Tax preparation and bookkeeping for New Mexico residents, including retirement income planning.
New Mexico filing deadline: April 15. New Mexico has graduated rates from 1.7% to 5.9% with generous exemptions for retirees.
Generous Social Security and retirement income exemptions.
Services in New Mexico: Tax Preparation, Bookkeeping, Payroll, Tax Planning.
Does New Mexico tax Social Security? New Mexico exempts Social Security for single filers with AGI under $100,000 and married filers under $150,000. Above those thresholds, partial taxation applies.
What retirement income exemptions does NM offer? New Mexico provides a retirement income exemption up to $8,000 per person. Combined with Social Security exemptions, retirees can significantly reduce their NM tax bill.
How does New Mexico's Gross Receipts Tax work? NM's GRT functions like a sales tax but is imposed on the seller's gross receipts. Rates vary by location (5.125% state base + local). It applies broadly, including to many services.
Retirement income exemption and Social Security exclusion planning for NM retirees
Gross Receipts Tax compliance — unique to NM and more complex than standard sales tax
Federal lab and government contractor tax guidance for Los Alamos/Sandia employees
Low-income bracket management across NM's 5 graduated tiers