Larry Hess CPA
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NEW MEXICO GROSS RECEIPTS TAX ARTICLES

  • Isn't the New Mexico gross receipts tax the same as sales tax?

  • What are gross receipts?

  • Do I use the GRT rate for my business location?

  • What is exempt from N.M. gross receipts tax?

  • Non-Taxable Transaction Certificates

  • I received a letter that I'm being audited for gross receipts tax. What's this all about?

  • Do non-profits have to pay gross receipts tax?

  • Calculating and reporting gross receipts tax (example)

  • Does it matter whether I use bank deposits or gross receipts as sales on my federal tax return?

  • Comparing bank deposits and gross receipts reports

  • Can I deduct the gross receipts tax I pay as a business expense?

  • Are reimbursed expenses subject to GRT?

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I welcome consultations with other tax professionals.

  • HOME
  • TAX PROBLEMS
    • I owe more than I can pay
    • What does it mean to resolve a tax debt?
    • I have a return to file & can't pay
    • Have payment plan & can't pay this year
    • I got a letter or notice from the IRS
    • IRS took money out of bank or paycheck
    • I defaulted on my installment plan
    • I received an audit notice from the IRS
    • Does the IRS have forever to collect?
    • Can IRS penalties & interest be removed?
    • Do I have to deal with IRS by myself?
    • Is there a New Mexico tax amnesty?
  • NM GROSS RECEIPTS TAX
    • GRT humor
    • Isn't GRT the same as sales tax?
    • What are gross receipts?
    • What's exempt from GRT?
    • Non-taxable transaction certificates
    • Do I use the GRT rate for my location?
    • I received a GRT audit letter
    • Double taxation & GRT
    • Do non-profits pay GRT?
    • Calculating gross receipts
    • Bank deposits vs gross receipts
    • Compare deposits wth GRT reports
    • Is GRT a deductible business expense?
    • Are reimbursed expenses subject to GRT?
  • BUSINESSES
    • Three things a new business should know
    • What to know about record keeping
    • Using your home for business
    • Using your vehicle for busines
    • Family members working in a business
    • Employees vs. independent contractors
    • Who should get a 1099?
    • Fix incorrect classification of workers
    • Payroll taxes seem complicated
    • Can I outsource my payroll?
    • Should business owner prepare own return
  • INDEPENDENT CONTRACTORS
    • Independent contractors are businesses
    • What is the sharing or gig economy?
    • I didn't get a 1099. Do I owe tax?
    • Do independent contractors owe GRT?
    • Taxes self-employed people pay
  • ARTICLES FOR EVERYONE
    • Can I get a refund on an old return?
    • How to correct mistakes on tax return
    • Are estimated taxes really estimates?
    • Minimize estimated tax penalty
    • How long should I keep my tax records?
    • Get copies of tax returns & transcripts
    • How does the IRS contact taxpayers?
    • IRS penalties & interest
    • Hobby or business income?
    • Early retirement account withdrawals
    • Does changing my name affect my taxes?
    • Planet IRS is confusing to say the least
  • WORKSHOPS
    • Essential NM Gross Receipts Tax
    • Basic (very basic) Bookkeeping
    • IRS Small Business Workshops
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The information provided in this website is for general informational purposes only. Readers should seek advice from a qualified attorney or tax professional regarding specific tax issues. Accessibilty Statement. © 2022, Lawrence H. Hess CPA. All rights reserved.