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Individual Taxpayer Identification Number (ITIN) By: Arik Rozen CPA: What is an ITIN? Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Inte... and high income individuals. Client list comprised of corporations, non-profit organizations and high-tech employees. O... Choosing A Business Tax Service By: Don Kransteuber: There are a number of ways that you can find tax services companies. The yellow pages is a good place to start for com... may want a team of tax professionals and you want to find tax services that have a number of specialists available. Onc... What Does Extending Your Taxes Mean to You? By: Tiffany J. Morisue: IntroductionAs the tax filing deadline is quickly approaching, many procrastinators and those who legitimately are jus... your returns by the August 15th first extension deadline, you can “apply” for an additional two months. The second exte... 10 Items You Need For Your 2005 Tax Return By: Arik Rozen CPA: The following list includes the 10 items you are likely to need when preparing your tax return. Although you may be re... Plans, Cash Flow Management, Payroll Services and Entities' Incorporation. Our Clients We focus on small and mid... Start A Hauling/Shopping/Taxi Business By: Jenny Harker: Here is a simple business anyone with a van or SUV can perform: haul stuff for other people who don't have a way to do... home business is easy. Make sure your vehicle is in good shape. Be sure your car insurance is up to date. You don't wan... WHAT IS THE NEW MEXICO GROSS RECEIPTS TAX? Dianne Goodman, CPAMost states have what is known as a sales tax. New Mexico does not have a sales tax but they have a Gross Receipts Tax. When you engage in business in New Mexico you may be required to pay Gross Receipts Tax. This tax is paid by the selling business and can be passed on to the consumer. In general sales and/or leases of goods are taxable. On January 1, 2005 gross receipts tax was eliminated from certain food sales and certain health care services. Prescription drugs are no longer taxable either. Thanks for the relief! However the unfortunate reality is that sales and performance of services are taxable in New Mexico. This includes services performed outside New Mexico for a product initially used in New Mexico. Let’s hope someday New Mexico will try to become more competitive with its neighboring states and eliminate the burden of Gross Receipts Tax on services too! You can view the current Gross Receipts Rate Schedule at http://www.state.nm.us/tax/pubs/gr_rates_dec_05.pdf which is effective through December 31, 2005. WHAT ARE THE GROSS RECEIPTS TAX OBLIGATIONS OF PURCHASERS IN NEW MEXICO? If you are a purchaser of nontaxable items you may need the tax exempt certificates provided by the Department in order to avoid paying tax on these items. WHAT ARE THE GROSS RECEIPTS TAX OBLIGATIONS OF SELLERS IN NEW MEXICO? If you are a seller of nontaxable items, you will need the tax exempt certificate properly filled out from your purchaser. You only need one certificate for the time period specified in order to comply. WHAT ARE EXEMPTIONS FROM GROSS RECEIPTS TAX? There are sales which are exempt from Gross Receipts Tax. If you only have exempt receipts, you do not need to file with the Department or report this information on the CRS-1 form. Examples of exemptions include interest and dividends and receipts of 501C(3) nonprofit groups. WHAT ARE DEDUCTIONS FROM GROSS RECEIPTS TAX? There are also deductions from Gross Receipts Tax. If you have receipts and related deductions, you do need to file with the Department and you will need to complete the CRS-1 form. Be sure that you have the proper documentation for these deductions in case the State audits you. They charge 15% interest and that doesn’t include the penalties that you will also have to pay! In most cases an NTTC Exemption Certificate is an acceptable form of documentation. These forms can be obtained by filling out the form at http://www.state.nm.us/tax/forms/year99/acd31050.pdf . Deductions include sales for resale, construction material and services sold to a construction contractor for use in a construction project and sales by suppliers of components in manufacturing processes. Please note that if you are not current on your reporting and paying of Gross Receipts Tax, the Department will not provide you with these forms and you may be forced to pay tax you might otherwise not have owed since you won’t have the exemption certificates. You will need to keep your records for up to 10 years if there is evidence of tax fraud. Normally the assessment period is 3 years back from the end of the year the tax was due. If you have under-reported by more than 25%, the Department can go back up to six years and seven years for non-filed reports. So don’t forget to file those reports if you are required as the penalty could be much higher than if you had filed them. If you have a specific question about your particular situation, e-mail me at dianne@dgoodmancpa.com and I will help you with your questions. This article was intended to provide general information about New Mexico Gross Receipts Tax. It does not contain all the rules and exceptions that may apply to your situation. If you have further questions regarding this, I can be reached at www.dgoodmancpa.com. You have permission to reprint what you just read. Use it in your ezine, at your website or in your newsletter. The only requirement is to include the following footer... WHAT IS THE NEW MEXICO GROSS RECEIPTS TAX? By Dianne Goodman, visit http://www.dgoodmancpa.com for more content like this. About the Author Dianne Goodman, CPA – Specializes in servicing Small Businesses and Individuals. Visit www.dgoodmancpa.com for relevant and current information on a variety of financial and tax issues focusing on small businesses and individuals or call at 1-888-851-1975. CONTACT INFORMATION: Dianne Goodman, CPA Comprehensive Small Business Solutions, PC 505 323-2307 1 888-851-1975 toll free http://www.dgoodmancpa.com Check below for additional Tax Service Battlecreek Links and Information - SaveRe: AUTO-DEPOSIT - club_cafe Select Site Know Your Options Portfolio Perspectives The Club Cafe Demo Club. The Club Cafe. Mail Message. Club Cafe. Relax; sit down; and have a cappuccino. Use this discussion board to chat with members of the bivio club community. ... cc: (bcc: Juan Mostek/BattleCreek/USA/Kellogg) Subject club_cafe: AUTO ... advice of your investment; tax or legal advisors who ... - SaveGeorgia Research ... institutions; and utilizes interlibrary loan service. Materials about ... family research papers; tax digest; some dockets and ... Headquarters Building. 865 Battlecreek Road. Jonesboro; GA ... - SaveSalem (Oregon) Online History - Salem Area Mass Transit District (1979-2001) ... encompass the Property Tax Management Plan; the Ten Year Plan; a Capital Improvement Plan; a Service Plan; and a ... Turner Road (Route 21); and Battlecreek (Route 22); and on December ... - SaveClayton County; Georgia an Accountant ... AMS Accounting & Tax Service. 265 Deerfield Drive ... Loggins & Associates PC. 1299 Battlecreek Road. Jonesboro; GA 30236 ... - SaveThe Better Business Bureau of Western Michigan; Inc. - Serving 37 Counties ... and reliability reports for two or three service companies. Fees for tax preparation should be similar but may be ... - SaveCity Council Minutes for June 1; 2004 ... AN ORDINANCE ESTABLISHING A TAX ON THE GROSS RECEIPTS OF TELECOMMUNICATIONS SERVICE PROVIDERS; SETTING THE RATE ... to just this side of Pleasant Grove=s boundary at Battlecreek Canyon ... - SavePress Releases; City Manager; City of Battle Creek; Michigan (MI) ... Visit - SaveFireplace & Chimney Building & Repair - state MI ... Lubbers Bonnie Income Tax Service. 968 South Shore Drive; Holland; MI 49423 ... (248) 352-4804. Battlecreek Concrete. Burlington; MI 49029 ... - SaveBattle Creek Radio - Calendar Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec. 2006 2007 2008 2009 2010 2011 2012. All Events. Beginners Dance Class (Miscellaneous) 7:00-8:00 P.M. ... Area Chamber of Commerce and at - SaveGwinnett Homeowners 1st Inc. : Roads and Transportation ... road projects: red depicts service level F (near gridlock ... MT Zion/Battlecreek FM Southlake Pkwy to Lake Harbin ... project with property tax money if sales tax funds aren't committed ... - SaveBBB News ... - SaveChesterfield County; Virginia - Board of Supervisors - Minutes 09/22/04 ... 214 total calls for service; 116 of which were ... effects on local tax collections arising from 2004 ... for service under revenue recovery programs retain the local property tax exemption ... - SaveISSUE: (PDF) ... zone for property located at 2011 Boone Road and 4795 Battlecreek Road ... One lot (referenced as Tax Lot 801) is. designated as "Community Service and Education" on the Salem Area ... - SaveFOR COUNCIL MEETING OF: June 10; 2002 AGENDA ITEM NO.: BALLOT MEASURE NO. 24-86 TO: MAYOR AND CITY COUNCIL (PDF) ... (Tax Lots 400 and 500; Map No.83W13C) contiguous to the Peck or Hampton parcels ... proposed annexation receives partial service from the Lee/Battlecreek Park ... - SaveMichaels - The Arts and Crafts Store Michaels has a broad assortment of products; knowledgeable and friendly associates; in-store events; classrooms and instructional displays. We provide the ideas and education to complete an array of artistic; leisure and home decor projects for ... - SaveSoftball History 2004 Year in Review ... Taunton; MA 2-2. 33rd Louie's Auto Service York; PA 2-2 ... 65th Van Dyke Lawn Service Croswell; MI 1-2 ... 97th Carol's Tax Service Rice Lake; WI 0-2 ... |
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