: www.tax.newmexico.gov
May 2022 Tax Due Dates
Tips for April 2022 Reported to Employer
Arkansas, Illinois, Kentucky and Tennessee Storm, Tornado and Flooding Victims’ Extended Deadline for Filing and Payment Obligations from January 1 to May 15
Colorado Wildfire Victims’ Extended Deadline for Filing and Payment Obligations from January 1 to May 15
After a busy April, things slow down considerable in May for most people. There’s the typical deadline for employees to report tips received in April to their boss. That’s due by May 10.
In addition, victims of certain natural disasters also have extended due dates on May 16. First, victims of the severe storms, tornadoes and flooding in Arkansas, Illinois, Kentucky and Tennessee that began on December 10, 2021, can wait until May 16 to file federal returns or pay federal taxes that were supposed to be due between December 10 and May 15. People impacted by the Colorado wildfires that started on December 30, 2021, also have until May 16 to file returns and pay taxes originally due from December 30 to May 15.
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Whats A Tax Extension
Anyone who has filed taxes knows that the process can be time-consuming and costly. If you know that you dont have all your documents together, you can file for a tax extension. An extension increases the amount of time you have to file your taxes. Its important to know, however, that it wont give you more time to pay. Its best to either pay an estimated amount or simply plan on paying interest, penalties, and fees later.
New Mexico Follows Irs To Move Tax Deadline To May 17
Tax day for New Mexico will be May 17 to match the IRS delay from the traditional April 15 due date announced Wednesday.
The New Mexico Department of Taxation and Revenue announced Thursday afternoon the extension for filing and paying 2020 New Mexico personal income taxes.
As we have throughout the pandemic, we will continue to look for reasonable ways to make it easier for New Mexicans to meet their tax obligations, Taxation and Revenue Secretary Stephanie Schardin Clarke said in a news release. We also are working as hard as we can to get refunds into taxpayers hands as quickly as possible.
The Taxation and Revenue Department already has processed more than 359,000 returns claiming refunds and paid nearly $200 million in refunds to New Mexico taxpayers.
The IRS also said no federal tax is due on the first $10,200 in unemployment compensation paid in 2020 for taxpayers with modified adjusted gross income below $150,000. Taxpayers can consult the updated instructions and the Unemployment Compensation Exclusion Worksheet to figure the exclusion and the amount to enter on Schedule 1, lines 7 and 8.
New Mexico state income tax uses the federal adjusted gross income, which would include the $10,200 reduced taxable income if taxpayers used the federal exclusion worksheet. This was part of the American Rescue Plan enacted March 11.
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Is Your State Sending Out A Tax Rebate Check In November
South Carolina taxpayers will soon get income tax refund checks for up to $800.
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On Nov. 1, Massachusetts started issuing refund checks and direct deposits from a $3 billion tax surplus, thanks to a law that links the state’s tax revenue to wages and salaries. The refunds are for approximately 14% of an individual’s 2021 state income tax liability.
In South Carolina, taxpayers are expected to receive refunds of up to $800 by the end of the year.These are just two of the many states issuing tax refunds and stimulus checks to help residents grapple with ongoing inflation.Is your state one of them? Do you qualify and how much money could you get? Read on to find out.
For more on economic relief, check out plans for statewide child tax credits, as well as gas rebate checks and gas tax holidays across the US.
Other Tax Relief For New Mexico Residents
The tax rebates and economic relief payments are one part of larger tax reform enacted in New Mexico. Tax cuts, which went into effect in July, include the following:
- Refundable child tax credit of up to $175 per child
- Five-year income tax exemption for armed forces retirees
- Exemption of most Social Security income from state taxation
- Reduction in the stateâs gross receipts tax rate to 5%
- One-time refundable income tax credit of $1,000 for 2022 full-time hospital nurses
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Can I Still Get Paid If The Fund Runs Out
The state has promised to pay all qualified tax filers, so they dont need to worry about money running out. However, there is a limited amount of funding available for non-tax-filers who are applying for relief payments through the states website.
The state has a $20 million fund to pay non-tax-filers with. If that runs out and you still havent applied, youre not entirely out of luck. Non-tax filers have until May 31, 2023 to file a tax return. Those who file a tax return by that date would be eligible for the standard, automatic rebates heading to all New Mexico tax filers.
The applications for non-tax-filers opened May 2, 2022. In the first two days, 3,612 applied, Armijo says.
The funding is limited, Armijo says. So were really encouraging New Mexicans to apply soon, so that they can get that economic relief.
Are There Any Rules For Who Gets The Rebates And Payments
To be eligible for rebates or a relief payment, you have to be a New Mexico resident. You also have to have a social security number or individual taxpayer identification number. Finally, you cannot be a dependent of another individual to receive the funds.
Again, this specific rebate program is targeting all New Mexicans regardless of how much money youve made or if youve filed taxes with the state. So, both those who filed taxes in 2021 and those who did not can receive funds.
However, theres a key difference in how people can get the funds the state is dolling out. For some, the payout will be automatic, but others will need to apply.
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Deduction For Damaged Or Lost Property
Victims of the New Mexico wildfires and straight-line winds may be able to claim a tax deduction for unreimbursed damaged or lost property. To do so, they typically must itemize and file Schedule A with their tax return. However, victims who claim the standard deduction may still be able to deduct their losses if they can claim them as business losses on Schedule C .
The deduction can be claimed on the tax return for the year the damage or loss of property occurred or for the previous year. So, for any destruction in 2022, the deduction can be claimed on either a 2021 tax year return or a 2022 return. In either case, you must write the FEMA declaration number on the return claiming the deduction. For the recent New Mexico wildfires and straight-line winds, the number is DR-4652-NM.
If you decide to claim a deduction for 2021, you can amend your 2021 return by filing Form 1040-X . For this purpose, you must file the amended return no later than six months after the due date for filing your return for the year in which the loss took place. So, for New Mexico wildfire or wind losses in 2022, you would need to file an amended 2021 return by October 16, 2023. Affected taxpayers claiming the disaster loss on a 2021 return should also put the Disaster Designation in bold letters at the top of the form. See IRS Publication 547 for details.
New Mexico Is Latest State That Enacts Salt Workaround Bill
The New Mexico Governor signed legislation on March 8, 2022, enacting a pass-through entity tax, often referred to as a SALT Workaround. The New Mexico pass-through entity tax is effective for the 2022 tax year. The legislation is akin to workarounds passed in numerous other states since the passage of the Tax Cuts and Jobs Act that was signed into law in late 2017. In essence, it would allow owners of passthrough entities to sidestep the $10,000 Federal SALT deduction cap imposed by the TCJA, permitting passthrough entities to elect to pay the state tax on their income at the entity level, while the owners of electing entities receive a state income tax offset. Businesses should weigh the potential benefits along with the risks in determining if a state pass-through entity tax election is the right course of action. As a number of different factors will play a role in businesses considering making elections into entity-level taxes, it is crucial all of the factors are modeled out. We expect New Mexico to release more guidance on this recently enacted SALT Workaround in the coming weeks and months ahead.
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Do You Have Tax Questions Do You Need Help With A Tax Deadline Extension
While this article makes resolving your taxes sound simple, its often intimidating for the average taxpayer to square up with the IRS regarding a tax situation. For starters, the average taxpayer isnt usually confident regarding their tax knowledge. In addition, taxpayers might feel worried about collection efforts that might start after getting in touch with the tax agency.
If you have these concerns or other tax questions, we recommend getting in touch with a tax expert about your situation. They can help you feel confident in pursuing a tax solution that works for both you and the IRS.