New Mexico Cash Receipts Journal
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How to fill out Cash Receipts Journal?
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FAQ
A gross receipts tax is a tax applied to a company's gross sales, without deductions for a firm's business expenses, like costs of goods sold and compensation.
To find your gross receipts for personal income, add up your sales. Then, subtract your cost of goods sold and sales returns and allowances to get total income.
(Available July 1, 2018 until July 1,2022). Gross receipts are taxable, exempt, or deductible. If your receipts do not fall under any exemption or deduction, those receipts are taxable.
If you need assistance, call 1-866-809-2335. Once you're online filing your return, you can also pay online. For no additional charge, you may pay using an electronic check that authorizes the Department to debit your checking account in the amount and on the date you specify.
Gross receipts are the total amount of money received from: Selling, leasing, or licensing New Mexico property; Granting a right to use a franchise in New Mexico; Performing services in New Mexico; and.
The Gross Receipts Tax rate varies throughout the state from 5.125% to 9.4375%. It varies because the total rate combines rates imposed by the state, counties, and, if applicable, municipalities where the businesses are located.
Add up your total sales to get gross receipts. If you've kept good records, it should be simple. Then subtract the cost of goods sold, as well as sales returns and allowances, to get your total income.
Every person required to file a New Mexico gross receipts tax return must complete and file a TRD-41413 New Mexico Gross Receipts Tax Return. Use the Schedule A, New Mexico Gross Receipts Tax Schedule A if additional space is needed to report gross receipts from multiple locations.
Because gross receipts taxes are imposed at intermediate stages of production and do not allow deductions for costs, they are not based on profits or net income (like a corporate income tax) or final consumption (like a well-constructed sales tax).
GRT applies to the gross receipts of businesses or people who sell property, perform services, lease or license a property or franchise in New Mexico, and sell certain services delivered outside New Mexico when the resulting product is initially used here. Some transactions are tax exempt, and some are deductible.
