Incorporate Fast has years of valuable experience in the filing of New Mexico small businesses. Our experienced and knowledgeable staff members provide the best customer service to get your filing done in as little time as possible. Once your order has been received, our staff reviewers conduct a preliminary name search within the state of New Mexico for any potential entity conflicts. Once this step is completed, we file your articles with the Secretary of State to get your approval quickly so that your business may be officially recognized as a legal entity in the state of New Mexico.
All New Mexico Corporations and LLCs Must File:
Personal Income Tax
The New Mexico Individual income tax rates are as follows:
If the taxable income is not over $5,500, tax is 1.7%
If taxable income is over $5,500 but not over $11,000, then tax is $93.50 plus 3.2% of excess over $5,500
If taxable income is over $ 11,000 but not over $16,000, then tax is $269.50 plus 4.7% of excess over $11,000
If taxable income is over $ 16,000, then tax is $504.50 plus 5.7% of excess over $16,000
Corporate Income Tax
NM corporate income tax rates:
If income is not over $500,000, then tax is 4.8% of net income
If income is over $500,000 but not over $1,000,000, then tax is $24,000 plus 6.4% of excess over $500,000
If income is over $1,000,000, then tax is $56,000 plus 7.6% of excess over $1,000,000
A $50 annual tax on NM corporations.
New Mexico does not have a state business license requirement. However, you will need to get any occupational licenses as well as local licenses necessary for your business activities.