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Tax Service Romulus Article Summaries
Tax Preparation and Filing Online
By: Jim Slobodzian:
The main reason I began to use tax preparation software a number of years ago was "comfort" - I still did my own taxe... - H&R Block has over one thousand offices across Canada, and now help is available online as this site provides Canadia...
Military Reservists, Enlistees May Get Deferral Of Back Taxes
By: Richard Chapo: Reservists called to active duty and enlistees in the armed forces may qualify for a deferral of taxes owed if they ca... of the military services — Army, Navy, Air Force, Marine Corps and Coast Guard — and commissioned officers of the unifo...
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... owner or you may want a team of tax professionals and
you want to find tax services that have a number of specialists
a...
Tax Filing Online - It¡¦s All About Comfort
By: Jim Slobodzian:
Tax Filing Online - It¡¦s All About Comfort The main reason I began to use tax preparation software a number of years... you are interested in more comparison shopping, http://www.epinions.c...
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... members: Names, DOB, Social Security Numbers, Full
Address -
To calculate personal exemptions, child tax credit,...
Featured Article
WHAT IS THE NEW MEXICO GROSS RECEIPTS TAX?
Dianne Goodman, CPA
Most 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
Tax Service Romulus Resources
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- SaveGreater Romulus Chamber of Commerce - Member Discounts
9191 Wickham. Romulus; MI 48174. (734) 326-4290. Member Discounts
- SaveTax levy up 11.6% in Romulus budget
Finger Lakes Times Geneva; NY fltimes.com; Finger Lakes Times Geneva; NY fltimes.com ... of the increase is attributed to higher debt service costs associated with the $9.3 million capital project approved ...
- SaveEXEMPTIONS FROM REAL PROPERTY TAXATION IN NEW YORK STATE: 2000 COUNTY; CITY & TOWN ASSESSMENT ROLLS
... Real property tax exemptions are granted on the basis of ... Property of Private Community Service Organizations; Social Organizations; and ... Peekskill (Wes.) 49.2% Romulus (Sen.) 60.0 ...
- SaveRomulus board; residents discuss spending plan
... compensation; and a 640 percent increase in debt service costs related to the current $9.2 million capital ... a merger; saying Romulus still has a lower tax rate than neighboring ...
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Get details on ABC Tax Service - Romulus; MI; at Citysearch - over 1 million user reviews & editorials about local businesses.
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Romulus Michigan Hotels; Motels; Bed & Breakfasts & Inns. Find lodging in the Romulus Michigan area. Hotel coupons and special offers for Romulus Michigan. ... information and hotel coupons for Romulus Michigan. Stay at a ...
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National Web Directory of Local Businesses; Local Services and Local Talent Providers. ... Metro Accounting & Tax Service Inc. 4729 Forest Lane; Trenton; MI 48183 ... Putnam Township; Rawsonville; Rea; Riverview; Rockwood; Romulus; Roulo; Saline; Samaria; Scio; Scio Township ...
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... Postal Service could bring more than 3;000 jobs to Pontiac. At a time when jobs are scarce and tax revenue is ... Michigan; including Warren; Romulus; Ypsilanti and Troy; into ...
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... Accounting/CPA/Tax Services. Bozman's Tax Service. 16621 Southfield Road ... 30965 Pennsylvania Road. Romulus MI 48174. 7349417356. Funeral Homes ...
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... 1963 Constitution; even though the tax limitation voted by the township ... ask whether debt service millage for certain bonds issued for the City of Romulus before the effective ...
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National Web Directory of Local Businesses; Local Services and Local Talent Providers. ... 4749. Needmore Accounting & Tax Service. 40945 Highway 195; Haleyville; AL 35565 ... Riderwood; Riverchase; Riverside; Roebuck Plaza; Romulus; Rosa; Rose Hill; Ruffner; Saginaw; Samantha ...
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Senior Citizens. Linda Norman; Senior Coordinator. Telephone: 734.955.4120. Romulus Senior free tax preparation - From 12:30 to 3 p.m. ... be offering free tax preparation services (by appointment only) to low-income Romulus seniors. The service will also be ...
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... Taylor. Sumpter Township. Southgate. Romulus. Rockwood. Riverview. River Rouge ... Quality Accounting & Tax Service. 8730 Agnes Street ...
- SaveCHURCH FATHERS: City of God; Book XXII (St. Augustine)
Visit New Advent for the Summa Theologica; Church Fathers; Catholic Encyclopedia and more. ... astonishment that the apotheosis of Romulus should have been credited ... worthy of remark in Romulus; that other men who are ... Irenaeus; one of our tax-gatherers; took ill and died ...
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Courtyard By Marriott Detroit Airport Romulus MI online reservation service. Information; maps and ratings for the Courtyard By Marriott Detroit Airport. ... Metropolitan Airport Romulus is located just one half mile from the airport with complimentary shuttle service provided ... one night room and tax (policy may be more restrictive ...
- SaveMichigan Airport Parking Tax 1988 - 2003 (PDF)
... Monthly to the city of Romulus; 20% of the "off premises" tax collected ... proceeds could be used to service bonds but it was not a requirement ...
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