Taxes For New Mexico LLCs

There are many different forms of business taxes that your New Mexico LLC will be required to pay. These include the tax that’s payable to the New Mexico government, like New Mexico sales tax and New Mexico state tax. A great many people who establish an LLC in New Mexico LLC don’t live in New Mexico. The state of New Mexico has no yearly reports or expenses. You simply need to have a New Mexico registered agent specialist (which each state requires). These are only some of the benefits for people that want to start a business in New Mexico. You will also need to pay New Mexico LLC federal, self-employment, and possibly payroll tax to the IRS. Usually, taxes are not that straightforward when an LLC is being formed in the state of New Mexico. All New Mexico LLC need to register with the New Mexico Taxation and Revenue Department (TRD) and get a Combined Reporting System (CRS) identification number. The registration can be filled out online or on paper.

With regards to income taxes, most New Mexico LLC is responsible for paying federal income taxes passes through the New Mexico LLC itself and falls on the individual New Mexico LLC members. Therefore, New Mexico LLC themselves do not pay income taxes, only their New Mexico members do. Some states do impose a separate tax or fee on LLC In New Mexico for the privilege of doing business in the state. New Mexico, though, is not one of those states.

Most likely you will need to work with a New Mexico LLC tax professional and registered agent to ensure you meet all of your local and state New Mexico LLC income tax obligations.

Quick Start Guide: Registering for New Mexico Sales Tax

In order to register your New Mexico LLC, you will need the following quick start guide information:
  • Personal identification info (SSN, address, etc.)
  • Business identification info (Employer identification number, address, etc.) – Business owners other than sole-proprietors/individuals with no employees must obtain a FEIN number from the IRS
  • Business entity type
  • Date started doing business in New Mexico
  • Accounting method (cash/accrual)
  • Primary business type

New Mexico LLC Taxes

DIY New Mexico LLC Taxes

FAQs for New Mexico LLC Taxes:

New Mexico Limited Liability Company Income Tax Help

A free service in New Mexico called Tax Help is for people who have a maximum annual $54,000 household income or those who are at least 65 years old:

All Taxes in New Mexico:

Registering with the Taxation and Revenue Department of New Mexico:

Contact Page for New Mexico LLC Taxation and Revenue Department:

Registering Online for New Mexico Taxes:

Other Types of Taxes For Your New Mexico LLC

Depending on the location of your business and the industry you are in, whether you have employees or not, and how the IRS taxes you, determines which other forms and New Mexico LLC taxes you will be required to file. It’s very important to keep your New Mexico LLC compliant and in good standing. Hiring a professional New Mexico LLC registered agent can give you reminders to keep you on the right track as well. You are required to present a New Mexico LLC registered agent for your New Mexico LLC.

Who can be a Registered Agent?

A New Mexico registered agent is an individual or business entity responsible for receiving important legal documents on behalf of your New Mexico LLC business. Think of your registered agent as your business LLC point of contact with the state of New Mexico. A registered agent must be a resident of New Mexico or a corporation, such as a registered agent service, authorized to transact business in New Mexico. You may elect an individual within the company including yourself.

Examples of some of the other forms and taxes that are due include the following:

Monthly combined distribution matrix reporting system in New Mexico

Monthly distribution report for cigarette stamps in New Mexico

New Mexico Monthly excise tax report on alcoholic beverages

New Mexico Motor vehicle tax

New Mexico Mineral, natural gas, and oil extraction tax

New Mexico Boat excise tax

Alternative fuel tax in New Mexico

Workers’ compensation in New Mexico

Corporate franchise and income tax in New Mexico

New Mexico Compensating tax

New Mexico Wage withholding tax

New Mexico Gross receipts tax

New Mexico Pass-through entity taxes

New Mexico Excise tax

Personal income tax in New Mexico

Local taxes in New Mexico

Property tax in New Mexico

Sales tax and use taxes in New Mexico

IRS Federal Taxes

Single-member New Mexico LLC, by default, is taxed by the IRS as Sole Proprietorships. Multi-member New Mexico LLC, by default, is taxed by the IRS as partnerships. The above-bulleted list refers to local and state taxes, and not federal taxes that you file with the IRS. Keep in mind that your New Mexico LLCs income and losses “flow-through” to Schedule C on your personal 1040 income tax return, along with other Schedules depending on how your income is derived. It is important to know whether your New Mexico LLC business is a Sole Proprietorship or not when forming a limited liability company (LLC). A business that receives income from activities or sources in New Mexico and must file a federal corporation income tax return or an equivalent return is subject to New Mexico Corporate Income Tax.

Your tax accountant might also recommend for your New Mexico LLC to be taxed with the IRS as a Corporation. In this case, your LLC in New Mexico can still be taxed as an S-Corp or as a C-Corp. You will need to discuss this with your New Mexico accountant since it usually works for only certain kinds of business, and business that is earning $100,000 a year or more.

New Mexico Secretary of State

The secretary of state of New Mexico is one of the elected constitutional officers of the U.S. state of New Mexico. In New Mexico, the Secretary of State is Maggie Toulouse Oliver. All Corporations, LLC in New Mexico, and Partnerships must first register with the New Mexico Secretary of State. A Domestic LLC in New Mexico, Corporation or Partnership is a New Mexico based business, that has registered in the state of New Mexico before any other state or country.

For more information on the Secretary of State in New Mexico click here.

The Mailing and Physical Address of the New Mexico Secretary of state- 325 Don Gaspar, Suite 300 Santa Fe, NM 87501.

The phone number to contact the New Mexico Secretary of State- 1-800-477-3632

The following are registered with the Secretary of State, who clears the name only in the state.
  • Partnership
  • Limited Partnership
  • Limited Liability Partnership
  • Corporation (C-Corporation)
  • Limited Liability Company

What We Recommend For New Mexico LLCs

It can be complicated to calculate your LLC in New Mexico and IRS income tax obligations. Also, if they are not done correctly it can have a negative impact on your New Mexico LLC name.

That is why we strongly recommend that you get assistance from a tax accountant after your LLC in New Mexico has been formed.

When you hire a tax accountant, it will not help to ensure that your LLC in New Mexico stays in compliance, it will also provide you with an advisor that you can consult with about your LLC in New Mexico and other businesses.

You want to ensure that you find someone who is a good fit for your New Mexico LLC business, who you are comfortable with, and who will answer any questions you might have. You should like the individual both professionally and personally.

We recommend that you speak with 2 or 3 people at least before you make a final decision regarding your New Mexico LLC income tax situation.