If your business sells physical products or certain types of services, you will need to collect and pay sales tax. In Idaho, the first step isvisiti ...
New Mexico Sales Tax Calculator
Written by: Mark Stewart
Published on April 16, 2022
Updated on January 27, 2023
If your business sells physical products or certain types of services, you will need to collect and pay sales tax. In New Mexico, the first step is visiting the Department of Taxation and Revenue website and registering for sales tax in order to acquire a seller’s permit, or sales tax permit.
What Products and Services Are Subject to Sales Tax in New Mexico?
In New Mexico, there is no sales tax. Businesses are subject to a gross receipts tax instead, which is passed on to the customer, so it works in essentially the same way. Most sales and services are subject to the gross receipts tax. Exemptions include gasoline and mobile services.
New Mexico Sales Tax Rate
The gross receipts tax rate in New Mexico varies throughout the state from 5.125% to 8.8675%.
How to Register for New Mexico Sales Tax
In New Mexico, acquire a seller’s permit by following the department of tax and revenue’s detailed instructions for registration:
- Register for an account on the state’s taxpayer access point.
- Fill out the form to request a business identification number.
- There is no fee to register for a business identification number.
Use our Sales Tax Calculator to determine your exact sales tax rate and total purchase amount.
Sales Tax Calculator
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Conclusion
In New Mexico, and across the country, paying appropriate taxes is a must if you want to avoid potentially heavy fines and even closure. It’s crucial that you follow your state’s laws, and you might consider consulting with an accountant or tax attorney to make sure you’re in full compliance.
New Mexico Sales Tax Calculator
- What Products and Services Are Subject to Sales Tax in New Mexico?
- New Mexico Sales Tax Rate
- How to Register for New Mexico Sales Tax
- Conclusion
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