New Mexico Services provided to the corporation under a Management Agreement
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How to fill out Services Provided To The Corporation Under A Management Agreement?
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FAQ
The statewide portion of the Gross Receipts Tax (GRT), the taxes that businesses pay on the goods they sell, dropped to 4.875% effective July 1, 2023, resulting in changes to the overall rates across New Mexico.
If you form an LLC without electing S Corp taxation, you stand to pay more in taxes, because you'll be taxed as a sole proprietorship by default. Electing S Corp taxation for your LLC could save you a lot of money in taxes each year.
New Mexico does not require LLCs to file an annual report. New Mexico imposes a franchise tax on LLCs if they paid federal income tax. The franchise tax is filed along with the state income tax, and is due by the 15th day of the third month following the close of the tax year. The fee is $50.
Generally speaking, sales and leases of goods and other property, both tangible and intangible, are taxable. Unlike many other states, sales and performances of most services are taxable in New Mexico.
If you are engaged in business in New Mexico, you must file a New Mexico tax return and pay gross receipts tax for the privilege of doing business in New Mexico.
Tax is calculated at the higher of the maximum marginal rate for either individuals or corporations. For 2022, the highest marginal rate for corporations and individuals is the same?5.9% of taxable income, which will be the applicable rate applied to New Mexico-sourced income if the pass-through entity tax is elected.
New Mexico has a graduated individual income tax, with rates ranging from 1.70 percent to 5.90 percent. New Mexico also has a 4.8 percent to 5.9 percent corporate income tax rate.
New Mexico LLCs taxed as S-corp Like regular LLCs, S-corps are taxed as pass-through entities. This results in S-corps not having to pay the usual corporate income taxes. The benefit of the S-corp is that it can reduce the amount of self-employment tax (15.3%) an LLC owes.